Mrc Melrose Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
461680265
IRS 990 coverage
2020–2022
Forms available
Form 990 2022
Location
Bronx, NY, USA
Phone
7185897858
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$544,053
Expenses
$643,915
Assets
$3,679,406
Liabilities
$4,133,145

Source: IRS Form 990. Selected filing: tax year 2022. Amounts in USD.

Leadership & pay

10 people listed

Executive titles in this filing

  • HELEN FOREMAN-HINES (PRESIDENT)
  • IZZY KUKAJ (VICE PRESIDENT)
  • ROBERT BALACHANDRAN (VICE PRESIDENT)
  • PAUL MOORE (EXECUTIVE DIRECTOR)

Highest reported compensation

  • PAUL MOORE (EXECUTIVE DIRECTOR): $190,807 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2022. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The corporation is organized exclusively for the purpose of developing on a tax-exempt basis, an affordable housing project for persons of low income.

What it reported doing in 2022

Affordable housing

Operating model

Revenue model
Earned-program. 100% 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. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 66
  • Accountability: 84
  • Sustainability: 31
  • Growth: 40

Detailed rating inputs

Financial Efficiency

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

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -18.4%; rating input score 11; 11th percentile among comparable filings
  • Total-asset coverage ratio: 5.71; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 1.12; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 4.9% per year; rating input score 100; 48th percentile among comparable filings
  • Revenue growth: -1% per year; rating input score 0; 15th percentile among comparable filings
  • Asset growth: -1.7% per year; rating input score 0; 14th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 9 of 9 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $644K in reported program spending
  • Leadership: top reported pay $191K · 10 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 2 filing years from 2020 to 2022
  • Contacts: How to reach this organization
  • Related organizations: 6 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.

  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Sustainability: Operating margin scored 11/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.