Elevate Housing Foundation

The information for Elevate Housing Foundation is as of the organization's most recent filing in December '21. This organization is located in Lincolnwood, IL. It has been in existence for 4 years, following its founding in 2017.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

The Elevate Housing Foundation's NTEE code is L20. The "L" tells us that the organization is classified along with Housing & Shelter. The "20" tells us that the organization is involved in Housing Development, Construction & Management. The NTEE describes these organizations as those that build, rehabilitate, manage, and/or provide rental housing for low-income individuals and families, older adults, and people with disabilities. They may also offer lower priced housing and affordable payment plans, mortgage subsidies, or involve eventual owners in the construction process. The Elevate Housing Foundation's mission is to provide safe, decent, and sanitary housing to seniors and families in need of affordable housing, with a focus on limiting occupancy in accordance with nonprofit affordable housing standards.

Program Areas

The organization's program area focuses on providing affordable nursing home care and housing for low to moderate-income individuals. This program area is not specifically reported by another fund or program within the general fund.

Organization Staffing

Elevate Housing Foundation is run by Ilya Shulman, who is the President of the organization. The organization has 550 employees, none of whom are paid over $100k per year. Supporting the paid staff are 10 volunteers.

Board Governance

The Elevate Housing Foundation appears to have a relatively small board, consisting of only 5 voting members. However, it is concerning that there are no independent members on the board, as this could potentially limit the diversity of perspectives and decision-making within the organization. Without independent members, there may be a lack of checks and balances, which could impact the effectiveness and transparency of the organization's governance. It is positive to note that the organization does not have any potential conflicts of interest, which suggests that the board members are able to make decisions in the best interest of the non-profit without personal biases. Additionally, the presence of a conflict of interest policy and the requirement for disclosure of conflicts further demonstrates the organization's commitment to transparency and ethical conduct. However, it is concerning that both board meetings and committee meetings are not documented. This lack of documentation could make it difficult to track decisions, actions, and discussions within the organization, potentially hindering accountability and transparency. On a positive note, the Elevate Housing Foundation does have important policies in place, such as a written whistleblower policy, which encourages employees and stakeholders to report any wrongdoing or unethical behavior. This policy can help ensure that any concerns or issues are addressed promptly and appropriately. Furthermore, the organization substantiates and reviews both leadership and officer's salaries, indicating a commitment to fair compensation practices and accountability. Additionally, the provision of copies of the 990 to the board prior to filing demonstrates a commitment to transparency and financial accountability. Overall, while the Elevate Housing Foundation has some positive governance practices in place, such as conflict of interest policies and salary substantiation, the lack of independent members and the absence of documented board and committee meetings raise concerns about the organization's governance effectiveness and transparency. It is recommended that the organization consider diversifying its board and implementing documentation practices to enhance accountability and ensure the highest level of governance.

Organization Growth

The Elevate Housing Foundation has experienced significant growth over the given time period. Program Service Revenue and Total Revenue both increased from $0 in 2017 to $19.8M in 2021, indicating a substantial expansion in funding. Employee Salaries also saw a notable increase, rising from $3.1M in 2019 to $11.7M in 2021, suggesting an expansion in staff and resources. Total Expenses also grew from $16.4M in 2019 to $25.1M in 2021, indicating an increase in operational costs. Additionally, the number of Total Employees increased from 97 in 2019 to 550 in 2021, indicating a significant growth in the organization's workforce. Although the number of Total Volunteers remained the same at 10 during this time period, all other indicators point towards substantial growth for the Elevate Housing Foundation.