Regional Economically Affordable Community Housing

Nonprofit profile at a glance

EIN
455423072
IRS 990 coverage
2024–2024
Forms available
Form 990 2024, Form 990-N 2023
Location
Painesville, OH, USA
Phone
4403543347
Rating
63
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$1,003,765
Expenses
$335,892
Assets
$1,194,546
Liabilities
$585,942

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

Leadership & pay

3 people listed

Executive titles in this filing

  • Gregory Schmidt (President)

People named in this filing

  • Gregory Schmidt (President)
  • Charles Stennis (Trustee)
  • Gregory Patt (Trustee)

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

Create and sustain affordable, safe, and high-quality housing for families of all income levels, with a special focus on low- and middle-income households. We believe that stable housing is the foundation for thriving communities, and we are dedicated to addressing housing shortages by developing innovative, inclusive, and sustainable housing solutions.

What it reported doing in 2024

In 2024 Regional Economically Affordable Community Housing REACH achieved a major milestone in its mission to expand attainable housing opportunities for working families across Lake County. This year REACH successfully executed the acquisition and expansion of Parkview Place Apartments in Willoughby Ohio an initiative that significantly strengthens affordable housing options in the community. Through this acquisition REACH added 25 new low rent market rate units specifically targeted to support lower income and middle income households. In addition the Parkview Place expansion project introduced one newly created handicap accessible unit enhancing inclusivity and ensuring that residents with mobility challenges have access to safe, suitable housing. The expansion also produced two additional market rate units further increasing the availability of affordable quality housing in a region experiencing rising demand. By bringing Parkview Place under nonprofit stewardship and investing in both unit growth and accessibility improvements REACH continues to deliver on its commitment to long term affordability community stability and equitable housing access. This accomplishment represents a significant step forward in strengthening the housing landscape for families throughout Lake County.

Operating model

Revenue model
Earned-program. 93% 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 voting board members are independent. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 48
  • Transparency & Controls: 90
  • Accountability: 64
  • Sustainability: 80
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 31.1%; rating input score 31
  • Program expense ratio: 93%; rating input score 93
  • 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: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 1 of 7 controls in place; rating input score 14
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 66.5%; rating input score 96; 96th percentile among comparable filings
  • Total-asset coverage ratio: 3.56; rating input score 79; 79th percentile among comparable filings
  • Liabilities to assets ratio: 0.49; rating input score 16; 16th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 31.1% of revenue deployed · 93% of spending went to programs
  • Governance: 3 of 3 board members independent · 1 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $312K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 28 of 28 current checks pass
  • Schedules: 3 filed schedules
  • 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 — Financial Efficiency: Mission deployment rate scored 31/100.
  • High — Accountability: Governance controls: 5 of 6 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 16/100.