Preservation Housing Partners

Nonprofit profile at a glance

EIN
203708317
IRS 990 coverage
2010–2024
Forms available
Form 990 2024, Form 990-N 2009
Location
Bloomfield Hills, MI, USA
Phone
2489338560
Rating
67
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$6,213,822
Expenses
$4,031,056
Assets
$22,996,642
Liabilities
$10,405,465

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

Leadership & pay

7 people listed

Executive titles in this filing

  • ROBERT S DIEDRICH (PRESIDENT)
  • STEPHEN BUFFA (VICE PRESIDENT)

Highest reported compensation

  • ROBERT S DIEDRICH (PRESIDENT): $340,000 total reported compensation
  • MICHAEL S DIEDRICH (TREASURER): $170,000 total reported compensation
  • ROBERT G DIEDRICH (ASSET MANAGER): $139,000 total reported compensation

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

Overview

Mission

To create and preserve affordable housing through the investment, construction or acquisition and rehabilitation of multifamily residential real estate for very low through moderate income tenants.

What it reported doing in 2024

The corporation was formed on october 24, 2005 under section 501(c)(3) of the internal revenue code. The purpose of the corporation is to create and preserve affordable housing through the investment, construction or acquisition and rehabilitation of multifamily residential real estate for very low, low, and moderate income tenants. In addition, the corporation invested in two affordable housing communities whose property also qualified for historic rehabilitation tax credits in accordance with section 47 of the irc.as of december 31, 2024, the corporation has a 100% ownership interest in eight entities that own and operate affordable housing communities. Further details on entities owned: - php fox haven llc ("fox haven") owns a 48 unit apartment community located in raleigh, North Carolina operating as fox haven apartments.- php heritage house limited partnership ("heritage house") owns an 80 unit apartment community located in lewisburg, Pennsylvania operating as heritage house apartments.- php lewis village llc ("lewis village") owns a 37 unit apartment community located in elizabethtown, North Carolina operating as lewis village apartments.- php northwoods llc ("northwoods") owns a 50 unit apartment complex located in burgaw, North Carolina operating as northwoods apartments.- php st. Andrew's homes llc ("st. Andrew's") owns a 34 unit apartment complex located in charlotte, North Carolina operating as st. Andrew's homes apartments.- php walnut woods llc ("walnut woods") owns a 36 unit apartment complex located in raleigh, North Carolina operating as walnut woods apartments.- php spring brook manor llc ("spring brook manor") owns a 30 unit apartment complex located in eaton rapids, Michigan operating as spring brook manor apartments. -php surrey hill lp ("surrey hill") owns a 70 unit apartment complex located in uniontown, Pennsylvania operating as surrey hill apartments.

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 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 - The filed numbers largely add up and most voting board members are independent. A relatively small share of available resources goes toward mission work and program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 47
  • Transparency & Controls: 91
  • Accountability: 84
  • Sustainability: 71
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 44.6%; rating input score 45
  • Program expense ratio: 65.3%; rating input score 65
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 17th percentile among comparable filings
  • Pay-setting controls: 5 of 6 controls in place; rating input score 83
    • Compensation committee: Pass
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 80%; rating input score 80; 14th 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: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 35.1%; rating input score 87; 87th percentile among comparable filings
  • Total-asset coverage ratio: 5.7; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 0.45; rating input score 23; 23rd percentile among comparable filings
  • Officer compensation ratio: 16.1%; rating input score 17; 17th percentile among comparable filings

Growth

  • Program expense growth: -1.7% per year; rating input score 0; 9th percentile among comparable filings
  • Revenue growth: -1.3% per year; rating input score 0; 8th percentile among comparable filings
  • Asset growth: 2.6% per year; rating input score 100; 22nd percentile among comparable filings

Details

  • Where the money goes: 44.6% of revenue deployed · 65.3% of spending went to programs
  • Governance: 4 of 5 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $2.6M in reported program spending
  • Leadership: top reported pay $340K · 7 people listed · 5 of 6 pay-setting controls reported
  • Highest-paid contractors: 1 contractor listed · $183K reported
  • Consistency: 32 of 33 current checks pass · 1 finding to review
  • Schedules: 7 filed schedules · includes major donors and executive pay
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • Related organizations: 27 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 45/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Document-retention policy not reported.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Sustainability: Officer compensation ratio scored 17/100.
  • High — Sustainability: Liabilities to assets ratio scored 23/100.