Long Island Partnership Housing Development Fund Corporation Inc

Nonprofit profile at a glance

EIN
112911043
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Hauppauge, NY, USA
Phone
6314354710
Rating
66
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$2,553,105
Expenses
$2,064,724
Assets
$3,283,215
Liabilities
$39,303

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

Leadership & pay

35 people listed

Executive titles in this filing

  • PETER J ELKOWITZ JR (PRESIDENT/CEO)

Highest reported compensation

  • PETER J ELKOWITZ JR (PRESIDENT/CEO): $407,406 total reported compensation
  • JAMES BRITZ (EXEC. VP/COO): $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 housing development fund company, inc. Was formed for the purpose of acquiring and holding title to land from government and private sources, securing financing through various government and private grants for pre-development and construction activities, constructing homes, and transferring land and completed units to homebuyers.

What it reported doing in 2024

In 2024, long island partnership housing development fund company, inc. (liphdfc) completed and transferred 5 home units to homebuyers in suffolk county. These homebuyers were individuals who met the income eligibility requirements and would not otherwise have been able to afford a new home in the market place. In addition, multiple other properties were under construction during the year. The land upon which these 5 home units were built was transferred to an affiliate entity of liphdfc, long island partnership clt housing development fund company, inc. (lipclt). Lipclt was established with the intent of acquiring and developing or rehabilitating multiple parcels of land throughout long island and retaining ownership of these parcels within its land trust forever. Under its shared-equity model, lipclt retains ownership of land within its land trust and leases the land to home buyers for a renewable term of 99 years through a ground lease agreement, while the home buyers purchase and hold ownership interest in the physical structure. This allows income-eligible families to purchase homes at below-market prices, and allows the property to remain affordable in perpetuity.

Operating model

Revenue model
Earned-program. 97% 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 the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 67
  • Transparency & Controls: 65
  • Accountability: 83
  • Sustainability: 66
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 68.9%; rating input score 69
  • Program expense ratio: 86.2%; rating input score 86
  • 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: 93.8%; rating input score 94; 24th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 19.1%; rating input score 76; 76th percentile among comparable filings
  • Total-asset coverage ratio: 1.59; rating input score 54; 54th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 84; 84th percentile among comparable filings
  • Officer compensation ratio: 6.9%; rating input score 42; 42nd percentile among comparable filings

Growth

  • Program expense growth: -0.9% per year; rating input score 0; 11th percentile among comparable filings
  • Revenue growth: -3.1% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: -9.9% per year; rating input score 0; 2nd percentile among comparable filings

Details

  • Where the money goes: 68.9% of revenue deployed · 86.2% of spending went to programs
  • Governance: 30 of 32 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.8M in reported program spending
  • Leadership: top reported pay $407K · 35 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
  • Filing history: 10 filing years from 2010 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.
  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 54/100.
  • Moderate — Sustainability: Officer compensation ratio scored 42/100.