Toledo Housing Corporation

Nonprofit profile at a glance

EIN
451480958
IRS 990 coverage
2014–2025
Forms available
Form 990 2025, Form 990-N 2013
Location
Toledo, OH, USA
Phone
4192463777
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$56,974
Expenses
$600,439
Assets
$13,667,390
Liabilities
$5,354,082

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

3 people listed

Executive titles in this filing

  • DOUGLAS WILKINS (PRESIDENT)
  • MICHAEL O'NEILL (VICE PRESIDENT)

People named in this filing

  • DOUGLAS WILKINS (PRESIDENT)
  • MICHAEL O'NEILL (VICE PRESIDENT)
  • STACEY FINEBERG (SECRETARY)

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 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Toledo housing corporation was formed to provide affordable housing to elderly and low to moderate-income families in the toledo, oh area.

What it reported doing in 2025

In march 2025 thc-vii gp llc (sole member is toledo housing corporation (thc) became the general partner in vistula heritage village ii. Vistula heritage village ii is a 165-unit project based section 8 apartment complex in toledo oh. At the same time thc-sth gp llc (sole member is thc) became the general partner in south toledo associates, ltd. South toledo associates is a 18-unit project based apartment complex. By partnering with other like-minded community organizations thc hopes to continue to grow affordable housing, under committed local control in and around the toledo area.

Operating model

Revenue model
Earned-program. 99% 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 program spending has declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 87
  • Transparency & Controls: 100
  • Accountability: 88
  • Sustainability: 34
  • Growth: 20

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 94.7%; rating input score 95
  • 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: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 64th percentile among comparable filings
  • Governance controls: 5 of 7 controls in place; rating input score 71
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • 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: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -953.9%; rating input score 4; 4th percentile among comparable filings
  • Total-asset coverage ratio: 22.76; rating input score 83; 83rd percentile among comparable filings
  • Liabilities to assets ratio: 0.39; rating input score 9; 9th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 58; 58th percentile among comparable filings

Growth

  • Program expense growth: -26.1% per year; rating input score 0; 13th percentile among comparable filings
  • Revenue growth: -25.9% per year; rating input score 0; 15th percentile among comparable filings
  • Asset growth: 23.6% per year; rating input score 100; 91st percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 94.7% of spending went to programs
  • Governance: 3 of 3 board members independent · 5 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $569K in reported program spending
  • Leadership: top reported pay $0 · 3 people listed
  • Consistency: 23 of 23 current checks pass
  • Schedules: 4 filed schedules
  • Filing history: 12 filing years from 2014 to 2025
  • Contacts: How to reach this organization
  • Related organizations: 5 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 4/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Accountability: Governance controls: Independent financial-statement audit not reported.
  • High — Sustainability: Liabilities to assets ratio scored 9/100.
  • Review — Sustainability: Officer compensation ratio scored 58/100.