Hobart Housing Urban Renewal Corporation

Nonprofit profile at a glance

EIN
300749639
IRS 990 coverage
2017–2024
Forms available
Form 990 2024, Form 990-N 2018
Location
Bayonne, NJ, USA
Phone
2018584460
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Housing, Shelter N.E.C.

Reported finances

Revenue
$82,090
Expenses
$129,510
Assets
$2,441,144
Liabilities
$306,460

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

Leadership & pay

3 people listed

Executive titles in this filing

  • Steven Dittich (President)
  • Joann Tassone-Dost (Vice President)

Highest reported compensation

  • Joann Tassone-Dost (Vice President): $77,102 total reported compensation

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

Overview

Mission

8 unit residential building for low income and developmentally disabled residents

Operating model

Revenue model
Earned-program. 100% 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. Some filing-based governance responses are negative or unanswered and revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 78
  • Sustainability: 38
  • Growth: 40

Detailed rating inputs

Financial Efficiency

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

Accountability

  • Independent voting board: 80%; rating input score 80; 25th percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -57.8%; rating input score 27; 27th percentile among comparable filings
  • Total-asset coverage ratio: 18.85; rating input score 78; 78th percentile among comparable filings
  • Liabilities to assets ratio: 0.13; rating input score 17; 17th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 18.2% per year; rating input score 100; 83rd percentile among comparable filings
  • Revenue growth: -29.8% per year; rating input score 0; 14th percentile among comparable filings
  • Asset growth: -0.3% per year; rating input score 0; 38th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 4 of 5 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $130K in reported program spending
  • Leadership: top reported pay $77K · 3 people listed
  • Consistency: 17 of 17 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 6 filing years from 2017 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 2 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.

  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 27/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 17/100.