The Housing Assistance Corporation

Nonprofit profile at a glance

EIN
581831757
IRS 990 coverage
2011–2024
Forms available
Form 990 2024
Location
Hendersonville, NC, USA
Phone
8286924744
Rating
86
Verdict
STRONG
Rating confidence
Standard
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$4,371,200
Expenses
$3,066,256
Assets
$10,776,169
Liabilities
$4,113,022

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

Leadership & pay

17 people listed

Executive titles in this filing

  • STEPHEN WILKIE (PRESIDENT)
  • TYLER HENRY (VICE PRESIDENT)
  • MARGARET FENTON LEBECK (EXECUTIVE DIRECTOR)
  • SUSAN FRADY 11-630 (INTERIM EXECUTIVE DIRECTOR)

Highest reported compensation

  • KAREN MILFORD (FINANCE DIRECTOR): $89,734 total reported compensation
  • SUSAN FRADY 11-630 (INTERIM EXECUTIVE DIRECTOR): $81,044 total reported compensation
  • MARGARET FENTON LEBECK (EXECUTIVE DIRECTOR): $61,419 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 housing assistance corporation is a public, non-profit organization committed to providing safe and affordable housing for persons of limited income living in henderson county and surrounding areas, because we believe every human being deserves the opportunity to live in a decent home.

What it reported doing in 2024

Single-family development: in 2024, hac completed 2 single family homes in henderson county and 4 single family homes in polk county and began construction on 6 others which will be completed in 2025. Over its history hac has built 213 single family homes in henderson county and polk county and is working to expand to transylvania county when land becomes available. Our housing counselors worked with 857 households in the recruitment process at year end.

Operating model

Revenue model
Mixed. Its operating money came from several sources; no one source provided a clear majority.
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. Some filed totals do not add up and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 72
  • Transparency & Controls: 95
  • Accountability: 100
  • Sustainability: 70
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 63.7%; rating input score 64
  • Program expense ratio: 87.6%; rating input score 88
  • Fundraising efficiency: $22.73 raised per $1 spent on fundraising; rating input score 63; 63rd percentile among comparable filings

Transparency & Controls

  • Consistency checks: 93.8%; rating input score 94; 20th 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: 9 of 9 controls in place; rating input score 100
    • 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: 29.9%; rating input score 84; 84th percentile among comparable filings
  • Total-asset coverage ratio: 3.51; rating input score 77; 77th percentile among comparable filings
  • Liabilities to assets ratio: 0.38; rating input score 28; 28th percentile among comparable filings
  • Officer compensation ratio: 7.6%; rating input score 39; 39th percentile among comparable filings

Growth

  • Program expense growth: 6.4% per year; rating input score 100; 47th percentile among comparable filings
  • Revenue growth: 5.4% per year; rating input score 100; 44th percentile among comparable filings
  • Asset growth: 2.5% per year; rating input score 100; 22nd percentile among comparable filings

Details

  • Where the money goes: 63.7% of revenue deployed · 87.6% of spending went to programs
  • Governance: 14 of 14 board members independent · 9 of 9 filing controls reported
  • Programs: 3 filed program accomplishments · $2.7M in reported program spending
  • Leadership: top reported pay $90K · 17 people listed
  • Highest-paid contractors: 1 contractor listed · $197K reported
  • Consistency: 28 of 29 current checks pass · 1 finding to review
  • Schedules: 6 filed schedules · includes major donors
  • Filing history: 14 filing years from 2011 to 2024
  • Contacts: How to reach this organization
  • Money network: 3 filed money-flow records
  • Related organizations: 15 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.

  • Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
  • High — Sustainability: Liabilities to assets ratio scored 28/100.
  • Moderate — Sustainability: Officer compensation ratio scored 39/100.