Ridge Residences Inc

Nonprofit profile at a glance

EIN
521363247
IRS 990 coverage
2016–2024
Forms available
Form 990 2024
Location
Westminster, MD, USA
Phone
4108733433
Rating
83
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$1,169,480
Expenses
$983,518
Assets
$2,370,839
Liabilities
$2,371,444

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

Leadership & pay

23 people listed

Executive titles in this filing

  • LORNA RICE (PRESIDENT)
  • FRANCES ROCK (PRESIDENT (PART YEAR))
  • LINWOOD VANHORN (VICE PRESIDENT)
  • SHERRY FALK (VICE PRESIDENT (PART YEAR))

People named in this filing

  • LORNA RICE (PRESIDENT)
  • FRANCES ROCK (PRESIDENT (PART YEAR))
  • LINWOOD VANHORN (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 housing facilities for the low-income elderly.

What it reported doing in 2024

The organization owns an apartment complex of 80 units which provides housing facilities for the low-income elderly. The complex is operated pursuant to section 202 of the national housing act and participates in the section 8 housing assistance payment program. Such facilities are regulated by hud as to rent charges and operating methods.

Operating model

Revenue model
Grant-funded. 65% 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.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and assets have declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 73
  • Transparency & Controls: 92
  • Accountability: 94
  • Sustainability: 64
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 76.3%; rating input score 76
  • Program expense ratio: 90.5%; rating input score 91
  • 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: 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: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • 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: 15.9%; rating input score 71; 71st percentile among comparable filings
  • Total-asset coverage ratio: 2.41; rating input score 70; 70th percentile among comparable filings
  • Liabilities to assets ratio: 1; rating input score 6; 6th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 2.9% per year; rating input score 100; 31st percentile among comparable filings
  • Revenue growth: 2% per year; rating input score 100; 24th percentile among comparable filings
  • Asset growth: -1.3% per year; rating input score 0; 14th percentile among comparable filings

Details

  • Where the money goes: 76.3% of revenue deployed · 90.5% of spending went to programs
  • Governance: 18 of 18 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $890K in reported program spending
  • Leadership: top reported pay $0 · 23 people listed
  • Consistency: 25 of 25 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 9 filing years from 2016 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 2 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.

  • Review — Accountability: Governance controls: Whistleblower policy not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 6/100.