Skyway Housing Foundation Inc

Nonprofit profile at a glance

EIN
932867930
IRS 990 coverage
2023–2024
Forms available
Form 990 2024
Location
Saint Petersburg, FL, USA
Phone
6785155050
Rating
56
Verdict
MIXED
Rating confidence
Moderate
Sector
Human Service Organizations

Reported finances

Revenue
$82,745
Expenses
$350,913
Assets
$2,119,069
Liabilities
$0

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

Leadership & pay

6 people listed

Executive titles in this filing

  • Stephen Morris (Executive Director)

Highest reported compensation

  • Stephen Morris (Executive Director): $150,000 total reported compensation
  • Alexandra Feinberg (Director of Finance & Development): $120,000 total reported compensation

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

Overview

Mission

The specific purposes for which the Corporation is organized are to (a) provide affordable housing for persons of low to moderate income and (b) lessen the burdens of government through affordable and workforce housing.

What it reported doing in 2024

Cape Coral - Two applications under a request for proposal issued by Lee County for CDBG-Disaster Recovery funds were submitted for two phases of a mixed generation, mixed use affordable multifamily development - Residences at the Pines and Arbor at Pine Cove. Residences at the Pines is a 160-unit new construction Low Income Housing Tax Credit Bond Financed Development with a senior demographic serving households at or below 60% AMI. Arbor at Pine Cove is a 160-unit new construction Workforce Development with tax exempt 501(c)(3) bond financing serving households at or below 80% AMI. If the Commission chooses to award CDBG-DR funds to one or more projects, the higher scoring Residences at the Pines is the more likely phase to be awarded as it serves lower income residents. If neither phase receives a CDBG-DR award, the land purchase contract will eventually expire and ACRUVA and Skyway will likely no longer pursue development unless there is a reason to believe funds will otherwise be available and sufficient time remains under the contract. Glenwood Springs - We are exploring a potential opportunity with Andrew Ginsburg of Rocky Ledge Capital to develop a 36-unit workforce condo development on a parcel at 504 E Meadows Drive, Glenwood Springs, CO. The site is the last vacant parcel in a commercial condo development with numerous multifamily, commercial and hotel properties including Lowes, Target, Petco, Wells Fargo, Marriott and numerous smaller shops and restaurants. We anticipate signing the contract to purchase the land for $1M on Monday, February 24. There would be a 60-day due diligence period after signing the contract. This development would target 120% to 150% AMI ($85k-$140k income) and sale price of $400,000-$500,000. The total project cost is anticipated to be approximately $13MM. This would be a modular development, and our target market would be employees of schools, hospitals, banks, etc.

Operating model

Revenue model
Investment-supported. 100% of the money available for current operations came from recurring investment income.
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

MIXED - The filed numbers largely add up and most voting board members are independent. A relatively small share of total spending goes to programs and a relatively small share of available resources goes toward mission work.

Rating breakdown

  • Financial Efficiency: 28
  • Transparency & Controls: 90
  • Accountability: 70
  • Sustainability: 29
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 45.7%; rating input score 46
  • Program expense ratio: 6.5%; rating input score 6
  • 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: 80%; rating input score 80; 25th percentile among comparable filings
  • Governance controls: 5 of 9 controls in place; rating input score 56
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • CEO compensation review process: Pass
    • Other executive compensation review process: Pass
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -324.1%; rating input score 10; 10th percentile among comparable filings
  • Total-asset coverage ratio: 6.04; rating input score 53; 53rd percentile among comparable filings
  • Liabilities to assets ratio: 0; rating input score 69; 69th percentile among comparable filings
  • Officer compensation ratio: 76.9%; rating input score 4; 4th percentile among comparable filings

Growth

  • Program expense growth: 200% per year; rating input score 100; 100th percentile among comparable filings
  • Revenue growth: -187.2% per year; rating input score 0; 1st percentile among comparable filings
  • Asset growth: -11% per year; rating input score 0; 12th percentile among comparable filings

Details

  • Where the money goes: 45.7% of revenue deployed · 6.5% of spending went to programs
  • Governance: 4 of 5 board members independent · 5 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $23K in reported program spending
  • Leadership: top reported pay $150K · 6 people listed
  • Consistency: 19 of 19 current checks pass
  • Schedules: 2 filed schedules
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Money network: 2 filed money-flow records
  • 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 — Financial Efficiency: Program expense ratio scored 6/100.
  • Moderate — Financial Efficiency: Mission deployment rate scored 46/100.
  • Review — Accountability: Governance controls: 3 of 8 not reported.
  • High — Sustainability: Operating margin scored 10/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Review — Sustainability: Total-asset coverage ratio scored 53/100.
  • High — Sustainability: Officer compensation ratio scored 4/100.