Freeport Community Development Inc

Nonprofit profile at a glance

EIN
821238754
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
Freeport, NY, USA
Phone
5163753907
Rating
83
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$101,250
Expenses
$120,329
Assets
$333,900
Liabilities
$0

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

Leadership & pay

7 people listed

Executive titles in this filing

  • JOSEPH CATTANO (PRESIDENT/DIRECTOR)
  • DAVID E JONES (VICE PRESIDENT/DIRECTOR)

Highest reported compensation

  • JOSEPH CATTANO (PRESIDENT/DIRECTOR): $3,000 total reported compensation
  • DAVID E JONES (VICE PRESIDENT/DIRECTOR): $2,400 total reported compensation
  • ROBERT BATTELLI (DIRECTOR): $2,400 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 corporation is formed for the purpose of conducting activities which are exclusively charitable within the meaning of section 501(c)(3) of the internal revenue code of 1954, as may be amended from time to time, (see schedule o, page 23 for continuation) for the relief of the poor, distressed and underpriviledged, and promotion of social welfare to lessen community tension, eliminate prejudice and discrimination and combat community deterioration. Therefore, the corporation's mission is to achieve, on a not-for-profit basis, decent affordable housing and related community services, programs and facilities specifically designed to meet the needs and requirements of low income individuals, families and seniors.

What it reported doing in 2024

The tax exempt organization was successful in previously closing on an identified affordable housing project and received its agreed upon additional development fee during the current fiscal year. The organization is now in the initial phase of identifying its next affordable housing project.

Operating model

Revenue model
Earned-program. 100% 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 62% for direct work, and 38% 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 revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 86
  • Accountability: 82
  • Sustainability: 39
  • Growth: 60

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: 90%; rating input score 90; 9th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • 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: -18.8%; rating input score 15; 15th percentile among comparable filings
  • Total-asset coverage ratio: 2.77; rating input score 67; 67th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 80; 80th percentile among comparable filings
  • Officer compensation ratio: 12.5%; rating input score 27; 27th percentile among comparable filings

Growth

  • Program expense growth: 12.5% per year; rating input score 100; 75th percentile among comparable filings
  • Revenue growth: -13.9% per year; rating input score 0; 4th percentile among comparable filings
  • Asset growth: 5.8% per year; rating input score 100; 51st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 6 of 6 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $120K in reported program spending
  • Leadership: top reported pay $3K · 7 people listed
  • Consistency: 18 of 19 current checks pass · 1 finding to review
  • Schedules: 3 filed schedules · includes grants
  • Filing history: 7 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 1 filed related-organization link
  • 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: Governance controls: 3 of 8 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 15/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 27/100.