Office Realty Corp C/O AEW CAPITAL MANAGEMENT LP

Nonprofit profile at a glance

EIN
411979129
IRS 990 coverage
2012–2020
Forms available
Form 990 2020
Location
Boston, MA, USA
Phone
6172619000
Rating
63
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Real Estate Associations

Reported finances

Revenue
$-8,410,599
Expenses
$1,457,698
Assets
$620,888
Liabilities
$33,607

Source: IRS Form 990. Selected filing: tax year 2020. Amounts in USD.

Leadership & pay

1 person listed

People named in this filing

  • SEE ATTACHMENT (NA)

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 2020. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Hold title to real estate investments of a public employee retirement plan and collect and distribute income from these investments to the employee retirement plan.

Operating model

Revenue model
Earned-program. 98% 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 - 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 revenue has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 71
  • Transparency & Controls: 90
  • Accountability: 24
  • Sustainability: 22
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 66.5%; rating input score 67
  • Program expense ratio: 100%; rating input score 100
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd 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: Limited
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -117.3%; rating input score 19; 19th percentile among comparable filings
  • Total-asset coverage ratio: 0.43; rating input score 12; 12th percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 24; 24th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: 27.8% per year; rating input score 100; 92nd percentile among comparable filings
  • Revenue growth: -22.6% per year; rating input score 0; 20th percentile among comparable filings
  • Asset growth: -3.1% per year; rating input score 0; 27th percentile among comparable filings

Details

  • Where the money goes: 66.5% of revenue deployed · 100% of spending went to programs
  • Governance: 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $1.5M in reported program spending
  • Leadership: top reported pay $0 · 1 people listed
  • Highest-paid contractors: 1 contractor listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 9 filing years from 2012 to 2020
  • Contacts: How to reach this organization
  • Related organizations: Filed and resolved organization relationships.
  • 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: 3 of 7 not reported.
  • High — Growth: Revenue growth scored 0/100.
  • High — Sustainability: Operating margin scored 19/100.
  • High — Sustainability: Total-asset coverage ratio scored 12/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 24/100.