The Partnership Inc

Nonprofit profile at a glance

EIN
650522900
IRS 990 coverage
2009–2024
Forms available
Form 990 2024
Location
Riviera Beach, FL, USA
Phone
5616556775
Rating
82
Verdict
STRONG
Rating confidence
Moderate
Sector
Housing Development, Construction, Management

Reported finances

Revenue
$12,517,138
Expenses
$36,887,222
Assets
$24,613,395
Liabilities
$902,135

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

Leadership & pay

7 people listed

Executive titles in this filing

  • JOHN CORBETT (EXECUTIVE DIRECTOR/CEO)
  • JAMIE WILLIAMSON (VICE PRESIDENT)
  • EROL UGLJANIN (VICE PRESIDENT)

Highest reported compensation

  • JOHN CORBETT (EXECUTIVE DIRECTOR/CEO): $717,364 total reported compensation
  • HUGH JACOBS (EVP/COO): $384,614 total reported compensation
  • EROL UGLJANIN (VICE PRESIDENT): $280,756 total reported compensation

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

Overview

Mission

Management & development of low-income housing -- office space for non-profit organizations -- social services in managed housing.

What it reported doing in 2024

Multiple apartment complexes providing housing for low-income individuals and families.

Operating model

Revenue model
Earned-program. 85% of the money available for current operations came from fees and other program revenue.
Distribution model
Grant intermediary. The nonprofit sent 78% of its reported program spending out as grants.

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: 88
  • Transparency & Controls: 87
  • Accountability: 72
  • Sustainability: 23
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 96.5%; rating input score 97
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 62nd percentile among comparable filings
  • Pay-setting controls: 4 of 6 controls in place; rating input score 67
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Pass
    • Written employment contract: Pass
    • Compensation survey or study: Pass
    • Board or committee approval: Pass
  • Foreign activity oversight: Limited
  • Grant itemization coverage: 100%; rating input score 100; 41st percentile among comparable filings
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 66.7%; rating input score 67; 11th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • 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: Fail
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -194.7%; rating input score 0; 0th percentile among comparable filings
  • Total-asset coverage ratio: 0.67; rating input score 23; 23rd percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 86; 86th percentile among comparable filings
  • Officer compensation ratio: 4.5%; rating input score 55; 55th percentile among comparable filings

Growth

  • Program expense growth: 19.7% per year; rating input score 100; 89th percentile among comparable filings
  • Revenue growth: 12.5% per year; rating input score 100; 81st percentile among comparable filings
  • Asset growth: 12.7% per year; rating input score 100; 75th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 96.5% of spending went to programs
  • Governance: 2 of 3 board members independent · 7 of 9 filing controls reported
  • Programs: 4 filed program accomplishments · $35.6M in reported program spending
  • Leadership: top reported pay $717K · 7 people listed · 4 of 6 pay-setting controls reported
  • Consistency: 31 of 31 current checks pass
  • Schedules: 7 filed schedules · includes major donors, grants, and executive pay
  • Filing history: 14 filing years from 2009 to 2024
  • Contacts: How to reach this organization
  • Money network: 6 filed money-flow records
  • Related organizations: 31 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.

  • High — Sustainability: Operating margin scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Sustainability: Total-asset coverage ratio scored 23/100.
  • Review — Sustainability: Officer compensation ratio scored 55/100.