Hcr-fc Marlborough Woods

Nonprofit profile at a glance

EIN
881413703
IRS 990 coverage
2024–2024
Forms available
Form 990 2024
Location
Charlotte, NC, USA
Phone
8572250030
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Community, Neighborhood Development

Reported finances

Revenue
$229,692
Expenses
$320,569
Assets
$2,783,011
Liabilities
$43,993

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

Leadership & pay

7 people listed

Highest reported compensation

  • LAURA BELCHER (CHAIR): $281,029 total reported compensation
  • BOB GLUSENKAMP (MEMBER): $179,471 total reported compensation
  • HANNAH BEAVERS (SECRETARY): $146,856 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 buy, renovate, rent, and ultimately sell homes to qualified buyers as a path to homeownership.

What it reported doing in 2024

Hcr-fc marlborough woods, llc acquires rental units in the marlborough woods neighborhood with the purpose of providing opportunities for tenants to become homeowners. It is anticipated over a 10 year period that current tenants will turnover and that new homebuyers will be identified for the units. While tenants are renting, freedom communities provides tenant management and support for families. Each tenant has the opportunity to meet with a case worker to determine the needs of the family and connect them with the community resources that will serve them best. Habitat charlotte region provides opportunities for residents to participate in its various financial literacy programs to assess home buyer readiness and upon completion, will determine if they are prepared to purchase one of the marlborough woods units or another housing solution elsewhere. As tenants move out, habitat charlotte region rehabs the units including remodeling the kitchen and bath, replacing windows, cleaning floors, and painting the unit. Homebuyers will be identified through habitat charlotte region and will have an ami of 30-80%. Sales prices will be set by the market and habitat charlotte region will secure an affordable mortgage for the homebuyer to ensure that housing costs will not exceed 30% of the homebuyer's household income. Mortgages are not expected to exceed 360 months. Mortgage holders will receive ongoing communications from habitat charlotte region, invitations to workshops, community meetings, etc. To position them to thrive as homeowners.

Operating model

Revenue model
Earned-program. 97% 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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 60
  • Accountability: 69
  • Sustainability: 38
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 94.8%; rating input score 95
  • 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 25
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Limited
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -39.6%; rating input score 7; 7th percentile among comparable filings
  • Total-asset coverage ratio: 8.68; rating input score 88; 88th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 42; 42nd percentile among comparable filings
  • Officer compensation ratio: 9.5%; rating input score 29; 29th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 100% of revenue deployed · 94.8% of spending went to programs
  • Governance: 7 of 7 board members independent · 2 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $304K in reported program spending
  • Leadership: top reported pay $281K · 7 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 17 of 17 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • 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.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Governance controls: 5 of 7 not reported.
  • High — Sustainability: Operating margin scored 7/100.
  • High — Sustainability: Officer compensation ratio scored 29/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 42/100.