Tg 302 Inc

Nonprofit profile at a glance

EIN
742939665
IRS 990 coverage
2009–2024
Forms available
Form 990 2024, Form 990-T 2023
Location
San Antonio, TX, USA
Phone
2108214300
Rating
73
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$614,007
Expenses
$519,986
Assets
$1,738,155
Liabilities
$425,393

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

Leadership & pay

5 people listed

Executive titles in this filing

  • JACLYN S WOODRING (EXECUTIVE DIRECTOR)

Highest reported compensation

  • JACLYN S WOODRING (EXECUTIVE DIRECTOR): $352,294 total reported compensation
  • JAMES BUTCHER (MANAGEMENT AGENT CFO): $204,078 total reported compensation

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

Overview

Mission

The organization was incorporated as a nonprofit corporation in the state of Texas on january 24, 2000. The mission of the organization is to preserve affordable housing for families, to promote a strong resident community, and to assist residents to achieve economic independence.the primary activity of the organization is the ownership and operation of the harrison manor apartments, a 50-unit apartment complex located at 601 south 17th street, harlingen, Texas 78415 for the benefit of very low-income families and individuals. The organization maintains a u. S. Department of housing and urban development (hud) property based section 8 housing assistance payment (hap) rental assistance contract for all 50 units. The hap rent assisted units are made available to families and individuals with incomes of less than 30% of area median income.

What it reported doing in 2024

The organization sustained the hud property based section 8 hap contract and continued to make all 50 units available for low-income families and individuals. The organization maintained property operations in compliance with the regulations of hud.the following tax exemptions continued to be received: internal revenue service 501(c)(3) income tax exemption, cameron county, Texas, appraisal district 100% property tax exemption, state of Texas franchise tax exemption, state of Texas sales tax exemption.the organization continued to operate an on-site hud certified neighborhood networks center at which the organization provided programs, activities, and services for the youth and adult residents and surrounding community. Programs, activities, and services included: case management (informal) and referral services after-school youth programon-line computer access and trainingadult learning opportunitiesarts & crafts financial/budgeting classes and nutrition classesnational night out and holiday celebrationsnational affordable housing management association (nahma) drug free poster art contest

Operating model

Revenue model
Earned-program. 99% 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

SUPPORTED - A large share of available resources goes toward mission work and most voting board members are independent. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and assets have declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 74
  • Transparency & Controls: 56
  • Accountability: 95
  • Sustainability: 64
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 77.6%; rating input score 78
  • Program expense ratio: 91.9%; rating input score 92
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 93.3%; rating input score 93; 22nd 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: Limited

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: Fail
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 15.3%; rating input score 70; 70th percentile among comparable filings
  • Total-asset coverage ratio: 3.34; rating input score 77; 77th percentile among comparable filings
  • Liabilities to assets ratio: 0.24; rating input score 28; 28th percentile among comparable filings
  • Officer compensation ratio: 6.9%; rating input score 47; 47th percentile among comparable filings

Growth

  • Program expense growth: 1.9% per year; rating input score 100; 26th percentile among comparable filings
  • Revenue growth: 2.3% per year; rating input score 100; 26th percentile among comparable filings
  • Asset growth: -0.5% per year; rating input score 0; 16th percentile among comparable filings

Details

  • Where the money goes: 77.6% of revenue deployed · 91.9% of spending went to programs
  • Governance: 3 of 3 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $478K in reported program spending
  • Leadership: top reported pay $352K · 5 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 28 of 28 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 15 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 68 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.
  • High — Growth: Asset growth scored 0/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 28/100.
  • Moderate — Sustainability: Officer compensation ratio scored 47/100.