Savin Rock Communities Inc

Nonprofit profile at a glance

EIN
473073109
IRS 990 coverage
2020–2024
Forms available
Form 990 2024, Form 990-EZ 2019, Form 990-N 2016
Location
West Haven, CT, USA
Phone
2039348671
Rating
74
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$6,870,836
Expenses
$5,759,871
Assets
$44,723,113
Liabilities
$31,903,194

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

Leadership & pay

6 people listed

Executive titles in this filing

  • JOHN COUNTER (PRESIDENT)

Highest reported compensation

  • JOHN COUNTER (PRESIDENT): $8,000 total reported compensation
  • JOHN O'CONNOR (DIRECTOR): $8,000 total reported compensation
  • WAYNE ORIO (TREASURER): $8,000 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 safe, sanitary and suitable living accommodations to persons of low, moderate and middle income in the state of Connecticut through the ownership, construction, development, renovation, improvement, sponsorship, financing, refinancing, management, leasing and operation of certain pieces or parcels of real property.

What it reported doing in 2024

Providing affordable housing at john prete apartments owned by the organization through its wholly owned subsidiary, john prete apartments llc.

Operating model

Revenue model
Earned-program. 97% 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 - 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 liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 68
  • Transparency & Controls: 90
  • Accountability: 58
  • Sustainability: 71
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 71.3%; rating input score 71
  • Program expense ratio: 87.5%; rating input score 87
  • 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: 83.3%; rating input score 83; 16th percentile among comparable filings
  • Governance controls: 2 of 9 controls in place; rating input score 22
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 16.2%; rating input score 72; 72nd percentile among comparable filings
  • Total-asset coverage ratio: 7.76; rating input score 89; 89th percentile among comparable filings
  • Liabilities to assets ratio: 0.71; rating input score 13; 13th percentile among comparable filings
  • Officer compensation ratio: 0.7%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: 44.6% per year; rating input score 100; 96th percentile among comparable filings
  • Revenue growth: 39.3% per year; rating input score 100; 96th percentile among comparable filings
  • Asset growth: 51.3% per year; rating input score 100; 98th percentile among comparable filings

Details

  • Where the money goes: 71.3% of revenue deployed · 87.5% of spending went to programs
  • Governance: 5 of 6 board members independent · 2 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $5M in reported program spending
  • Leadership: top reported pay $8K · 6 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 5 filing years from 2020 to 2024
  • Contacts: How to reach this organization
  • Money network: 12 filed money-flow records
  • 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.

  • High — Accountability: Governance controls: 6 of 8 not reported.
  • High — Sustainability: Liabilities to assets ratio scored 13/100.