Wheat Street Charitable Foundation Inc

Nonprofit profile at a glance

EIN
582076764
IRS 990 coverage
2011–2016
Forms available
Form 990 2016
Location
Atlanta, GA, USA
Phone
4045251217
Rating
85
Verdict
STRONG
Rating confidence
Moderate
Sector
Low-Income & Subsidized Rental Housing

Reported finances

Revenue
$1,272,481
Expenses
$1,453,936
Assets
$4,198,045
Liabilities
$417,512

Source: IRS Form 990. Selected filing: tax year 2016. Amounts in USD.

Leadership & pay

13 people listed

Executive titles in this filing

  • ERIC BORDERS (PRESIDENT)
  • JIMMY HODGES (VICE PRESIDENT)

People named in this filing

  • ERIC BORDERS (PRESIDENT)
  • JIMMY HODGES (VICE PRESIDENT)
  • HENRIETTA STERMAN (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 2016. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

Operation of rental properties

What it reported doing in 2016

The foundation operates a 210 unit housing complex and a 280 unit complex for elderly residents. The foundation also operates two commercial properties assisting in the economic development of the low income 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. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.

Rating breakdown

  • Financial Efficiency: 89
  • Transparency & Controls: 100
  • Accountability: 82
  • Sustainability: 43
  • Growth: 20

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; 62nd 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: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: -14.3%; rating input score 11; 11th percentile among comparable filings
  • Total-asset coverage ratio: 2.89; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 0.1; rating input score 50; 50th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 84; 84th percentile among comparable filings

Growth

  • Program expense growth: -10.1% per year; rating input score 0; 10th percentile among comparable filings
  • Revenue growth: -12% per year; rating input score 0; 5th percentile among comparable filings
  • Asset growth: 1.1% per year; rating input score 100; 36th percentile among comparable filings

Details

  • Where the money goes: 100% of revenue deployed · 100% of spending went to programs
  • Governance: 15 of 15 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $1.5M in reported program spending
  • Leadership: top reported pay $0 · 13 people listed
  • Consistency: 20 of 20 current checks pass
  • Schedules: 3 filed schedules
  • Filing history: 5 filing years from 2011 to 2016
  • Contacts: How to reach this organization
  • 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.

  • Review — Accountability: Governance controls: 3 of 7 not reported.
  • High — Sustainability: Operating margin scored 11/100.
  • High — Growth: Program expense growth scored 0/100.
  • High — Growth: Revenue growth scored 0/100.
  • Review — Sustainability: Liabilities to assets ratio scored 50/100.
  • High — Grant Readiness: Automatic revocation: this organization had its federal tax-exempt status automatically revoked.