FENWAY COMMUNITY DEVELOPMENT CORPO… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1973

Legal Domicile

Principal Officer

STEVEN FARRELL

Phone

6172674637

Tax Period

2024-01-01 to 2024-12-31

FENWAY COMMUNITY DEVELOPMENT CORPORATION, founded in 1973, is a community nonprofit in the Housing & Shelter sector that reported $9.8M in total revenue in fiscal year 2024. Revenue surged 29% from the prior year, signaling strong growth momentum. The organization ran a surplus of $2.6M, a strong 26% operating margin.

Mission

FENWAY CDC WORKS TO PRESERVE THE FENWAY AS A VIBRANT AND DIVERSE NEIGHBORHOOD BY DEVELOPING AFFORDABLE HOUSING, PROVIDING PROGRAMS THAT ENRICH LIVES, AND STRENGTHENING COMMUNITY VOICES.

Program Service Accomplishments

Program 1

Expenses: $4,457,651 Revenue: $4,940,379

RENTAL PROPERTIES - IN 2024, OUR WHOLLY-OWNED RENTAL PROPERTIES INCLUDED: 15-25 HEMENWAY STREET HOUSING WHICH IS A 24-UNIT MIXED INCOME HOUSING PROPERTY ; FENWAY APARTMENTS, LLC WHICH COMPRISES 22...

RENTAL PROPERTIES - IN 2024, OUR WHOLLY-OWNED RENTAL PROPERTIES INCLUDED: 15-25 HEMENWAY STREET HOUSING WHICH IS A 24-UNIT MIXED INCOME HOUSING PROPERTY ; FENWAY APARTMENTS, LLC WHICH COMPRISES 22 UNITS OF AFFORDABLE HOUSING AT 108 PETERBOROUGH STREET.; NEW FENWAY WESTLAND, LLC WHICH IS A 96 UNIT MIXED-INCOME HOUSING DEVELOPMENT; AND 43 HEMENWAY DEVELOPER LLC WHICH IS A 6-UNIT RENTAL PROPERTY. ADDITIONALLY, THROUGH OUR HOUSING DEVELOPMENT AND ASSET MANAGEMENT PROGRAMS, FENWAY CDC CONTROLS FOUR OTHER AFFORDABLE HOUSING PROPERTIES. FENWAY CDC ALSO PURSUED OPPORTUNITIES TO PRESERVE EXISTING AND BUILD NEW AFFORDABLE HOUSING AS DESCRIBED IN SCHEDULE O UNDER OTHER PROGRAM SERVICES.

Program 2

Expenses: $476,808

RESIDENT SERVICES AND WORKFORCE DEVELOPMENT - FOR THREE DECADES, FENWAY CDC HAS OFFERED COUNSELING, CASE MANAGEMENT, WORKSHOPS, AND SOCIAL SUPPORT SERVICES TO HELP LOW- AND MODERATE-INCOME RESIDENTS OF FENWAY AND OTHER BOSTON NEIGHBORHOODS. DURING 2024, OUR PROGRAMS PROVIDED UNEMPLOYED AND LOW-INCOME RESIDENTS RESOURCES AND SUPPORT TO GAIN FINANCIAL SELF-SUFFICIENCY. WE HELPED THEM OBTAIN EDUCATION AND CAREER CREDENTIALS, SKILLS TRAINING, EMPLOYMENT, EDUCATION ADVANCEMENT PROGRAMS, AND ADVANCE THEIR CAREERS. OUR FINANCIAL EDUCATION HELPED VULNERABLE RESIDENTS TO OVERCOME BARRIERS AND INSTILLED POSITIVE BEHAVIORS TO BUILD FINANCIAL STABILITY. OUR HEALTH & WELLNESS PROGRAMS, AS WELL AS COMMUNITY EVENTS IMPROVED THE QUALITY OF LIFE FOR RESIDENTS.

Program 3

Expenses: $891,156 Revenue: $1,994,383

AFFORDABLE HOUSING PRESERVATION AND DEVELOPMENT IN 2024, FENWAY CDC PROVIDED OVER 750 RESIDENTS WITH SAFE AND AFFORDABLE HOMES. WE PURCHASED A PARCEL ON QUEENSBERRY STREET TO DEVELOP INTO 24 UNITS OF AFFORDABLE HOUSING. WE COMPLETED CONSTRUCTION ON BURBANK TERRACE, LLC, A 27-UNIT AFFORDABLE HOUSING PROPERTY IN 2024. WE PREPARED 43 HEMENWAY STREET FOR CONVERSION TO 6 AFFORDABLE HOMEOWNERSHIP UNITS. FENWAY CDC AND ANOTHER NON-PROFIT JOINTLY PREPARED AN EXISTING PROPERTY AT 20 CHARLESGATE WEST (THE GUILD HOUSE) IN THE FENWAY FOR REDEVELOPMENT INTO 86-UNITS OF AFFORDABLE RENTAL HOUSING. WE PURSUED OPPORTUNITIES TO BUILD AND PRESERVE NEW AFFORDABLE HOUSING. FENWAY CDC COLLABORATED WITH DEVELOPERS AND INSTITUTIONS TO FORGE PARTNERSHIPS TO CREATE FUTURE HOUSING TO MEET THE NEEDS OF LOW- AND MODERATE-INCOME FAMILIES & INDIVIDUALS.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $2,049,689

