SF Housing Boss Gets Sweetheart Deal on Free Apartment. Is That Legal?
John Elberling, the president of Tenants and Owners Development Corporation (TODCO), receives a free apartment as one of the perks for running an affordable housing nonprofit in San Francisco. He does however have to report the fair market value of the apartment to the IRS, and The Standard recently has uncovered questionable accounting relating to this reporting.
Joan Harrington, a nonprofits expert and former director at the Markkula Center for Applied Ethics at Santa Clara University, called the reported value of Elberling’s apartment “problematic.”
“It’s pretty unreasonable to think that it stayed at $10,000 for all of these years,” she said.
Joan Harrington, fellow, Markkula Center for Applied Ethics, quoted by The San Francisco Standard.