HIP Housing Development Corporation

Nonprofit profile at a glance

EIN
943159161
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
San Mateo, CA, USA
Phone
6503486660
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Housing Search Assistance

Reported finances

Revenue
$5,126,040
Expenses
$5,682,896
Assets
$14,545,108
Liabilities
$35,058,808

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

Leadership & pay

7 people listed

Executive titles in this filing

  • Lauren Boro (President)
  • Kate Comfort Harr (Executive Director)

Highest reported compensation

  • Kate Comfort Harr (Executive Director): $244,588 total reported compensation
  • Ghion Dessie (VP of Finance): $201,448 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 alleviate and improve the housing condition of the needy, physically or mentally handicapped, elderly persons and others whose housing needs are not being adequately met in San Mateo County, CA.

What it reported doing in 2024

The corporation serves as a general partner in two limited partnerships which provide 92 units of low-income housing in San Mateo, California. The corporation also serves as the 79% owner of a C Corporation and the sole owner of a Limited Liability Company. Both of these entities serve as a general partner in limited partnerships which provide 75 units of low-income housing in Redwood City, California.

Operating model

Revenue model
Other-operating. 88% of the money available for current operations came from other operating revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 71% for direct work, and 29% for grants.

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 liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 76
  • Accountability: 100
  • Sustainability: 34
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 96.3%; rating input score 96
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 13th percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Pass
    • 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: 100%; rating input score 100; 72nd percentile among comparable filings
  • 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: 9 of 9 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: 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: -10.9%; rating input score 12; 12th percentile among comparable filings
  • Total-asset coverage ratio: 2.56; rating input score 69; 69th percentile among comparable filings
  • Liabilities to assets ratio: 2.41; rating input score 1; 1st percentile among comparable filings
  • Officer compensation ratio: 3.1%; rating input score 68; 68th percentile among comparable filings

Growth

  • Program expense growth: 16.8% per year; rating input score 100; 81st percentile among comparable filings
  • Revenue growth: 10% per year; rating input score 100; 68th percentile among comparable filings
  • Asset growth: 2.2% per year; rating input score 100; 20th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 96.3% of spending went to programs
  • Governance: 5 of 5 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $5.5M in reported program spending
  • Leadership: top reported pay $245K · 7 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 8 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 12/100.
  • High — Sustainability: Liabilities to assets ratio scored 1/100.