Silvercrest Senior Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
262894911
IRS 990 coverage
2011–2024
Forms available
Form 990 2024, Form 990-N 2010
Location
Briarwood, NY, USA
Phone
7184804065
Rating
65
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$878,622
Expenses
$1,458,847
Assets
$13,341,082
Liabilities
$18,931,405

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

Leadership & pay

15 people listed

Executive titles in this filing

  • KIMLEE ROLDAN-SANCHEZ (TRUSTEE/PRESIDENT)

Highest reported compensation

  • JOSEPH A IENUSO (TRUSTEE): $1,951,744 total reported compensation
  • JACLYN MUCARIA (TRUSTEE (THRU 4/2024)): $1,718,924 total reported compensation
  • RICHARD EVANS (TRUSTEE): $1,184,048 total reported compensation

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

Overview

Mission

Silvercrest senior housing is pledged to continue the mission of the silvercrest center for nursing and rehabilitation. That mission is: "giving quality to life".

What it reported doing in 2024

Our purpose is to provide affordable housing for the very-low income elderly population through the united states department of housing and urban development's section 202 program which offers rental assistance for seniors who meet the requirements of the federal program. We do not discriminate based on race, color, religion, sex, national origin, or disability and comply with all federal, state and local fair housing and civil rights laws and with hud equal opportunity requirements.

Operating model

Revenue model
Other-operating. 100% of the money available for current operations came from other operating 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. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 83
  • Transparency & Controls: 64
  • Accountability: 34
  • Sustainability: 28
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 81.1%; rating input score 81
  • 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: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 18.2%; rating input score 18; 9th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • 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: Fail
    • Audit committee oversight: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -66%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 9.14; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 1.42; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 52.9%; rating input score 2; 2nd percentile among comparable filings

Growth

  • Program expense growth: 2.7% per year; rating input score 100; 30th percentile among comparable filings
  • Revenue growth: 2% per year; rating input score 100; 24th percentile among comparable filings
  • Asset growth: -2.3% per year; rating input score 0; 11th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 81.1% of spending went to programs
  • Governance: 2 of 11 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $1.2M in reported program spending
  • Leadership: top reported pay $2M · 15 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 25 of 25 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 13 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 57 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Accountability: Independent voting board scored 18/100.
  • Review — Accountability: Governance controls: 4 of 9 not reported.
  • High — Sustainability: Operating margin scored 2/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Officer compensation ratio scored 2/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.