Sheridan Housing Action Committee

What it reported doing in 2012

Since 2006, shac has counseled 344 households and provided financial and educational means to working families seeking affordable housing. Below is a summary of a few of the programs shac offered. Subsidies: the federal home loan bank of seattle, through a grant to shac, provided a subsidy to low income buyers for down payments and closing cost assistance. If the buyer remains in the house for a period of 5 years the subsidy requires no repayment. The program was initiated in january, 2010, and provided 26 subsidies during shac's existence. Gap financing: shac provides a silent 2nd mortgage for low income buyers that makes up the difference between the cost of the house and what a family can afford to pay. The loans have no interest and no payments by the buyers. The loan is paid in full at the time of sale or refinance. During it's existence, shac has issued 40 gap loans. Education-homebuyers club: this is a guided support group for prospective homebuyers who have poor or no credit and no savings. The goal is to encourage savings for a down payment. Over the course of the program 47 households have participated with 23 graduates. Complimenting the club is the shac action individual development account (ida). Members contributed to a savings account each month, which was matched by donors when they purchased a home (up to 1,500). During it's existence, shac has paid out 27,950 in matching funds to graduates of the club. Education-financial counseling: every shac client attended an individual pre-purchase financial counseling/budget review to qualify for assistance. Counseling reduces the risk of foreclosures. Shac was a hud approved housing counseling agency. New home construction: shac completed construction of 7 homes in 2006-2008. All were sold immediately. Shac facilitated housing partnerships with individuals, businesses and funding providers; developing funding to facilitate affordable housing. Shac built a revolving loan fund for homebuyer assistance and strived to positively influence public policy change that benefited the target population. On june, 30, 2012, shac distributed all office equipment and 9 remaining house loans to the two organizations, alternative elder living inc. And rehabilitation enterprises of northern Wyoming, respectively. Both organizations are located in sheridan, wy. In 2013, the remaining assets were distributed to habitat for humanity of the eastern bighorns in sheridan, wy.

Financial Efficiency

• Mission deployment rate: Limited
• Program expense ratio: Limited
• Fundraising efficiency: Limited

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 60th percentile among comparable filings
• Pay-setting controls: Limited
• Foreign activity oversight: Limited
• Grant itemization coverage: 100%; rating input score 100; 79th percentile among comparable filings
• Major donor itemization: Limited
• Related-party transparency: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 65th percentile among comparable filings
• Governance controls: 3 of 7 controls in place; rating input score 43
  • Conflict-of-interest policy: Pass
  • Whistleblower policy: Fail
  • Document-retention policy: Fail
  • 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: Missing
  • Independent financial-statement audit: Fail

Sustainability

• Operating margin: -742,400%; rating input score 0; 0th percentile among comparable filings
• Total-asset coverage ratio: 0; rating input score 1; 1st percentile among comparable filings
• Liabilities to assets ratio: Limited
• Officer compensation ratio: 0%; rating input score 63; 63rd percentile among comparable filings

Growth

• Program expense growth: Limited
• Revenue growth: -64.6% per year; rating input score 0; 15th percentile among comparable filings
• Asset growth: -129.2% per year; rating input score 0; 2nd percentile among comparable filings