Liberty Georgian Arms Housing Development Fund Company Inc

Nonprofit profile at a glance

EIN
884132751
IRS 990 coverage
2023–2024
Forms available
Form 990 2024
Location
Rome, NY, USA
Phone
3153371401
Rating
78
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$546,721
Expenses
$582,096
Assets
$4,200,151
Liabilities
$4,194,237

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

Leadership & pay

15 people listed

Executive titles in this filing

  • DAVID CARELLO (PRESIDENT)
  • DONALD DAVIDSON (VICE PRESIDENT)
  • PATRICIA CAPRIO (VICE PRESIDENT)
  • RANDELL DENTON (EXECUTIVE DIRECTOR, PARENT ENTITY)

Highest reported compensation

  • RANDELL DENTON (EXECUTIVE DIRECTOR, PARENT ENTITY): $240,000 total reported compensation

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

Overview

Mission

The corporation was organized solely and specifically to own and operate a low-income housing project on a nonprofit basis pursuant to article xi of the private housing finance law of the state of New York.the corporation operates a 81-unit multifamily housing project for low income individuals.

What it reported doing in 2024

To operate a low income housing project consisting 81-unit apartments pursuant to article xi of the private housing finance law of the state of New York.

Operating model

Revenue model
Earned-program. 96% 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

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 60
  • Accountability: 90
  • Sustainability: 37
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 8 controls in place; rating input score 75
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -6.5%; rating input score 22; 22nd percentile among comparable filings
  • Total-asset coverage ratio: 7.22; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 1; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 72.3% per year; rating input score 100; 98th percentile among comparable filings
  • Revenue growth: 39.5% per year; rating input score 100; 95th percentile among comparable filings
  • Asset growth: 25.8% per year; rating input score 100; 88th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 14 of 14 board members independent · 6 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $582K in reported program spending
  • Leadership: top reported pay $240K · 15 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 25 of 25 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • 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.

Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.

  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 22/100.
  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.