Southwest Florida Affordable Housing Choice Foundation Inc

Nonprofit profile at a glance

EIN
204985818
IRS 990 coverage
2018–2024
Forms available
Form 990 2024
Location
Fort Myers, FL, USA
Phone
2393443220
Rating
64
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing, Shelter N.E.C.

Reported finances

Revenue
$4,649,358
Expenses
$1,740,458
Assets
$20,424,247
Liabilities
$3,125,539

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

Leadership & pay

7 people listed

Executive titles in this filing

  • MARCIA DAVIS (PRESIDENT)

Highest reported compensation

  • MARCIA DAVIS (PRESIDENT): $202,811 total reported compensation
  • SIEGLINDE CHAMBLISS (SECRETARY/TR): $89,124 total reported compensation

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

Overview

Mission

Provide and develop affordable housing opportunities for low and moderate income persons or families.

What it reported doing in 2024

The agency is the managing general partner in two mixed finance partnerships: 1% ownership in each. The developments, placed in service in 2014, consists of 212 units of acc public housing and contract based section 8 units for low income persons/families. The developments are east pointe place and the landings at east point. Excess cash, per the partnership agreements, is distributed to the agency annually. These funds are used to continue the mission of developing affordable housing for low and moderate-income families/persons. The agency is currently working to develop 3 additional mixed financed properties. 1. The foundation purchased land in june 2022 to replace the royal palm public housing facility with a new senior facility on this purchased land. New facility is currently under design in 2023. 2. The agency has been awarded tax credits to build phase ii of east pointe place and has placed the credits in service in december 24. 3. The agency has returned the awarded tax credits to rehabilitate the public housing facility bonair towers. We are planning for/to build back on the original site and seek funding through the state arpa program. 4. We have closed on march 27, 2024. The offsite component on cleveland avenue with our developer partners to build 92 tax credit units in conjunction with the choice neighborhood implementation grant awarded by hud. The units are anticipated to be placed in services by march 1, 2026.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
Distribution model
Direct operator. The filing allocates 99% 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 - Most voting board members are independent and program spending has grown recently. A relatively small share of available resources goes toward mission work and few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence.

Rating breakdown

  • Financial Efficiency: 50
  • Transparency & Controls: 55
  • Accountability: 95
  • Sustainability: 78
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 33%; rating input score 33
  • Program expense ratio: 95.1%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 7th 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: Scored; rating input score 0

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 8 of 9 controls in place; rating input score 89
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 62.6%; rating input score 95; 95th percentile among comparable filings
  • Total-asset coverage ratio: 11.73; rating input score 92; 92nd percentile among comparable filings
  • Liabilities to assets ratio: 0.15; rating input score 50; 50th percentile among comparable filings
  • Officer compensation ratio: Limited

Growth

  • Program expense growth: 11.8% per year; rating input score 100; 70th percentile among comparable filings
  • Revenue growth: 25.7% per year; rating input score 100; 92nd percentile among comparable filings
  • Asset growth: 9.6% per year; rating input score 100; 57th percentile among comparable filings

Details

  • Where the money goes: 33% of revenue deployed · 95.1% of spending went to programs
  • Governance: 7 of 7 board members independent · 8 of 9 filing controls reported
  • Programs: 2 filed program accomplishments · $1.7M in reported program spending
  • Leadership: top reported pay $203K · 7 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 22 of 22 current checks pass
  • Schedules: 5 filed schedules · includes executive pay and related organizations
  • Filing history: 7 filing years from 2018 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 3 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.

  • Moderate — Financial Efficiency: Mission deployment rate scored 33/100.
  • High — Transparency & Controls: Pay-setting controls scored 0/100.
  • High — Transparency & Controls: Related-party transparency scored 0/100.
  • Review — Accountability: Governance controls: Audit committee oversight not reported.
  • Review — Sustainability: Liabilities to assets ratio scored 50/100.