Homes for New Yorkers Inc

Nonprofit profile at a glance

EIN
132875896
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2122439090
Rating
49
Verdict
MIXED
Rating confidence
Moderate

Reported finances

Revenue
$1,845,684
Expenses
$345,583
Assets
$21,995,454
Liabilities
$12,770,157

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

Leadership & pay

5 people listed

Executive titles in this filing

  • ADAM WEINSTEIN (PRESIDENT/CEO)
  • JAMES ROBERT PIGOTT JR (VICE PRESIDENT AND SECRETA)
  • MATTHEW KELLY (OUTGOING VICE PRESIDENT)
  • MICHAEL WADMAN (VICE PRESIDENT)

Highest reported compensation

  • ADAM WEINSTEIN (PRESIDENT/CEO): $1,043,975 total reported compensation
  • JAMES ROBERT PIGOTT JR (VICE PRESIDENT AND SECRETA): $454,550 total reported compensation
  • MICHAEL WADMAN (VICE PRESIDENT): $380,571 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 support and maintain quality affordable and low-income housing through various methods including grants, development and at times, direct ownership.

What it reported doing in 2024

Provides loans and grants to organizations that provide social services and housing for low and moderate income-level individuals.

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program revenue.
Distribution model
Hybrid. The nonprofit split its reported program spending across 79% for direct work, and 21% for grants.

The verdict

MIXED - The filed numbers largely add up and revenue comfortably covers expenses. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 44
  • Transparency & Controls: 68
  • Accountability: 23
  • Sustainability: 77
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 18.7%; rating input score 19
  • 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: 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: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 5th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • 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: 81.3%; rating input score 98; 98th percentile among comparable filings
  • Total-asset coverage ratio: 63.65; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.58; rating input score 13; 13th percentile among comparable filings
  • Officer compensation ratio: 117.9%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: -10% per year; rating input score 0; 5th percentile among comparable filings
  • Revenue growth: 0.7% per year; rating input score 100; 17th percentile among comparable filings
  • Asset growth: 11.8% per year; rating input score 100; 64th percentile among comparable filings

Details

  • Where the money goes: 18.7% of revenue deployed · 100% of spending went to programs
  • Governance: 0 of 3 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $346K in reported program spending
  • Leadership: top reported pay $1M · 5 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 22 of 22 current checks pass
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 104 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 — Financial Efficiency: Mission deployment rate scored 19/100.
  • High — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 13/100.