Southwest Minnesota Housing Partnership

Nonprofit profile at a glance

EIN
411721815
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Slayton, MN, USA
Phone
5078368547
Rating
86
Verdict
STRONG
Rating confidence
Standard
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$16,999,227
Expenses
$16,048,654
Assets
$70,759,589
Liabilities
$64,800,931

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

Leadership & pay

18 people listed

Executive titles in this filing

  • CHAD ADAMS (CHIEF EXECUTIVE OFFICER)

Highest reported compensation

  • CHAD ADAMS (CHIEF EXECUTIVE OFFICER): $189,390 total reported compensation
  • KRISTIE BLANKENSHIP (CHIEF OPERATING OFFICER): $153,496 total reported compensation
  • JEFF CORDES (CHIEF FINANCIAL OFFICER): $131,429 total reported compensation

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

Overview

Mission

See schedule o.

What it reported doing in 2024

Counseling & supportive services: swmhp provides education and counseling services to those preparing for homeownership, as well as those in rental situations depending on their needs. Homeownership counseling services address credit concerns, educate on household maintenance and upkeep, and help identify financing sources. These counseling services also include foreclosure counseling and advocacy, as well as eviction prevention counseling and advocacy. Swmhp also serves as a supportive services provider for eligible residents of three properties in swmhp's portfolio and two properties in another developer/owner's portfolio. Supportive services include creating individualized household plans with goals designed to address resident's obstacles and barriers to housing. These plans address securing employment, meeting basic needs, education on tenant rights and responsibilities, conflict management with landlords and neighbors, and referrals to appropriate therapies and programs available in the community. Swmhp provides supportive services to over 100 individuals.

Operating model

Revenue model
Earned-program. 86% 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. Expenses are high relative to revenue and some filing-based governance responses are negative or unanswered.

Rating breakdown

  • Financial Efficiency: 86
  • Transparency & Controls: 84
  • Accountability: 95
  • Sustainability: 58
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 86.1%; rating input score 86
  • Program expense ratio: 92.3%; rating input score 92
  • Fundraising efficiency: $38.32 raised per $1 spent on fundraising; rating input score 71; 71st percentile among comparable filings

Transparency & Controls

  • Consistency checks: 94.1%; rating input score 94; 20th percentile among comparable filings
  • Pay-setting controls: 3 of 6 controls in place; rating input score 50
    • Compensation committee: Missing
    • Independent consultant: Pass
    • Other Form 990s reviewed: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 94.3%; rating input score 94; 24th percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 100%; rating input score 100; 66th 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: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 5.6%; rating input score 56; 56th percentile among comparable filings
  • Total-asset coverage ratio: 4.41; rating input score 83; 83rd percentile among comparable filings
  • Liabilities to assets ratio: 0.92; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 4.4%; rating input score 56; 56th percentile among comparable filings

Growth

  • Program expense growth: 9.3% per year; rating input score 100; 68th percentile among comparable filings
  • Revenue growth: 4.2% per year; rating input score 100; 37th percentile among comparable filings
  • Asset growth: 6.1% per year; rating input score 100; 43rd percentile among comparable filings

Details

  • Where the money goes: 86.1% of revenue deployed · 92.3% of spending went to programs
  • Governance: 13 of 13 board members independent · 8 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $14.8M in reported program spending
  • Leadership: top reported pay $189K · 18 people listed · 3 of 6 pay-setting controls reported
  • Highest-paid contractors: 2 contractors listed · $1.4M reported
  • Consistency: 36 of 37 current checks pass · 1 finding to review
  • Schedules: 9 filed schedules · includes major donors, grants, executive pay, and related organizations
  • Filing history: 14 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 5 filed money-flow records
  • 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.
  • Staff and benefit plans: Retirement and health plans the organization files with the Department of Labor, and the people in them.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • Review — Sustainability: Operating margin scored 56/100.
  • Review — Accountability: Governance controls: Other executive compensation review process not reported.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
  • Review — Sustainability: Officer compensation ratio scored 56/100.