Newport Millennium Housing Corporation Iii

Nonprofit profile at a glance

EIN
311762432
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Newport, KY, USA
Phone
8594410466
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$613,550
Expenses
$534,651
Assets
$14,247,456
Liabilities
$271,648

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

Leadership & pay

8 people listed

Executive titles in this filing

  • THOMAS GUIDUGLI SR (PRESIDENT)

Highest reported compensation

  • THOMAS GUIDUGLI SR (PRESIDENT): $179,439 total reported compensation
  • RONALD J RAWE (TREASURER): $113,399 total reported compensation
  • GINA SCHNEIDER (SECRETARY): $53,966 total reported compensation

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

Overview

Mission

Create low income housing through the acquisition of property for development and operation of multi-income housing projects.

What it reported doing in 2024

Partnered with developers for the development of a senior high rise building and a separate twenty unit building using hope vi funds.

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

Rating breakdown

  • Financial Efficiency: 53
  • Transparency & Controls: 69
  • Accountability: 82
  • Sustainability: 70
  • Growth: 60

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 42.6%; rating input score 43
  • Program expense ratio: 88.2%; rating input score 88
  • 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: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • 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: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 12.9%; rating input score 66; 66th percentile among comparable filings
  • Total-asset coverage ratio: 26.65; rating input score 98; 98th percentile among comparable filings
  • Liabilities to assets ratio: 0.02; rating input score 63; 63rd percentile among comparable filings
  • Officer compensation ratio: 17.3%; rating input score 19; 19th percentile among comparable filings

Growth

  • Program expense growth: 13.1% per year; rating input score 100; 71st percentile among comparable filings
  • Revenue growth: -1% per year; rating input score 0; 12th percentile among comparable filings
  • Asset growth: 9.4% per year; rating input score 100; 57th percentile among comparable filings

Details

  • Where the money goes: 42.6% of revenue deployed · 88.2% of spending went to programs
  • Governance: 5 of 5 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $472K in reported program spending
  • Leadership: top reported pay $179K · 8 people listed · 0 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $845K reported
  • Consistency: 34 of 34 current checks pass
  • Schedules: 6 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 15 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 43/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: 4 of 9 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 19/100.