Great Falls Housing Corporation

Nonprofit profile at a glance

EIN
272230034
IRS 990 coverage
2012–2024
Forms available
Form 990 2024, Form 990-T 2024
Location
Paterson, NJ, USA
Phone
9734131600
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$227,306
Expenses
$576,167
Assets
$7,697,224
Liabilities
$4,020,787

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

Leadership & pay

3 people listed

Executive titles in this filing

  • ROBERT F GUARASCI (PRESIDENT)
  • MARTIN VERGARA (VICE PRESIDENT)

Highest reported compensation

  • ROBERT F GUARASCI (PRESIDENT): $287,121 total reported compensation
  • MICHAEL DEBLASIO (SECRETARY/TREASURER): $148,710 total reported compensation

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

Overview

Mission

Great falls housing corporation is a community housing development organization with the mission of creating affordable housing in the city of paterson.

What it reported doing in 2024

Affordable housing for charitable purposes.

Operating model

Revenue model
Grant-funded. 71% of the money available for current operations came from government grants.
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 a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 64
  • Accountability: 62
  • Sustainability: 33
  • 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: 100%; rating input score 100; 64th 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: 50%; rating input score 50; 16th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -153.5%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 13.36; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.52; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 2.3%; rating input score 35; 35th percentile among comparable filings

Growth

  • Program expense growth: 9.3% per year; rating input score 100; 68th percentile among comparable filings
  • Revenue growth: -3.1% per year; rating input score 0; 14th percentile among comparable filings
  • Asset growth: 5.9% 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: 1 of 2 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $576K in reported program spending
  • Leadership: top reported pay $287K · 3 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 13 filing years from 2012 to 2024
  • 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Independent voting board scored 50/100.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • Moderate — Sustainability: Officer compensation ratio scored 35/100.