Franklin Affordable Housing Corp

Nonprofit profile at a glance

EIN
610709547
IRS 990 coverage
2018–2025
Forms available
Form 990 2025, Form 990-EZ 2017, Form 990-N 2008
Location
Franklin, KY, USA
Phone
2705868500
Rating
50
Verdict
MIXED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$132,453
Expenses
$37,478
Assets
$6,185,567
Liabilities
$883,931

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

6 people listed

Highest reported compensation

  • PHIL LOCKHART (CHAIRPERSON): $1,300 total reported compensation
  • VICTOR LEE PORTMAN (Director): $1,300 total reported compensation
  • LARRY SMITH (Director): $1,300 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Provide and manage low-income housing for residents of franklin, Kentucky

What it reported doing in 2025

Franklin affordable housing has provided and maintained housing for low-income residents within the city of franklin, Kentucky. They have also provided oversite for low-income housing development within the city. Franklin affordable housing maintains hud standards.

Operating model

Revenue model
Other-operating. 70% 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

MIXED - The filed numbers largely add up and most voting board members are independent. 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: 3
  • Transparency & Controls: 82
  • Accountability: 84
  • Sustainability: 79
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 1.6%; rating input score 2
  • Program expense ratio: 5.8%; rating input score 6
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 15th 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: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 71.7%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 165.05; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0.14; rating input score 19; 19th percentile among comparable filings
  • Officer compensation ratio: 17.3%; rating input score 21; 21st percentile among comparable filings

Growth

  • Program expense growth: -4.8% per year; rating input score 0; 17th percentile among comparable filings
  • Revenue growth: 3.8% per year; rating input score 100; 40th percentile among comparable filings
  • Asset growth: 22.8% per year; rating input score 100; 85th percentile among comparable filings

Details

  • Where the money goes: 1.6% of revenue deployed · 5.8% of spending went to programs
  • Governance: 5 of 5 board members independent · 5 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $2K in reported program spending
  • Leadership: top reported pay $1K · 6 people listed
  • Consistency: 16 of 17 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules
  • Filing history: 8 filing years from 2018 to 2025
  • Contacts: How to reach this organization
  • Money network: 10 filed money-flow records
  • 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 2/100.
  • High — Financial Efficiency: Program expense ratio scored 6/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 19/100.
  • High — Sustainability: Officer compensation ratio scored 21/100.