Gregene Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
800818949
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Brooklyn, NY, USA
Phone
2126655500
Rating
81
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$410,601
Expenses
$469,752
Assets
$1,908,510
Liabilities
$2,728,474

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

Leadership & pay

11 people listed

Highest reported compensation

  • VAL HENRY (EXECUTIVE DI): $203,098 total reported compensation

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

Overview

Mission

Gregene housing development fund corporation (the "corporation") has been organized exclusively to assist the acquisition and operation, on a nonprofit basis, of a housing project for persons of low income.

What it reported doing in 2024

The corporation continued to provide housing to low-income tenants in its 34 apartments housed in four multi-story buildings (the "project"). Since the project was developed through proceeds of long-term loans under the article viii of the private housing finance law of the state of New York and city of New York housing preservation and development (hpd), the corporation continues to operate, maintain and manage the project in accordance with the requirements of hpd, specifically in terms of admitting eligible tenants only.

Operating model

Revenue model
Earned-program. 90% 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. Expenses are high relative to revenue and assets have declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 85
  • Transparency & Controls: 71
  • Accountability: 100
  • Sustainability: 35
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 99.5%; rating input score 100
  • Program expense ratio: 87%; rating input score 87
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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: 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: NotApplicable
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -14.4%; rating input score 18; 18th percentile among comparable filings
  • Total-asset coverage ratio: 4.06; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 1.43; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 1.6%; rating input score 36; 36th percentile among comparable filings

Growth

  • Program expense growth: 2.6% per year; rating input score 100; 42nd percentile among comparable filings
  • Revenue growth: 3.2% per year; rating input score 100; 42nd percentile among comparable filings
  • Asset growth: -0.5% per year; rating input score 0; 23rd percentile among comparable filings

Details

  • Where the money goes: 99.5% of revenue deployed · 87% of spending went to programs
  • Governance: 10 of 10 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $409K in reported program spending
  • Leadership: top reported pay $203K · 11 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 27 of 27 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: 9 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 — Sustainability: Operating margin scored 18/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.
  • Moderate — Sustainability: Officer compensation ratio scored 36/100.