Providence Ministries for the Needy Inc

Nonprofit profile at a glance

EIN
042898893
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
Holyoke, MA, USA
Phone
4135369109
Rating
88
Verdict
STRONG
Rating confidence
Moderate
Sector
Temporary Housing

Official website

Reported finances

Revenue
$2,570,305
Expenses
$2,787,716
Assets
$873,566
Liabilities
$85,805

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

Leadership & pay

15 people listed

Highest reported compensation

  • JENNIE ADAMCZYK THRU 052025 (Executive Dir.): $86,657 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 provide for and assist in the feeding, housing and caring for persons in need.

What it reported doing in 2024

Loreto House (located at 51 Hamilton Street) is a safe, sober home offering single room occupancy (SRO) rooms to men on their recovery journey. Loreto House is a transitional housing program offering comprehensive support including: peer-to-peer recovery support, Life skills training, drug and alcohol recovery and employment assistance. Residents are required to pay a program fee. They are provided two hot nutritious meals daily, all utilities, furnished rooms and a safe, supportive, sober environment. Loreto House has up to 30 rooms available with support and provided over 8,400 nights of shelter during the fiscal year. Men transitioning to independent living are subsequently housed at Broderick House (56 Cabot Street) and McCleary Manor (40 Brightside Drive) all in Holyoke.

Operating model

Revenue model
Donor-supported. 78% of the money available for current operations came from contributions and gifts.
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: 90
  • Transparency & Controls: 92
  • Accountability: 95
  • Sustainability: 25
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 92%; rating input score 92
  • Program expense ratio: 84.3%; rating input score 84
  • Fundraising efficiency: $948.5 raised per $1 spent on fundraising; rating input score 97; 97th percentile among comparable filings

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: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 8 controls in place; rating input score 88
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -8.5%; rating input score 15; 15th percentile among comparable filings
  • Total-asset coverage ratio: 0.31; rating input score 10; 10th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 59; 59th percentile among comparable filings
  • Officer compensation ratio: 3.1%; rating input score 68; 68th percentile among comparable filings

Growth

  • Program expense growth: 14% per year; rating input score 100; 76th percentile among comparable filings
  • Revenue growth: 12% per year; rating input score 100; 75th percentile among comparable filings
  • Asset growth: -0.3% per year; rating input score 0; 11th percentile among comparable filings

Details

  • Where the money goes: 92% of revenue deployed · 84.3% of spending went to programs
  • Governance: 14 of 14 board members independent · 7 of 8 filing controls reported
  • Programs: 6 filed program accomplishments · $2.4M in reported program spending
  • Leadership: top reported pay $87K · 15 people listed
  • Consistency: 33 of 33 current checks pass
  • Schedules: 7 filed schedules · includes major donors
  • Filing history: 7 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 7 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 — Sustainability: Operating margin scored 15/100.
  • High — Sustainability: Total-asset coverage ratio scored 10/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Liabilities to assets ratio scored 59/100.