Overview
What is Hsc No 4 Housing Development Fund Co Inc?
Hsc No 4 Housing Development Fund Co Inc is a nonprofit organization dedicated to providing affordable housing for the elderly. Through the financial support of its sponsor, the organization renovated 22 apartment units at a cost of $417,397, completed in July 2017. This endeavor aims to enhance living conditions for the elderly, contributing to their overall well-being and quality of life. The organization's mission to provide low-income housing for the elderly remains a significant contribution to the community, ensuring elderly individuals have access to safe and comfortable living spaces.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 52% (One-Star out of Four Stars)
Hsc No 4 Housing Development Fund Co Inc has received a One-Star rating from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. With an overall score of 52%, the organization exhibits deficiencies in several key areas, particularly in governance and independent oversight. The lack of independent board members and the absence of essential policies, such as a conflict of interest and whistleblower policy, raise concerns about transparency and accountability.
Despite the weaknesses noted in governance, the organization does demonstrate strong performance in certain financial metrics, such as a perfect score in program expense ratio and material diversion of assets. This suggests that while there are issues in oversight and governance structure, the organization effectively allocates its resources towards its programs. However, the lack of proper financial practices and board independence could impact stakeholder confidence and fundraising efforts.
Overall, while Hsc No 4 Housing Development Fund Co Inc shows potential in its program expenditures, the lack of governance structures and transparency measures highlighted in its rating may pose challenges to its operational integrity. Stakeholders and potential donors should weigh these factors carefully when considering support for the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Hsc No 4 Housing Development Fund Co Inc legitimate?
Hsc No 4 Housing Development Fund Co Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hsc No 4 Housing Development Fund Co 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: $109,057
For more financial information, click here
What is the mission statement of Hsc No 4 Housing Development Fund Co Inc?
Hsc No 4 Housing Development Fund Co Inc's mission is centered around providing affordable housing for the elderly. The organization has demonstrated this commitment by funding the renovation of 22 apartment units at a total cost of $417,397, which were completed in July 2017. This initiative aims to offer a living space for the elderly who may have limited income, thereby enhancing their quality of life. The organization's activities primarily focus on this specific housing solution, ensuring that the elderly have a secure and suitable place to reside.
Who is the CEO of Hsc No 4 Housing Development Fund Co Inc?
Vincent Frigeria Iii is the Director of Hsc No 4 Housing Development Fund Co Inc.
What is the revenue of Hsc No 4 Housing Development Fund Co Inc?
Hsc No 4 Housing Development Fund Co Inc's revenue in 2023 was $525,426.
Who are the executives of Hsc No 4 Housing Development Fund Co Inc and what are their salaries?
The average compensation at Hsc No 4 Housing Development Fund Co Inc during 2023 was $54,528. There are 2 employees at Hsc No 4 Housing Development Fund Co 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 4 Housing Development Fund Co Inc?
Hsc No 4 Housing Development Fund Co Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Hsc No 4 Housing Development Fund Co Inc
Hsc No 4 Housing Development Fund Co Inc is a nonprofit organization dedicated to providing low-income housing for the elderly. The organization took on this mission by investing in the renovation of 22 apartment units at a total cost of $417,397. The renovation project was completed in July 2017, marking a significant step in their mission to provide suitable housing for the elderly who are in need of financial assistance. By offering these renovated units, Hsc No 4 Housing Development Fund Co Inc is contributing to the well-being of the elderly population, ensuring they have a safe and comfortable living environment. This mission aligns with the organization's commitment to enhancing the quality of life for the elderly, providing them with the necessary support to live independently and with dignity.
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Impact
July, 2024
HSC No 4 Housing Development Fund Co Inc's impact lies in providing low-income housing for the elderly in Greenlawn, NY. Specifically, the organization's sponsor invested in renovating 22 apartment units at a cost of $417,397, completed in July 2017. This initiative directly addresses the critical need for affordable housing for seniors, creating a tangible and positive impact on the community by ensuring housing security for this vulnerable population.
This information is meant to be a general summary of Hsc No 4 Housing Development Fund Co 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: $115
- Program Service Revenue: $512,261
- Gross Receipts: $525,426
Assets and Liabilities:
- Total Assets: $2,594,345
- Total Liabilities: $4,169,666
- Net Assets: -$1,575,321
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
GOVERNMENT ASSISTANCE
Revenue
$259,830
TENANT RENT
Revenue
$244,602
LAUNDRY AND MISC
Revenue
$5,274
PARKING
Revenue
$2,555
Organization Details
Founding Year
1990
Phone
(631) 262-0101Principal Officer
Vincent Frigeria Iii
Main Address
650 PAUMANACK VILLAGE DRIVE, GREENLAWN, NY, 11740
NTEE Category
Code: L22 - Housing
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