Famicos Foundation Inc
Public records show a registered, tax-exempt organization in good standing.
What it says it does
TO IMPROVE THE QUALITY OF LIFE IN GREATER CLEVELAND AREA THROUGH NEIGHBORHOOD REVITALIZATION, AFFORDABLE HOUSING AND INTEGRATED SOCIAL SERVICES.
- Income
- $11.5 million
- Spending
- $9.8 million
- Spent on programs
- 88%
- Reserves
- 32 months of spending
- Largest source of income
- fees for its services, 35%
- Employees
- 89
- Volunteers
- 100
- Highest pay
- $197,121, executive di
Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Strong: 90 out of 100. Higher than 85% of charities in its peer group (housing, $10m to $100m).
Reserves
35 of 35Spendable reserves would cover 32.0 months of spending.
Debt
10 of 20It owes 39% of what it owns.
Living within its means
15 of 15Income exceeded spending by 15% of income.
Income trend
15 of 15Income rose 20% on the year before.
Spending floor
15 of 1588% of spending went to programs and raising each dollar of donations cost 3 cents.
Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 100 out of 100. Higher than 44% of charities in its peer group (housing, $10m to $100m).
Independent board
25 of 2513 of 13 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Pay set independently
5 of 5Sets its chief executive's pay through independent review and comparison.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (1)
- $8.5 million spent. FAMICOS FOUNDATION IS ONE OF CLEVELAND'S OLDEST COMMUNITY DEVELOPMENT CORPORATIONS (CDC), FOUNDED IN 1969 BY SISTER HENRIETTA GORRES, CSA SHORTLY AFTER THE HOUGH RIOTS AND INCORPORATED IN 1970. THE NAME FAMICOS COMES FROM "FAMILIES IN COOPERATION", AS SR. HENRIETTA BELIEVED THAT LASTING NEIGHBORHOOD CHANGE COULD ONLY COME FROM THE RESIDENT FAMILIES WORKING TOGETHER TOWARD CHANGE. FAMICOS HAS A STAFF OF 55 EMPLOYEES WORKING ACROSS NINE DEPARTMENTS AND FOUR LINES OF BUSINESS. WITH A MISSION OF IMPROVING THE QUALITY OF LIFE IN GREATER CLEVELAND THROUGH NEIGHBORHOOD REVITALIZATION, AFFORDABLE HOUSING AND INTEGRATED SOCIAL SERVICES, FAMICOS IS PROMINENT IN THE DEVELOPMENT OF AFFORDABLE HOUSING, ESPECIALLY THE PRESERVATION OF HISTORIC PROPERTIES. IN 2014, FAMICOS FOUNDATION BECAME A CHARTER MEMBER OF NEIGHBORWORKS AMERICA (NWA), A NETWORK OF EXCELLENCE IN NEIGHBORHOOD REVITALIZATION, WITH 250 CHARTERED MEMBERS ACROSS THE UNITED STATES OF AMERICA, PUERTO RICO AND GUAM. AS A MEMBER OF NWA, FAMICOS FOUNDATION IS INVOLVED IN A NATIONWIDE MOVEMENT TO CREATE COMMUNITY WEALTH THROUGH COMMUNITY EMPOWERMENT, ECONOMIC EMPOWERMENT, FINANCIAL EMPOWERMENT, HOUSING EMPOWERMENT AND REAL ESTATE EMPOWERMENT. FAMICOS FOUNDATION