Greater Metropolitan Housing Corporation
Nonprofit profile at a glance
- EIN
- 410968007
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- St Paul, MN, USA
- Phone
- 6123390601
- Rating
- 86
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Housing Development, Construction, Management
Reported finances
- Revenue
- $4,833,613
- Expenses
- $5,081,895
- Assets
- $4,804,805
- Liabilities
- $5,170,046
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
11 people listed
Executive titles in this filing
- EDEN SPENCER (PRESIDENT/CEO)
Highest reported compensation
- EDEN SPENCER (PRESIDENT/CEO): $80,676 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 preserve, improve, and increase affordable housing for low and moderate income individuals and families, assist communities with housing revitalization as well as create and carry out demonstration projects.
What it reported doing in 2024
Sustainable home ownership program (shop home mortgage (tm)) in partnership with dayton's bluff neighborhood services, gmhc created shop home mortgage. Shop's proprietary product was the bridge to success contract-for-deed program, an innovative and flexible credit facility funded by public and socially responsible investors that offered prudent, affordable credit to borrowers no longer served by mainstream credit markets. The 10-year contract-for-deed was for people who had the financial capacity to purchase a home but who had been unable to qualify for bank financing due to poor credit history, bankruptcy, foreclosure, or not understanding the financial process. The program allowed buyers who had addressed their credit issues to purchase a home then and supported them through a personal financial plan, individual counseling, and home buyer education. The goal for the buyers remaining in a contract-for-deed was and still is to restore their credit and improve their financial habits so that the contract-for-deed can be refinanced into an fha or conventional fixed-rate loan product within ten years. As a result of the efforts of shop staff, counselors and our servicer, community reinvestment fund, over 70% of the 156 contract-for deed clients have been able to refinance to market rate mortgage products.effective in 2018, the shop program discontinued the issuance of new loans and now only services existing loans outstanding.
Operating model
- Revenue model
- Earned-program. 71% 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
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Program spending has declined or grown slowly and revenue has declined or grown slowly.
Rating breakdown
- Financial Efficiency: 96
- Transparency & Controls: 90
- Accountability: 95
- Sustainability: 29
- Growth: 0
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 97.1%; rating input score 97
- Fundraising efficiency: $32.56 raised per $1 spent on fundraising; rating input score 71; 71st percentile among comparable filings
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 63rd 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: 90.9%; rating input score 91; 21st percentile among comparable filings
- Governance controls: 8 of 8 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -5.1%; rating input score 20; 20th percentile among comparable filings
- Total-asset coverage ratio: 0.95; rating input score 35; 35th percentile among comparable filings
- Liabilities to assets ratio: 1.08; rating input score 4; 4th percentile among comparable filings
- Officer compensation ratio: 1.6%; rating input score 78; 78th percentile among comparable filings
Growth
- Program expense growth: -17.6% per year; rating input score 0; 2nd percentile among comparable filings
- Revenue growth: -11.6% per year; rating input score 0; 1st percentile among comparable filings
- Asset growth: -14.2% per year; rating input score 0; 1st percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 97.1% of spending went to programs
- Governance: 10 of 11 board members independent · 8 of 8 filing controls reported
- Programs: 4 filed program accomplishments · $4.9M in reported program spending
- Leadership: top reported pay $81K · 11 people listed
- Highest-paid contractors: 2 contractors listed · $395K reported
- Consistency: 31 of 31 current checks pass
- Schedules: 4 filed schedules
- Filing history: 13 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Money network: 1 filed money-flow record
- 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.
- High — Growth: Program expense growth scored 0/100.
- High — Growth: Revenue growth scored 0/100.
- High — Sustainability: Operating margin scored 20/100.
- High — Growth: Asset growth scored 0/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 35/100.
- High — Sustainability: Liabilities to assets ratio scored 4/100.