Overview
What is 50 Th Street Housing Development Fund Corporation?
The 50 Th Street Housing Development Fund Corporation is a nonprofit organization situated in Brooklyn, New York, specifically at 621 Degraw Street. Their primary mission involves owning and managing two apartment buildings, offering a total of 48 units. During the year, these apartments were approximately 80% occupied. Beyond providing housing, the organization is also committed to offering social services to qualified low-income individuals residing in the Brooklyn area. This approach aims to contribute positively to the local community by offering support to those in need.
Official website here: www.fifthave.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 75%, Three-Star out of Four Star rating.
The 50 Th Street Housing Development Fund Corporation has received a Three-Star rating, reflecting its strong performance primarily in accountability and finance, which constitutes 100% of its overall score. The organization demonstrates solid governance practices with a fully independent board and effective conflict of interest policies. Additionally, it maintains transparency through the listing of its website and proper documentation of board meeting minutes.
However, the organization faces a notable concern regarding its liabilities to assets ratio, which stands at 112.17%. This indicates that its liabilities exceed its assets, raising questions about its financial stability. Despite this, the program expense ratio is commendable at 85.41%, suggesting that a significant portion of its budget is directed toward its programs, which is a positive aspect of its operational efficiency.
This AI summary has been generated from information found on Charity Navigator.
Is 50 Th Street Housing Development Fund Corporation legitimate?
50 Th Street Housing Development Fund Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. 50 Th Street Housing Development Fund Corporation 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
Official website here: www.fifthave.org
What is the mission statement of 50 Th Street Housing Development Fund Corporation?
The 50th Street Housing Development Fund Corporation's mission is centered around owning and managing two apartment buildings, providing essential social services to qualified individuals with low income. The organization's primary goal is to support these individuals, ensuring they have access to necessary housing resources. Located in an unspecified area, the corporation's apartment buildings can accommodate up to 48 residents, with approximately 80% of these units occupied throughout the year.
Official website here: www.fifthave.org
Who is the CEO of 50 Th Street Housing Development Fund Corporation?
Michelle De La Uz is the Secretary of 50 Th Street Housing Development Fund Corporation.
Official website here: www.fifthave.org
What is the revenue of 50 Th Street Housing Development Fund Corporation?
50 Th Street Housing Development Fund Corporation's revenue in 2022 was $468,853.
Official website here: www.fifthave.org
Who are the executives of 50 Th Street Housing Development Fund Corporation and what are their salaries?
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $233,154
- Other: $10,691
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.fifthave.org
Where can I find the form 990 for 50 Th Street Housing Development Fund Corporation?
50 Th Street Housing Development Fund Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.fifthave.org
Learn more at the official website: www.fifthave.org
Mission Statement of 50 Th Street Housing Development Fund Corporation
50 Th Street Housing Development Fund Corporation is an organization dedicated to serving qualified low-income individuals in the community. Its primary mission involves owning and operating two apartment buildings, offering a home to these individuals in need. Beyond providing shelter, the corporation also extends its services to cater to the social needs of its residents. By doing so, it plays a vital role in uplifting and supporting the community it serves.
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Impact
July, 2024
50 Th Street Housing Development Fund Corporation's impact is significant in providing affordable housing and social services to qualified low-income individuals in the Brooklyn, New York area. With a capacity of 48 apartments spread across two buildings, this organization plays a crucial role in addressing the housing needs of the community. By maintaining an approximate 80% occupancy rate, it ensures that a substantial number of individuals have access to safe and affordable housing. Additionally, by offering social services to its residents, the organization contributes to enhancing the overall well-being and quality of life for those in need.
This information is meant to be a general summary of 50 Th Street Housing Development Fund Corporation. 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: $48
- Program Service Revenue: $467,717
- Gross Receipts: $468,853
Assets and Liabilities:
- Total Assets: $3,597,894
- Total Liabilities: $4,322,959
- Net Assets: -$725,065
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$467,717
Organization Details
Founding Year
1995
Phone
(718) 237-2017Principal Officer
Michelle De La Uz
Main Address
621 DEGRAW STREET, BROOKLYN, NY, 11217
Website
www.fifthave.orgNTEE Category
Code: L25 - Housing
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