Midwest Housing Development Fund Inc

Nonprofit profile at a glance

EIN
841686593
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Omaha, NE, USA
Phone
4023348899
Rating
69
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Public Foundations

Official website

Reported finances

Revenue
$11,801,333
Expenses
$2,423,869
Assets
$96,332,678
Liabilities
$59,235,806

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

Leadership & pay

12 people listed

Executive titles in this filing

  • DAVID S FISHER (PRESIDENT)

Highest reported compensation

  • DAVID S FISHER (PRESIDENT): $616,342 total reported compensation
  • LARA HUSKEY (EXECUTIVE VP/TREASURER/CFO): $252,327 total reported compensation
  • PAULA KASLON (SENIOR LOAN OFFICER): $132,415 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 housing development fund is to promote sustainable community development and quality of life in the midwest by providing resources for the development of affordable housing.

What it reported doing in 2024

Midwest housing development fund has provided and/or facilitated financing in connection with development of low and moderate income and workforce housing. Since the organization's inception, it has made 316 loans totaling over $249 million. These loans helped create over 10,000 affordable rental housing units for individuals and families across the midwest. During the year ended december 31, 2024, the organization was able to provide over $50 million between 28 new loans to help finance affordable housing. Midwest housing development fund began providing and facilitating financing for affordable, workforce housing in 2017. In 2020 mhdf expanded the development services in Nebraska to the metro omaha Iowa counties. These technical assistance services are for affordable and workforce housing and the initiative is named midwest housing resource network. The midwest housing resource network functions continue through the combined efforts of Nebraska strategic housing council led by the Nebraska investment finance authority, the Nebraska housing developers' association technical assistance, and midwest housing development fund direct development services and technical assistance to developers, community leaders and housing stakeholders. Mhdf participates as a member of the Nebraska strategic housing council core team and the Nebraska housing developers' association board of directors.

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 98% 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 reported officer compensation is a large share of total spending, which may reflect staffing concentration.

Rating breakdown

  • Financial Efficiency: 43
  • Transparency & Controls: 79
  • Accountability: 94
  • Sustainability: 78
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 18.6%; rating input score 19
  • Program expense ratio: 97.7%; rating input score 98
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 97.9%; rating input score 98; 29th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 88.9%; rating input score 89; 21st percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 79.5%; rating input score 98; 98th percentile among comparable filings
  • Total-asset coverage ratio: 39.74; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 0.61; rating input score 21; 21st percentile among comparable filings
  • Officer compensation ratio: 40.6%; rating input score 1; 1st percentile among comparable filings

Growth

  • Program expense growth: 18.2% per year; rating input score 100; 88th percentile among comparable filings
  • Revenue growth: 22.6% per year; rating input score 100; 94th percentile among comparable filings
  • Asset growth: 17.2% per year; rating input score 100; 85th percentile among comparable filings

Details

  • Where the money goes: 18.6% of revenue deployed · 97.7% of spending went to programs
  • Governance: 8 of 9 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $2.4M in reported program spending
  • Leadership: top reported pay $616K · 12 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • Related organizations: 2 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 — Financial Efficiency: Mission deployment rate scored 19/100.
  • High — Sustainability: Officer compensation ratio scored 1/100.
  • High — Sustainability: Liabilities to assets ratio scored 21/100.