Loretto Properties Corporation

Nonprofit profile at a glance

EIN
222809537
IRS 990 coverage
2023–2024
Forms available
Form 990 2024
Location
Syracuse, NY, USA
Phone
3154133206
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Senior Citizens' Housing/Retirement Communities

Official website

Reported finances

Revenue
$253,117
Expenses
$247,368
Assets
$1,024,337
Liabilities
$72,862

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

Leadership & pay

27 people listed

Executive titles in this filing

  • KIMBERLY TOWNSEND (CEO/PRESIDENT)
  • STEPHANIE BUTTON (VICE PRESIDENT, PACE)
  • JENNIFER INGERSON (VICE PRESIDENT, HOUSING)
  • HOLLY HOEHNER (VICE PRESIDENT, GENERAL COUNSEL)

Highest reported compensation

  • KIMBERLY TOWNSEND (CEO/PRESIDENT): $637,588 total reported compensation
  • JOHN MURRAY (CHIEF FINANCIAL OFFICER): $303,847 total reported compensation
  • HOLLY HOEHNER (VICE PRESIDENT, GENERAL COUNSEL): $278,584 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 acquire, own, lease and manage real estate for the benefit of affiliated not for profit 501(c)(3) organizations that provide low income housing to the frail elderly.

What it reported doing in 2024

The corporation manages a 14-bedroom home, known as forest view at fayette, for seniors who wish to reside in a residential setting. A 24-hour staff assists with personal care and medication management. It provides the frail elderly with the option to remain independent and living in the community for as long as possible. The facility was built in 2008 and opened in january 2009.

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.

The verdict

STRONG - 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 88
  • Transparency & Controls: 88
  • Accountability: 86
  • Sustainability: 49
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 97.7%; rating input score 98
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • 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 9 controls in place; rating input score 67
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 2.3%; rating input score 45; 45th percentile among comparable filings
  • Total-asset coverage ratio: 4.14; rating input score 76; 76th percentile among comparable filings
  • Liabilities to assets ratio: 0.07; rating input score 29; 29th percentile among comparable filings
  • Officer compensation ratio: 23.3%; rating input score 16; 16th percentile among comparable filings

Growth

  • Program expense growth: 112.5% per year; rating input score 100; 99th percentile among comparable filings
  • Revenue growth: 95.3% per year; rating input score 100; 99th percentile among comparable filings
  • Asset growth: -1.7% per year; rating input score 0; 19th percentile among comparable filings

Details

  • Where the money goes: 97.7% of revenue deployed · 100% of spending went to programs
  • Governance: 16 of 16 board members independent · 6 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $247K in reported program spending
  • Leadership: top reported pay $638K · 27 people listed · 5 of 6 pay-setting controls reported
  • Consistency: 19 of 19 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: 21 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.

  • Review — Accountability: Governance controls: 2 of 8 not reported.
  • Moderate — Sustainability: Operating margin scored 45/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 16/100.
  • High — Sustainability: Liabilities to assets ratio scored 29/100.