Housing Opportunities of Salem Inc

Nonprofit profile at a glance

EIN
922561529
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-EZ 2023
Location
Salem, MA, USA
Phone
6172240621
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$340,798
Expenses
$40,471
Assets
$8,095,949
Liabilities
$40,471

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

Leadership & pay

6 people listed

Executive titles in this filing

  • Cathy Sheehan (President/Clerk)

People named in this filing

  • Romell Kidd (Treasurer/Director)
  • Aaron Paternoster (Chair/Director)
  • Emily Ullman (Vice Chair/Director)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

To develop and sustain affordable and low-income housing and to provide related resident services within such housing facilities which are consistent with community needs and desires of the people in the Greater Salem area in Massachusetts.

What it reported doing in 2024

Develop, initiate and operate projects that are in support of Salem Housing Authority.

Operating model

Revenue model
Other-operating. 98% of the money available for current operations came from other operating 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

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 some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 41
  • Transparency & Controls: 90
  • Accountability: 82
  • Sustainability: 90
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 13.8%; rating input score 14
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • 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: Pass

Sustainability

  • Operating margin: 88.1%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 200.04; rating input score 100; 100th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 50; 50th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 200% per year; rating input score 100; 100th percentile among comparable filings
  • Asset growth: 200% per year; rating input score 100; 100th percentile among comparable filings

Details

  • Where the money goes: 13.8% of revenue deployed · 100% of spending went to programs
  • Governance: 6 of 6 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $40K in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Consistency: 12 of 12 current checks pass
  • Schedules: 2 filed schedules
  • Contacts: How to reach this organization
  • 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 14/100.
  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • Review — Sustainability: Liabilities to assets ratio scored 50/100.