Habitat for Humanity Nyc Fund Inc

Nonprofit profile at a glance

EIN
384028626
IRS 990 coverage
2017–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2129914000
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Fund Raising and Fund Distribution

Reported finances

Revenue
$412,222
Expenses
$552,952
Assets
$5,377,530
Liabilities
$1,752,359

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

Leadership & pay

14 people listed

Highest reported compensation

  • CHRISTOPHER ILLUM (SECRETARY): $187,206 total reported compensation
  • STEVEN GOLDGRAB (TREASURER / CFO (OUTGOING)): $185,730 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 promote the community development and homeownership and to expand the availability of affordable housing by providing financing and technical assistance and other educational and developmental services.

What it reported doing in 2024

The habitat nyc community fund (the "fund") is a cdfi-certified revolving loan fund that provides access to affordable, flexible financing to those who need it most and are most frequently denied it, like resident-owned affordable housing developments and non-profit affordable housing developers. A loan from the fund can help existing affordable housing developments make capital repairs, pay off fines and liens, stabilize overall finances and potentially unlock additional capital from other, often public, sources. The fund also lends capital to not-for-profit affordable housing developers, including habitat for humanity offices across New York state, who may otherwise be unable to access the type of capital they need through traditional financing. With affordable credit, these developers make great changes within their communities, building and preserving more housing across the state. To date, we've closed on a total of 24 loans, lent a total of $5.4mm and built or preserved 760 units of housing.

Operating model

Revenue model
Earned-program. 67% 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 65
  • Accountability: 95
  • Sustainability: 35
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 81.7%; rating input score 82
  • 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • 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: -34.1%; rating input score 8; 8th percentile among comparable filings
  • Total-asset coverage ratio: 9.73; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.33; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 13.3%; rating input score 26; 26th percentile among comparable filings

Growth

  • Program expense growth: 12.6% per year; rating input score 100; 75th percentile among comparable filings
  • Revenue growth: 5.9% per year; rating input score 100; 57th percentile among comparable filings
  • Asset growth: 10% per year; rating input score 100; 66th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 81.7% of spending went to programs
  • Governance: 9 of 9 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $452K in reported program spending
  • Leadership: top reported pay $187K · 14 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 8 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 24 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.
  • High — Sustainability: Operating margin scored 8/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.
  • High — Sustainability: Officer compensation ratio scored 26/100.