Hallets Cove Urban Housing Development Fund Corporation
Nonprofit profile at a glance
- EIN
- 452574228
- IRS 990 coverage
- 2015–2024
- Forms available
- Form 990 2024
- Location
- New York, NY, USA
- Phone
- 2127367385
- Rating
- 65
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Low-Income & Subsidized Rental Housing
Reported finances
- Revenue
- $914,024
- Expenses
- $914,024
- Assets
- $7,400,738
- Liabilities
- $6,862,940
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
5 people listed
Executive titles in this filing
- ADAM HEFT (PRESIDENT)
- ERIN ABRAMS (VICE PRESIDENT)
- FREDERICK SHACK (CEO)
People named in this filing
- ADAM HEFT (PRESIDENT)
- ERIN ABRAMS (VICE PRESIDENT)
- JEANNE SUN (SECRETARY)
Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Assist in development and construction of low income housing.
What it reported doing in 2024
Provide low income housing for persons with mental illness
Operating model
- Revenue model
- Grant-funded. 85% 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 - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and a relatively small share of total spending goes to programs.
Rating breakdown
- Financial Efficiency: 34
- Transparency & Controls: 92
- Accountability: 94
- Sustainability: 54
- Growth: 40
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 42.1%; rating input score 42
- Program expense ratio: 32%; rating input score 32
- Fundraising efficiency: Limited
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: 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: 6 of 7 controls in place; rating input score 86
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 0%; rating input score 36; 36th percentile among comparable filings
- Total-asset coverage ratio: 8.1; rating input score 90; 90th percentile among comparable filings
- Liabilities to assets ratio: 0.93; rating input score 7; 7th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings
Growth
- Program expense growth: -15% per year; rating input score 0; 3rd percentile among comparable filings
- Revenue growth: 0.1% per year; rating input score 100; 15th percentile among comparable filings
- Asset growth: -4.4% per year; rating input score 0; 7th percentile among comparable filings
Details
- Where the money goes: 42.1% of revenue deployed · 32% of spending went to programs
- Governance: 4 of 4 board members independent · 6 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $292K in reported program spending
- Leadership: top reported pay $0 · 5 people listed
- Consistency: 12 of 12 current checks pass
- Schedules: 4 filed schedules · includes major donors
- Filing history: 10 filing years from 2015 to 2024
- Contacts: How to reach this organization
- 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.
- Moderate — Financial Efficiency: Mission deployment rate scored 42/100.
- Moderate — Financial Efficiency: Program expense ratio scored 32/100.
- High — Growth: Program expense growth scored 0/100.
- Moderate — Sustainability: Operating margin scored 36/100.
- Review — Accountability: Governance controls: Form 990 shared with the board not reported.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Liabilities to assets ratio scored 7/100.