Kb25 Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
470976556
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2122439090
Rating
64
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$1,327,715
Expenses
$1,894,679
Assets
$14,331,668
Liabilities
$159,361

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

Kb25 housing development fund corporation was formed to own and operate a residential building for persons of low and moderate income.

What it reported doing in 2024

Kb25 housing development fund corporation was formed to own and operate a 56 unit residential building at 325 e. 25th street in the borough of manhattan for persons of low and moderate income.

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 56% for direct work, and 44% for grants.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 68
  • Accountability: 32
  • Sustainability: 38
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 92.5%; rating input score 93
  • 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: 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: -42.7%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 7.56; rating input score 90; 90th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 68; 68th percentile among comparable filings
  • Officer compensation ratio: 21.5%; rating input score 13; 13th percentile among comparable filings

Growth

  • Program expense growth: -12.8% per year; rating input score 0; 4th percentile among comparable filings
  • Revenue growth: -18.7% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -1.5% per year; rating input score 0; 13th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 92.5% of spending went to programs
  • Governance: 0 of 3 board members independent · 7 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $1.8M in reported program spending
  • Leadership: top reported pay $1M · 5 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 29 of 29 current checks pass
  • Schedules: 5 filed schedules · includes grants and executive pay
  • Filing history: 9 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 101 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 — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 4/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 13/100.