Soat Inc

Nonprofit profile at a glance

EIN
581587426
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Atlanta, GA, USA
Phone
6783302000
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$607,406
Expenses
$528,158
Assets
$552,452
Liabilities
$754,653

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

Leadership & pay

9 people listed

Executive titles in this filing

  • GERALD EICKHOFF (PRESIDENT)
  • JOSEPH F GLENN (VICE PRESIDENT)
  • EARLEEN ABERTNATHY (ASSISTANT SECRETARY/ VICE PRESIDENT)

People named in this filing

  • GERALD EICKHOFF (PRESIDENT)
  • JOSEPH F GLENN (VICE PRESIDENT)
  • ELIZABETH C GLENN (TREASURER/SECRETARY)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

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

Overview

Mission

Provide elderly affordable housing.

What it reported doing in 2024

Operation and maintenance of a 40 unit apartment complex for the elderly and self-sufficient handicapped in accordance with the department of housing and urban development.

Operating model

Revenue model
Earned-program. 99% 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

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Program spending has declined or grown slowly and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 93
  • Accountability: 94
  • Sustainability: 54
  • Growth: 40

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 75.7%; rating input score 76
  • Program expense ratio: 87.7%; rating input score 88
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 92.9%; rating input score 93; 19th 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: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 6 of 7 controls in place; rating input score 86
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 13%; rating input score 67; 67th percentile among comparable filings
  • Total-asset coverage ratio: 1.05; rating input score 44; 44th percentile among comparable filings
  • Liabilities to assets ratio: 1.37; rating input score 3; 3rd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: -0.1% per year; rating input score 0; 17th percentile among comparable filings
  • Revenue growth: 1.9% per year; rating input score 100; 24th percentile among comparable filings
  • Asset growth: -4% per year; rating input score 0; 8th percentile among comparable filings

Details

  • Where the money goes: 75.7% of revenue deployed · 87.7% of spending went to programs
  • Governance: 8 of 8 board members independent · 6 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $463K in reported program spending
  • Leadership: top reported pay $0 · 9 people listed
  • Consistency: 27 of 28 current checks pass · 1 finding to review
  • Schedules: 4 filed schedules
  • Filing history: 14 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 45 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 — Growth: Program expense growth scored 0/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Sustainability: Total-asset coverage ratio scored 44/100.
  • High — Sustainability: Liabilities to assets ratio scored 3/100.