Phipps Affordable Housing Support Corp

Nonprofit profile at a glance

EIN
452159735
IRS 990 coverage
2013–2024
Forms available
Form 990 2024, Form 990-N 2013
Location
New York, NY, USA
Phone
2122439090
Rating
23
Verdict
REVIEW
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Official website

Reported finances

Revenue
$122,719
Expenses
$-98
Assets
$2,571,158
Liabilities
$27,732

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): $1,043,975 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

Phipps affordable housing support corp. Was formed for the purposes of supporting not-for-profit corporations that are affiliates of phipps houses, a related 501(c)(4) organization, in the development of affordable housing for low- income individuals and families.

What it reported doing in 2024

To support not-for-profit corporations that are affiliates of phipps houses, a related 501(c)(3) organization, in the development of affordable housing for low-income individuals andfamilies.

Operating model

Revenue model
Investment-supported. 99% of the money available for current operations came from recurring investment income.
Distribution model
Cannot be determined from the filing. The filing does not provide enough consistent spending detail to tell whether the nonprofit works directly or through others.

The verdict

REVIEW - The strongest available result is that the filed numbers largely add up. A relatively small share of available resources goes toward mission work and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 0
  • Transparency & Controls: 55
  • Accountability: 23
  • Sustainability: 5
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 0%; rating input score 0
  • Program expense ratio: Limited
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 90.9%; rating input score 91; 13th 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 7th 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: Limited
  • Total-asset coverage ratio: Limited
  • Liabilities to assets ratio: 0.01; rating input score 45; 45th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 5.5% per year; rating input score 100; 56th percentile among comparable filings
  • Revenue growth: -30.3% per year; rating input score 0; 2nd percentile among comparable filings
  • Asset growth: -4.2% per year; rating input score 0; 12th percentile among comparable filings

Details

  • Where the money goes: 0% of revenue deployed
  • Governance: 0 of 3 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment
  • Leadership: top reported pay $1M · 3 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 15 of 16 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 11 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 103 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 — Financial Efficiency: Mission deployment rate scored 0/100.
  • 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.
  • Moderate — Sustainability: Liabilities to assets ratio scored 45/100.
  • High — Growth: Revenue growth scored 0/100.
  • Moderate — Transparency & Controls: Series program expenses within total did not reconcile in the filed values.
  • High — Growth: Asset growth scored 0/100.