Nelson Luquer Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
464061174
IRS 990 coverage
2014–2024
Forms available
Form 990 2024
Location
Brooklyn, NY, USA
Phone
7182404111
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$400,761
Expenses
$552,726
Assets
$2,621,569
Liabilities
$3,873,340

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

Leadership & pay

4 people listed

Executive titles in this filing

  • CYNTHIA GONZALES (PRESIDENT)

People named in this filing

  • BENJAMIN FULLER-GOOGINS (EXECUTIVE DI)
  • CYNTHIA GONZALES (PRESIDENT)
  • BENJAMIN M LEVINE (VICE PRESIDE)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

The hdfc was organized to acquire, rehabilitate, maintain, and operate six low-income buildings with 44 units located in brooklyn, New York. The housing units are operated for persons of low-income within the meaning of article xi of the private housing finance law.

What it reported doing in 2024

On september 29, 2014, the six buildings with 44 units were transfered to nelson luquer housing development fund corporation for the continuing purpose of rehabilitating and operating the rental units for eligible low- income occupants. The rehabilitation and weatherization project was completed in 2015.

Operating model

Revenue model
Earned-program. 71% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 90
  • Accountability: 88
  • Sustainability: 35
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 98.7%; rating input score 99
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • 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 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • 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: -37.9%; rating input score 7; 7th percentile among comparable filings
  • Total-asset coverage ratio: 4.74; rating input score 78; 78th percentile among comparable filings
  • Liabilities to assets ratio: 1.48; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 2.8% per year; rating input score 100; 43rd percentile among comparable filings
  • Revenue growth: 2.9% per year; rating input score 100; 40th 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 · 98.7% of spending went to programs
  • Governance: 3 of 3 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $545K in reported program spending
  • Leadership: top reported pay $0 · 4 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 11 filing years from 2014 to 2024
  • Contacts: How to reach this organization
  • 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 — Sustainability: Operating margin scored 7/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.