Foundation for Affordable Rental Housing Holdings Inc F/k/a Farh-lamplighter Aff

Nonprofit profile at a glance

EIN
202563055
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Atlanta, GA, USA
Phone
7704331711
Rating
87
Verdict
STRONG
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$64,110,359
Expenses
$92,733,499
Assets
$779,582,325
Liabilities
$331,973,611

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

Leadership & pay

9 people listed

Executive titles in this filing

  • JAMES O'CONNELL (PRESIDENT)
  • ALLISON BERMAN (VICE PRESIDENT & SECRETARY)

People named in this filing

  • JOSEPH E THOMAS III (DIRECTOR)
  • STEPHEN ROSENBERG (DIRECTOR)
  • TERENCE SCHWARTZ (DIRECTOR)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

To provide low income housing.

What it reported doing in 2024

Beechwood at the preserve apartments, located at 3080 west 8th street, waukegan, il 60085, has 166 multifamily units that are leased to provide low income housing to those individuals needing public housing assistance.

Operating model

Revenue model
Earned-program. 67% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 58% for direct work, and 42% for grants.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 94
  • Accountability: 82
  • Sustainability: 43
  • Growth: 100

Detailed rating inputs

Financial Efficiency

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

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 68th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 77th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 77th percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -44.6%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 8.41; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0.43; rating input score 42; 42nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 98; 98th percentile among comparable filings

Growth

  • Program expense growth: 20% per year; rating input score 100; 92nd percentile among comparable filings
  • Revenue growth: 24.4% per year; rating input score 100; 95th percentile among comparable filings
  • Asset growth: 17.7% per year; rating input score 100; 90th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 5 of 5 board members independent · 4 of 7 filing controls reported
  • Programs: 32 filed program accomplishments · $92.7M in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Highest-paid contractors: 5 contractors listed · $10.8M reported
  • Consistency: 27 of 27 current checks pass
  • Schedules: 7 filed schedules · includes major donors and grants
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • Related organizations: 62 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

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

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Operating margin scored 1/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 42/100.