The San Francisco Housing Accelerator Fund
San Francisco Housing Accelerator Fund rapidly grows assets to over $244 million, consistently reporting 0% officer compensation.
EIN: 10716217 · San Francisco, CA · NTEE: L20 · Updated: 2026-03-28
Is The San Francisco Housing Accelerator Fund Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
The San Francisco Housing Accelerator Fund directs 85% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About The San Francisco Housing Accelerator Fund
The San Francisco Housing Accelerator Fund (EIN: 10716217) is a nonprofit organization based in San Francisco, CA, classified under NTEE code L20. The organization reported total revenue of $29.1M and total assets of $231.0M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of The San Francisco Housing Accelerator Fund's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
The San Francisco Housing Accelerator Fund is a large nonprofit that has been operating for 11 years, with 7 years of IRS 990 filings on record (2017–2023). Revenue has grown at a compound annual rate of 67.3%.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
| Total Revenue | $16.3M |
| Total Expenses | $4.9M |
| Surplus / Deficit | +$11.5M |
| Total Assets | $244.7M |
| Total Liabilities | $145.2M |
| Net Assets | $99.4M |
| Operating Margin | 70.2% |
| Debt-to-Asset Ratio | 59.4% |
| Months of Reserves | 603.7 months |
Financial Health Grade: A
In 2023, The San Francisco Housing Accelerator Fund reported a surplus of $11.5M with revenue exceeding expenses, holds 603.7 months of operating reserves (strong position), has a debt-to-asset ratio of 59.4% (high leverage).
Financial Trends
Over 7 years of filings (2017–2023), The San Francisco Housing Accelerator Fund's revenue has grown at a compound annual growth rate (CAGR) of 67.3%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2023 | -31.0% | +25.8% | +19.7% |
| 2022 | +163.3% | +9.4% | +34.3% |
| 2021 | -81.8% | -17.8% | +8.1% |
| 2020 | +126.5% | +11.4% | +36.0% |
| 2019 | +1043.5% | +156.9% | +157.0% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1000 |
| IRS Ruling Date | 2015 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates The San Francisco Housing Accelerator Fund with a Mission Score of 90 out of 100 (Excellent). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 10%
- programs: 85%
- fundraising: 5%
According to IRS 990 filings, The San Francisco Housing Accelerator Fund allocates its expenses as follows: admin: 10%, programs: 85%, fundraising: 5%. With 85% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2023)
From the most recent IRS 990 filing on record:
- The organization reported a surplus of $11.5M, with revenue exceeding expenses.
- Debt-to-asset ratio: 59.4%.
Executive Compensation Analysis
The organization consistently reports 0% officer compensation across all seven filings, indicating that no salaries or other compensation were paid to officers, directors, trustees, or key employees. This is highly unusual for an organization of its size, with assets exceeding $244 million, and suggests either a volunteer leadership model or that compensation is structured in a way not reported under 'officer compensation' on the 990, which warrants further investigation for complete understanding.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of The San Francisco Housing Accelerator Fund's IRS 990 filings:
- Consistent 0% officer compensation for an organization with over $244M in assets, which is highly unusual and may warrant further investigation into compensation structures.
- High liabilities relative to assets (e.g., $145.2M liabilities vs. $244.7M assets in 2023), though this is expected for a housing accelerator fund that leverages debt for its mission.
Strengths
The following positive indicators were identified for The San Francisco Housing Accelerator Fund:
- Exceptional asset growth, from $25.6M in 2017 to $244.7M in 2023, demonstrating significant scaling and impact potential.
- Consistent reporting of 0% officer compensation, indicating a commitment to minimizing top-heavy administrative costs.
- Strong financial health with substantial revenue generation (e.g., $16.3M in 2023) relative to operational expenses ($4.86M in 2023).
- Clear alignment with its NTEE code (L20 - Housing Development, Construction & Management) through its financial activities and mission.
Frequently Asked Questions about The San Francisco Housing Accelerator Fund
Is The San Francisco Housing Accelerator Fund a legitimate charity?
