501(c)(3) charity; gifts are tax-deductible.
94¢ of each $1 spent went to programs.
$4.2M paid to officers and key staff.
Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
1 of 4
filings with a surplus
Average deficit $2.5M a year · 4% of revenue · last 4 filings
Concern: a surplus in 1 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
94%
of spending
Looks good: 94% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$4.2M
to officers and key staff · 7% of spending
Looks good: pay to officers and key staff is 7% of spending; 15% or less.
Pt VII · Sec A
2 mo
of spending, in cash
Plus $98.2M in investments, Pt X · Ln 11–13
Fine: 2.2 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $13.6M
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$164.9M
72% of total assets
Worth a look: liabilities are 72% of assets; over 65%.
Pt X · Ln 26
Independent board members
5
of 7 voting members
Looks good: 5 of 7 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$45.1M
+3% vs prior year
Spent
$61.0M
To programs
94%
Net assets
$64.5M
By yearFY2021–FY2024
Revenue
$45.1M
FY2022▲ +3%
Tap a bar for its year
Revenue by fiscal year
FY2021$44.0M
FY2022$45.1M
FY2023$64.1M
FY2024$114.6M
Expenses
$61.0M
FY2022▲ +22%
Tap a bar for its year
Expenses by fiscal year
FY2021$49.8M
FY2022$61.0M
FY2023$78.6M
FY2024$88.3M
Net assets
$64.5M
FY2022▼ -3%
Tap a bar for its year
Net assets by fiscal year
FY2021$66.6M
FY2022$64.5M
FY2023$56.4M
FY2024$101.7M

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 1995.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

94 cents of each dollar spent went to programs.

Program services 94% · $57.5M Management & general 5% · $3.1M Fundraising 1% · $353K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

22 people listed on the 990; $4.2M paid to officers and key staff.

Part VII, Section A · reportable compensation
SVP and Chief Financial Officer
$646,044Pt VII · Sec A
$634,188Pt VII · Sec A
EVP and Chief Business Officer
$551,286Pt VII · Sec A
President, Enterprise Residential
$381,339Pt VII · Sec A
VP, Asset Management as of 12/22
$329,462Pt VII · Sec A
VP, Dev. Sourcing & Structuring
$320,180Pt VII · Sec A
SVP, Real Estate Development
$297,497Pt VII · Sec A
VP, Design and Construction
$280,007Pt VII · Sec A

Christine Madigan’s $632K as EVP & Cbo; Interim Pres Until 04/24 is at the 85th percentile of top reported officer pay among 33 $100M+ housing nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021
Brian McLaughlin—$856,601$634,188—
Kelly Shiflett$534,980$578,180$646,044—
Christine Madigan$632,207$613,658$551,286$583,387
Brian P McLaughlin———$611,828
Robert Fossi$451,207$379,650$297,497$116,568
Gayle Filo$404,604$377,337$381,339$352,396
Todd Del Tufo$375,842$358,939$329,462$305,877
Edwin Howe$352,640$339,111$320,180—

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aYes

Programs and updates

Connects residents of rental properties with services like food assistance, financial counseling, and youth programs to foster community.

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Provided by the organization

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3 programs · $57.5M · in their own filed words · FY2022
01

Management of affordable rental properties available to low and moderate income individuals and families in the mid-atlantic region.

$42.3Mprogram expense
02

Development of properties for either rental or sale to low and moderate income individuals and families in the mid-atlantic region.

$10.1Mprogram expense
03

We provide resident services programs to residents of our rental properties designed to connect them with opportunities and make our properties places of pride and belonging. Programming is tailored to the needs of residents at each property and includes food assistance, health and wellness programs, financial counseling, youth…

$5.1Mprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2025
Total grants receivedfrom 1 funder$13.6M

By the numbers

The FY2022 990, line by line.

