Civic Intelligence

Affordability Project Inc.

990 • Fiscal year 2022 • EIN 85-0941543

Jan 01, 2022 to Dec 31, 2022 • Filed on May 22, 2024

3364 Sacramento StreetSan Francisco, CA 94118

(415) 954-4454

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

71st percentile

0.34x

Higher debt load relative to assets than 71% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Liabilities / Revenue

73rd percentile

0.49x

Higher debt load relative to revenue than 73% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Net Margin

98th percentile

95%

Higher net margin than 98% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Top Officer Pay

75th percentile

$197,297

Higher top officer pay than 75% of similar nonprofits.

Top officer pay equals 4.6% of source-year revenue.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2022

Asset Growth

100th percentile

18191%

Faster asset growth than 100% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Revenue Growth

100th percentile

3338%

Faster revenue growth than 100% of similar nonprofits.

2022 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2021 to 2022

Assets

Up

$6,215,712

Up $6,181,729 (+18191%) from 2021

Net Assets

Up

$4,111,670

Up $4,091,282 (+20067%) from 2021

Liabilities

Up

$2,104,042

Up $2,090,447 (+15377%) from 2021

Revenue

Up

$4,297,180

Up $4,172,180 (+3338%) from 2021

Expenses

Up

$205,755

Up $101,143 (+97%) from 2021

Net Income

Up

$4,091,425

Up $4,071,037 (+19968%) from 2021

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$15M$10M$5.0M$0Assets 2020: $0Liabilities 2020: $0Net Assets 2020: $02020Assets 2021: $33,983Liabilities 2021: $13,595Net Assets 2021: $20,3882021Assets 2022: $6,215,712Liabilities 2022: $2,104,042Net Assets 2022: $4,111,6702022Assets 2022: $6,215,712Liabilities 2022: $2,104,042Net Assets 2022: $4,111,6702022Assets 2023: $7,007,102Liabilities 2023: $2,079,738Net Assets 2023: $4,927,3642023Assets 2024: $10,437,987Liabilities 2024: $2,054,316Net Assets 2024: $8,383,6712024

Highlighted filing

2022

Assets$6,215,712
Liabilities$2,104,042
Net Assets$4,111,670

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$6.0M$4.0M$2.0M$0Revenue 2020: $0Expenses 2020: $0Net Income 2020: $02020Revenue 2021: $125,000Expenses 2021: $104,612Net Income 2021: $20,3882021Revenue 2022: $4,297,180Expenses 2022: $205,755Net Income 2022: $4,091,4252022Revenue 2022: $4,297,180Expenses 2022: $205,755Net Income 2022: $4,091,4252022Revenue 2023: $1,146,192Expenses 2023: $263,309Net Income 2023: $882,8832023Revenue 2024: $3,751,186Expenses 2024: $294,879Net Income 2024: $3,456,3072024

Highlighted filing

2022

Revenue$4,297,180
Expenses$205,755
Net Income$4,091,425
Jump To
Filing Snapshot
Filing Period
Jan 1, 2022 to Dec 31, 2022
Signed
May 22, 2024
Return Version
2022v5.0
Gross Receipts
$4,297,180
Mission and Program Overview

Mission

To provide affordable housing units to low and middle income individuals and their families that are public service providers that support critical local infrastructures in the san francisco bay area and surrounding counties, including but not limited to government employees, teachers, police officers, firefighters, public health workers, nurses and other first responders.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$0$5,750,000▲ $5,750,000
Cash and Non-Interest-Bearing Accounts$23,983$191,590▲ $167,607
Pledges and Grants Receivable$10,000--
Total Assets$33,983$6,148,523▲ $6,114,540
Other Assets Total$0$206,933▲ $206,933
Liabilities
Mortgage Notes Payable Secured by Investment Property-$1,950,000-
Accounts Payable and Accrued Expenses$13,595$154,042▲ $140,447
Total Liabilities$13,595$2,104,042▲ $2,090,447
Net Assets / Fund Balance
Net Assets With Donor Restrictions-$3,800,000-
Net Assets Without Donor Restrictions$20,388$244,481▲ $224,093
Total Net Assets Fund Balance$20,388$4,044,481▲ $4,024,093
Total Liabilities and Net Assets / Fund Balance$33,983$6,148,523▲ $6,114,540

Asset Categories

AssetBook ValueDepreciationBasis
Land$5,750,000-$5,750,000
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseTotal
Tim SzarnickiExecutive DirectorFT$197,297$197,297

