St Mary's Housing Ii Corp

Nonprofit profile at a glance

EIN
582040774
IRS 990 coverage
2010–2024
Forms available
Form 990 2024
Location
Wilmington, NC, USA
Phone
3367650424
Rating
69
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Protestant
Affiliation
Christianity

Reported finances

Revenue
$487,699
Expenses
$342,995
Assets
$1,049,482
Liabilities
$2,194,141

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

Leadership & pay

12 people listed

Executive titles in this filing

  • DONN GARVEY JR (PRESIDENT)

People named in this filing

  • DONN GARVEY JR (PRESIDENT)
  • CHRISTINE MURPHY (SECRETARY)
  • NORD COFINI (BOARD MEMBER)

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

The not for profit corporation was organized to own and operate a 40 unit apartment community in wilmington, North Carolina known as hadden hall ii apartments. It was organized pursuant to section 202 of the national housing act as amended and has entered into the standard fha regulatory agreements, which govern the operation of the community, with the federal housing administration section of hud. A project rental assistance contract (prac) with hud provides rent assistance for low income families (or persons).

Operating model

Revenue model
Grant-funded. 70% of the money available for current operations came from government grants.
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

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

Rating breakdown

  • Financial Efficiency: 41
  • Transparency & Controls: 92
  • Accountability: 88
  • Sustainability: 67
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 39.2%; rating input score 39
  • Program expense ratio: 57.3%; rating input score 57
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Fail
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • 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: 29.7%; rating input score 82; 82nd percentile among comparable filings
  • Total-asset coverage ratio: 3.06; rating input score 69; 69th percentile among comparable filings
  • Liabilities to assets ratio: 2.09; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings

Growth

  • Program expense growth: 2.6% per year; rating input score 100; 42nd percentile among comparable filings
  • Revenue growth: 5.1% per year; rating input score 100; 53rd percentile among comparable filings
  • Asset growth: -3.3% per year; rating input score 0; 14th percentile among comparable filings

Details

  • Where the money goes: 39.2% of revenue deployed · 57.3% of spending went to programs
  • Governance: 12 of 12 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $196K in reported program spending
  • Leadership: top reported pay $0 · 12 people listed
  • Consistency: 26 of 26 current checks pass
  • Schedules: 5 filed schedules · includes major donors
  • Filing history: 15 filing years from 2010 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 1 filed related-organization link
  • 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 39/100.
  • Review — Financial Efficiency: Program expense ratio scored 57/100.
  • Review — Accountability: Governance controls: 2 of 7 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.