Overview
What is Whalebone Housing And Development Fund Co Incorporated?
Whalebone Housing and Development Fund Co Incorporated is a nonprofit organization situated in East Hampton, New York. Their primary mission is to offer affordable housing for low to moderate income individuals who are eligible for Section 8 subsidies from the U.S. Department of Housing and Urban Development. To achieve this, they manage a multi-family rental housing complex in East Hampton, providing a much-needed living solution for this specific demographic. Their operations are supported by a team of five dedicated individuals.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 71%, earning a Two-Star out of Four Star rating.
Whalebone Housing And Development Fund Co Incorporated has received a Two-Star rating from Charity Navigator, indicating a fair level of accountability and financial health. The organization excels in certain governance aspects, featuring a fully independent board, robust oversight of financial statements, and no material diversion of assets. However, the overall rating suggests that there are significant areas needing improvement.
The nonprofit's strengths include a high program expense ratio of 88.13%, indicating that a substantial portion of its funds directly supports its programs. Additionally, the board's conflict of interest policy is in place, further demonstrating a commitment to accountability. However, the lack of a whistleblower policy and document retention policies raises concerns about transparency and governance practices.
Furthermore, the organization faces challenges with its liabilities-to-assets ratio, which is notably high at 234.64%. This could indicate potential financial instability. Additionally, the absence of required documents such as the tax form on the nonprofit's website may hinder public trust and transparency. Overall, while Whalebone Housing And Development Fund Co does show commitment in certain areas, it must address its governance and financial reporting issues to enhance its overall standing.
This AI summary has been generated from information found on Charity Navigator.
Is Whalebone Housing And Development Fund Co Incorporated legitimate?
Whalebone Housing And Development Fund Co Incorporated is a legitimate nonprofit organization registered as a 501(c)(3) entity. Whalebone Housing And Development Fund Co Incorporated 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: $207,406
For more financial information, click here
What is the mission statement of Whalebone Housing And Development Fund Co Incorporated?
Whalebone Housing And Development Fund Co Incorporated aims to provide affordable housing for individuals with moderate to low income. They operate a multi-family rental housing complex, serving as a residence for tenants who qualify for Section 8 subsidies from the U.S. Department of Housing and Urban Development. The organization's mission is centered around making housing more accessible and affordable for those in need.
Who is the CEO of Whalebone Housing And Development Fund Co Incorporated?
Walter Blumberg is the Treasurer of Whalebone Housing And Development Fund Co Incorporated.
What is the revenue of Whalebone Housing And Development Fund Co Incorporated?
Whalebone Housing And Development Fund Co Incorporated's revenue in 2022 was $898,353.
Who are the executives of Whalebone Housing And Development Fund Co Incorporated and what are their salaries?
The average compensation at Whalebone Housing And Development Fund Co Incorporated during 2022 was $41,481. There are 5 employees at Whalebone Housing And Development Fund Co Incorporated.
Here are 6 key members and their salaries:
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Where can I find the form 990 for Whalebone Housing And Development Fund Co Incorporated?
Whalebone Housing And Development Fund Co Incorporated's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Whalebone Housing And Development Fund Co Incorporated
Whalebone Housing and Development Fund Co. Incorporated is committed to providing affordable housing solutions for individuals and families with moderate to low incomes. Operating a multi-family rental complex, this nonprofit organization seeks to address the housing needs of qualified tenants in the United States Department of Housing and Urban Development's Section 8 subsidy program. By offering low-cost accommodations, Whalebone Housing and Development Fund Co. Incorporated aims to contribute to a more equitable community, ensuring that everyone has access to a safe and comfortable living environment, regardless of their income level.
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Impact
July, 2024
Whalebone Housing And Development Fund Co Incorporated's impact can be seen in providing affordable housing for low to moderate-income tenants in East Hampton, New York. By operating a multi-family rental housing complex, the organization offers a crucial resource for individuals who qualify for Section 8 subsidies from the U.S. Department of Housing and Urban Development. This initiative directly addresses the pressing need for accessible housing options in the area, ensuring that residents have a stable and secure place to call home.
This information is meant to be a general summary of Whalebone Housing And Development Fund Co Incorporated. 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 2022.
- Investment Income: $30
- Program Service Revenue: $497,742
- Gross Receipts: $898,353
Assets and Liabilities:
- Total Assets: $1,107,921
- Total Liabilities: $2,435,291
- Net Assets: -$1,327,370
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$421,414
SOCIAL SERVICES
Revenue
$76,328
Organization Details
Founding Year
1985
Phone
(631) 324-8836Principal Officer
Walter Blumberg
Main Address
147 Boat Headers Lane, East Hampton, NY, 11937
NTEE Category
Code: L21Z - Housing
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