Restoring Communities Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
454252738
IRS 990 coverage
2018–2024
Forms available
Form 990 2024, Form 990-EZ 2017
Location
New York, NY, USA
Phone
2125848981
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Single Organization Support

Official website

Reported finances

Revenue
$533,000
Expenses
$347,627
Assets
$1,085,660
Liabilities
$110,932

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

Leadership & pay

7 people listed

Executive titles in this filing

  • HAROLD SHULTZ (PRESIDENT)
  • MICHAEL WADMAN (VICE PRESIDENT)

Highest reported compensation

  • SALVATORE D'AVOLA (ASSISTANT SECRETARY): $301,125 total reported compensation

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

Overview

Mission

The corporation is organized exclusively for the purpose of perserving and creating, on a non-profit basis, housing projects for persons of low and moderate income. In addition to promoting affordable housing opportunities, it seeks to prevent and eliminate blight and foster the stablization of communities throughout New York city.

What it reported doing in 2024

The organization is organized exclusively for the purpose of preserving and creating, on a nonprofit basis, housing projects for persons of low and moderate income. During the year, the organization continued to own and manage rent regulated properties throughout New York city, providing safe affordable housing to thousands of tenants.

Operating model

Revenue model
Earned-program. 94% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 86% 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 few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 47
  • Transparency & Controls: 71
  • Accountability: 95
  • Sustainability: 74
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 43.9%; rating input score 44
  • Program expense ratio: 67.3%; rating input score 67
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 76th percentile among comparable filings
  • 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: 34.8%; rating input score 87; 87th percentile among comparable filings
  • Total-asset coverage ratio: 3.12; rating input score 76; 76th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 42; 42nd percentile among comparable filings
  • Officer compensation ratio: 7.6%; rating input score 45; 45th percentile among comparable filings

Growth

  • Program expense growth: 19% per year; rating input score 100; 81st percentile among comparable filings
  • Revenue growth: 19.2% per year; rating input score 100; 84th percentile among comparable filings
  • Asset growth: 24.1% per year; rating input score 100; 86th percentile among comparable filings

Details

  • Where the money goes: 43.9% of revenue deployed · 67.3% of spending went to programs
  • Governance: 4 of 4 board members independent · 7 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $234K in reported program spending
  • Leadership: top reported pay $301K · 7 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 8 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 6 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • Related organizations: 8 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 44/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • Moderate — Sustainability: Liabilities to assets ratio scored 42/100.
  • Moderate — Sustainability: Officer compensation ratio scored 45/100.