Scotia Committee Housing Development Fund Co Inc

Nonprofit profile at a glance

EIN
222418269
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Scotia, NY, USA
Phone
5183747407
Rating
81
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$1,302,220
Expenses
$1,075,935
Assets
$6,636,294
Liabilities
$51,377

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

Leadership & pay

12 people listed

Executive titles in this filing

  • EDWARD PINKERTON (PRESIDENT)
  • SHARON MACNEIL (VICE-PRESIDENT)

Highest reported compensation

  • CHRISTINE BISSONETTE (SECRETARY): $950 total reported compensation
  • EDWARD PINKERTON (PRESIDENT): $700 total reported compensation
  • SHARON MACNEIL (VICE-PRESIDENT): $700 total reported compensation

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

Overview

Mission

Scotia committee housing development fund co, inc. Was organized and incorporated under the New York state private housing finance law. In 1994, the fund acquired a 96 unit affordable senior housing project in scotia, New York. The project receives (continued on schedule o) (continued from form 990, part iii, line 1) housing assistance (hap) payments (or rental subsidies) pursuent to section 8 of the u.s. Housing act of 1937, as amended. The fund has entered into a hap agreement with the u.s. Department of housing and urban development (hud). Under this contract, which will be subject to renegotiation in june 2025, the fund receives hud funded rent subsidies to accommodate senior citizens age 62 and older and/or the disabled.

What it reported doing in 2024

The fund's primary program service is to provide hud subsidized/low income housing to qualified tenants. In 2015, the fund commenced a multi-year rehabilitation project under which approximately $3.5 million will be committed to the complete rehabilitation of the fund's housing project in scotia. This project will include the rehabilitation of each apartment, the various common areas, and the replacement of the building elevators. It is projected that approximately $300,000 will be expended in each of the next three years, with the completion of the project in 2028.

Operating model

Revenue model
Earned-program. 90% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 96% 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 - The filed numbers largely add up and a large share of available resources goes toward mission work. Some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 66
  • Transparency & Controls: 93
  • Accountability: 91
  • Sustainability: 75
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 66%; rating input score 66
  • Program expense ratio: 88.4%; rating input score 88
  • 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: 99.3%; rating input score 99; 49th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • 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: 17.4%; rating input score 73; 73rd percentile among comparable filings
  • Total-asset coverage ratio: 6.17; rating input score 87; 87th percentile among comparable filings
  • Liabilities to assets ratio: 0.01; rating input score 71; 71st percentile among comparable filings
  • Officer compensation ratio: 0.4%; rating input score 61; 61st percentile among comparable filings

Growth

  • Program expense growth: 6% per year; rating input score 100; 47th percentile among comparable filings
  • Revenue growth: 3.5% per year; rating input score 100; 34th percentile among comparable filings
  • Asset growth: 3.8% per year; rating input score 100; 33rd percentile among comparable filings

Details

  • Where the money goes: 66% of revenue deployed · 88.4% of spending went to programs
  • Governance: 12 of 12 board members independent · 7 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $951K in reported program spending
  • Leadership: top reported pay $950 · 12 people listed
  • Consistency: 29 of 29 current checks pass
  • Schedules: 4 filed schedules · includes grants
  • Filing history: 12 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 14 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.

  • Review — Accountability: Governance controls: 2 of 9 not reported.