Overview
What is Marien-Heim Tower?
Marien-Heim Tower is a senior citizen housing project located in Brooklyn, New York, with a capacity of 182 units. Managed by PublicHousing.com Affordable Housing Network, the project is overseen by the US Department of Housing and Urban Development under section 236 of the National Housing Act. In November 2014, the network entered into an agreement to sell its beneficial interests in the property to an affiliate, while retaining legal title as a nominee. The tower continues to provide affordable housing for its senior residents, ensuring they have a safe and secure living environment.
What are the reviews and ratings of this charity?
Charity Navigator Rating 94% - Four-Star out of Four Star rating
Marien-Heim Tower has achieved a Four-Star rating from Charity Navigator, reflecting an impressive score of 94% based on its Accountability & Finance metrics. This high rating is significant as it indicates the organization's strong financial health and responsible governance practices, showcasing its commitment to transparency and ethical management.
The organization excels in various areas, including having a fully independent board, a strong audit and oversight committee, and robust conflict of interest and whistleblower policies. Additionally, it maintains a low liabilities to assets ratio and allocates a substantial portion of its resources—84.65%—toward program expenses, ensuring that the majority of donations directly support its mission.
There are no noted limitations regarding Marien-Heim Tower's financial practices, reinforcing its reputation as a well-managed nonprofit. Overall, the organization stands out for its responsible stewardship of funds and commitment to accountability, making it a reliable choice for donors seeking to support impactful initiatives.
This AI summary has been generated from information found on Charity Navigator.
Is Marien-Heim Tower legitimate?
Marien-Heim Tower is a legitimate nonprofit organization registered as a 501(c)(3) entity. Marien-Heim Tower 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: $153,996
For more financial information, click here
What is the mission statement of Marien-Heim Tower?
Marien-Heim Tower, a senior citizen housing project with 182 units, is managed by the Affordable Housing Network through PublicHousing.com. The property is regulated by the US Department of Housing and Urban Development under the National Housing Act's Section 236, determining rent charges and operations. In 2014, Marien-Heim Tower entered into a contract of sale and nominee agreement with an affiliate, transferring its beneficial interests, yet retaining legal title as a nominee on behalf of its affiliate. Furthermore, Marien-Heim Tower agreed to act as the exclusive agent for the management of the premises.
Who is the CEO of Marien-Heim Tower?
Robert J Walsh is the President of Marien-Heim Tower.
What is the revenue of Marien-Heim Tower?
Marien-Heim Tower's revenue in 2023 was $2,334,467.
Who are the executives of Marien-Heim Tower and what are their salaries?
The average compensation at Marien-Heim Tower during 2023 was $19,250. There are 8 employees at Marien-Heim Tower.
Here are 9 key members and their salaries:
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Where can I find the form 990 for Marien-Heim Tower?
Marien-Heim Tower's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Marien-Heim Tower
Marien-Heim Tower, a senior citizen housing project, is overseen by PublicHousing.com Affordable Housing Network. The mission of Marien-Heim Tower, as a subsidized housing project funded by the US Department of Housing and Urban Development, is to provide affordable living accommodations for senior citizens. In November 2014, Marien-Heim Tower entered into a contract of sale and nominee agreement with an affiliate, selling its beneficial interests. However, the organization retains legal title to the building solely as a nominee on behalf of its affiliate, while also acting as the exclusive agent for managing the premises. In this role, Marien-Heim Tower is responsible for the regulation and operation of the housing project under section 236 of the National Housing Act, ensuring that rent charges are maintained according to the stipulations set by the US Department of Housing and Urban Development.
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Impact
July, 2024
Marien-Heim Tower's impact lies in providing affordable housing for senior citizens in Brooklyn, NY. With 182 units, this housing project serves as a vital resource for seniors in need of safe and affordable accommodation. Regulated by the US Department of Housing and Urban Development, Marien-Heim Tower operates under section 236 of the National Housing Act, ensuring fair rent charges and proper management. By offering a secure and affordable living option for seniors, Marien-Heim Tower plays a crucial role in addressing the housing needs of the elderly population in the community.
This information is meant to be a general summary of Marien-Heim Tower. 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: $42,727
- Program Service Revenue: $2,064,963
- Gross Receipts: $2,334,467
Assets and Liabilities:
- Total Assets: $35,676,829
- Total Liabilities: $111,465
- Net Assets: $35,565,364
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SELLER NOTE INTEREST
Revenue
$1,908,797
MANAGEMENT FEE
Revenue
$156,166
Organization Details
Founding Year
1972
Phone
(718) 630-8201Principal Officer
Robert J Walsh
Main Address
870 OCEAN PARKWAY, BROOKLYN, NY, 11230
NTEE Category
Code: L21 - Housing
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