Board Members and Trustees

NameTitle
Joseph Toboni IvPresident and Director
Joe Toboni IiiBoard Member
Hilary NewsomDirector
Katy TangDirector
Mary Driscoll ToboniSecretary and Director
Adam TartakovskyTreasurer and Director
Revenue and Support

Revenue Composition

Contributions and Grants
$4,297,180
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$4,297,180
Change in Net Assets
$4,024,236

Noncash Contribution Practices

Property subject to holding requirements
No
Reviewed unusual noncash gifts
No
Third parties used for noncash contributions
No

Noncash Contributions

Contribution TypeContribution CountReported AmountValuation Method
Real Estate Other1$3,800,000Fair Market Value (FMV)
Total Noncash Contributions1$3,800,000-

Audited Revenue Reconciliation

Revenue per Audited Statements
$4,297,180
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$4,297,180
Total Revenue per Form 990
$4,297,180
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$211,012
Total Fundraising Expense$80,120
Other Expenses$61,932
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$81,484$27,742$88,072$197,298
Fees for Services Other$67,189--$67,189
Fees for Services Legal$10,718$14,629-$25,347
Payroll Taxes$5,664$1,928$6,122$13,714
Other Expenses$-16,651$-5,669$-17,997$-40,317
Total Functional Expenses$153,346$39,478$80,120$272,944

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$272,944
Total Expenses per Audited Statements$272,944
Total Expenses per Form 990$272,944
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
No
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 2

Joseph toboni iv, joseph toboni iii, and mary toboni have a family relationship.

Form 990, Part VI, Section A, Line 7A

Organization members can elect members of the governing body.

Form 990, Part VI, Section A, Line 7B

Organization members can make certain governace decisions.

Form 990, Part VI, Section B, Line 11B

There is currently no formal board review process before filing the 990.

Form 990, Part VI, Section B, Line 15

The organization requires approval by the board for compensation of top management officials and other key employees.

Form 990, Part VI, Section C, Line 18

The documents are available upon request.

Form 990, Part VI, Section C, Line 19

The documents are available upon request.

Filing and Contact Details

Filer

Filer Name
The Affordability Project
EIN
85-0941543
Phone
4159544454
Address
3364 SACRAMENTO STREET, SAN FRANCISCO, CA 94118

Signing Officer

Name
Joseph Toboni Iv
Title
President
Phone
4159544454
Signed
2024-05-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Joseph Toboni Iv
Formed
2020
Legal Domicile
CA
Voting Board Members
6
Independent Board Members
6
Employees
1
Volunteers
6

Preparer

Firm
Bpm Llp
Address
4200 BOHANNON DRIVE SUITE 250, MENLO PARK, CA 94025-1021
Preparer
Tamara L Mcinerney
Phone
6508556800
Supplemental Narrative

Additional Explanations

Form 990, Item B. Amended Return

Form 990 was amended due to the completion of the audited financial statements. Part iv line 12a, part xii line 2 and schedule d parts xi and xii were updated accordingly. As a result of the audit, the financial information on part ix, x and iii line 4a were updated.

Form 990, Part IX, Line 11G

Engineering and design fees: program service expenses 67,189. Management and general expenses 0. Fundraising expenses 0. Total expenses 67,189.

