Foresight Affordable Housing, Inc.

Legal name: Foresight Affordable Housing Inc

Nonprofit profile at a glance

EIN
521979028
IRS 990 coverage
2011–2024
Official website data refreshed
Sep 2026
Forms available
Form 990 2024
Location
Egg Harbor Township, NJ, United States
Phone
609-823-2500
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$25,355,509
Expenses
$39,515,197
Assets
$243,613,545
Liabilities
$240,617,591

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

11 people listed

Executive titles in this filing

  • DONALD REAPE (PRESIDENT (THRU 11/30/24))
  • DR BRUCE JOHNSON (PRESIDENT (VP & ASSISTANT SECRETARY THRU 12/11/24))
  • NELSON L MORGAN III (EXECUTIVE VICE PRESIDENT)
  • MARTIN WHALEN (VICE PRESIDENT OF DEVELOPMENT)

Highest reported compensation

  • NELSON L MORGAN III (EXECUTIVE VICE PRESIDENT): $343,531 total reported compensation
  • MARTIN WHALEN (VICE PRESIDENT OF DEVELOPMENT): $236,552 total reported compensation
  • SHONTE' ESPINAL (VP OF ASSET OPERATIONS): $204,769 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The professional focus of Foresight Affordable Housing, Inc. is to provide and preserve quality affordable housing communities for low income individuals and families, creating opportunity-enriched living environments so economically, educationally, and vocationally challenged residents can better function through shelter and individual growth opportunities.

What it reported doing in 2024

The organization is a developer, consultant and asset manager of multi-family affordable housing communities containing hud insured or other types of mortgage financing.

Operating model

Revenue model
Other-operating. 96% of the money available for current operations came from other operating revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 90
  • Accountability: 75
  • Sustainability: 35
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 90.5%; rating input score 90
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 92.5%; rating input score 92; 22nd percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 57.1%; rating input score 57; 9th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -55.8%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 6.17; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0.99; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 2.5%; rating input score 72; 72nd percentile among comparable filings

Growth

  • Program expense growth: 28.5% per year; rating input score 100; 95th percentile among comparable filings
  • Revenue growth: 16.2% per year; rating input score 100; 88th percentile among comparable filings
  • Asset growth: 21% per year; rating input score 100; 90th percentile among comparable filings

Details

  • What they do: 1 programs and campaigns described on the official site
  • Where the money goes: 100% of revenue deployed · 90.5% of spending went to programs
  • Governance: 4 of 7 board members independent · 9 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $35.8M in reported program spending
  • Leadership: top reported pay $344K · 11 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 11 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • Related organizations: 84 filed related-organization links
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Accountability: Independent voting board scored 57/100.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.