Overview
What is Lormet Hdfc?
Lormet HDFC is a nonprofit organization situated in Brooklyn, New York, with a primary mission to offer affordable housing solutions for individuals and families of low income. Established at 2 Kingsland Avenue, the organization is dedicated to this cause, striving to make housing more accessible for those who may struggle financially. Their activities and mission revolve around providing affordable housing, ensuring a more equitable living situation for a significant portion of the community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94% (Four-Star out of Four Stars)
Lormet Hdfc has achieved a strong rating of 94%, reflecting high standards in accountability and finance. The organization has a robust governance structure with 100% of its board members being independent, which showcases its commitment to transparency and ethical practices. The absence of material diversions of assets further emphasizes its integrity in managing resources.
The nonprofit excels in financial oversight, evidenced by its perfect scores in key areas such as financial statements and the presence of an audit and oversight committee. Additionally, Lormet Hdfc maintains well-documented policies for conflicts of interest, whistleblower protections, and document retention, indicating a comprehensive approach to governance and compliance.
Overall, Lormet Hdfc demonstrates strong fiscal health with a program expense ratio of 100%, meaning all funds are directed towards its programs. This highlights its effectiveness in fulfilling its mission. However, the summary does not provide additional insights into the organization's specific programs or outcomes, which could offer a fuller picture of its impact.
This AI summary has been generated from information found on Charity Navigator.
Is Lormet Hdfc legitimate?
Lormet Hdfc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lormet Hdfc 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:
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What is the mission statement of Lormet Hdfc?
Lormet HDFC's mission is centered around providing affordable housing solutions for individuals and families who fall under the income bracket considered low. This organization is dedicated to making a significant impact in this area, ensuring that low-income households have access to suitable living spaces. Their activities and mission statement are both aligned with this goal, emphasizing the importance of affordable housing as a fundamental need for many people. By focusing on this critical issue, Lormet HDFC strives to contribute positively to the lives of those in need.
Who is the CEO of Lormet Hdfc?
Joseph K Robles is the President of Lormet Hdfc.
What is the revenue of Lormet Hdfc?
Lormet Hdfc's revenue in 2020 was $685,401.
Who are the executives of Lormet Hdfc and what are their salaries?
Here are 17 key members and their salaries:
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Where can I find the form 990 for Lormet Hdfc?
Lormet Hdfc's most recent form 990 was submitted in 2020 and can be accessed here.
Mission Statement of Lormet Hdfc
Lormet HDFC, as a nonprofit organization, is dedicated to a noble mission. Its primary focus is on providing affordable housing for individuals and families of limited income. By embracing this mission, Lormet HDFC seeks to make a significant impact in the lives of those who struggle to secure affordable housing, thereby contributing to their overall well-being and stability. The organization's core activity revolves around this mission, ensuring that affordable housing remains within reach for those who need it most.
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Impact
July, 2024
Lormet Hdfc's impact is significant as it provides affordable housing for persons and families of low income in Brooklyn, NY. By offering affordable housing options, Lormet Hdfc contributes to addressing housing inequality and helps improve the quality of life for those in need. This organization plays a crucial role in ensuring that individuals and families with limited financial resources have access to safe and stable housing opportunities, thereby promoting economic stability and social well-being within the community.
This information is meant to be a general summary of Lormet Hdfc. 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 2020.
- Investment Income: $11
- Program Service Revenue: $685,390
- Gross Receipts: $685,401
Assets and Liabilities:
- Total Assets: $2,065,434
- Total Liabilities: $47,358
- Net Assets: $2,018,076
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rental revenue
Revenue
$685,390
Organization Details
Founding Year
1989
Phone
(718) 388-5454Principal Officer
Joseph K Robles
Main Address
2 KINGSLAND AVENUE, BROOKLYN, NY, 11211
NTEE Category
Code: L20Z - Housing
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