Ph Affordable Housing Fund Inc

Nonprofit profile at a glance

EIN
823550963
IRS 990 coverage
2020–2024
Forms available
Form 990 2024, Form 990-N 2020
Location
New York, NY, USA
Phone
2122439090
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$581,793
Expenses
$745,023
Assets
$73,801,136
Liabilities
$73,642,893

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

Leadership & pay

3 people listed

Executive titles in this filing

  • ADAM WEINSTEIN (PRESIDENT/CEO)
  • JAMES ROBERT PIGOTT JR (VICE PRESIDENT/SECRETARY)

Highest reported compensation

  • ADAM WEINSTEIN (PRESIDENT/CEO): $1,043,976 total reported compensation
  • JAMES ROBERT PIGOTT JR (VICE PRESIDENT/SECRETARY): $454,550 total reported compensation
  • LUKEMAN OGUNYINKA (TREASURER): $367,205 total reported compensation

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

Overview

Mission

See schedule o

What it reported doing in 2024

During the predevelopment stage of the affordable housing project, the entity will be receiving rent from pre-existing rental income sources in the process of revitalization of the area. Also, provide financial support to low income housing activities.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Grant intermediary. The nonprofit sent 76% of its reported program spending out as grants.

The verdict

SUPPORTED - 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: 89
  • Transparency & Controls: 68
  • Accountability: 23
  • Sustainability: 33
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 100%; rating input score 100
  • 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: 100%; rating input score 100; 76th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 5th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -28.1%; rating input score 6; 6th percentile among comparable filings
  • Total-asset coverage ratio: 99.06; rating input score 99; 99th percentile among comparable filings
  • Liabilities to assets ratio: 1; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 37.3%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: 39.8% per year; rating input score 100; 94th percentile among comparable filings
  • Revenue growth: 26.3% per year; rating input score 100; 90th percentile among comparable filings
  • Asset growth: 12.3% per year; rating input score 100; 66th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 0 of 3 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $745K in reported program spending
  • Leadership: top reported pay $1M · 3 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 20 of 20 current checks pass
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 110 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.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 6/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.