Lafayette House Elderly Housing Inc

Nonprofit profile at a glance

EIN
521132643
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Traverse City, MI, USA
Phone
8048621450
Rating
71
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$1,114,878
Expenses
$952,752
Assets
$1,650,073
Liabilities
$201,092

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

Leadership & pay

3 people listed

Executive titles in this filing

  • JOHN L WAGNER (PRESIDENT)

People named in this filing

  • JOHN L WAGNER (PRESIDENT)
  • KIM L WAGNER (SECRETARY)
  • JORDAN WAGNER (TREASURER)

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 provide affordable elderly housing in accordance with section 202 of the national housing act.

What it reported doing in 2024

Lafayette house elderly housing, inc. Was organized on june 9, 1978 under the provisions of the state of Virginia for the purpose of constructing and operating housing and related facilities for the elderly. The organization was financed through the u.s. Department of housing and urban development ("hud") under section 202 of the national affordable housing act and consists of 100 units. Such entities are regulated by hud as to rent charges and operating methods.

Operating model

Revenue model
Grant-funded. 73% of the money available for current operations came from government grants.
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 a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 69
  • Transparency & Controls: 92
  • Accountability: 51
  • Sustainability: 64
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 73.2%; rating input score 73
  • Program expense ratio: 85.6%; rating input score 86
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: 66.7%; rating input score 67; 14th percentile among comparable filings
  • Governance controls: 2 of 7 controls in place; rating input score 29
    • 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: Fail
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 14.5%; rating input score 69; 69th percentile among comparable filings
  • Total-asset coverage ratio: 1.73; rating input score 60; 60th percentile among comparable filings
  • Liabilities to assets ratio: 0.12; rating input score 39; 39th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: -0.6% per year; rating input score 0; 16th percentile among comparable filings
  • Revenue growth: 1.5% per year; rating input score 100; 22nd percentile among comparable filings
  • Asset growth: -2.6% per year; rating input score 0; 10th percentile among comparable filings

Details

  • Where the money goes: 73.2% of revenue deployed · 85.6% of spending went to programs
  • Governance: 2 of 3 board members independent · 2 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $816K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 15 filing years from 2010 to 2024
  • 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 — Accountability: Governance controls: 5 of 7 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 39/100.