Based on AI analysis of IRS 990 filings, The San Francisco Housing Accelerator Fund (EIN: 10716217) some concerns. Mission Score: 90/100. 2 red flags identified, 4 strengths noted.
How does The San Francisco Housing Accelerator Fund spend its money?
The San Francisco Housing Accelerator Fund directs 85% of its spending to programs and services. The remaining budget covers administration and fundraising costs.
Are donations to The San Francisco Housing Accelerator Fund tax-deductible?
The San Francisco Housing Accelerator Fund is registered as a tax-exempt nonprofit (EIN: 10716217). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
Is The San Francisco Housing Accelerator Fund a good charity?
Based on its financial data, SFHAF appears to be a highly effective organization in its mission to accelerate housing development. Its significant asset growth from $25.6M to $244.7M and consistent deployment of capital for housing projects, coupled with 0% reported officer compensation, suggests strong financial management and a focus on its mission. However, its model is more akin to a financial institution or fund manager than a traditional direct service charity, so 'good' should be assessed in that context.
How does SFHAF manage to report 0% officer compensation with such large assets?
The consistent reporting of 0% officer compensation is highly unusual for an organization of this scale. It could indicate that leadership roles are filled by volunteers, or that compensation for key personnel is structured differently (e.g., through a related management entity, or as contractor fees not reported as officer compensation), or that the organization is very new and still establishing its compensation structure. Further inquiry into their operational model and compensation practices would be necessary to fully understand this.
What is the primary financial activity of SFHAF?
The primary financial activity of SFHAF is leveraging capital to fund affordable housing initiatives. This is evidenced by its substantial and growing assets (e.g., $244.7M in 2023) and corresponding liabilities (e.g., $145.2M in 2023), indicating it acts as a financial intermediary or fund, deploying capital rather than directly providing services with traditional program expenses.
Filing History
IRS 990 filing history for The San Francisco Housing Accelerator Fund showing financial trends over 7 years of public records:
Over 7 years of IRS 990 filings (2017–2023), The San Francisco Housing Accelerator Fund's revenue has grown by 2094.7%, moving from $745K to $16.3M. Total assets increased by 854.8% over the same period, from $25.6M to $244.7M. Total functional expenses rose by 924.5%, from $475K to $4.9M. In its most recent filing year (2023), The San Francisco Housing Accelerator Fund reported a surplus of $11.5M, with revenue exceeding expenses. The organization holds $145.2M in liabilities against $244.7M in assets (debt-to-asset ratio: 59.4%), resulting in net assets of $99.4M.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2023 | $16.3M | $4.9M | $244.7M | $145.2M | — | — |
| 2022 | $23.7M | $3.9M | $204.4M | $116.6M | — | View 990 |
| 2021 | $9.0M | $3.5M | $152.2M | $83.6M | — | View 990 |
| 2020 | $49.6M | $4.3M | $140.7M | $77.4M | — | View 990 |
| 2019 | $21.9M | $3.9M | $103.4M | $84.8M | — | View 990 |
| 2018 | $1.9M | $1.5M | $40.2M | $39.4M | — | View 990 |
| 2017 | $745K | $475K | $25.6M | $25.1M | — | View 990 |
Year-by-Year Financial Summary
- 2023: Revenue of $16.3M, expenses of $4.9M, and assets of $244.7M (revenue -31.0% year-over-year).
- 2022: Revenue of $23.7M, expenses of $3.9M, and assets of $204.4M (revenue +163.3% year-over-year).
- 2021: Revenue of $9.0M, expenses of $3.5M, and assets of $152.2M (revenue -81.8% year-over-year).
- 2020: Revenue of $49.6M, expenses of $4.3M, and assets of $140.7M (revenue +126.5% year-over-year).
- 2019: Revenue of $21.9M, expenses of $3.9M, and assets of $103.4M (revenue +1043.5% year-over-year).
- 2018: Revenue of $1.9M, expenses of $1.5M, and assets of $40.2M (revenue +156.9% year-over-year).
- 2017: Revenue of $745K, expenses of $475K, and assets of $25.6M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for The San Francisco Housing Accelerator Fund:
Data Sources and Methodology
This transparency report for The San Francisco Housing Accelerator Fund is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.