Walnut Housing Development Corporation
Nonprofit profile at a glance
- EIN
- 223864570
- IRS 990 coverage
- 2011–2024
- Forms available
- Form 990 2024
- Location
- Philadelphia, PA, USA
- Phone
- 2155578484
- Rating
- 85
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Low-Income & Subsidized Rental Housing
Reported finances
- Revenue
- $133,024
- Expenses
- $169,870
- Assets
- $801,101
- Liabilities
- $449,049
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
7 people listed
Executive titles in this filing
- THOMAS QUEENAN (PRESIDENT & CEO)
- CHIP DARLING (VICE PRESIDENT & COO)
- MARK DEITCHER (VICE PRESIDENT & CFO)
Highest reported compensation
- THOMAS QUEENAN (PRESIDENT & CEO): $328,568 total reported compensation
- MARK DEITCHER (VICE PRESIDENT & CFO): $253,348 total reported compensation
- ROBERT KWAIT (ASSISTANT SECRETARY, VP): $251,798 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
Organized to acquire, rehabilitate, construct, own and operate affordable housing project in philadelphia for the purposes of providing low income, safe, affordable and permanent housing for the disabled as may be identified by federal, state or county officials.
What it reported doing in 2024
Established to provide disabled persons with housing facilities and services designed to meet their physical, social and psychological needs. During the year ended 06/30/2025, the organization provided 12 housing units for elderly and handicapped persons.
Operating model
- Revenue model
- Earned-program. 100% 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 reported officer compensation is a large share of total spending, which may reflect staffing concentration.
Rating breakdown
- Financial Efficiency: 87
- Transparency & Controls: 90
- Accountability: 85
- Sustainability: 29
- Growth: 100
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 93.3%; rating input score 93
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th 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: 75%; rating input score 75; 20th percentile among comparable filings
- Governance controls: 9 of 9 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: 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: -27.7%; rating input score 10; 10th percentile among comparable filings
- Total-asset coverage ratio: 4.72; rating input score 78; 78th percentile among comparable filings
- Liabilities to assets ratio: 0.56; rating input score 10; 10th percentile among comparable filings
- Officer compensation ratio: 62.7%; rating input score 2; 2nd percentile among comparable filings
Growth
- Program expense growth: 4.7% per year; rating input score 100; 52nd percentile among comparable filings
- Revenue growth: 5.4% per year; rating input score 100; 55th percentile among comparable filings
- Asset growth: 0.6% per year; rating input score 100; 27th percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 93.3% of spending went to programs
- Governance: 3 of 4 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $159K in reported program spending
- Leadership: top reported pay $329K · 7 people listed
- Consistency: 22 of 22 current checks pass
- Schedules: 5 filed schedules
- Filing history: 14 filing years from 2011 to 2024
- Contacts: How to reach this organization
- Related organizations: 83 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.
Grant-readiness screening is separate from the live rating, not a measure of program quality. Review the source records before making a grant decision.
- High — Sustainability: Operating margin scored 10/100.
- High — Sustainability: Officer compensation ratio scored 2/100.
- High — Sustainability: Liabilities to assets ratio scored 10/100.
- High — Grant Readiness: Federal audit findings: this organization reported findings in its latest federal Single Audit.