Freerent Foundation Inc

Nonprofit profile at a glance

EIN
850595901
IRS 990 coverage
2022–2024
Forms available
Form 990 2024
Location
Atlanta, GA, USA
Phone
7702938125
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Human Service Organizations

Official website

Reported finances

Revenue
$813,175
Expenses
$463,877
Assets
$349,298
Liabilities
$0

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

Leadership & pay

3 people listed

Executive titles in this filing

  • ASHLEY STEWART (EXECUTIVE DIRECTOR)

Highest reported compensation

  • ASHLEY STEWART (EXECUTIVE DIRECTOR): $80,000 total reported compensation

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

Overview

Mission

Provide rental assistance and wraparound services that offer families a pathway to financial stability

What it reported doing in 2024

The freerent foundation is dedicated to preventing eviction and promoting long-term housing stability for low-to-moderate-income families. Our mission is to provide rental assistance and wraparound services that offer families a pathway to financial stability. We envision communities where hardworking people are given the opportunity for long-term success and the power to build generational wealth. Through rental assistance provided through a community-wide grant and ongoing interagency referrals for families facing crises, we provide personalized support, financial education, and a values-driven approach to empower families to thrive.

Operating model

Revenue model
Donor-supported. 100% of the money available for current operations came from contributions and gifts.
Distribution model
Grant intermediary. The nonprofit sent 100% of its reported program spending out as grants.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of total spending goes to programs. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 64
  • Transparency & Controls: 89
  • Accountability: 69
  • Sustainability: 65
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 49.9%; rating input score 50
  • Program expense ratio: 87.5%; rating input score 87
  • Fundraising efficiency: $22.96 raised per $1 spent on fundraising; rating input score 62; 62nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 8th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th 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; 63rd percentile among comparable filings
  • Governance controls: 2 of 8 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 43%; rating input score 90; 90th percentile among comparable filings
  • Total-asset coverage ratio: 0.75; rating input score 34; 34th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 17.2%; rating input score 19; 19th percentile among comparable filings

Growth

  • Program expense growth: 90.2% per year; rating input score 100; 99th percentile among comparable filings
  • Revenue growth: 97.4% per year; rating input score 100; 99th percentile among comparable filings
  • Asset growth: 14.6% per year; rating input score 100; 71st percentile among comparable filings

Details

  • Where the money goes: 49.9% of revenue deployed · 87.5% of spending went to programs
  • Governance: 3 of 3 board members independent · 2 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $406K in reported program spending
  • Leadership: top reported pay $80K · 3 people listed
  • Consistency: 18 of 19 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes major donors and grants
  • Filing history: 3 filing years from 2022 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 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 — Financial Efficiency: Mission deployment rate scored 50/100.
  • High — Accountability: Governance controls: 6 of 8 not reported.
  • Moderate — Sustainability: Total-asset coverage ratio scored 34/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 19/100.