Norfolk Housing Development Fund Company Inc

Nonprofit profile at a glance

EIN
161340937
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Norfolk, NY, USA
Phone
3153843005
Rating
62
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$187,608
Expenses
$186,280
Assets
$417,384
Liabilities
$785,944

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

5 people listed

Executive titles in this filing

  • BONNIE DAVEY (PRESIDENT)
  • MARY JANE CASSADA (VICE PRESIDENT)

Highest reported compensation

  • JAY GREEN (ADMINISTRATOR): $36,000 total reported compensation
  • BONNIE DAVEY (PRESIDENT): $19,684 total reported compensation

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

This company has been organized exclusively, as its sole purpose, to develop, on a not-for-profit basis, a 24-unit housing project for persons of low income where no adequate housing exists for such persons.

What it reported doing in 2025

Operation of a 24-unit housing project for low-income senior citizens and other qualified individuals.

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

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 a relatively small share of total spending goes to programs.

Rating breakdown

  • Financial Efficiency: 49
  • Transparency & Controls: 90
  • Accountability: 68
  • Sustainability: 37
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 55%; rating input score 55
  • Program expense ratio: 55.4%; rating input score 55
  • 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: 80%; rating input score 80; 23rd percentile among comparable filings
  • Governance controls: 4 of 8 controls in place; rating input score 50
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 0.7%; rating input score 37; 37th percentile among comparable filings
  • Total-asset coverage ratio: 2.24; rating input score 62; 62nd percentile among comparable filings
  • Liabilities to assets ratio: 1.88; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 29.9%; rating input score 11; 11th percentile among comparable filings

Growth

  • Program expense growth: -5.8% per year; rating input score 0; 15th percentile among comparable filings
  • Revenue growth: -0.2% per year; rating input score 0; 20th percentile among comparable filings
  • Asset growth: -4% per year; rating input score 0; 11th percentile among comparable filings

Details

  • Where the money goes: 55% of revenue deployed · 55.4% of spending went to programs
  • Governance: 4 of 5 board members independent · 4 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $103K in reported program spending
  • Leadership: top reported pay $36K · 5 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 16 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 — Financial Efficiency: Mission deployment rate scored 55/100.
  • Review — Financial Efficiency: Program expense ratio scored 55/100.
  • Review — Accountability: Governance controls: 4 of 8 not reported.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Sustainability: Operating margin scored 37/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.
  • High — Sustainability: Officer compensation ratio scored 11/100.