Island City Development

Nonprofit profile at a glance

EIN
472164827
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
Alameda, CA, USA
Phone
5107474300
Rating
34
Verdict
REVIEW
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$4,615,068
Expenses
$372,142
Assets
$14,977,558
Liabilities
$7,129,993

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

Leadership & pay

3 people listed

Executive titles in this filing

  • VANESSA COOPER (PRESIDENT)
  • CARLY GROB (VICE PRESIDENT)

Highest reported compensation

  • VANESSA COOPER (PRESIDENT): $479,065 total reported compensation
  • ALICIA SOUTHERN (SECRETARY/TREASURER): $257,339 total reported compensation
  • CARLY GROB (VICE PRESIDENT): $500 total reported compensation

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

Overview

Mission

Low-income housing. The corporation was formed in 2014 primarily to engage in acquiring, providing, developing, leasing, financing, rehabilitating, owning and operating affordable housing for low and moderate income individuals and families in the city of alameda, California.

What it reported doing in 2024

Everett commons - everett commons fka 2437 eagle avenue family project, is a 20-unit multi-family, townhouse-style property including one two-bedroom manager's unit, intended to provide affordable housing for low and very low-income families and veterans in the city of alameda, California. The project completed as of december 17, 2018, and was 100% leased by december 31, 2018.

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

REVIEW - 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 total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 6
  • Transparency & Controls: 60
  • Accountability: 32
  • Sustainability: 79
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 1.3%; rating input score 1
  • Program expense ratio: 15.8%; rating input score 16
  • 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: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 3rd percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 91.9%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 40.25; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.48; rating input score 22; 22nd percentile among comparable filings
  • Officer compensation ratio: 38.4%; rating input score 3; 3rd percentile among comparable filings

Growth

  • Program expense growth: -21.9% per year; rating input score 0; 1st percentile among comparable filings
  • Revenue growth: 29.9% per year; rating input score 100; 94th percentile among comparable filings
  • Asset growth: 24.7% per year; rating input score 100; 89th percentile among comparable filings

Details

  • Where the money goes: 1.3% of revenue deployed · 15.8% of spending went to programs
  • Governance: 0 of 2 board members independent · 7 of 9 filing controls reported
  • Programs: 8 filed program accomplishments · $59K in reported program spending
  • Leadership: top reported pay $479K · 3 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 17 of 17 current checks pass
  • Schedules: 6 filed schedules · includes executive pay
  • Filing history: 8 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 16 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 1/100.
  • High — Financial Efficiency: Program expense ratio scored 16/100.
  • High — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Officer compensation ratio scored 3/100.
  • High — Sustainability: Liabilities to assets ratio scored 22/100.