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IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt04297180
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0272944
IRS990ScheduleJ/AnyNonFixedPaymentsInd00
IRS990ScheduleJ/BoardOrCommitteeApprovalInd0X
IRS990ScheduleJ/CompBasedOnRevenueOfFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsFlngOrgInd00
IRS990ScheduleJ/CompBsdNetEarnsRltdOrgsInd00
IRS990ScheduleJ/CompBsdOnRevRelatedOrgsInd00
IRS990ScheduleJ/EquityBasedCompArrngmInd00
IRS990ScheduleJ/InitialContractExceptionInd00
IRS990/ScheduleJRequiredInd01
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BaseCompensationFilingOrgAmt0197297
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusFilingOrganizationAmount00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/BonusRelatedOrganizationsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompensationBasedOnRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990FilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/CompReportPrior990RltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompensationFlngOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/DeferredCompRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/NontaxableBenefitsRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0TIM SZARNICKI
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXECUTIVE DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0197297
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990ScheduleM/AnyPropertyThatMustBeHeldInd00
IRS990ScheduleM/RealEstateOtherGrp/ContributionCnt01
IRS990ScheduleM/RealEstateOtherGrp/MethodOfDeterminingRevenuesTxt0FMV
IRS990ScheduleM/RealEstateOtherGrp/NonCashCheckboxInd0X
IRS990ScheduleM/RealEstateOtherGrp/NoncashContributionsRptF990Amt03800000
IRS990ScheduleM/ReviewProcessUnusualNCGiftsInd00
IRS990ScheduleM/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION IS REPORTING THE NUMBER OF CONTRIBUTIONS.
IRS990ScheduleM/SupplementalInformationDetail/FormAndLineReferenceDesc0PART I, COLUMN (B):
IRS990ScheduleM/ThirdPartiesUsedInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0FORM 990 WAS AMENDED DUE TO THE COMPLETION OF THE AUDITED FINANCIAL STATEMENTS. PART IV LINE 12A, PART XII LINE 2 AND SCHEDULE D PARTS XI AND XII WERE UPDATED ACCORDINGLY. AS A RESULT OF THE AUDIT, THE FINANCIAL INFORMATION ON PART IX, X AND III LINE 4A WERE UPDATED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1JOSEPH TOBONI IV, JOSEPH TOBONI III, AND MARY TOBONI HAVE A FAMILY RELATIONSHIP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2ORGANIZATION MEMBERS CAN ELECT MEMBERS OF THE GOVERNING BODY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ORGANIZATION MEMBERS CAN MAKE CERTAIN GOVERNACE DECISIONS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THERE IS CURRENTLY NO FORMAL BOARD REVIEW PROCESS BEFORE FILING THE 990.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5THE ORGANIZATION REQUIRES APPROVAL BY THE BOARD FOR COMPENSATION OF TOP MANAGEMENT OFFICIALS AND OTHER KEY EMPLOYEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8ENGINEERING AND DESIGN FEES: PROGRAM SERVICE EXPENSES 67,189. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 67,189.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, ITEM B. AMENDED RETURN
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION A, LINE 7A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION A, LINE 7B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc5FORM 990, PART VI, SECTION B, LINE 15
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc6FORM 990, PART VI, SECTION C, LINE 18
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc7FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc8FORM 990, PART IX, LINE 11G
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0CA
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt033983
IRS990/TotalAssetsEOYAmt06148523
IRS990/TotalAssetsGrp/BOYAmt033983
IRS990/TotalAssetsGrp/EOYAmt06148523
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalContributionsAmt04297180
IRS990/TotalEmployeeCnt01
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt080120
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt039478
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0153346
IRS990/TotalFunctionalExpensesGrp/TotalAmt0272944
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt013595
IRS990/TotalLiabilitiesEOYAmt02104042
IRS990/TotalLiabilitiesGrp/BOYAmt013595
IRS990/TotalLiabilitiesGrp/EOYAmt02104042
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt020388
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt04044481
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt0153346
IRS990/TotalReportableCompFromOrgAmt0197297
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt04297180
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt06
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt033983
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt06148523
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt03364 SACRAMENTO STREET
IRS990/USAddress/CityNm0SAN FRANCISCO
IRS990/USAddress/StateAbbreviationCd0CA
IRS990/USAddress/ZIPCd094118
IRS990/VotingMembersGoverningBodyCnt06
IRS990/VotingMembersIndependentCnt06
IRS990/WebsiteAddressTxt0AFFORDABILITYPROJECT.COM
IRS990/WhistleblowerPolicyInd00
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/AuthenticationAssuranceLevelCd0AAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/IdentityAssuranceLevelCd0IAL1
ReturnHeader/AdditionalFilerInformation/TrustedCustomerGrp/TrustedCustomerCd02
ReturnHeader/BuildTS02023-04-26 12:10:37Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JOSEPH TOBONI IV
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum04159544454
ReturnHeader/BusinessOfficerGrp/SignatureDt02024-05-22
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE AFFORDABILITY PROJECT
ReturnHeader/Filer/BusinessNameControlTxt0AFFO
ReturnHeader/Filer/EIN0850941543
ReturnHeader/Filer/PhoneNum04159544454
ReturnHeader/Filer/USAddress/AddressLine1Txt03364 SACRAMENTO STREET
ReturnHeader/Filer/USAddress/CityNm0SAN FRANCISCO
ReturnHeader/Filer/USAddress/StateAbbreviationCd0CA
ReturnHeader/Filer/USAddress/ZIPCd094118
ReturnHeader/IRSResponsiblePrtyInfoCurrInd00
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0814234542
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BPM LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt04200 BOHANNON DRIVE SUITE 250
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0MENLO PARK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0CA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0940251021
ReturnHeader/PreparerPersonGrp/PhoneNum06508556800
ReturnHeader/PreparerPersonGrp/PreparationDt02024-05-22
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0TAMARA L MCINERNEY

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