Tg 306 Inc

Nonprofit profile at a glance

EIN
721530634
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
San Antonio, TX, USA
Phone
2108214300
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$638,610
Expenses
$648,395
Assets
$3,296,426
Liabilities
$3,341,435

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

Leadership & pay

6 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 july 23, 2002. The mission of the organization is to preserve affordable housing for families, to promote a strong community, and to assist residents to achieve economic independence.the primary activity of the organization is the ownership and operation of the poesta creek apartments, a 5o-unit apartment complex located at 1301 south tyler street, beeville, Texas 78102 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

During the reporting period, 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 and the Texas department of housing and community affairs (tdhca) from which the organization received funding for property rehabilitation.the following tax exemptions continued to be received: internal revenue service 50l(c)(3) income tax exemption.bee 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 computer learning center administered by the property manager that was available to residents on a daily basis. The organization continued to provide resident activities including: national affordable housing management association (nahma) drug free poster art contestnational night out and holiday celebrations.after school program 1-2 days per week operated by resident volunteers.rehabilitation project: the organization completed a project in fiscal year 2020 to rehabilitate the 50 units of the apartment complex and certain of its land improvements. In fiscal year 2020, the organization placed into service $2,701,882 of fixed assets from the project. Rehabilitation costs were funded from owner non-operating cash, loans, related party advances, grants, insurance, and contributions of professional services.the organization provided non-operating funds of $167,000 as part of its commitment. The Texas department of housing and community affairs (tdhca) awarded the organization a $2,000,000 home program multifamily direct loan. Housing and community services, inc. Provided a loan of $371,012 as well as advancing additional funds of $628,618 as direct payments to vendors on behalf of the organization. The tdhca awarded a $50,000 operating expenses grant for community housing development organization (chdo) home contract. The city of beeville, Texas through the beeville economic improvement board awarded a $50,000 grant to supplement rehabilitation costs and to meet local participation requirements. Tg 110, inc., an income tax exempt 501(c)(3) entity, provided a $150,000 grant to fund replacement of the roofs. Insurance claim proceeds of $19,072 resulting from hurricane damage was also received. Professional services providers contributed performed services of $122,630.

Operating model

Revenue model
Earned-program. 98% 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: 84
  • Transparency & Controls: 66
  • Accountability: 95
  • Sustainability: 46
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 94.5%; rating input score 94
  • Program expense ratio: 93.7%; rating input score 94
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: 1 of 6 controls in place; rating input score 17
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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: -1.5%; rating input score 31; 31st percentile among comparable filings
  • Total-asset coverage ratio: 5.08; rating input score 85; 85th percentile among comparable filings
  • Liabilities to assets ratio: 1.01; rating input score 5; 5th percentile among comparable filings
  • Officer compensation ratio: 6.7%; rating input score 48; 48th percentile among comparable filings

Growth

  • Program expense growth: 4.8% per year; rating input score 100; 41st percentile among comparable filings
  • Revenue growth: 2% per year; rating input score 100; 25th percentile among comparable filings
  • Asset growth: 8.3% per year; rating input score 100; 53rd percentile among comparable filings

Details

  • Where the money goes: 94.5% of revenue deployed · 93.7% of spending went to programs
  • Governance: 4 of 4 board members independent · 8 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $607K in reported program spending
  • Leadership: top reported pay $352K · 6 people listed · 1 of 6 pay-setting controls reported
  • Consistency: 30 of 30 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
  • Money network: 1 filed money-flow record
  • 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.

  • Moderate — Sustainability: Operating margin scored 31/100.
  • Review — Accountability: Governance controls: Form 990 shared with the board not reported.
  • High — Sustainability: Liabilities to assets ratio scored 5/100.
  • Moderate — Sustainability: Officer compensation ratio scored 48/100.