Lexington Housing Assistance Board Inc

Nonprofit profile at a glance

EIN
042888689
IRS 990 coverage
2024–2024
Forms available
Form 990 2024
Location
Lexington, MA, USA
Phone
7818635362
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$809,892
Expenses
$646,509
Assets
$22,882,005
Liabilities
$942,237

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

Leadership & pay

9 people listed

Executive titles in this filing

  • SARAH MORRISON (EXECUTIVE DIRECTOR)

Highest reported compensation

  • SARAH MORRISON (EXECUTIVE DIRECTOR): $36,023 total reported compensation

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

Overview

Mission

Lexhab was established by an act of the commonwealth of Massachusetts to investigate and implement alternatives for providing affordable housing in lexington, ma for persons of low, moderate, and middle income. Lexhab's mission is to provide affordable housing to low and moderate income individuals in lexington, ma.

What it reported doing in 2024

Provide affordable housing units - established in 1983, lexhab's mission is to provide and implement alternatives for the provision of affordable, safe and comfortable housing for low and moderate income households. Over the years, lexhab has acquired or developed 85 housing units ranging from single family homes to apartments and duplexes- as small as one bedroom and as large as four bedrooms. Lexhab is actively working to grow this portfolio through purchase, construction and donation.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 92
  • Accountability: 79
  • Sustainability: 77
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 72.8%; rating input score 73
  • Program expense ratio: 90.2%; rating input score 90
  • 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 20.2%; rating input score 76; 76th percentile among comparable filings
  • Total-asset coverage ratio: 35.39; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 54; 54th percentile among comparable filings
  • Officer compensation ratio: 5.6%; rating input score 52; 52nd percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 72.8% of revenue deployed · 90.2% of spending went to programs
  • Governance: 8 of 8 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $583K in reported program spending
  • Leadership: top reported pay $36K · 9 people listed
  • Highest-paid contractors: 1 contractor listed · $136K reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 8 filed schedules · includes major donors
  • 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.

  • Review — Accountability: Governance controls: 4 of 8 not reported.
  • Review — Sustainability: Officer compensation ratio scored 52/100.
  • Review — Sustainability: Liabilities to assets ratio scored 54/100.