Olneyville Housing Corporation

Nonprofit profile at a glance

EIN
223010422
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Providence, RI, USA
Phone
4013518719
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Official website

Reported finances

Revenue
$7,111,879
Expenses
$7,703,787
Assets
$27,022,985
Liabilities
$15,309,961

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

Leadership & pay

23 people listed

Executive titles in this filing

  • JENNIFER HAWKINS (PRESIDENT (UNTIL 09/24))

Highest reported compensation

  • JENNIFER HAWKINS (PRESIDENT (UNTIL 09/24)): $179,054 total reported compensation
  • ANUSHA VENKATARAMAN (MANAGING DIRECTOR OF ONECP): $138,174 total reported compensation
  • GRACE EVANS (VP OF STRATEGY & CHIEF OF STAFF): $133,625 total reported compensation

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

Overview

Mission

One neighborhood builders (one/nb) is a community development organization with a mission to promote equity, public health and community safety. We accomplish our mission through: strategic real estate development within Rhode Island to increase the availability of affordable homes, spur economic development, and protect our natural resources; engagement of providence residents and community-based organizations to build trust and collective problem-solving; development of individuals' financial capabilities so that they may realize their personal asset-building goals.

What it reported doing in 2024

Real estate development and asset management: since its founding in 1988, onb has developed over 600 affordable homes and nearly 45,000 square feet of commercial and community space, investing over $142 million in historically disinvested communities across Rhode Island. Onb owns and manages more than 450 residential units, providing high-quality, deed-restricted affordable housing and supportive services for low- and moderate-income households.

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 84% 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. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 60
  • Transparency & Controls: 76
  • Accountability: 95
  • Sustainability: 35
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 70.9%; rating input score 71
  • Program expense ratio: 62.7%; rating input score 63
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 13th percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 72.7%; rating input score 73; 19th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Pass
    • 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: -8.3%; rating input score 15; 15th percentile among comparable filings
  • Total-asset coverage ratio: 3.51; rating input score 77; 77th percentile among comparable filings
  • Liabilities to assets ratio: 0.57; rating input score 18; 18th percentile among comparable filings
  • Officer compensation ratio: 11.2%; rating input score 26; 26th percentile among comparable filings

Growth

  • Program expense growth: 11.5% per year; rating input score 100; 69th percentile among comparable filings
  • Revenue growth: 14.2% per year; rating input score 100; 80th percentile among comparable filings
  • Asset growth: 10.4% per year; rating input score 100; 60th percentile among comparable filings

Details

  • Where the money goes: 70.9% of revenue deployed · 62.7% of spending went to programs
  • Governance: 14 of 14 board members independent · 8 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $4.8M in reported program spending
  • Leadership: top reported pay $179K · 23 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 3 contractors listed · $5.9M reported
  • Consistency: 30 of 31 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors, grants, executive pay, and related organizations
  • Filing history: 14 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 20 filed money-flow records
  • Related organizations: 35 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 15/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Liabilities to assets ratio scored 18/100.
  • High — Sustainability: Officer compensation ratio scored 26/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.