Project Renewal Inc

Nonprofit profile at a glance

EIN
132602882
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
New York, NY, USA
Phone
2126200340
Rating
86
Verdict
STRONG
Rating confidence
Standard
Sector
Mental Health Treatment F31 Psychiatric, Mental Health Hospital

Official website

Reported finances

Revenue
$125,553,734
Expenses
$126,929,172
Assets
$98,473,153
Liabilities
$90,451,656

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

Leadership & pay

38 people listed

Executive titles in this filing

  • ERIC ROSENBAUM (PRESIDENT & CEO)

Highest reported compensation

  • ERIC ROSENBAUM (PRESIDENT & CEO): $409,643 total reported compensation
  • CATHERINE DE SILVA (CHIEF DEVELOPMENT OFFICER): $364,235 total reported compensation
  • MIRANDA VON DORNUM (CHIEF MEDICAL DIRECTOR): $324,755 total reported compensation

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

Overview

Mission

Project renewal's mission is to end the cycle of homelessness by empowering men, women, and children to renew their lives with health, homes, and jobs.

What it reported doing in 2024

Health care: project renewal, inc. Is a federally qualified health center operating five shelter-based primary care clinics, as well as a three-vehicle fleet of mobile health clinics. These clinics provide medical services to homeless and at-risk individuals, and connect many of them to our mental health and substance use treatment programs. The latter includes both inpatient and outpatient treatment initiatives, as well as peer-led services. Our team of psychiatrists and occupational therapists compliments all health care work and are integrated into all project renewal programming. In fy25 the organization provided health care to over 6,200 individuals.

Operating model

Revenue model
Grant-funded. 79% of the money available for current operations came from government grants.
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.
  • Includes noncash contributions: Reported contributions include donated property or goods.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and total assets are small relative to annual expenses; liquid coverage is unknown.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 86
  • Accountability: 98
  • Sustainability: 25
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 88.1%; rating input score 88
  • Program expense ratio: 87.1%; rating input score 87
  • Fundraising efficiency: $74.89 raised per $1 spent on fundraising; rating input score 81; 81st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.4%; rating input score 94; 31st percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Pass
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • 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: 95.7%; rating input score 96; 49th percentile among comparable filings
  • Governance controls: 9 of 9 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: -1.1%; rating input score 22; 22nd percentile among comparable filings
  • Total-asset coverage ratio: 0.78; rating input score 31; 31st percentile among comparable filings
  • Liabilities to assets ratio: 0.92; rating input score 11; 11th percentile among comparable filings
  • Officer compensation ratio: 2.9%; rating input score 40; 40th percentile among comparable filings

Growth

  • Program expense growth: 7.4% per year; rating input score 100; 60th percentile among comparable filings
  • Revenue growth: 7.7% per year; rating input score 100; 64th percentile among comparable filings
  • Asset growth: 8.8% per year; rating input score 100; 64th percentile among comparable filings

Details

  • Where the money goes: 88.1% of revenue deployed · 87.1% of spending went to programs
  • Governance: 22 of 23 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $110.5M in reported program spending
  • Leadership: top reported pay $410K · 38 people listed · 4 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $13.2M reported
  • Consistency: 35 of 36 current checks pass · 1 finding to review
  • Schedules: 9 filed schedules · includes major donors and executive pay
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 14 filed money-flow records
  • Related organizations: 23 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 22/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 31/100.
  • High — Sustainability: Liabilities to assets ratio scored 11/100.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • Moderate — Sustainability: Officer compensation ratio scored 40/100.