Main Street Apartments Inc

Nonprofit profile at a glance

EIN
911767139
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
San Rafael, CA, USA
Phone
4152581800
Rating
64
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing, Shelter N.E.C.

Reported finances

Revenue
$369,002
Expenses
$474,869
Assets
$1,548,026
Liabilities
$3,581,430

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

Leadership & pay

5 people listed

Executive titles in this filing

  • KARIM SULTAN (PRESIDENT)
  • KATHERINE FLEMING (VICE PRESIDENT)

Highest reported compensation

  • LAURA HALL (SECRETARY/TREASURER): $673,412 total reported compensation
  • KATHERINE FLEMING (VICE PRESIDENT): $354,633 total reported compensation
  • KARIM SULTAN (PRESIDENT): $249,782 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 provide low-income housing

What it reported doing in 2024

The corporation operates a 24 unit apartment building in oakley, California under section 811 of the national housing act. This project is regulated by hud as to rent charges and operating methods.

Operating model

Revenue model
Grant-funded. 66% of the money available for current operations came from government grants.
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. A relatively small share of voting board members are independent and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 65
  • Accountability: 23
  • Sustainability: 27
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 90.7%; rating input score 91
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -28.7%; rating input score 10; 10th percentile among comparable filings
  • Total-asset coverage ratio: 3.26; rating input score 71; 71st percentile among comparable filings
  • Liabilities to assets ratio: 2.31; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 32.6%; rating input score 9; 9th percentile among comparable filings

Growth

  • Program expense growth: 4.3% per year; rating input score 100; 51st percentile among comparable filings
  • Revenue growth: 4.3% per year; rating input score 100; 49th percentile among comparable filings
  • Asset growth: -3.9% per year; rating input score 0; 12th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 90.7% of spending went to programs
  • Governance: 0 of 4 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $431K in reported program spending
  • Leadership: top reported pay $673K · 5 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 30 of 30 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 10 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 52 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.

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 — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 4 of 9 not reported.
  • High — Sustainability: Operating margin scored 10/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.
  • High — Sustainability: Officer compensation ratio scored 9/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.