Middlesex North Resource Center Inc

Nonprofit profile at a glance

EIN
223128809
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Peabody, MA, USA
Phone
7815931088
Rating
69
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Official website

Reported finances

Revenue
$1,248,702
Expenses
$1,372,370
Assets
$1,630,496
Liabilities
$2,710,652

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

Leadership & pay

6 people listed

Executive titles in this filing

  • CHRISTOPHER TUTTLE (CEO)

Highest reported compensation

  • CHRISTOPHER TUTTLE (CEO): $337,647 total reported compensation
  • KENNETH HALKIN (CHIEF FINANCIAL OFFICER (UNTIL 12/24)): $248,992 total reported compensation
  • ELAINE WHITE (CHIEF OPERATIONAL OFFICER): $219,242 total reported compensation

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

Overview

Mission

Low income housing for the handicapped.

Operating model

Revenue model
Earned-program. 90% 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 filed governance safeguards are in place. 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: 86
  • Transparency & Controls: 56
  • Accountability: 62
  • Sustainability: 27
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 99.9%; rating input score 100
  • Program expense ratio: 90.9%; rating input score 91
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 19th 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: No; rating input score 0

Accountability

  • Independent voting board: 50%; rating input score 50; 11th 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: -9.9%; rating input score 17; 17th percentile among comparable filings
  • Total-asset coverage ratio: 1.19; rating input score 48; 48th percentile among comparable filings
  • Liabilities to assets ratio: 1.66; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 9.3%; rating input score 39; 39th percentile among comparable filings

Growth

  • Program expense growth: 11.9% per year; rating input score 100; 68th percentile among comparable filings
  • Revenue growth: 6.1% per year; rating input score 100; 50th percentile among comparable filings
  • Asset growth: -3.7% per year; rating input score 0; 8th percentile among comparable filings

Details

  • Where the money goes: 99.9% of revenue deployed · 90.9% of spending went to programs
  • Governance: 1 of 2 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.2M in reported program spending
  • Leadership: top reported pay $338K · 6 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 19 of 20 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 5 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: Independent voting board scored 50/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • High — Sustainability: Operating margin scored 17/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Moderate — Sustainability: Total-asset coverage ratio scored 48/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.
  • Moderate — Sustainability: Officer compensation ratio scored 39/100.