Minford Gardens Housing Development Fund Company Inc

Nonprofit profile at a glance

EIN
133705921
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Bronx, NY, USA
Phone
7188420256
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$1,337,324
Expenses
$1,246,191
Assets
$4,393,801
Liabilities
$8,226,115

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

Leadership & pay

7 people listed

Executive titles in this filing

  • DERRICK LOVETT (PRESIDENT/CEO)

Highest reported compensation

  • DERRICK LOVETT (PRESIDENT/CEO): $376,460 total reported compensation
  • RUBRIA M RODRIGUEZ (BOARD CHAIR): $213,446 total reported compensation

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

Overview

Mission

Minford gardens housing development fund company, inc. (the "company"), a not-for-profit company, was formed under the laws of the state of New York, on january 12, 1992, for the purpose of operating a rental housing project under section 202 of the national housing act.

What it reported doing in 2024

Operated a rental housing project under section 202 of the national housing act. The project consists of 77 units located in bronx, New York.

Operating model

Revenue model
Earned-program. 99% 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 the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 60
  • Accountability: 76
  • Sustainability: 54
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 86.6%; rating input score 87
  • Program expense ratio: 94%; rating input score 94
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: Limited

Accountability

  • Independent voting board: 83.3%; rating input score 83; 19th percentile among comparable filings
  • Governance controls: 6 of 9 controls in place; rating input score 67
    • 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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 6.8%; rating input score 55; 55th percentile among comparable filings
  • Total-asset coverage ratio: 3.53; rating input score 78; 78th percentile among comparable filings
  • Liabilities to assets ratio: 1.87; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 9.3%; rating input score 39; 39th percentile among comparable filings

Growth

  • Program expense growth: 6.5% per year; rating input score 100; 49th percentile among comparable filings
  • Revenue growth: 10.1% per year; rating input score 100; 67th percentile among comparable filings
  • Asset growth: -2.6% per year; rating input score 0; 10th percentile among comparable filings

Details

  • Where the money goes: 86.6% of revenue deployed · 94% of spending went to programs
  • Governance: 5 of 6 board members independent · 6 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.2M in reported program spending
  • Leadership: top reported pay $376K · 7 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 25 of 25 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 11 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 38 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 3 of 9 not reported.
  • Review — Sustainability: Operating margin scored 55/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.
  • Moderate — Sustainability: Officer compensation ratio scored 39/100.
  • High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.