The Housing Partnership Inc

Nonprofit profile at a glance

EIN
611154315
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Louisville, KY, USA
Phone
5025855451
Rating
86
Verdict
STRONG
Rating confidence
Standard

Reported finances

Revenue
$13,650,250
Expenses
$13,435,344
Assets
$56,421,855
Liabilities
$43,657,844

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

Leadership & pay

27 people listed

Executive titles in this filing

  • ANDREW HAWES (PRESIDENT)
  • PATRICK CORNETT (EXECUTIVE VICE PRESIDENT)
  • LISA DESPAIN (VICE PRESIDENT (THROUGH MAY 31, 2024))
  • GABE FRITZ (VICE PRESIDENT (EFF OCT 2024))

Highest reported compensation

  • ANDREW HAWES (PRESIDENT): $208,424 total reported compensation
  • PATRICK CORNETT (EXECUTIVE VICE PRESIDENT): $169,518 total reported compensation
  • DONNA MCDONALD (DIRECTOR OF ACCOUNTING & F): $133,370 total reported compensation

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

Overview

Mission

We are a non-profit real estate development organization that creates affordable housing opportunities to encourage family stability and support and empower our community. Our vision is for everyone to have an exceptional housing experience.

What it reported doing in 2024

Housing resources: the organization's financial counseling and education program is hud certified. In addition to counseling and education, this program also oversees the sale of our single-family homes by providing affordable housing opportunities to our existing residents and in our community. 248 homeowners were created with the sale of our homes. Over 6,879 homebuyers and potential homebuyers have been assisted in preparing for, or sustaining, home ownership through financial counseling programs. Nearly 1,937 program graduates have purchased homes as a result of the work of the organization. In addition to home ownership education, the program has helped over 9,941 families avoid foreclosures since 2008. The organization's program has been recognized by Kentucky housing corporation for outstanding efforts in predatory lending education. The organization also responds to the most fragile households on the economic scale by providing basic budget and credit counseling.

Operating model

Revenue model
Earned-program. 95% 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 liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 80
  • Accountability: 97
  • Sustainability: 50
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 83.9%; rating input score 84
  • Program expense ratio: 91.5%; rating input score 91
  • Fundraising efficiency: $485.71 raised per $1 spent on fundraising; rating input score 94; 94th percentile among comparable filings

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 2 of 6 controls in place; rating input score 33
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Yes; rating input score 100

Accountability

  • Independent voting board: 95.2%; rating input score 95; 29th 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: 1.6%; rating input score 40; 40th percentile among comparable filings
  • Total-asset coverage ratio: 4.2; rating input score 82; 82nd percentile among comparable filings
  • Liabilities to assets ratio: 0.77; rating input score 15; 15th percentile among comparable filings
  • Officer compensation ratio: 6%; rating input score 43; 43rd percentile among comparable filings

Growth

  • Program expense growth: 3.1% per year; rating input score 100; 26th percentile among comparable filings
  • Revenue growth: 3.3% per year; rating input score 100; 28th percentile among comparable filings
  • Asset growth: 7.5% per year; rating input score 100; 52nd percentile among comparable filings

Details

  • Where the money goes: 83.9% of revenue deployed · 91.5% of spending went to programs
  • Governance: 20 of 21 board members independent · 9 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $12.3M in reported program spending
  • Leadership: top reported pay $208K · 27 people listed · 2 of 6 pay-setting controls reported
  • Highest-paid contractors: 5 contractors listed · $2.5M reported
  • Consistency: 27 of 27 current checks pass
  • Schedules: 6 filed schedules · includes major donors, executive pay, and related organizations
  • Filing history: 16 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 7 filed money-flow records
  • Related organizations: 32 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 40/100.
  • High — Sustainability: Liabilities to assets ratio scored 15/100.
  • Moderate — Sustainability: Officer compensation ratio scored 43/100.