Stamford Affordable Homes Inc

Nonprofit profile at a glance

EIN
061602448
IRS 990 coverage
2015–2024
Forms available
Form 990 2024
Location
Stamford, CT, USA
Phone
2039980889
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$141,907
Expenses
$275,567
Assets
$3,355,736
Liabilities
$502,021

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

Leadership & pay

4 people listed

Executive titles in this filing

  • PHIL SWAN (VICE PRESIDENT)
  • WILLIAM J HEALY II (PRESIDENT)

Highest reported compensation

  • WILLIAM J HEALY II (PRESIDENT): $378,452 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 develop and manage affordable housing for both homeowners and/or renters with low incomes as defined by the u.s. Department of housing and urban development (hud).

What it reported doing in 2024

Lender (via seller take-back mortgage) for a 121-unit affordable housing project, developed using several programs including federal low income housing tax credits, known as friendship house, located at 28 perry street, stamford, ct.

Operating model

Revenue model
Earned-program. 100% of the money available for current operations came from fees and other program revenue.
Distribution model
Grant intermediary. The nonprofit sent 89% of its reported program spending out as 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: 88
  • Transparency & Controls: 65
  • Accountability: 84
  • Sustainability: 33
  • Growth: 0

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 97.5%; rating input score 97
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 91.7%; rating input score 92; 19th 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; 80th percentile among comparable filings
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 5 of 8 controls in place; rating input score 62
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -94.2%; rating input score 2; 2nd percentile among comparable filings
  • Total-asset coverage ratio: 12.18; rating input score 91; 91st percentile among comparable filings
  • Liabilities to assets ratio: 0.15; rating input score 22; 22nd percentile among comparable filings
  • Officer compensation ratio: 16.1%; rating input score 23; 23rd percentile among comparable filings

Growth

  • Program expense growth: -1.2% per year; rating input score 0; 26th percentile among comparable filings
  • Revenue growth: -2.6% per year; rating input score 0; 15th percentile among comparable filings
  • Asset growth: -2% per year; rating input score 0; 18th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 97.5% of spending went to programs
  • Governance: 3 of 3 board members independent · 5 of 8 filing controls reported
  • Programs: 2 filed program accomplishments · $269K in reported program spending
  • Leadership: top reported pay $378K · 4 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 20 of 21 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes grants and executive pay
  • Filing history: 10 filing years from 2015 to 2024
  • Contacts: How to reach this organization
  • Money network: 1 filed money-flow record
  • 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: 2 of 7 not reported.
  • High — Sustainability: Operating margin scored 2/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • High — Growth: Asset growth scored 0/100.
  • Moderate — Transparency & Controls: Schedule A contributions reconciliation did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 22/100.
  • High — Sustainability: Officer compensation ratio scored 23/100.