IS A STATE, COUNTY AND CITY CHDO WITH FOCUS IN CUYAHOGA COUNTY, MAINLY THE CITY OF CLEVELAND. FAMICOS FOUNDATION OWNS AND / OR MANAGES 21 PARTNERSHIPS CONSISTING OF 760 UNITS OF AFFORDABLE AND MIXED-INCOME HOUSING FOR FAMILIES, SENIORS AND FORMERLY CHRONICALLY HOMELESS INDIVIDUALS FUNDED IN MOST PART BY THE 9% LIHTC FROM OHFA. FAMICOS SIGNATURE MARKET RATE PROJECT, HERITAGE LANE HOMES, ARE LOCATED ON E. 105TH STREET CONSISTING OF THIRTEEN HISTORIC DUPLEXES CONVERTED TO SINGLE UNITS AND SOLD AT MORE THAN 300,000.00 TO OWNER OCCUPANTS. HERITAGE LANE HAS HELPED TO BOOST HOME PRICES IN CREATING STRONG HOUSING MARKET IN GLENVILLE AND NEIGHBORING HOUGH. IN 2021, FAMICOS COMPLETED THE CONSTRUCTION AND LEASE UP OF CIRCLE NORTH HOMES CONSISTING OF 30-UNIT SINGLE-FAMILY HOMES, USING THE 9% LIHTC FUNDING AND IN 2025, FAMICOS COMPLETED THE CONSTRUCTION AND LEASE-UP OF ANOTHER NEW 9% DEVELOPMENT CALLED SR. HENRIETTA HOMES CONSISTING OF 40 UNITS IN HOUGH. FAMICOS OPERATES A ROBUST HOME REPAIR PROGRAM COMPLETING 37 JOBS TOTALING 308K FOR SENIORS AND DISABLED "TO AGE IN PLACE- AND ANOTHER 33 JOBS UNDER THE LEAD SAFE REMEDIATION PROGRAM TOTALING 832K FOR SENIORS AND DISABLED. IN ADDITION TO PROPERTY MANAGEMENT AND REAL ESTATE LINES OF BUSINESSES, COMMUNITY BUILDING AND ENGAGEMENT (CB & E) DEPARTMENT PROVIDED HEALTH & WELLNESS SERVICES INCLUDING HEALTH SCREENINGS, SAFE SLEEP TRAINING FOR INFANTS, FREE READING GLASSES, FREE INTERNET CONNECTIVITY, FOOD DISTRIBUTION ETC. TO MORE THAN EIGHT THOUSAND (8,000) RESIDENTS SPREAD ACROSS GLENVILLE, HOUGH & ST. CLAIR SUPERIOR NEIGHBORHOODS. THE HOMEOWNERSHIP RESOURCE CENTER (HRC) PROVIDED FINANCIAL COACHING, CREDIT AND WEALTH BUILDING, HOME BUYER EDUCATION, AND HOUSING STABILITY COUNSELING AND ADVOCACY SERVICES TO CLIENTS THROUGHOUT THE COUNTY. OTHER SERVICES INCLUDE FREE TAX PREPARATION (1237 TAX RETURNS BRINGING BACK NEARLY 1,404 MILLION BACK TO THE COMMUNITY AND FAMICOS CARES LEGAL WORKS ASSISTS INDIVIDUALS WITH MINOR MISDEMEANOR OFFENSES AND OUTSTANDING WARRANTS THROUGH FREE RECORDS EXPUNGEMENT SERVICES. IN 2025, LEGAL WORKS SEALED 498 NEW RECORDS, ALLOWING RESIDENTS TO GET BETTER JOBS AND MORE CHOICES IN LIFE. AT FAMICOS FOUNDATION, WE PLACE HIGH PRIORITY ON YOUTH ENGAGEMENT AND DEVELOPMENT. OUR EMPHASIS ON YOUTH EMPLOYMENT MADE FAMICOS A PERFECT FISCAL AGENT PARTNER FOR MYCOM, A NON-PROFIT THAT PROVIDES RESOURCES TO YOUTH IN OVER 20 GREATER CLEVELAND COMMUNITIES. MYCOM ASSISTED YOUTH TO CONNECT, NAVIGATE AND BE PRODUCTIVE DURING OUT-OF-SCHOOL SUMMER PROGRAMMING SUCH AS OUR YOUTH LANDSCAPING PROGRAM EMPLOYING MORE THAN 40 YOUTH EVERY YEAR. FAMICOS FOUNDATION HAS THE