1The main four
Money inPt VIII
$45.1M
Ln 12
Fees for servicesLn 2g$36.9M
Gifts and grantsLn 1h$5.0M
Other incomeLn 4–11$2.9M
Money outPt IX
$61.0M
Ln 25
Programscol B$57.5M
Managementcol C$3.1M
Fundraisingcol D$353K
Owns and owesPt X
$64.5M
net assets · Ln 32
Cash and savingsLn 1–2$11.1M
Total assetsLn 16$229.4M
LiabilitiesLn 26$164.9M
PeoplePt VI, VII
22
listed · VII A
PaidVII A11
Voting boardVI 1a7
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$5.0M
Government grantsLn 1e$2.6M
Noncash giftsLn 1g$240K
Fees for servicesLn 2g$36.9M
Investment incomeLn 3$279K
Other incomeLn 4–11$2.9M
Total revenueLn 12$45.1M
Assets in detailPt X, end of year
CashLn 1$11.1M
Cash and savings togetherLn 1–2$11.1M
InvestmentsLn 11–13$98.2M
Land, buildings, equipmentLn 10c$63.9M
Other assetsLn 15$10.9M
Total assetsLn 16$229.4M
LiabilitiesLn 26$164.9M
Net assetsLn 32$64.5M
OperationsPt I, VI
EmployeesI 5599
VolunteersI 671
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$9.7M$11.1M
InvestmentsLn 11–13$85.8M$98.2M
Land, buildings, equipmentLn 10c$19.6M$63.9M
Total assetsLn 16$150.4M$229.4M
LiabilitiesLn 26$83.9M$164.9M
Net assetsLn 32$66.6M$64.5M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Pay of current officers, directors and key staffLn 5$2.6M$2.5M$141K$16K
Other salaries and wagesLn 7$34.4M$32.4M$1.9M$213K
Pension plan contributionsLn 8$1.5M$1.4M$82K$9K
Other employee benefitsLn 9$3.1M$2.9M$164K$19K
Payroll taxesLn 10$2.4M$2.2M$127K$15K
Management feesLn 11a$44K$44K
Legal feesLn 11b$458K$458K
Accounting feesLn 11c$145K$145K
Other fees for servicesLn 11g$1.2M$1.0M$158K$40K
Advertising and promotionLn 12$127K$123K$3K$881
Office expensesLn 13$188K$180K$8K$178
Information technologyLn 14$1.2M$1.2M$27K$9K
OccupancyLn 16$2.4M$2.3M$105K$2K
TravelLn 17$349K$339K$7K$2K
Conferences, conventions and meetingsLn 19$20K$19K$422$136
InterestLn 20$1.9M$1.9M
Depreciation, depletion and amortizationLn 22$1.9M$1.7M$209K$5K
InsuranceLn 23$568K$543K$25K$538
Other expenses (24a–d)Ln 24$6.2M$6.1M$61K$20K
All other expensesLn 24e$256K$253K$3K$823
Total functional expensesLn 25$61.0M$57.5M$3.1M$353K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $114.6M$88.3M$26.4M$101.7M 990 PDF
FY2023 $64.1M$78.6M−$14.5M$56.4M 990 PDF
FY2022 Viewing $45.1M$61.0M−$15.9M$64.5M 990 PDF
FY2021 $44.0M$49.8M−$5.8M$66.6M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support M · Noncash J · Pay O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $45,087,817 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $5,342,413$4,982,498
I-9 Program service revenuePrior year $37,087,000$36,934,511
I-10 Investment incomePrior year $82,608$279,462
I-11 Other revenuePrior year $1,475,837$2,891,346
I-12 Total revenuePrior year $43,987,858$45,087,817
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $37,602,683$43,999,023
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $12,214,608$16,964,078
I-18 Total expensesPrior year $49,817,291$60,963,101
I-19 Revenue less expensesPrior year −$5,829,433−$15,875,284
Part VI · Governance 5 of 7 board members independent, no flags
VI-1a Voting members of the governing body7
VI-1b Independent voting members5
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $45,087,817 across 9 lines filed
VIII-1d Related organizations$1,798,000
VIII-1e Government grants$2,623,805
VIII-1f All other contributions, gifts and grants$560,693
VIII-1g Noncash contributions (included above)$240,316
VIII-1h Total contributions, gifts and grants$4,982,498
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $36,934,511$36,934,511
VIII-3 Investment incomeExcluded from tax $279,462$279,462
VIII-6 Net rental income or lossExcluded from tax $2,891,346$2,891,346