Program Service Revenue $6,836,305

Investment Income $855,624

Other Revenue $50,637

TOTAL REVENUE $9,792,255

Expense Breakdown

Grants Paid $21,417

Salaries & Benefits $2,094,473

Fundraising Expenses $400,351

Program Expenses $6,463,714

Other Expenses $5,110,724

TOTAL EXPENSES $7,226,614

Year-over-Year Comparison

	2024	2023	Change
Revenue	$9,792,255	$7,575,165	+0.3%
Expenses	$7,226,614	$8,029,208	-0.1%
Net Income	$2,565,641	$-454,043	-6.7%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$259,001

Total Directors

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
NIKKI FLIONIS	PRESIDENT/BOARD MEMBER (UNTIL 4/24)	0.50	Officer Director	$0	$0	$0
SARAH JENNESS	VP(TIL 4/24)/PRES/BOARD MEMBER	2.00	Officer Director	$0	$0	$0
DOLORES BOOGDANIAN	VP (AS OF 5/24)/ BOARD MEMBER	1.00	Officer Director	$0	$0	$0
TIMOTHY COAKLEY	TREASURER/BOARD MEMBER	2.00	Officer Director	$0	$0	$0
JAMES SMITH	CLERK ( AS OF 5/24)/ BOARD MEMBER	1.00	Officer Director	$0	$0	$0
SHENEAL PARKER	CLERK/BOARD MEMBER (UNTIL 4/24)	0.25	Officer Director	$0	$0	$0
ROSARIA SALERNO	BOARD MEMBER	1.00	Director	$0	$0	$0
AMELIA HILL	BOARD MEMBER	1.00	Director	$0	$0	$0
ERIC DANIEL	BOARD MEMBER (AS OF 4/24)	1.00	Director	$0	$0	$0
ROBERT PARKER-MASON	BOARD MEMBER (AS OF 4/24)	1.00	Director	$0	$0	$0
MARY ELIZABETH PETERS	BOARD MEMBER (AS OF 4/24)	1.00	Director	$0	$0	$0
MARTIN WARD	BOARD MEMBER (AS OF 4/24)	1.00	Director	$0	$0	$0
MARK WINKELLER	BOARD MEMBER (AS OF 6/24)	1.00	Director	$0	$0	$0
CATHY VAN BUI	BOARD MEMBER (AS OF 4/24)	1.00	Director	$0	$0	$0
TADESSE ZERIHUN	BOARD MEMBER (AS OF 4/24)	1.00	Director	$0	$0	$0
GREGORY PAULSON HAIG	BOARD MEMBER (UNTIL 4/24)	0.50	Director	$0	$0	$0
MATTHEW WILDMAN	BOARD MEMBER (UNTIL 4/24)	1.00	Director	$0	$0	$0
RYAN BOXILL	BOARD MEMBER (UNTIL 12/24)	1.00	Director	$0	$0	$0
BRIAN CLAGUE	BOARD MEMBER (UNTIL 12/24)	1.00	Director	$0	$0	$0
NILDA HUGHES	BOARD MEMBER (UNTIL 4/2024)	0.00	Director	$0	$0	$0
STEVEN FARRELL	EXECUTIVE DIRECTOR (AS OF 3/24)	39.80	Officer	$138,877	$19,498	$158,375
LEAH CAMHI	EXECUTIVE DIRECTOR (UNTIL 4/24)	40.00	Officer	$95,566	$5,060	$100,626
SUNEETH JOHN	DEPUTY DIR. & HEAD OF REAL ESTATE	39.60	Highest	$213,949	$9,462	$223,411
LIAN KIM TAN-HARD	DIRECTOR OF DEVT. & MKTG.	40.00	Highest	$104,884	$14,920	$119,804

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	$9,792,255	$7,226,614	$67,251,784	$2,565,641
2023	$7,575,165	$8,029,208	$72,353,971	$-454,043
2022	$5,660,025	$5,857,286	$50,666,200	$-197,261
2021	$3,370,772	$2,257,638	$34,067,808	$1,113,134
2020	$4,341,303	$3,301,718	$30,492,429	$1,039,585
2019	$3,064,779	$4,303,187	$45,105,307	$-1,238,408
2018	$3,196,905	$2,044,678	$16,026,310	$1,152,227

FENWAY COMMUNITY DEVELOPMENT CORPORATION