New Way Homes Inc

Nonprofit profile at a glance

EIN
474091853
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
Santa Cruz, CA, USA
Phone
8314194091
Rating
86
Verdict
STRONG
Rating confidence
Moderate
Sector
Human Service Organizations

Official website

Reported finances

Revenue
$1,235,459
Expenses
$833,598
Assets
$11,994,685
Liabilities
$7,624,058

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

Leadership & pay

11 people listed

Executive titles in this filing

  • SIBLEY SIMON (PRESIDENT)
  • ELAINE JOHNSON (HSCC EXECUTIVE DIRECTOR)

Highest reported compensation

  • ELAINE JOHNSON (HSCC EXECUTIVE DIRECTOR): $117,449 total reported compensation

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

Overview

Mission

New way homes was formed to significantly increase the availability and affordability of rental housing to vulnerable and low income populations by making charitable loans that are used to increase the rate of development of new affordable housing including within mixed income housing projects.

What it reported doing in 2024

During 2024 new way homes furthered its mission to increase affordable/low-income housing by making pre-development loans totaling $1,652,166.45 and directly paying predevelopment expenses totaling $249,105.97.

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

STRONG - 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 liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 82
  • Transparency & Controls: 92
  • Accountability: 84
  • Sustainability: 72
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 76.5%; rating input score 77
  • Program expense ratio: 87.5%; rating input score 88
  • Fundraising efficiency: $228.45 raised per $1 spent on fundraising; rating input score 93; 93rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • 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: 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: 32.5%; rating input score 86; 86th percentile among comparable filings
  • Total-asset coverage ratio: 14.39; rating input score 94; 94th percentile among comparable filings
  • Liabilities to assets ratio: 0.64; rating input score 12; 12th percentile among comparable filings
  • Officer compensation ratio: 14.1%; rating input score 25; 25th percentile among comparable filings

Growth

  • Program expense growth: 33% per year; rating input score 100; 91st percentile among comparable filings
  • Revenue growth: 32.2% per year; rating input score 100; 93rd percentile among comparable filings
  • Asset growth: 30.6% per year; rating input score 100; 91st percentile among comparable filings

Details

  • Where the money goes: 76.5% of revenue deployed · 87.5% of spending went to programs
  • Governance: 9 of 9 board members independent · 5 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $730K in reported program spending
  • Leadership: top reported pay $117K · 11 people listed
  • Highest-paid contractors: 1 contractor listed · $173K reported
  • Consistency: 27 of 27 current checks pass
  • Schedules: 7 filed schedules · includes major donors
  • Filing history: 8 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Money network: 4 filed money-flow records
  • 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.

  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 12/100.
  • High — Sustainability: Officer compensation ratio scored 25/100.