Glover Plaza Inc

Nonprofit profile at a glance

EIN
561779955
IRS 990 coverage
2010–2021
Forms available
Form 990 2021
Location
Wilmington, NC, USA
Phone
9103417700
Rating
63
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$407,716
Expenses
$526,033
Assets
$1,741,633
Liabilities
$90,211

Source: IRS Form 990. Selected filing: tax year 2021. Amounts in USD.

Leadership & pay

11 people listed

Executive titles in this filing

  • KATRINA H REDMON (PRESIDENT)

Highest reported compensation

  • KATRINA H REDMON (PRESIDENT): $195,878 total reported compensation
  • M KIM FITZWATER (VP/CFO): $120,720 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2021. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To provide low and moderate income housing.

What it reported doing in 2021

Provides rental units to qualified low and moderate income elderly and disabled individuals who are eligible for rental assistance by hud section 8 housing assistance payment programs. The development has 75 units.

Operating model

Revenue model
Earned-program. 100% 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: 73
  • Transparency & Controls: 60
  • Accountability: 68
  • Sustainability: 32
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.2%; rating input score 90
  • Program expense ratio: 70%; rating input score 70
  • 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 22
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -29%; rating input score 8; 8th percentile among comparable filings
  • Total-asset coverage ratio: 3.31; rating input score 67; 67th percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 35; 35th percentile among comparable filings
  • Officer compensation ratio: 4.1%; rating input score 36; 36th percentile among comparable filings

Growth

  • Program expense growth: -0.6% per year; rating input score 0; 40th percentile among comparable filings
  • Revenue growth: -7.1% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: 1% per year; rating input score 100; 31st percentile among comparable filings

Details

  • Where the money goes: 90.2% of revenue deployed · 70% of spending went to programs
  • Governance: 9 of 9 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $368K in reported program spending
  • Leadership: top reported pay $196K · 11 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 26 of 26 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 12 filing years from 2010 to 2021
  • Contacts: How to reach this organization
  • Related organizations: 6 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Governance controls: 6 of 8 not reported.
  • High — Sustainability: Operating margin scored 8/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 35/100.
  • Moderate — Sustainability: Officer compensation ratio scored 36/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.