Vanmew Housing Development Fund Corporation

Nonprofit profile at a glance

EIN
800819115
IRS 990 coverage
2012–2024
Forms available
Form 990 2024
Location
Brooklyn, NY, USA
Phone
2126655500
Rating
80
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$334,251
Expenses
$428,922
Assets
$1,400,877
Liabilities
$2,529,932

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

Leadership & pay

11 people listed

Highest reported compensation

  • VAL HENRY (EXECUTIVE DI): $203,098 total reported compensation

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

Overview

Mission

Vanmew housing development fund corporation ("the corporation")has entered into regulatory and financing agreements with the New York state housing finance agency and the New York city department of housing preservation development (hpd)to acquire apartment building for purposes of operating and maintaining rental properties at approved rates for persons of low- income.

What it reported doing in 2024

The corporation provided housing to low-income tenants in its 30 residential and 1 commercial units housed in four multi-story buildings (the "project"). Since the project was developed through proceeds of long-term loans under the article viii of the private housing finance law of the state of New York and the city of New York housing preservation and development (hpd), the corporation continuously operate, maintain and manage the project in accordance with the requirements of hpd, specifically in terms of admitting eligible tenants only.

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 assets have declined or grown slowly.

Rating breakdown

  • Financial Efficiency: 84
  • Transparency & Controls: 71
  • Accountability: 100
  • Sustainability: 30
  • Growth: 80

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 100%; rating input score 100
  • Program expense ratio: 84.7%; rating input score 85
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th 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: Pass
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Pass
  • 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: 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: NotApplicable
    • 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: -28.3%; rating input score 10; 10th percentile among comparable filings
  • Total-asset coverage ratio: 3.27; rating input score 71; 71st percentile among comparable filings
  • Liabilities to assets ratio: 1.81; rating input score 2; 2nd percentile among comparable filings
  • Officer compensation ratio: 1.8%; rating input score 36; 36th percentile among comparable filings

Growth

  • Program expense growth: 2.7% per year; rating input score 100; 43rd percentile among comparable filings
  • Revenue growth: 2.8% per year; rating input score 100; 40th percentile among comparable filings
  • Asset growth: -1.8% per year; rating input score 0; 18th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 84.7% of spending went to programs
  • Governance: 10 of 10 board members independent · 8 of 8 filing controls reported
  • Programs: 1 filed program accomplishment · $363K in reported program spending
  • Leadership: top reported pay $203K · 11 people listed · 2 of 6 pay-setting controls reported
  • Consistency: 27 of 27 current checks pass
  • Schedules: 5 filed schedules · includes executive pay
  • Filing history: 13 filing years from 2012 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 9 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 10/100.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 2/100.
  • Moderate — Sustainability: Officer compensation ratio scored 36/100.