Plainsboro Nonprofit Housing Corporation

Nonprofit profile at a glance

EIN
222933525
IRS 990 coverage
2013–2024
Forms available
Form 990 2024
Location
Princeton, NJ, USA
Phone
6097861101
Rating
84
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$1,921,332
Expenses
$1,975,052
Assets
$7,409,452
Liabilities
$7,258,067

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

Leadership & pay

6 people listed

Executive titles in this filing

  • FRANK PIAZZA (EXECUTIVE DIRECTOR)

People named in this filing

  • BOBBIE SCHOTT (VICE CHAIR)
  • JOHN PIDGEON (SECRETARY)
  • KATHY VIGNAPIANO (MEMBER AT LARGE)

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 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The organization's purpose is to provide low and moderate income housing in plainsboro township.

What it reported doing in 2024

See schedule othe plainsboro non-profit housing corporation built a 126 unit rental complex which 100% of the complex is provided for low and moderate income residents in plainsboro township. In addition, the corporation monitors affordable housing and consults for the township of plainsboro on issues related to affordable housing in plainsboro, nj. In 2012 the township of plainsboro transferred funds to plainsboro nonprofit housing corporation for theadministration of grants. These grants are for the installation of high energy efficient hvac systems and hot water tanks in affordable homes; down payment assistance grants to purchase affordable homes; the use of funds to maintain affordability restrictions if an affordable home is being foreclosed upon; and funding to purchase market homes, refurbish and resell them as affordable homes with restrictions.

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 99% 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

STRONG - 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 expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 80
  • Transparency & Controls: 93
  • Accountability: 88
  • Sustainability: 47
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 90.6%; rating input score 91
  • Program expense ratio: 88.4%; rating input score 88
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • 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: -2.8%; rating input score 28; 28th percentile among comparable filings
  • Total-asset coverage ratio: 3.75; rating input score 80; 80th percentile among comparable filings
  • Liabilities to assets ratio: 0.98; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 0.6% per year; rating input score 100; 20th percentile among comparable filings
  • Revenue growth: 2.2% per year; rating input score 100; 26th percentile among comparable filings
  • Asset growth: -2.5% per year; rating input score 0; 11th percentile among comparable filings

Details

  • Where the money goes: 90.6% of revenue deployed · 88.4% of spending went to programs
  • Governance: 5 of 5 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $1.7M in reported program spending
  • Leadership: top reported pay $0 · 6 people listed
  • Highest-paid contractors: 1 contractor listed · $175K reported
  • Consistency: 29 of 29 current checks pass
  • Schedules: 5 filed schedules · includes grants
  • Filing history: 11 filing years from 2013 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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: 2 of 7 not reported.
  • High — Sustainability: Operating margin scored 28/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.