Neighborhood Housing Finance Corporation

Nonprofit profile at a glance

EIN
455094294
IRS 990 coverage
2016–2024
Forms available
Form 990 2024, Form 990-EZ 2015
Location
Quincy, MA, USA
Phone
6177702227
Rating
76
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Official website

Reported finances

Revenue
$791,833
Expenses
$583,571
Assets
$15,078,285
Liabilities
$12,431,455

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

Leadership & pay

11 people listed

Executive titles in this filing

  • DAVID KILNAPP (PRESIDENT/TREASURER)
  • ROBERT CORLEY (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • ROBERT CORLEY (CHIEF EXECUTIVE OFFICER): $350,372 total reported compensation
  • CHRISTINE MACDONALD (CHIEF FINANCIAL OFFICER): $223,907 total reported compensation

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

Overview

Mission

To help low to moderate income individuals and small business owners throughout the southern mass area of greater boston and communities within the norfolk, bristol and plymouth counties have access to safe and affordable places to live and work through our responsible lending products, such as affordable housing predevelopment loans, small business loans, fthb assistance, home modification loans and lead abatement loans.

What it reported doing in 2024

To serve as a non-profit supporting organization for neighborhood housing services by facilitating the financing for low and moderate income persons and other deserving residents in the south shore area of Massachusetts.

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 - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 76
  • Transparency & Controls: 65
  • Accountability: 100
  • Sustainability: 72
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 76.1%; rating input score 76
  • 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: 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: 100%; rating input score 100; 63rd 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: 26.3%; rating input score 82; 82nd percentile among comparable filings
  • Total-asset coverage ratio: 25.84; rating input score 97; 97th percentile among comparable filings
  • Liabilities to assets ratio: 0.82; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 10.6%; rating input score 35; 35th percentile among comparable filings

Growth

  • Program expense growth: -13.8% per year; rating input score 0; 3rd percentile among comparable filings
  • Revenue growth: 5% per year; rating input score 100; 44th percentile among comparable filings
  • Asset growth: 29.5% per year; rating input score 100; 90th percentile among comparable filings

Details

  • Where the money goes: 76.1% of revenue deployed · 100% of spending went to programs
  • Governance: 9 of 9 board members independent · 9 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $584K in reported program spending
  • Leadership: top reported pay $350K · 11 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 9 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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 — Growth: Program expense growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.
  • Moderate — Sustainability: Officer compensation ratio scored 35/100.