Housing Development Fund Inc

Nonprofit profile at a glance

EIN
061276156
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Stamford, CT, USA
Phone
2039691830
Rating
64
Verdict
SUPPORTED
Rating confidence
Standard
Sector
Fund Raising and Fund Distribution

Official website

Reported finances

Revenue
$12,254,032
Expenses
$3,910,554
Assets
$71,858,509
Liabilities
$32,188,259

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

Leadership & pay

17 people listed

Executive titles in this filing

  • KILEY GOSSELIN (PRESIDENT & CEO)

Highest reported compensation

  • KILEY GOSSELIN (PRESIDENT & CEO): $243,446 total reported compensation
  • EUGENE SCHREINER (DIRECTOR OF COMMERCIAL LENDING): $126,267 total reported compensation
  • JACLYNN ALVES (DIRECTOR OF RESIDENTIAL LENDING): $115,032 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 facilitate the development of affordable housing, both rental and homeownership, and assist households to become owners of affordable homes.

What it reported doing in 2024

Multi-family housing - provide construction and permanent loans and related assistance to providers of multi-family housing to enable them to expand low and moderate income housing opportunities for families in southwestern ct.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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 program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 43
  • Transparency & Controls: 71
  • Accountability: 95
  • Sustainability: 78
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 23.9%; rating input score 24
  • Program expense ratio: 67.1%; rating input score 67
  • Fundraising efficiency: $24.7 raised per $1 spent on fundraising; rating input score 62; 62nd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 10th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: No; rating input score 0

Accountability

  • Independent voting board: 91.7%; rating input score 92; 24th 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: 68.1%; rating input score 97; 97th percentile among comparable filings
  • Total-asset coverage ratio: 18.38; rating input score 96; 96th percentile among comparable filings
  • Liabilities to assets ratio: 0.45; rating input score 33; 33rd percentile among comparable filings
  • Officer compensation ratio: 20.9%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: -1.8% per year; rating input score 0; 6th percentile among comparable filings
  • Revenue growth: 4.1% per year; rating input score 100; 35th percentile among comparable filings
  • Asset growth: 2.9% per year; rating input score 100; 22nd percentile among comparable filings

Details

  • Where the money goes: 23.9% of revenue deployed · 67.1% of spending went to programs
  • Governance: 11 of 12 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $2.6M in reported program spending
  • Leadership: top reported pay $243K · 17 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 31 of 32 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 15 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Financial Efficiency: Mission deployment rate scored 24/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Moderate — Sustainability: Liabilities to assets ratio scored 33/100.