Key Boulevard Housing Development Corporation

Nonprofit profile at a glance

EIN
541251222
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Arlington, VA, USA
Phone
7034860626
Rating
59
Verdict
MIXED
Rating confidence
Moderate

Official website

Reported finances

Revenue
$839,567
Expenses
$611,476
Assets
$3,380,520
Liabilities
$2,466,132

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

Leadership & pay

8 people listed

Executive titles in this filing

  • PAUL BERNARD (PRESIDENT)
  • KENNETH CRAWFORD (VICE PRESIDENT (PART YEAR))
  • WALTER WEBDALE (FORMER PRESIDENT)
  • ALAN GOLDSTEIN (FORMER VICE PRESIDENT)

Highest reported compensation

  • PAUL BERNARD (PRESIDENT): $397,149 total reported compensation
  • KENNETH CRAWFORD (VICE PRESIDENT (PART YEAR)): $339,778 total reported compensation
  • ALAN GOLDSTEIN (FORMER VICE PRESIDENT): $304,598 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 assist in the operations of decent, safe, affordable housing for low income persons.

What it reported doing in 2024

Key boulevard housing development corporation consists of six market-rate apartments with no income qualifications and 40 affordable apartments available to individuals earning up to 80% of the area median income. In 2021, a modest rehab was completed and 5 units were added to the building. Resident services provided eviction prevention and rental assistance as well as groceries and food distribution to residents.

Operating model

Revenue model
Earned-program. 99% of the money available for current operations came from fees and other program 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

MIXED - 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: 66
  • Transparency & Controls: 60
  • Accountability: 32
  • Sustainability: 67
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 65.1%; rating input score 65
  • Program expense ratio: 89.4%; rating input score 89
  • 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; 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: 27.2%; rating input score 82; 82nd percentile among comparable filings
  • Total-asset coverage ratio: 5.53; rating input score 86; 86th percentile among comparable filings
  • Liabilities to assets ratio: 0.73; rating input score 10; 10th percentile among comparable filings
  • Officer compensation ratio: 17.2%; rating input score 19; 19th percentile among comparable filings

Growth

  • Program expense growth: 1.7% per year; rating input score 100; 25th percentile among comparable filings
  • Revenue growth: 2.9% per year; rating input score 100; 30th percentile among comparable filings
  • Asset growth: 6.2% per year; rating input score 100; 44th percentile among comparable filings

Details

  • Where the money goes: 65.1% of revenue deployed · 89.4% of spending went to programs
  • Governance: 0 of 3 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $546K in reported program spending
  • Leadership: top reported pay $397K · 8 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 27 of 27 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 12 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • 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.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 10/100.
  • High — Sustainability: Officer compensation ratio scored 19/100.