West 108Th Street Housing Development Fund Company Inc

Nonprofit profile at a glance

EIN
815181888
IRS 990 coverage
2023–2024
Forms available
Form 990 2024, Form 990-N 2022
Location
New York, NY, USA
Phone
2127216032
Rating
68
Verdict
SUPPORTED
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Official website

Reported finances

Revenue
$250,210
Expenses
$299,666
Assets
$6,317,786
Liabilities
$6,439,835

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

Leadership & pay

5 people listed

Executive titles in this filing

  • PAUL R FREITAG (VICE PRESIDENT)
  • SHELDON J FINE (PRESIDENT)

Highest reported compensation

  • PAUL R FREITAG (VICE PRESIDENT): $300,806 total reported compensation
  • CLAIRE HILGER (COO/ASSIST SECRETARY): $217,076 total reported compensation
  • DANIEL J DROSIN (ASST. VP/FACILITIES MANGR (OUTGOING)): $177,696 total reported compensation

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

Overview

Mission

West 108th street hdfc was formed to participate in the ownership of a new construction project known as "wsfssh at west 108", comprised of both permanent residential housing (199 residential units) and a transitional shelter (110 beds), which started construction on january 2019 and was completed in december 2021.

What it reported doing in 2024

West 108th housing development fund company, inc. ("w108 hdfc") is a not-for-profit housing development corporation, exempt under section 501(c)(4), formed in the state of New York on january 19, 2017, whose board of directors is appointed by the board of directors of wsfssh. W108 hdfc was formed to participate in the ownership of a new construction project known as "wsfssh at west 108", comprised of both permanent residential housing (199 residential units) and a transitional shelter (110 beds), which started construction on january 2019 and was completed in december 2021. The project is a single building with two condominium units. W108 hdfc serves as the fee owner of the permanent housing condominium unit ("permanent condo"). W108 hdfc is also the master lease holder for the community facility space at wsfssh at west 108. The valley lodge shelter housing development fund company, inc. ("vl hdfc") serves as the fee owner of the transitional housing condominium unit ("transitional condo").

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

SUPPORTED - A large share of available resources goes toward mission work and the filed numbers largely add up. Few specific pay-setting methods are documented in the filing; unanswered boxes are not proof of absence and a relatively small share of voting board members are independent.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 60
  • Accountability: 52
  • Sustainability: 36
  • Growth: 40

Detailed rating inputs

Financial Efficiency

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

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
  • Pay-setting controls: 0 of 6 controls in place; rating input score 0
    • Compensation committee: Missing
    • Independent consultant: Missing
    • Other Form 990s reviewed: Missing
    • Written employment contract: Missing
    • Compensation survey or study: Missing
    • Board or committee approval: Missing
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 33.3%; rating input score 33; 15th percentile among comparable filings
  • Governance controls: 7 of 9 controls in place; rating input score 78
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: Fail
    • Other executive compensation review process: Fail
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -19.8%; rating input score 14; 14th percentile among comparable filings
  • Total-asset coverage ratio: 21.08; rating input score 95; 95th percentile among comparable filings
  • Liabilities to assets ratio: 1.02; rating input score 5; 5th percentile among comparable filings
  • Officer compensation ratio: 38.1%; rating input score 7; 7th percentile among comparable filings

Growth

  • Program expense growth: -0.1% per year; rating input score 0; 30th percentile among comparable filings
  • Revenue growth: 2.1% per year; rating input score 100; 36th percentile among comparable filings
  • Asset growth: -1.7% per year; rating input score 0; 19th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 1 of 3 board members independent · 7 of 9 filing controls reported
  • Programs: 1 filed program accomplishment · $300K in reported program spending
  • Leadership: top reported pay $301K · 5 people listed · 0 of 6 pay-setting controls reported
  • Consistency: 16 of 16 current checks pass
  • Schedules: 4 filed schedules · includes executive pay
  • Filing history: 2 filing years from 2023 to 2024
  • Contacts: How to reach this organization
  • Related organizations: 36 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 — Transparency & Controls: Pay-setting controls scored 0/100.
  • Moderate — Accountability: Independent voting board scored 33/100.
  • High — Sustainability: Operating margin scored 14/100.
  • High — Growth: Program expense growth scored 0/100.
  • Review — Accountability: Governance controls: 2 of 9 not reported.
  • High — Growth: Asset growth scored 0/100.
  • High — Sustainability: Liabilities to assets ratio scored 5/100.
  • High — Sustainability: Officer compensation ratio scored 7/100.