Fortune Housing Development Fund Corporation
Nonprofit profile at a glance
- EIN
- 134127747
- IRS 990 coverage
- 2018–2024
- Forms available
- Form 990 2024, Form 990-EZ 2016, Form 990-N 2013
- Location
- Long Island City, NY, USA
- Phone
- 2126917554
- Rating confidence
- Limited
- Sector
- Housing Development, Construction, Management
Reported finances
- Revenue
- $0
- Expenses
- $54,141
- Assets
- $-824,490
- Liabilities
- $41,570
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
4 people listed
Executive titles in this filing
- STANLEY RICHARDS (PRESIDENT/CEO)
Highest reported compensation
- STANLEY RICHARDS (PRESIDENT/CEO): $327,479 total reported compensation
- STEVEN HICKMAN (CFO): $286,400 total reported compensation
- SHERRY GOLDSTEIN (TREASURER): $241,379 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Fortune hfdc was organized for the purpose of developing and operating low income housing.
What it reported doing in 2024
The fortune hdfc was organized for the purpose of developing and operating low income housing.
Operating model
- Revenue model
- No positive adjusted resources. The filing reports no positive adjusted operating resources.
- 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
- The available evidence is not sufficient to produce an overall rating for this filing. This is not a warning sign.
Rating breakdown
- Financial Efficiency: 75
- Transparency & Controls: 60
- Accountability: 28
- Sustainability: 0
- Growth: 40
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: Limited
- Program expense ratio: 100%; rating input score 100
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
- Pay-setting controls: 0 of 6 controls in place; rating input score 0
- Compensation committee: Missing
- Independent consultant: Missing
- Other Form 990s reviewed: Missing
- Written employment contract: Missing
- Compensation survey or study: Missing
- Board or committee approval: Missing
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 33.3%; rating input score 33; 19th percentile among comparable filings
- Governance controls: 2 of 9 controls in place; rating input score 22
- Conflict-of-interest policy: Fail
- Whistleblower policy: Fail
- Document-retention policy: Fail
- 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: Missing
- Independent financial-statement audit: Fail
Sustainability
- Operating margin: Limited
- Total-asset coverage ratio: -15.23; rating input score 0; 0th percentile among comparable filings
- Liabilities to assets ratio: Limited
- Officer compensation ratio: 242.5%; rating input score 2; 2nd percentile among comparable filings
Growth
- Program expense growth: 63.4% per year; rating input score 100; 96th percentile among comparable filings
- Revenue growth: Limited
- Asset growth: -334.7% per year; rating input score 0; 0th percentile among comparable filings
Details
- Where the money goes: 100% of spending went to programs
- Governance: 1 of 3 board members independent · 2 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $54K in reported program spending
- Leadership: top reported pay $327K · 4 people listed · 0 of 6 pay-setting controls reported
- Consistency: 12 of 12 current checks pass
- Schedules: 5 filed schedules · includes executive pay
- Filing history: 6 filing years from 2018 to 2024
- Contacts: How to reach this organization
- Related organizations: 6 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 — Transparency & Controls: Pay-setting controls scored 0/100.
- Moderate — Accountability: Independent voting board scored 33/100.
- High — Accountability: Governance controls: 6 of 8 not reported.
- High — Sustainability: Total-asset coverage ratio scored 0/100.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Officer compensation ratio scored 2/100.