Housing Operations Management Enterprises Inc

Nonprofit profile at a glance

EIN
222873559
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
New Haven, CT, USA
Phone
2035624663
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Housing Support

Official website

Reported finances

Revenue
$1,454,278
Expenses
$2,075,872
Assets
$9,791,827
Liabilities
$6,349,995

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

Leadership & pay

5 people listed

Executive titles in this filing

  • Brett Hill (President)

Highest reported compensation

  • Brett Hill (President): $118,946 total reported compensation

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

Overview

Mission

Mission: provision of affordable housing for homeless, disabled, and other disadvantaged populations; chief activities are housing management, housing development, and housing counseling. Activities are described in Part III.

What it reported doing in 2024

Affordable Housing Development. Development, purchase, and construction to preserve and improve affordable housing in the greater New Haven area; target population is that all residents will earn less than 80% of median income and that more than half will earn less than 50% of median. Housing for mentally-ill and other disabled persons emphasized. Accomplishments in FY25: Continued development of 2 housing projects with 88 units; $110,000 raised for rehabilitation of 3 developments. Cumulative accomplishments through 3/31/25: 111 units built; full financing being sought on 88 additional units. Also, assisted managed properties to acquire additional units and renovate existing units. Cumulative accomplishments through 3/31/24: 10 units acquired with $575,000 in financing; rehabilitation loans or grants totaling $4,962,000 for 332 units secured.

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

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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 85
  • Accountability: 84
  • Sustainability: 34
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 97.3%; rating input score 97
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 8th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • 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: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -42.7%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 4.72; rating input score 84; 84th percentile among comparable filings
  • Liabilities to assets ratio: 0.65; rating input score 12; 12th percentile among comparable filings
  • Officer compensation ratio: 5.7%; rating input score 51; 51st percentile among comparable filings

Growth

  • Program expense growth: 10.1% per year; rating input score 100; 63rd percentile among comparable filings
  • Revenue growth: -2% per year; rating input score 0; 9th percentile among comparable filings
  • Asset growth: 10.5% per year; rating input score 100; 60th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 97.3% of spending went to programs
  • Governance: 4 of 4 board members independent · 5 of 8 filing controls reported
  • Programs: 4 filed program accomplishments · $2M in reported program spending
  • Leadership: top reported pay $119K · 5 people listed
  • Consistency: 25 of 26 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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.

  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Sustainability: Operating margin scored 4/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 12/100.
  • Review — Sustainability: Officer compensation ratio scored 51/100.