New York Equity Fund Inc

Nonprofit profile at a glance

EIN
364041986
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Chicago, IL, USA
Phone
3123600400
Rating
59
Verdict
MIXED
Rating confidence
Moderate

Reported finances

Revenue
$211,479
Expenses
$597,147
Assets
$1,267,924
Liabilities
$1,333,019

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

Leadership & pay

8 people listed

Executive titles in this filing

  • MATTHEW REILEIN (PRESIDENT & CEO (AND DIRECTOR))

Highest reported compensation

  • MATTHEW REILEIN (PRESIDENT & CEO (AND DIRECTOR)): $1,557,831 total reported compensation
  • ALEX DENJA (SVP, COO, CFO): $1,021,086 total reported compensation
  • REENA BRAMBLETT (SVP): $881,150 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 York equity fund, inc. Assists national equity fund, inc. In the development and preservation of high-quality low-income rental housing by establishing and managing investment funds that attract capital for investment in housing projects qualifying for low-income housing tax credits and conducting related activities.

What it reported doing in 2024

New York equity fund, inc. Serves as general partner or managing member of investor limited partnerships or limited liability companies that acquire, construct, or rehabilitate and operate low-income housing projects.

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

MIXED - A large share of available resources goes toward mission work and the filed numbers largely add up. A relatively small share of voting board members are independent and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 60
  • Accountability: 32
  • Sustainability: 19
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 80.9%; rating input score 81
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: 0%; rating input score 0; 7th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -182.4%; rating input score 1; 1st percentile among comparable filings
  • Total-asset coverage ratio: 2.12; rating input score 61; 61st percentile among comparable filings
  • Liabilities to assets ratio: 1.05; rating input score 4; 4th percentile among comparable filings
  • Officer compensation ratio: 229.2%; rating input score 0; 0th percentile among comparable filings

Growth

  • Program expense growth: -4.2% per year; rating input score 0; 18th percentile among comparable filings
  • Revenue growth: -13.9% per year; rating input score 0; 4th percentile among comparable filings
  • Asset growth: -15.1% per year; rating input score 0; 4th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 80.9% of spending went to programs
  • Governance: 0 of 3 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $483K in reported program spending
  • Leadership: top reported pay $1.6M · 8 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $592K reported
  • Consistency: 15 of 15 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 347 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.

  • High — Accountability: Independent voting board scored 0/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Sustainability: Operating margin scored 1/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 4/100.