VIII-12 Total revenueRelated to mission $36,934,511 · Unrelated business $0 · Excluded from tax $3,170,808$45,087,817
Part IX · Statement of functional expenses $60,963,101 across 20 lines filed
IX-5 Pay of current officers, directors and key staffPrograms $2,470,763 · Management $141,491 · Fundraising $16,261$2,628,515
IX-7 Other salaries and wagesPrograms $32,370,536 · Management $1,853,737 · Fundraising $213,044$34,437,317
IX-8 Pension plan contributionsPrograms $1,431,091 · Management $81,953 · Fundraising $9,419$1,522,463
IX-9 Other employee benefitsPrograms $2,871,955 · Management $164,466 · Fundraising $18,902$3,055,323
IX-10 Payroll taxesPrograms $2,214,043 · Management $126,790 · Fundraising $14,572$2,355,405
IX-11a Management feesPrograms $44,405$44,405
IX-11b Legal feesPrograms $457,689$457,689
IX-11c Accounting feesManagement $145,435$145,435
IX-11g Other fees for servicesPrograms $1,001,520 · Management $158,357 · Fundraising $40,439$1,200,316
IX-12 Advertising and promotionPrograms $123,462 · Management $2,726 · Fundraising $881$127,069
IX-13 Office expensesPrograms $179,585 · Management $8,223 · Fundraising $178$187,986
IX-14 Information technologyPrograms $1,213,833 · Management $26,802 · Fundraising $8,664$1,249,299
IX-16 OccupancyPrograms $2,295,224 · Management $105,092 · Fundraising $2,277$2,402,593
IX-17 TravelPrograms $339,407 · Management $7,494 · Fundraising $2,423$349,324
IX-19 Conferences, conventions and meetingsPrograms $19,100 · Management $422 · Fundraising $136$19,658
IX-20 InterestPrograms $1,903,694$1,903,694
IX-22 Depreciation, depletion and amortizationPrograms $1,662,805 · Management $209,025 · Fundraising $5,164$1,876,994
IX-23 InsurancePrograms $542,753 · Management $24,851 · Fundraising $538$568,142
IX-24 Other expenses (24a–d)Programs $6,095,059 · Management $60,628 · Fundraising $19,599$6,175,286
IX-24e All other expensesPrograms $252,820 · Management $2,545 · Fundraising $823$256,188
IX-25 Total functional expensesPrograms $57,489,744 · Management $3,120,037 · Fundraising $353,320$60,963,101
Part X · Balance sheet $229,423,651 assets, 18 lines filed
Asset lines not itemized here account for $18,556,067; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $9,650,060$11,071,012
X-3 Pledges and grants receivableStart of year $3,498,375$1,875,710
X-4 Accounts receivableStart of year $10,889,920$16,977,416
X-9 Prepaid expenses and deferred chargesStart of year $418,275$529,389
X-10c Land, buildings and equipment, netStart of year $19,593,681$63,878,710
X-13 Program-related investmentsStart of year $85,761,914$98,166,339
X-14 Intangible assets$7,517,881
X-15 Other assetsStart of year $12,420,599$10,851,127
X-16 Total assetsStart of year $150,433,261$229,423,651
X-17 Accounts payable and accrued expensesStart of year $9,311,999$9,085,897
X-19 Deferred revenueStart of year $12,811$93,873
X-24 Unsecured notes and loans payable$500,000
X-25 Other liabilitiesStart of year $46,258,364$77,268,821
X-26 Total liabilitiesStart of year $83,859,528$164,913,276
X-27 Net assets without donor restrictionsStart of year $62,833,498$60,205,304
X-28 Net assets with donor restrictionsStart of year $3,740,235$4,305,071
X-32 Total net assets or fund balancesStart of year $66,573,733$64,510,375
X-33 Total liabilities and net assetsStart of year $150,433,261$229,423,651
Part XI · Reconciliation of net assets $64,510,375 net assets at year end
XI-1 Total revenue$45,087,817
XI-2 Total expenses$60,963,101
XI-3 Revenue less expenses−$15,875,284
XI-4 Net assets at start of year$66,573,733
XI-9 Other changes in net assets$13,811,926
XI-10 Net assets at end of year$64,510,375

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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