Long Island Partnership Clt Housing Development Fund Company Inc
Nonprofit profile at a glance
- EIN
- 814188947
- IRS 990 coverage
- 2019–2024
- Forms available
- Form 990 2024
- Location
- Hauppauge, NY, USA
- Phone
- 6314354710
- Rating
- 72
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Housing Expense Reduction Support
Reported finances
- Revenue
- $2,583,676
- Expenses
- $2,548,810
- Assets
- $3,205,025
- Liabilities
- $2,566,384
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
5 people listed
Executive titles in this filing
- PETER J ELKOWITZ JR (PRESIDENT)
- JAMES BRITZ (EXEC. VICE PRESIDENT)
Highest reported compensation
- PETER J ELKOWITZ JR (PRESIDENT): $407,406 total reported compensation
- JAMES BRITZ (EXEC. VICE PRESIDENT): $320,163 total reported compensation
- JILL ROSEN-NIKOLOFF (CCO/GENERAL COUNSEL): $210,225 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Long island partnership clt housing development fund company, inc. (lipclt) was established to provide housing within nassau and suffolk counties in New York for "persons of low income", as defined in any federal or state low income housing capital program or other type of affordable housing program.as long island's first regional community land trust, lipclt supports strong, vital communities across long island through the development and stewardship of permanently affordable homes for people of all ages. Lipclt was developed as an innovative solution model to address the critical afforadable housing needs of low- and moderate-income families by providing below-market homeownership opportunities that preseve perpetual affordability and engage key municipal partners. Under its shared-equity model, lipclt retains ownership of the land and leases the land to homeowners for a renewable term of 99 years, while the homeowners purchase and hold ownership interest in the physical structure.
What it reported doing in 2024
The long island housing partnership, inc. Continues to work as a not-for-profit developer to create affordable homeownership and rental housing through new construction and rehabilitation of existing housing. Five homes were completed and closed in 2024.eleven of the 16 homes projected to sell in 2024 were under construction at the end of 2024.the total value of homes closed in 2024 was $2,420,203.15 of the 17 homes projected to sell in 2025 were under construction at the end of 2024.the total projected value of homes to close in 2025 is $4,993,693.homeownership: the remaining two homes in the brentwood-islip iv development will be under construction this year with completion and closings anticipated in 2025.resales:19 resales on affordable homes were completed in 2024.suffolk county land bank: suffolk county land bank (sclb) is continuing to use funds from enterprise foundation to rehabilitate homes that have been foreclosed. Sclb contracted with the long island housing partnership to rehabilitate these homes. Lihp also completed one home rehabilitations on a home located in bay shore, ny. This home is anticipated to be sold in 2025in 2024, lihp continued to outreach/market and sell homes in the community land trust homes.to date: 26 homes are currently held in the clt (25 sold; one leased)current annually fees generated $54,600
Operating model
- Revenue model
- Earned-program. 61% 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.
- 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. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.
Rating breakdown
- Financial Efficiency: 87
- Transparency & Controls: 65
- Accountability: 52
- Sustainability: 39
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 97.4%; rating input score 97
- Program expense ratio: 98.7%; rating input score 99
- 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: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 33.3%; rating input score 33; 7th percentile among comparable filings
- Governance controls: 7 of 9 controls in place; rating input score 78
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Fail
- Other executive compensation review process: Fail
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 1.3%; rating input score 39; 39th percentile among comparable filings
- Total-asset coverage ratio: 1.26; rating input score 45; 45th percentile among comparable filings
- Liabilities to assets ratio: 0.8; rating input score 10; 10th percentile among comparable filings
- Officer compensation ratio: 5.6%; rating input score 50; 50th percentile among comparable filings
Growth
- Program expense growth: 5.9% per year; rating input score 100; 45th percentile among comparable filings
- Revenue growth: 0.9% per year; rating input score 100; 15th percentile among comparable filings
- Asset growth: 8.4% per year; rating input score 100; 52nd percentile among comparable filings
Details
- Where the money goes: 97.4% of revenue deployed · 98.7% of spending went to programs
- Governance: 1 of 3 board members independent · 7 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $2.5M in reported program spending
- Leadership: top reported pay $407K · 5 people listed · 0 of 6 pay-setting controls reported
- Consistency: 24 of 24 current checks pass
- Schedules: 7 filed schedules · includes major donors and executive pay
- Filing history: 5 filing years from 2019 to 2024
- Contacts: How to reach this organization
- Related organizations: 9 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 — Transparency & Controls: Pay-setting controls scored 0/100.
- Moderate — Accountability: Independent voting board scored 33/100.
- Review — Accountability: Governance controls: 2 of 9 not reported.
- Moderate — Sustainability: Operating margin scored 39/100.
- Moderate — Sustainability: Total-asset coverage ratio scored 45/100.
- High — Sustainability: Liabilities to assets ratio scored 10/100.
- Review — Sustainability: Officer compensation ratio scored 50/100.