The Open Door Shelter Inc

What it reported doing in 2024

Economic opportunity hub: the economic opportunity hub (eoh) services greater norwalk residents that are at 40% or below area median income (ami) and are experiencing a housing cost burden, paying 30% or more of income towards housing cost, are experiencing homelessness, or are doubled up. The eoh has three components: 1. Access to income benefits (snap, medical insurance, energy assistance, etc.), 2. Employment placement and coaching and access to workforce development certification programs, and 3. Long-term financial coaching. The funding received supports the role of employment specialist, tasked with assisting program enrollees with sustainable employment through soft skills training, job placement, and retention into livable wage jobs.this project supports low-income earners in the city of norwalk. Many norwalk residents suffered the loss of employment and/or a reduction in household income during the pandemic. As a result, inflation and increased living costs destabilized norwalk households. Impacted families moved to more affordable living areas. The eoh assists these residents with first income benefits to stabilize the household, employment services to increase income and long-term financial coaching to create household budgets, increase savings, decrease debt, and increase credit scores.open doors creates successful partnerships with best-in-class, third party providers to deliver client services beyond the scope of our expertise and resources. These partnerships enhance our bco programs by ensuring clients receive comprehensive services that help improve their financial stability and career development. The following partnerships are examples in ways that open doors enriches both financial literacies, as well as career and employment advancement: financial literacy: in partnership with banks, open doors offers clients financial literacy virtual workshops on topics such as: understanding your paycheck, opening a checking or savings account, budgeting, banking and investing, and credit and debt. In partnership with catholic charities of fairfield county, open doors provides clients with immigration information sessions, refers clients who are working one-on-one with our financial literacy coach to cc's family loan program to access loans of up to $10,000 at only a 5.5% interest rate. Employment and educational partnerships: open doors partners with career resources and waveny life network to operate a certified nurse's assistant (can) certification program with immediate employment at waveny life network. Open doors continues to plan and host pop up workforce and career development events. This educates clients and community members about workforce development resources, training, and employment opportunities. Event partners include career resources, inc., career connect, and norwalk community college. In partnership with stamford adult and continuing education, open doors offers two esl classes a day, four days a week in our smilow life center and a ged prep course two times a week. Open doors partners with career resources to offer free computer learning courses virtually. Open doors helps ensure clients have access to reliable transportation in partnership with the norwalk transit district and tapping their existing programs and services.stats: in fy24 (7/1/24-6/30/24), 404 clients residing in the greater norwalk area utilized eoh services. 282 clients were placed in jobs, 174 retained employments beyond 180 days, and 315 increased their monthly income.

Financial Efficiency

• Mission deployment rate: 71.2%; rating input score 71
• Program expense ratio: 85%; rating input score 85
• Fundraising efficiency: $12.09 raised per $1 spent on fundraising; rating input score 44; 44th percentile among comparable filings

Transparency & Controls

• Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
• Pay-setting controls: 4 of 6 controls in place; rating input score 67
  • Compensation committee: Pass
  • Independent consultant: Missing
  • Other Form 990s reviewed: Pass
  • 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: Limited

Accountability

• Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
• Governance controls: 8 of 8 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: 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: 18.8%; rating input score 75; 75th percentile among comparable filings
• Total-asset coverage ratio: 2.98; rating input score 73; 73rd percentile among comparable filings
• Liabilities to assets ratio: 0.09; rating input score 61; 61st percentile among comparable filings
• Officer compensation ratio: 9.4%; rating input score 32; 32nd percentile among comparable filings

Growth

• Program expense growth: 8.2% per year; rating input score 100; 57th percentile among comparable filings
• Revenue growth: 6.1% per year; rating input score 100; 49th percentile among comparable filings
• Asset growth: 11.2% per year; rating input score 100; 63rd percentile among comparable filings