Prospect Housing Development Fund Corp

Nonprofit profile at a glance

EIN
134098287
IRS 990 coverage
2020–2024
Forms available
Form 990 2024
Location
Bronx, NY, USA
Phone
7182952882
Rating
72
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$325,948
Expenses
$313,250
Assets
$1,224,041
Liabilities
$875,606

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

Leadership & pay

3 people listed

Executive titles in this filing

  • CONSOLATO CICCIU (PRESIDENT)
  • PAUL FRACASSI (VICE PRESIDENT)

People named in this filing

  • CONSOLATO CICCIU (PRESIDENT)
  • CECILIA FERRO (SECRETARY)
  • PAUL FRACASSI (VICE PRESIDENT)

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

To provide low income to moderate income housing opportunities for the community

What it reported doing in 2024

The property generates revenue primarily through subsidized rentals occupied by low-to-moderate-income families. Associated expenses, including administrative fees, utilities, repairs, maintenance, taxes, and insurance, are necessary for the efficient operation of the premises and regulatory compliance.

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 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 filed governance safeguards are in place. A relatively small share of voting board members are independent and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 56
  • Transparency & Controls: 100
  • Accountability: 61
  • Sustainability: 53
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 62%; rating input score 62
  • Program expense ratio: 65.8%; rating input score 66
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 33.3%; rating input score 33; 15th percentile among comparable filings
  • Governance controls: 7 of 7 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: 3.9%; rating input score 48; 48th percentile among comparable filings
  • Total-asset coverage ratio: 3.91; rating input score 74; 74th percentile among comparable filings
  • Liabilities to assets ratio: 0.72; rating input score 8; 8th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 10.3% per year; rating input score 100; 70th percentile among comparable filings
  • Revenue growth: 1.3% per year; rating input score 100; 31st percentile among comparable filings
  • Asset growth: 0.9% per year; rating input score 100; 28th percentile among comparable filings

Details

  • Where the money goes: 62% of revenue deployed · 65.8% of spending went to programs
  • Governance: 1 of 3 board members independent · 7 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $206K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 24 of 24 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 4 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • 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 — Accountability: Independent voting board scored 33/100.
  • Moderate — Sustainability: Operating margin scored 48/100.
  • High — Sustainability: Liabilities to assets ratio scored 8/100.