Mill River Community Housing Corporation
Nonprofit profile at a glance
- EIN
- 050427152
- IRS 990 coverage
- 2010–2024
- Forms available
- Form 990 2024
- Location
- Providence, RI, USA
- Phone
- 4016676502
- Rating
- 75
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Group Homes
Reported finances
- Revenue
- $212,650
- Expenses
- $292,730
- Assets
- $586,173
- Liabilities
- $604,952
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
9 people listed
Executive titles in this filing
- Henry Sachs III (President)
Highest reported compensation
- Henry Sachs III (President): $612,588 total reported compensation
- Scott DiChristofero (Former Officer): $188,030 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Mill River Community Housing Corporation (Mill River) is organized for charitable purposes to provide physically and mentally impaired persons with low-income housing facilities and access to services which are specifically designed to meet their physical, social, and physiological needs and to promote their health, security and happiness.
What it reported doing in 2024
To provide low-income housing and access to support services to people with physical and psychological challenges. Mill River has a total of 14 units in three buildings located in Central Falls, Rhode Island: 3 units at 64 Butler Avenue, 6 units at 151 Liberty Street, and 5 units at 153-155 Liberty Street. The occupancy rate was 92% during the fiscal year covered in this return. The waiting list as of 6/30/25 consisted of 43 individuals for 1-bedroom units and 0 individuals for 2-bedroom units. There were 427 vacant days among the 14 units during the fiscal year covered in this return.
Operating model
- Revenue model
- Grant-funded. 68% 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. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 82
- Transparency & Controls: 65
- Accountability: 88
- Sustainability: 23
- Growth: 80
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 78%; rating input score 78
- 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: 87.5%; rating input score 88; 24th percentile among comparable filings
- Governance controls: 7 of 8 controls in place; rating input score 88
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Fail
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -37.7%; rating input score 7; 7th percentile among comparable filings
- Total-asset coverage ratio: 2; rating input score 59; 59th percentile among comparable filings
- Liabilities to assets ratio: 1.03; rating input score 5; 5th percentile among comparable filings
- Officer compensation ratio: 21%; rating input score 18; 18th percentile among comparable filings
Growth
- Program expense growth: 3.9% per year; rating input score 100; 49th percentile among comparable filings
- Revenue growth: 0.5% per year; rating input score 100; 26th percentile among comparable filings
- Asset growth: -2.2% per year; rating input score 0; 17th percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 78% of spending went to programs
- Governance: 7 of 8 board members independent · 7 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $228K in reported program spending
- Leadership: top reported pay $613K · 9 people listed · 0 of 6 pay-setting controls reported
- Consistency: 21 of 21 current checks pass
- Schedules: 6 filed schedules · includes major donors and executive pay
- Filing history: 15 filing years from 2010 to 2024
- Contacts: How to reach this organization
- Related organizations: 40 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.
- High — Sustainability: Operating margin scored 7/100.
- Review — Accountability: Governance controls: CEO compensation review process not reported.
- High — Growth: Asset growth scored 0/100.
- Review — Sustainability: Total-asset coverage ratio scored 59/100.
- High — Sustainability: Liabilities to assets ratio scored 5/100.
- High — Sustainability: Officer compensation ratio scored 18/100.