South Metro Property Corporation
Nonprofit profile at a glance
- EIN
- 871334124
- IRS 990 coverage
- 2024–2024
- Forms available
- Form 990 2024, Form 990-T 2024
- Location
- Littleton, CO, USA
- Phone
- 3037949608
- Rating
- 71
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Senior Citizens' Housing/Retirement Communities
Reported finances
- Revenue
- $1,175,461
- Expenses
- $2,409,425
- Assets
- $25,615,461
- Liabilities
- $12,923,218
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
4 people listed
Executive titles in this filing
- Jake Spratt (Board President)
- Corey Reitz (Vice President & Secretary)
Highest reported compensation
- Corey Reitz (Vice President & Secretary): $67,216 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
To augment and deliver on the mission and vision of South Metro Housing Options (SMHO) by acquiring, redeveloping, and preserving properties for affordable housing communities within and around the City of Littleton, Colorado and Arapahoe County, which is SMHO's jurisdiction.
What it reported doing in 2024
To directly, or through any other entity, including but not limited to, joint venture, partnership, limited partnership, limited liability company, or corporate entity, acquire, invest in, encumber, convey, transfer, sell, develop, hold, operate, own, lease, construct, rehabilitate, manage, or otherwise deal in or with the acquisition, rehabilitation, construction, development, redevelopment, exchange, management, and/or operation of housing projects
Operating model
- Revenue model
- Grant-funded. 74% of the money available for current operations came from government grants.
- Distribution model
- Hybrid. The nonprofit split its reported program spending across 51% for direct work, and 49% for grants.
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 some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 84
- Transparency & Controls: 72
- Accountability: 70
- Sustainability: 36
- Growth: NotEnoughData
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 84.3%; rating input score 84
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 93.8%; rating input score 94; 24th 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: 100%; rating input score 100; 76th percentile among comparable filings
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 75%; rating input score 75; 16th percentile among comparable filings
- Governance controls: 5 of 8 controls in place; rating input score 62
- Conflict-of-interest policy: Pass
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: Fail
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -105%; rating input score 1; 1st percentile among comparable filings
- Total-asset coverage ratio: 10.63; rating input score 92; 92nd percentile among comparable filings
- Liabilities to assets ratio: 0.5; rating input score 16; 16th percentile among comparable filings
- Officer compensation ratio: 2.8%; rating input score 57; 57th percentile among comparable filings
Growth
- Program expense growth: Limited
- Revenue growth: Limited
- Asset growth: Limited
Details
- Where the money goes: 100% of revenue deployed · 84.3% of spending went to programs
- Governance: 3 of 4 board members independent · 5 of 8 filing controls reported
- Programs: 1 filed program accomplishment · $2M in reported program spending
- Leadership: top reported pay $67K · 4 people listed · 0 of 6 pay-setting controls reported
- Highest-paid contractors: 1 contractor listed · $112K reported
- Consistency: 36 of 37 current checks pass · 1 finding to review
- Schedules: 7 filed schedules · includes major donors, grants, and executive pay
- Contacts: How to reach this organization
- Money network: 2 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.
- High — Transparency & Controls: Pay-setting controls scored 0/100.
- Review — Accountability: Governance controls: 3 of 8 not reported.
- High — Sustainability: Operating margin scored 1/100.
- High — Sustainability: Liabilities to assets ratio scored 16/100.
- Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
- Review — Sustainability: Officer compensation ratio scored 57/100.