Legacy Affordable Housing Trust

Nonprofit profile at a glance

EIN
873640056
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-EZ 2023, Form 990-N 2022
Location
Greenville, SC, USA
Phone
8645580626
Rating
58
Verdict
MIXED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$219,640
Expenses
$20,911
Assets
$304,575
Liabilities
$1,661

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

Leadership & pay

7 people listed

Executive titles in this filing

  • Cary Hall (Vice President)
  • William W Brown (President)

Highest reported compensation

  • William W Brown (President): $380,500 total reported compensation

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

Overview

Mission

To further the production and preservation of safe, high-quality affordable and workforce housing that meets the needs of all residents, regardless of income.

What it reported doing in 2024

Preserved 2 existing single family homes that are now rented. Secured 2 houses that are a shared housing concept. Each house has 6 bedroom suites for rent with equal access to common areas.

Operating model

Revenue model
Donor-supported. 88% of the money available for current operations came from contributions and gifts.
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 - 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 few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 37
  • Transparency & Controls: 69
  • Accountability: 76
  • Sustainability: 80
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 9.1%; rating input score 9
  • Program expense ratio: 95.7%; rating input score 96
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 85.7%; rating input score 86; 23rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Fail
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 90.5%; rating input score 99; 99th percentile among comparable filings
  • Total-asset coverage ratio: 14.57; rating input score 93; 93rd percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 49; 49th percentile among comparable filings
  • Officer compensation ratio: 145.9%; rating input score 1; 1st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: 67.3% per year; rating input score 100; 98th percentile among comparable filings
  • Asset growth: 98% per year; rating input score 100; 99th percentile among comparable filings

Details

  • Where the money goes: 9.1% of revenue deployed · 95.7% of spending went to programs
  • Governance: 6 of 7 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $20K in reported program spending
  • Leadership: top reported pay $380K · 7 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Contacts: How to reach this organization
  • Money network: Resolved incoming and outgoing counterparties from filed money flows.
  • Related organizations: 3 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 9/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Officer compensation ratio scored 1/100.
  • Moderate — Sustainability: Liabilities to assets ratio scored 49/100.