Overview
What is 358-74 Vernon Avenue Housing Development Fund Corporatio?
358-74 Vernon Avenue Housing Development Fund Corporation is a nonprofit organization situated in Brooklyn, New York, specifically at 132 Ralph Avenue. Their primary mission is to provide supportive housing for elderly and handicapped individuals with low incomes. They have been operating and managing their Lucille Rose Manor Apartments project, which was developed with capital assistance from the U.S. Department of Housing and Urban Development under Section 202 of the Housing Act of 1959. The organization adheres to the requirements of HUD, ensuring they only admit eligible tenants. Through a Housing Assistance Payments (HAP) contract with HUD, they process monthly housing assistance for each tenant, collecting the tenant's portion of the rent. With a small workforce of 4 individuals, they are dedicated to serving the needs of their community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79%, Three-Star out of Four Star rating.
The 358-74 Vernon Avenue Housing Development Fund Corporation has received a Three-Star rating from Charity Navigator, indicating a decent level of accountability and financial health. The rating is based entirely on the Accountability & Finance score, which stands at 79%. This score reflects the organization's commitment to maintaining a transparent and accountable financial structure.
The organization scores particularly well in areas related to governance, with 100% of board members being independent and a robust audit and oversight committee in place. Additionally, it has implemented several important policies, including conflict of interest and whistleblower protections, which contribute positively to its overall governance framework. The program expense ratio is also commendable, standing at 79.70%, indicating that a significant portion of its expenses supports its mission.
However, there are limitations, particularly reflected in the liabilities to assets ratio, which is reported at 214.76%, indicating potential financial risk. This high ratio may suggest that the organization has more liabilities than assets, which could impact its long-term stability. Overall, while the organization demonstrates strong governance and programmatic investment, attention to its financial liabilities is warranted.
This AI summary has been generated from information found on Charity Navigator.
Is 358-74 Vernon Avenue Housing Development Fund Corporatio legitimate?
358-74 Vernon Avenue Housing Development Fund Corporatio is a legitimate nonprofit organization registered as a 501(c)(3) entity. 358-74 Vernon Avenue Housing Development Fund Corporatio 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: $123,997
For more financial information, click here
What is the mission statement of 358-74 Vernon Avenue Housing Development Fund Corporatio?
The 358-74 Vernon Avenue Housing Development Fund Corporation's mission is centered around providing supportive housing for individuals who are either elderly or have disabilities and fall within the low-income bracket. Their primary objective is to develop housing facilities and services tailored to cater to the needs of these specific groups. The organization operates and maintains its Lucille Rose Manor Apartments, which were developed with the assistance of the U.S. Department of Housing and Urban Development, adhering to the requirements set by HUD. To ensure eligible tenants are admitted, the organization operates under a Housing Assistance Payments (HAP) contract with HUD, which allows them to process monthly housing assistance for each tenant and collect their portion of the rent.
Who is the CEO of 358-74 Vernon Avenue Housing Development Fund Corporatio?
Elliott Robinson Jr is the Chairman of 358-74 Vernon Avenue Housing Development Fund Corporatio.
What is the revenue of 358-74 Vernon Avenue Housing Development Fund Corporatio?
358-74 Vernon Avenue Housing Development Fund Corporatio's revenue in 2022 was $655,537.
Who are the executives of 358-74 Vernon Avenue Housing Development Fund Corporatio and what are their salaries?
The average compensation at 358-74 Vernon Avenue Housing Development Fund Corporatio during 2022 was $30,999. There are 4 employees and 3 volunteers at 358-74 Vernon Avenue Housing Development Fund Corporatio.
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for 358-74 Vernon Avenue Housing Development Fund Corporatio?
358-74 Vernon Avenue Housing Development Fund Corporatio's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of 358-74 Vernon Avenue Housing Development Fund Corporatio
The 358-74 Vernon Avenue Housing Development Fund Corporation is dedicated to fulfilling a mission that revolves around developing housing facilities and services for the elderly and handicapped individuals of low-income backgrounds. This nonprofit organization strives to provide a supportive living environment for its target demographic, ensuring they can reside in comfort and dignity. The Lucille Rose Manor Apartments, a project developed under the auspices of the U.S. Department of Housing and Urban Development, serves as a prime example of their commitment. The Corporation operates, maintains, and manages this project in adherence to the stipulations set forth by HUD, prioritizing the admission of eligible tenants. Through their Housing Assistance Payments (HAP) contract with HUD, they process monthly housing assistance for each tenant, while also collecting their respective rent payments. In essence, the 358-74 Vernon Avenue Housing Development Fund Corporation is committed to offering a secure and nurturing living situation for the elderly and handicapped individuals who fall within their low-income bracket.
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Impact
July, 2024
358-74 Vernon Avenue Housing Development Fund Corporation's impact is providing supportive housing for very low-income persons age 62 and older or handicapped persons in Brooklyn, NY. The organization operates, maintains, and manages the Lucille Rose Manor Apartments, ensuring that eligible tenants receive housing assistance through their contract with the U.S. Department of Housing and Urban Development. By fulfilling its mission to develop housing facilities and services for low-income elderly and handicapped individuals, this organization is making a significant difference in the lives of those in need of affordable housing and support.
This information is meant to be a general summary of 358-74 Vernon Avenue Housing Development Fund Corporatio. 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: $41
- Program Service Revenue: $644,567
- Gross Receipts: $655,537
Assets and Liabilities:
- Total Assets: $2,775,673
- Total Liabilities: $5,961,263
- Net Assets: -$3,185,590
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOW-INCOME HOUSING RENTAL
Revenue
$642,147
LAUNDRY & VENDING MACHINES
Revenue
$2,420
Organization Details
Founding Year
1995
Phone
(212) 665-5500Principal Officer
Elliott Robinson Jr
Main Address
132 RALPH AVENUE, BROOKLYN, NY, 11233
NTEE Category
Code: L22 - Housing
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