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Islip's Housing Development Fund Company

Learn about this cause: What are the reviews? Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 113032104 ✦ Bay shore, NY ✦ Designated as a 501(c)(3)

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Overview

What is Islip's Housing Development Fund Company?

Islip's Housing Development Fund Company is a nonprofit organization based in Bay Shore, New York. Their primary mission, as a Housing Development Fund Company, is to develop additional affordable housing units in the town of Islip. They construct and own these units, which are then managed, operated, and maintained by a quality management agency. The organization collaborates with the Town of Islip Community Development Agency on various activities related to providing housing for low and moderate-income families. Their work is focused on enhancing access to affordable housing within the community.

What are the reviews and ratings of this charity?

Charity Navigator Rating: 94%, Four-Star out of Four Stars

Islip's Housing Development Fund Company has achieved a commendable Four-Star rating from Charity Navigator, signifying a high level of accountability and financial health. The organization's score reflects a strong commitment to responsible financial practices, with a notable focus on transparency and governance. The absence of asset diversion and the implementation of robust policies regarding conflicts of interest and whistleblower protections further enhance its reputation.

The organization benefits from a fully independent board, which is essential for maintaining objective oversight. With all board members being independent, the governance structure supports effective decision-making and accountability. Additionally, the Fund demonstrates a solid financial position, evidenced by a favorable liabilities-to-assets ratio and a high program expense ratio, indicating that the majority of its funds are directed towards its mission-related activities.

While the organization demonstrates strong financial practices and governance, the summary does not provide insights into the specific programs and outcomes of its initiatives. This lack of detail on the effectiveness of the services provided may leave potential donors and stakeholders wanting more information about the impact of their support. Overall, Islip's Housing Development Fund Company appears to be a well-managed organization focused on housing development, but further clarity on program effectiveness would be beneficial.


This AI summary has been generated from information found on Charity Navigator.

Is Islip's Housing Development Fund Company legitimate?

Islip's Housing Development Fund Company is a legitimate nonprofit organization registered as a 501(c)(3) entity. Islip's Housing Development Fund Company 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: $0

For more financial information, click here

What is the mission statement of Islip's Housing Development Fund Company?

The Islip's Housing Development Fund Company, as a housing development fund organization, is primarily focused on fulfilling its mission of expanding the availability of affordable housing. This is achieved through collaborative efforts with the community development agency of Islip Town. In addition to their main mission, they also manage and maintain rental units that cater to low and moderate income families. These units are constructed and owned by the organization, and their operation is handled by a competent management agency.

Who is the CEO of Islip's Housing Development Fund Company?

Renee C Sumpter is the Chair of Islip's Housing Development Fund Company.

What is the revenue of Islip's Housing Development Fund Company?

Islip's Housing Development Fund Company's revenue in 2022 was $1,430,693.

Who are the executives of Islip's Housing Development Fund Company and what are their salaries?

There 5 volunteers at Islip's Housing Development Fund Company.


Here are 7 key members and their salaries:


Alicia S O'Conner (Chair)
  • Compensation: $0
  • Related: $0
  • Other: $0
Nancy Manfredonia (Vice President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Joseph A Devincent (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Ronald F Devine Jr (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
John C Cochrane Jr (Director)
  • Compensation: $0
  • Related: $0
  • Other: $0
Julia E Macgibbon (Secretary)
  • Compensation: $0
  • Related: $145,301
  • Other: $59,237
Salvatore Matera (President And Cfo)
  • Compensation: $0
  • Related: $154,344
  • Other: $54,872
Where can I find the form 990 for Islip's Housing Development Fund Company?

Islip's Housing Development Fund Company's most recent form 990 was submitted in 2022 and can be accessed here.

Mission Statement of Islip's Housing Development Fund Company

Islip's Housing Development Fund Company, as a Housing Development Fund Company, is committed to its primary mission of developing additional affordable housing. This organization collaborates with the Town of Islip's Community Development Agency in various activities aimed at providing housing for low and moderate-income families. By constructing and owning affordable housing rental units, the company plays a vital role in addressing the housing needs of these families. The management of these units is entrusted to a quality management agency, ensuring their proper operation, maintenance, and upkeep. In essence, Islip's Housing Development Fund Company is dedicated to expanding affordable housing options and improving living conditions for families in need.

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Impact




July, 2024

Islip's Housing Development Fund Company plays a significant role in the development of affordable housing in the town of Islip. By working closely with the community development agency, the organization facilitates the provision of housing for low and moderate-income families. Their activities include the construction and ownership of affordable housing rental units, which are managed and maintained to high standards by a quality management agency. Through their mission as a housing development fund company, Islip's Housing Development Fund Company actively contributes to addressing housing affordability challenges in the region.




This information is meant to be a general summary of Islip's Housing Development Fund Company. 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.

Revenue
$1,430,693 (2022)
Expenses
$1,135,138 (2022)
Efficiency

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Investment Income: $2,344
  • Program Service Revenue: $705,241
  • Gross Receipts: $1,430,693

Assets and Liabilities:

  • Total Assets: $4,509,925
  • Total Liabilities: $1,282,521
  • Net Assets: $3,227,404

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Programs

Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

RENTAL INCOME

Revenue

$705,241

Organization Details

Founding Year

1990

Principal Officer

Renee C Sumpter

Main Address

15 BAY SHORE LANE PO BOX 5587, BAY SHORE, NY, 11706

NTEE Category

Code: L200 - Housing

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