Foresight Affordable Housing of MD Inc

Nonprofit profile at a glance

EIN
521962141
IRS 990 coverage
2010–2021
Forms available
Form 990 2021
Location
Ventnor City, NJ, USA
Rating
37
Verdict
REVIEW
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$285
Expenses
$5,542,915
Assets
$0
Liabilities
$0

Source: IRS Form 990. Selected filing: tax year 2021. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • Donald Reape (President)
  • Bruce Johnson (Vice President)

Highest reported compensation

  • Donald Reape (President): $92,798 total reported compensation
  • Bruce Johnson (Vice President): $45,480 total reported compensation
  • E James Henderson (SecretaryTreasurer): $17,415 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2021. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Foresight Affordable Housing of Maryland, Inc. was orginially formed to be a provider of affordable housing for a 207 unit community through funding from the Low Income Housing Preservation and Resident Homeownership Act of 1990. The asset was sold on January 13, 2015.

What it reported doing in 2021

Prior to 01/13/2015: To operate and maintain an Affordable Housing Community consisting of 207 units.Currently awaiting the acquistion of another Affordable Housing Community from its sale proceeds.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
Distribution model
No current program activity. The filing reports no program spending for the current year.

The verdict

REVIEW - The filed numbers largely add up. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 100
  • Accountability: 32
  • Sustainability: 3
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: 0%; rating input score 0
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 9th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -1,944,782.5%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 0; rating input score 3; 3rd percentile among comparable filings
  • Liabilities to assets ratio: Limited
  • Officer compensation ratio: 0.5%; rating input score 20; 20th percentile among comparable filings

Growth

  • Program expense growth: -51.2% per year; rating input score 0; 8th percentile among comparable filings
  • Revenue growth: -27.8% per year; rating input score 0; 16th percentile among comparable filings
  • Asset growth: -3.6% per year; rating input score 0; 25th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed · 0% of spending went to programs
  • Governance: 0 of 3 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $93K · 3 people listed
  • Consistency: 10 of 10 current checks pass
  • Schedules: 5 filed schedules
  • Filing history: 12 filing years from 2010 to 2021
  • Contacts: How to reach this organization
  • Related organizations: 3 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.

  • High — Financial Efficiency: Mission deployment rate scored 0/100.
  • High — Financial Efficiency: Program expense ratio scored 0/100.
  • High — Accountability: Independent voting board scored 0/100.
  • High — Sustainability: Operating margin scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 3/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 20/100.