Midwest Affordable Housing Corp C/o Philip J Schultz

Nonprofit profile at a glance

EIN
392010184
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Fox Point, WI, USA
Phone
4145882221
Rating
75
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$6,542,851
Expenses
$2,848,313
Assets
$30,981,808
Liabilities
$15,970,990

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

Leadership & pay

4 people listed

Executive titles in this filing

  • PHILIP J SCHULTZ (PRESIDENT)
  • KATIE GRAND (VICE PRESIDENT)

Highest reported compensation

  • PHILIP J SCHULTZ (PRESIDENT): $8,855 total reported compensation
  • JOHN MCCARTY (SECRETARY/TREASURER): $5,903 total reported compensation
  • KATIE GRAND (VICE PRESIDENT): $5,903 total reported compensation

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

Overview

Mission

The mission of midwest affordable housing corporation is to foster, develop and preserve affordable and senior housing with respect for the residents to be served.

What it reported doing in 2024

Providing housing for the elderly and low-income individuals located in Wisconsin at properties including greentree glen, llc, kenosha seniors limited partnership, teutonia gardens, llc, granville senior housing, llc and mahc francis meadows, llc.

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

SUPPORTED - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 55
  • Transparency & Controls: 93
  • Accountability: 82
  • Sustainability: 83
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 41.4%; rating input score 41
  • Program expense ratio: 97.4%; rating input score 97
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.3%; rating input score 92; 10th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • 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: Fail

Sustainability

  • Operating margin: 56.5%; rating input score 94; 94th percentile among comparable filings
  • Total-asset coverage ratio: 10.88; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 0.52; rating input score 20; 20th percentile among comparable filings
  • Officer compensation ratio: 0.7%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 9.2% per year; rating input score 100; 61st percentile among comparable filings
  • Revenue growth: 9.6% per year; rating input score 100; 67th percentile among comparable filings
  • Asset growth: 11.2% per year; rating input score 100; 63rd percentile among comparable filings

Details

  • Where the money goes: 41.4% of revenue deployed · 97.4% of spending went to programs
  • Governance: 4 of 4 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $2.8M in reported program spending
  • Leadership: top reported pay $9K · 4 people listed
  • Consistency: 29 of 30 current checks pass · 1 finding to review
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 13 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 14 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 41/100.
  • Review — Accountability: Governance controls: 4 of 9 not reported.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 20/100.