Valley Affordable Housing Corp.
Legal name: Valley Affordable Housing Corp
Nonprofit profile at a glance
- EIN
- 050489479
- IRS 990 coverage
- 2011–2024
- Official website data refreshed
- Sep 2026
- Forms available
- Form 990 2024
- Location
- Cumberland, RI, United States
- Phone
- (401) 334-2802
- Rating
- 76
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Housing Development, Construction, Management
Reported finances
- Revenue
- $4,816,195
- Expenses
- $3,041,932
- Assets
- $9,628,359
- Liabilities
- $3,523,281
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
8 people listed
Executive titles in this filing
- PAUL GAGNE (PRESIDENT)
- LISA AUDUETTE (VICE PRESIDENT)
- EDWARD MULHOLLAND (PRESIDENT/TREASURER)
People named in this filing
- PAUL GAGNE (PRESIDENT)
- LISA AUDUETTE (VICE PRESIDENT)
- EDWARD MULHOLLAND (PRESIDENT/TREASURER)
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
Provide safe, sanitary, and suitable affordable housing for income-qualifying individuals; acquire, develop, and manage affordable housing in Rhode Island and elsewhere. Valley Affordable Housing Corp. (VAHC) is a private non-profit 501(c) (3) organization created over twenty years ago to develop, own and manage safe, sanitary and suitable affordable housing properties for income qualifying individuals. The activities of VAHC are overseen by a nine-member volunteer Board of Directors. Four of the current Board members were instrumental in the organization’s initial incorporation, and have served continuously on the Board since its inception. VAHC is an independent and self-sufficient organization that continues to completely support and finance its operations with development fees and management fees it earns through its activities. VAHC has received recogni.
What it reported doing in 2024
Provides services in order to improve the housing stock, assist individuals to become homeowners, and provide decent housing that is affordable to low and moderate income people with the state of Rhode Island.
Operating model
- Revenue model
- Earned-program. 60% 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
SUPPORTED - The filed numbers largely add up and a large share of total spending goes to programs. A relatively small share of available resources goes toward mission work and some filing-based governance responses are negative or unanswered.
Rating breakdown
- Financial Efficiency: 60
- Transparency & Controls: 90
- Accountability: 82
- Sustainability: 78
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 54.9%; rating input score 55
- Program expense ratio: 88.6%; rating input score 89
- 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; 63rd percentile among comparable filings
- Governance controls: 4 of 7 controls in place; rating input score 57
- 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: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 36.8%; rating input score 88; 88th percentile among comparable filings
- Total-asset coverage ratio: 3.17; rating input score 75; 75th percentile among comparable filings
- Liabilities to assets ratio: 0.37; rating input score 29; 29th percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 91; 91st percentile among comparable filings
Growth
- Program expense growth: 4.5% per year; rating input score 100; 36th percentile among comparable filings
- Revenue growth: 7% per year; rating input score 100; 54th percentile among comparable filings
- Asset growth: 4.8% per year; rating input score 100; 33rd percentile among comparable filings
Details
- What they do: Mission, programs, and operating context captured from the official website.
- Where the money goes: 54.9% of revenue deployed · 88.6% of spending went to programs
- Governance: 9 of 9 board members independent · 4 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $2.7M in reported program spending
- Leadership: top reported pay $0 · 8 people listed
- Consistency: 28 of 28 current checks pass
- Schedules: 4 filed schedules
- Filing history: 13 filing years from 2011 to 2024
- Contacts: How to reach this organization
- Money network: Resolved incoming and outgoing counterparties from filed money flows.
- Related organizations: 4 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 — Financial Efficiency: Mission deployment rate scored 55/100.
- Review — Accountability: Governance controls: 3 of 7 not reported.
- High — Sustainability: Liabilities to assets ratio scored 29/100.