Overview
What is Thea Bowman Fspa Housing Development Fund Company Inc?
Thea Bowman Fspa Housing Development Fund Company Inc is a nonprofit organization situated in Hicksville, New York, specifically at 90 Cherry Lane. Their primary mission is to provide affordable housing for individuals with disabilities of limited means, recognizing a lack of appropriate housing options in the Amityville area. As a not-for-profit entity, they own and manage a Section 811 HUD multi-family project, catering specifically to the disabled community. Their mission remains dedicated to offering housing solutions for eligible low-income families and individuals, contributing positively to their living circumstances.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94% (Four-Star out of Four Stars)
The Thea Bowman Fspa Housing Development Fund Company Inc has achieved an impressive Four-Star rating from Charity Navigator, reflecting a strong commitment to accountability and finance. The organization scored 94% in this area, which indicates effective management and transparency in its financial practices. This high rating is primarily based on its robust accountability measures, with no material diversions of assets reported and comprehensive policies in place, including conflict of interest and whistleblower protections.
The nonprofit demonstrates a solid governance structure, with an entirely independent board comprising eight members. This governance model is crucial for ensuring that decisions are made in the best interest of the community it serves. Additionally, the organization maintains a high program expense ratio of 84.51%, signaling that a significant portion of its funds is directed towards its mission rather than administrative costs.
While the data reflects positive aspects of the organization's financial health and governance, it is essential for potential supporters to consider how these strengths translate into real-world impacts. Ongoing transparency and continued adherence to best practices will be vital for maintaining this level of accountability and trust with stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Thea Bowman Fspa Housing Development Fund Company Inc legitimate?
Thea Bowman Fspa Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Thea Bowman Fspa Housing Development Fund Company 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: $51,066
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What is the mission statement of Thea Bowman Fspa Housing Development Fund Company Inc?
Thea Bowman Fspa Housing Development Fund Company Inc is committed to providing affordable housing for eligible low-income families and individuals. Operating on a not-for-profit basis, they manage a Section 811 HUD multifamily project specifically designed for disabled individuals with limited means. Located in an area where suitable housing is scarce, the organization provides 31 units of rental housing to cater to this need. Their mission is centered around ensuring that disabled individuals have access to affordable housing, thereby enhancing their living conditions.
Who is the CEO of Thea Bowman Fspa Housing Development Fund Company Inc?
Richard Balcom is the President of Thea Bowman Fspa Housing Development Fund Company Inc.
What is the revenue of Thea Bowman Fspa Housing Development Fund Company Inc?
Thea Bowman Fspa Housing Development Fund Company Inc's revenue in 2023 was $930,486.
Who are the executives of Thea Bowman Fspa Housing Development Fund Company Inc and what are their salaries?
Here are 8 key members and their salaries:
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Where can I find the form 990 for Thea Bowman Fspa Housing Development Fund Company Inc?
Thea Bowman Fspa Housing Development Fund Company Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Thea Bowman Fspa Housing Development Fund Company Inc
Thea Bowman Fspa Housing Development Fund Company Inc, as a not-for-profit organization, is dedicated to providing an essential service. Its mission is to offer affordable housing for eligible low-income families and individuals who are disabled. The organization achieves this mission by operating a Section 811 HUD multifamily project, providing 31 units of affordable rental housing specifically designed for disabled persons of limited means. This initiative is crucial, as it addresses the lack of adequate housing for such individuals in certain areas, such as Amityville, New York. By providing these housing units, Thea Bowman Fspa Housing Development Fund Company Inc contributes to enhancing the living conditions for disabled individuals, ensuring they have access to a safe and affordable place to call home.
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Impact
July, 2024
The impact of Thea Bowman Fspa Housing Development Fund Company Inc is significant in providing 31 units of affordable rental housing for disabled persons of limited means in Amityville, New York. By offering this essential housing option where no adequate housing exists for such individuals, the organization helps improve the quality of life and independence of those with disabilities. Additionally, Thea Bowman Fspa Housing Development Fund Company Inc plays a crucial role in addressing the housing needs of low-income families and individuals in the community, fulfilling its mission to provide affordable housing for those in need.
This information is meant to be a general summary of Thea Bowman Fspa Housing Development Fund Company 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: $39,867
- Program Service Revenue: $889,814
- Gross Receipts: $930,486
Assets and Liabilities:
- Total Assets: $3,171,727
- Total Liabilities: $711,006
- Net Assets: $2,460,721
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SUBSIDY REVENUE
Revenue
$711,269
PROGRAM SERVICE REVENU
Revenue
$178,545
Organization Details
Founding Year
1998
Phone
(516) 733-7032Principal Officer
Richard Balcom
Main Address
90 CHERRY LANE, HICKSVILLE, NY, 118016232
NTEE Category
Code: L210 - Housing
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