Glastonbury Assisted Housing Non-profit Inc

Nonprofit profile at a glance

EIN
061587482
IRS 990 coverage
2015–2024
Forms available
Form 990 2024, Form 990-EZ 2014, Form 990-N 2011
Location
Glastonbury, CT, USA
Phone
8606527570
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Senior Citizens' Housing/Retirement Communities

Reported finances

Revenue
$929,488
Expenses
$962,480
Assets
$2,757,502
Liabilities
$3,437,260

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

Leadership & pay

6 people listed

Executive titles in this filing

  • CARL STENMAN (PRESIDENT AND DIRECTOR)
  • CATHY VACCHELLI (VICE PRESIDENT AND DIRECTO)

Highest reported compensation

  • NEIL GRIFFIN JR (SECRETARY): $212,644 total reported compensation

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

Overview

Mission

To construct, rehabilitate, own, manage or otherwise operate housing. To develop non-institutional, living opportunities for low and moderate income persons, or any other lawful purposes as defined by chapter 602 of the Connecticut general stautes.

What it reported doing in 2024

Glastonbury assisted housing, non-profit, inc. (gahnp) has submitted grant applications and subsequently been awarded funding to assist in the financing of the construction and or preservation of affordable housing as follows: in 2004 gahnp was awarded $375,062 of housing tax credit contributions (htcc) funds to help finance the construction of the herbert t clark assisted living limited partnership, an affordable assisted living facility that gahnp is the general partner in. In 2012 gahnp was awarded $500,000 of htcc funds to assist in financing the rehabilitation of village green, an affordable senior property owned and operated by the glastonbury housing authority. In 2015 gahnp was awarded $500,000 of htcc funds to assist in funding the rehabilitation and expansion of center village, an affordable senior rental property. In 2017, gahnp was awarded a second $500,000 of htcc funds for the rehabilitation of center village. The total of $1,000,000 was loaned to center village limited partnership to finance a portion of the construction and rehabilitation of center village apartments. Construction began in 2017 and was completed in 2018.as of 12/31/19, herbert t clark assisted living limited partnership reached the end of the 15 year compliance period for low-income housing tax credits in accordance with section 42 of the internal revenue code. The original limited partner sold their interest in the partnership for $225,000 to herbert t clark house llc. The sole member of herbert t clark house llc is glastonbury assisted housing non-profit inc.

Operating model

Revenue model
Earned-program. 96% of the money available for current operations came from fees and other program 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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 76
  • Transparency & Controls: 60
  • Accountability: 64
  • Sustainability: 41
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 85.2%; rating input score 85
  • Program expense ratio: 85.7%; rating input score 86
  • 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: 83.3%; rating input score 83; 19th percentile among comparable filings
  • Governance controls: 3 of 8 controls in place; rating input score 38
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: -3.5%; rating input score 27; 27th percentile among comparable filings
  • Total-asset coverage ratio: 2.86; rating input score 74; 74th percentile among comparable filings
  • Liabilities to assets ratio: 1.25; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 6%; rating input score 50; 50th percentile among comparable filings

Growth

  • Program expense growth: 33.7% per year; rating input score 100; 92nd percentile among comparable filings
  • Revenue growth: 18.7% per year; rating input score 100; 84th percentile among comparable filings
  • Asset growth: 16% per year; rating input score 100; 74th percentile among comparable filings

Details

  • Where the money goes: 85.2% of revenue deployed · 85.7% of spending went to programs
  • Governance: 5 of 6 board members independent · 3 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $825K in reported program spending
  • Leadership: top reported pay $213K · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 5 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: Governance controls: 4 of 7 not reported.
  • High — Sustainability: Operating margin scored 27/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.
  • Review — Sustainability: Officer compensation ratio scored 50/100.