Overview
What is Hsc No 5 Housing Development Fu Company Inc?
Hsc No 5 Housing Development Fu Company Inc is a nonprofit organization that specializes in providing low-income housing for the elderly. They have successfully offered accommodation to 70 elderly individuals. To maintain the quality of their facilities, the company recently engaged a contractor to replace the roofs on their apartment buildings, with the costs of $140,695 being covered directly by another entity, SCHC, and granted to Hsc No 5 Housing Development Fu Company Inc. The company's mission is deeply rooted in ensuring the well-being and comfort of the elderly, providing them with a safe and secure living environment.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 54% (One-Star out of Four Stars)
Hsc No 5 Housing Development Fu Company Inc has received a low rating of 54% from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. The organization lacks independent board members and has scored poorly in several governance areas, including conflict of interest and whistleblower policies.
Despite some strengths, such as a perfect score on financial statements and a good program expense ratio, the overall governance structure appears weak. The absence of independent oversight can be a red flag, raising questions about decision-making processes and financial management.
Moreover, the organization did not post its tax form on its website, which is a key transparency measure. This, coupled with a concerning liabilities to assets ratio, suggests that while program expenses are managed effectively, the overall financial health and accountability of the organization may be compromised.
This AI summary has been generated from information found on Charity Navigator.
Is Hsc No 5 Housing Development Fu Company Inc legitimate?
Hsc No 5 Housing Development Fu Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hsc No 5 Housing Development Fu Company Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $143,235
For more financial information, click here
What is the mission statement of Hsc No 5 Housing Development Fu Company Inc?
HSC No 5 Housing Development Fund Company Inc, as a mission, focuses on providing affordable housing for the elderly. They have successfully set up 70 such apartments to cater to this demographic. In addition, the company has taken initiative to improve the living conditions of its residents by investing in necessary renovations. Specifically, they hired a contractor to replace the roofs on their apartment buildings at a cost of $140,695, which was funded directly by SCHC and granted to the company. This commitment to providing safe and comfortable living spaces for the elderly is at the core of HSC No 5 Housing Development Fund Company Inc's mission.
Who is the CEO of Hsc No 5 Housing Development Fu Company Inc?
William Davidson is the President of Hsc No 5 Housing Development Fu Company Inc.
What is the revenue of Hsc No 5 Housing Development Fu Company Inc?
Hsc No 5 Housing Development Fu Company Inc's revenue in 2023 was $756,681.
Who are the executives of Hsc No 5 Housing Development Fu Company Inc and what are their salaries?
The average compensation at Hsc No 5 Housing Development Fu Company Inc during 2023 was $71,618. There are 2 employees at Hsc No 5 Housing Development Fu Company Inc.
Here are 8 key members and their salaries:
- Compensation: $0
- Related: $232,380
- Other: $0
- Compensation: $0
- Related: $143,690
- Other: $0
- Compensation: $0
- Related: $49,756
- Other: $0
- Compensation: $0
- Related: $109,376
- Other: $0
- Compensation: $0
- Related: $50,326
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $4,800
- Related: $201,140
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Hsc No 5 Housing Development Fu Company Inc?
Hsc No 5 Housing Development Fu Company Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Hsc No 5 Housing Development Fu Company Inc
HSC No 5 Housing Development Fund Company, a nonprofit organization, is dedicated to providing low-income housing for the elderly. With a compassionate mission, the company has successfully established 70 apartments, catering to this specific demographic. Recognizing the importance of maintaining the structural integrity of these residences, HSC No 5 Hiring a contractor, the company invested in a substantial roof replacement project. The costs associated with this project totaled $140,695, which was generously covered by SCHC and granted directly to HSC No 5, demonstrating their commitment to supporting this essential service provider.
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Impact
July, 2024
HSC No 5 Housing Development Fund Company Inc's impact lies in providing low-income housing for the elderly in Greenlawn, NY. The organization has successfully offered 70 apartments to elderly individuals in need. With the support of SCHC, the company was able to hire a contractor to replace the roofs on the apartment buildings, ensuring the safety and comfort of its residents. This initiative not only enhances the quality of life for the elderly population but also contributes to creating a more stable and secure community.
This information is meant to be a general summary of Hsc No 5 Housing Development Fu Company Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $37
- Program Service Revenue: $611,906
- Gross Receipts: $756,681
Assets and Liabilities:
- Total Assets: $5,481,229
- Total Liabilities: $9,376,051
- Net Assets: -$3,894,822
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENT
Revenue
$326,262
GOVERNMENT ASSISTANCE
Revenue
$284,824
LAUNDRY AND MISC
Revenue
$2,522
VACANCIES
Revenue
-$1,702
Organization Details
Founding Year
2002
Phone
(631) 262-0101Principal Officer
William Davidson
Main Address
650 PAUMANACK VILLAGE DR, GREENLAWN, NY, 11740
NTEE Category
Code: L22 - Housing
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