Las Palmas Housing and Development Corp

Nonprofit profile at a glance

EIN
330895564
IRS 990 coverage
2013–2024
Forms available
Form 990 2024, Form 990-EZ 2010
Location
Encinitas, CA, USA
Phone
7609449050
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$864,650
Expenses
$265,664
Assets
$4,028,509
Liabilities
$0

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

Leadership & pay

4 people listed

Executive titles in this filing

  • JOSEPH MICHAELS (PRESIDENT)

Highest reported compensation

  • JOSEPH MICHAELS (PRESIDENT): $526,418 total reported compensation
  • VICTOR BARONE (DIRECTOR): $5,400 total reported compensation

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

Overview

Mission

Las nbsp; palmas nbsp; housing nbsp; amp; nbsp; development nbsp; is nbsp; a nbsp; California nbsp; nonprofit nbsp; charitable nbsp; corporation nbsp; dedicated nbsp; to nbsp; acquire nbsp; develop nbsp; rehabilitate nbsp; and nbsp; support nbsp; affordable nbsp; housing nbsp; the nbsp; organization nbsp; was nbsp; created nbsp; to nbsp; increase nbsp; and nbsp; improve nbsp; housing nbsp; for nbsp; low nbsp; and nbsp; moderate nbsp; famililies nbsp; and nbsp; individuals

What it reported doing in 2024

Co-managing general partner in ashlee apartments lp which owns and operates a 112 unit affordable senior citizen housing apartment complex in semi valley ca. The entire complex consists of low income residents.

Operating model

Revenue model
Earned-program. 74% 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 78% for direct work, and 22% for grants.

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: 40
  • Transparency & Controls: 90
  • Accountability: 70
  • Sustainability: 91
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 20.9%; rating input score 21
  • Program expense ratio: 86%; rating input score 86
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90%; rating input score 90; 5th 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: 75%; rating input score 75; 16th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Limited
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 69.3%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 15.16; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 91; 91st percentile among comparable filings
  • Officer compensation ratio: 0.4%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: 17.7% per year; rating input score 100; 79th percentile among comparable filings
  • Revenue growth: 14.9% per year; rating input score 100; 78th percentile among comparable filings
  • Asset growth: 14.6% per year; rating input score 100; 71st percentile among comparable filings

Details

  • Where the money goes: 20.9% of revenue deployed · 86% of spending went to programs
  • Governance: 3 of 4 board members independent · 5 of 9 filing controls reported
  • Programs: 26 filed program accomplishments · $228K in reported program spending
  • Leadership: top reported pay $526K · 4 people listed
  • Consistency: 18 of 19 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules
  • Filing history: 11 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 1 filed related-organization link
  • 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 21/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.