ABILITY TO COMPLETE PROJECTS AND IS A KEY STAKEHOLDER IN THE TRANSFORMATION OF CLEVELAND'S EASTSIDE NEIGHBORHOODS. FAMICOS FOUNDATION DEVELOPED A NEIGHBORHOOD REVITALIZATION PLAN, MY GLENVILLE PLAN, FOR GLENVILLE IN 2017, ADOPTED BY CITY PLANNING COMMISSION IN JULY OF 2017. THE MY GLENVILLE PLAN SET THE ROAD MAP FOR ALL THE WORK HAPPENING IN GLENVILLE ESPECIALLY SOUTH OF SUPERIOR TO INCLUDE THE MAYOR'S NEIGHBORHOOD TRANSFORMATION INITIATIVE (MNTI) EARMARKING UP TO 60 MILLION IN PUBLIC/PRIVATE INVESTMENTS FOR CATALYTIC PROJECTS SUCH AS 63 UNIT MIXED USE APARTMENT BUILDING, GLEN VILLAGE, THAT INCLUDED SEVEN INCUBATED WHOLLY OWNED AFRICAN AMERICAN START-UP BUSINESSES DEVELOPED IN DECEMBER 2019 AS WELL AS TWO VETERANS ADMINISTRATION AND CUYAHOGA COUNTY'S FISHER HOUSE CONSISTING OF 32 HOUSING UNITS. OTHER PROJECTS COMPLETED ON E. 105TH STREET ARE THE MEDICAL ARTS BUILDING (THE MADISON) WITH TWELVE APARTMENT UNITS AND A STREET LEVEL COMMERCIAL SPACE, A REPURPOSED DAY CARE CENTER BUILDING CURRENTLY HOME TO THE CENTER FOR ARTS INSPIRED LEARNING FOR CHILDREN. FOLLOWING THE SUCCESS OF THE GLENVILLE NEIGHBORHOOD PLAN, FAMICOS HAS CREATED SIMILAR PLAN FOR ROCKEFELLER PARK. TWO PROJECTS ST MARKS CHURCH (COMMUNITY CENTER) AND THE GOLD COAST LOFTS (71 UNIT WORK FORCE HOUSING) ARE PROJECTS CURRENTLY UNDER DEVELOPMENT AND SEEKING FUNDING. FAMICOS FOUNDATION IS ONE OF CLEVELAND'S OLDEST COMMUNITY DEVELOPMENT CORPORATIONS (CDC), FOUNDED IN 1969 BY SISTER HENRIETTA GORRES, CSA SHORTLY AFTER THE HOUGH RIOTS AND INCORPORATED IN 1970. THE NAME FAMICOS COMES FROM "FAMILIES IN COOPERATION", AS SR. HENRIETTA BELIEVED THAT LASTING NEIGHBORHOOD CHANGE COULD ONLY COME FROM THE RESIDENT FAMILIES WORKING TOGETHER TOWARD CHANGE. FAMICOS HAS A STAFF OF 55 EMPLOYEES WORKING ACROSS NINE DEPARTMENTS AND FOUR LINES OF BUSINESS. WITH A MISSION OF IMPROVING THE QUALITY OF LIFE IN GREATER CLEVELAND THROUGH NEIGHBORHOOD REVITALIZATION, AFFORDABLE HOUSING AND INTEGRATED SOCIAL SERVICES, FAMICOS IS PROMINENT IN THE DEVELOPMENT OF AFFORDABLE HOUSING, ESPECIALLY THE PRESERVATION OF HISTORIC PROPERTIES. IN 2014, FAMICOS FOUNDATION BECAME A CHART
Source: Form 990 for the year ending December 31, 2025, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated October 13, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated October 13, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2025.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since July 1970.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated October 13, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 21, 2026.
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