Glide Economic Development Corporation

Nonprofit profile at a glance

EIN
943365110
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Corte Madera, CA, USA
Phone
4159247707
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$212,935
Expenses
$945,616
Assets
$2,028,768
Liabilities
$2,203,168

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

Leadership & pay

6 people listed

Executive titles in this filing

  • MELVIN CARRIERE (PRESIDENT & COO)

People named in this filing

  • BRAD PAUL (SECRETARY & TREASURER)
  • MELVIN CARRIERE (PRESIDENT & COO)
  • THOMAS S BECHARD (CHAIRMAN)

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

Gedc was formed to improve social and economic conditions in the tenderloin neighborhood of san francisco. In 2007, gedc pursued an opportunity to create both affordable and assistive chronic needs housing in the community. The operation of the two projects gedc developed and the provision of the affordable and assistive, chronic needs housing are the focus of its current activities.

What it reported doing in 2024

The organization developed and opened mason street family housing, which provides 81 affordable rental units in the tenderloin area of san francisco in 2008. It owned and operated the units as the general partner of mason street affordable housing l.p. The mason street affordable housing l.p. Was dissolved in 2023. The organization also completed the construction of 149 mason street housing project, which provides 56 housing units for the chronically homeless in december 2009. It continues to own and operate the units as the general partner of mason street housing associates, l.p.

Operating model

Revenue model
Earned-program. 99% 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. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 90
  • Accountability: 60
  • Sustainability: 27
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 95.5%; rating input score 96
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 83.3%; rating input score 83; 22nd percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -344.1%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 2.15; rating input score 61; 61st percentile among comparable filings
  • Liabilities to assets ratio: 1.09; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 36.1% per year; rating input score 100; 93rd percentile among comparable filings
  • Revenue growth: -0.7% per year; rating input score 0; 21st percentile among comparable filings
  • Asset growth: -6.3% per year; rating input score 0; 9th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 95.5% of spending went to programs
  • Governance: 5 of 6 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $903K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Highest-paid contractors: 1 contractor listed · $126K reported
  • Consistency: 16 of 16 current checks pass
  • Schedules: 6 filed schedules
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 3 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 — Accountability: Governance controls: 4 of 6 not reported.
  • High — Sustainability: Operating margin scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.