The Housing Foundation Inc

Nonprofit profile at a glance

EIN
030305214
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Montpelier, VT, USA
Phone
8028283006
Rating
87
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$8,715,872
Expenses
$8,282,006
Assets
$36,533,375
Liabilities
$13,934,625

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

Leadership & pay

7 people listed

Executive titles in this filing

  • CORY B RICHARDSON (PRESIDENT)

People named in this filing

  • ALISON J BELL (BOARD MEMBER)
  • KATHLEEN BERK (SECRETARY)
  • ALEX FARRELL (VICE PRESIDE)

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 housing foundation, inc. Provides safe, decent housing affordable to people with low income throughout Vermont through our 234 units in 11 properties and promoting affordable home ownership through our 1,006 lots in 18 parks. We are continually looking to expand access to affordable housing by preserving existing units through acquisition and developing new properties to grow the available housing stock.

What it reported doing in 2024

Rental of low income housing. At the close of the year, the corporation owned and/or operated 1,240 units of housing.

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. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 92
  • Accountability: 88
  • Sustainability: 62
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 93.1%; rating input score 93
  • Program expense ratio: 98.4%; rating input score 98
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd 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: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Fail
    • 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: 5%; rating input score 51; 51st percentile among comparable filings
  • Total-asset coverage ratio: 4.41; rating input score 81; 81st percentile among comparable filings
  • Liabilities to assets ratio: 0.38; rating input score 28; 28th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings

Growth

  • Program expense growth: 1.4% per year; rating input score 100; 19th percentile among comparable filings
  • Revenue growth: 2.5% per year; rating input score 100; 24th percentile among comparable filings
  • Asset growth: 0.4% per year; rating input score 100; 14th percentile among comparable filings

Details

  • Where the money goes: 93.1% of revenue deployed · 98.4% of spending went to programs
  • Governance: 7 of 7 board members independent · 5 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $8.2M in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Highest-paid contractors: 5 contractors listed · $1.9M reported
  • Consistency: 24 of 24 current checks pass
  • Schedules: 7 filed schedules · includes major donors
  • Filing history: 13 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • 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 — Accountability: Governance controls: 2 of 7 not reported.
  • Review — Sustainability: Operating margin scored 51/100.
  • High — Sustainability: Liabilities to assets ratio scored 28/100.