Overview
What is Mrc Housing Development Fund Company Inc?
Mrc Housing Development Fund Company Inc is a nonprofit organization located in Brooklyn, New York, specifically at 539 Alabama Avenue. Their primary mission is to provide affordable housing for senior and disabled citizens, operating a 54-unit apartment complex to cater to this demographic. The company's activities revolve around offering low-income housing solutions, ensuring that elderly and disabled individuals have access to suitable living spaces in their community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 56% (One-Star out of Four Stars)
Mrc Housing Development Fund Company Inc has received a one-star rating from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. The organization scored poorly on board independence, with no independent members on its board, which can raise questions about governance and oversight. This lack of independent oversight is compounded by a poor score in financial ratios, particularly with a liabilities to assets ratio of over 260%, suggesting potential financial instability.
Despite these issues, Mrc Housing Development Fund demonstrates strengths in certain areas, such as its program expense ratio, which stands at 92.62%. This indicates that a substantial portion of its resources is directed towards its programs rather than administrative costs. Additionally, the organization has intact policies for conflict of interest and has successfully avoided material diversion of assets, signaling some level of operational integrity.
However, several critical policies and transparency measures are missing, including a whistleblower policy and a document retention policy, which detracts from its overall accountability. The absence of a website listed on the tax form and missing financial statements on its website further limit public access to essential information, ultimately affecting trust and confidence in the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Mrc Housing Development Fund Company Inc legitimate?
Mrc Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mrc 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: $103,824
For more financial information, click here
What is the mission statement of Mrc Housing Development Fund Company Inc?
Mrc Housing Development Fund Company Inc's mission is centered around providing affordable housing solutions. Specifically, the company focuses on catering to the needs of elderly and disabled individuals, striving to offer them a place to live with dignity. This is achieved through the operation of a 54-unit apartment complex, designed to accommodate low-income seniors. The company's primary goal is to ensure that these vulnerable citizens have access to suitable housing, thereby enhancing their overall quality of life.
Who is the CEO of Mrc Housing Development Fund Company Inc?
Gregory Colimon is the Chairman of Mrc Housing Development Fund Company Inc.
What is the revenue of Mrc Housing Development Fund Company Inc?
Mrc Housing Development Fund Company Inc's revenue in 2022 was $906,125.
Who are the executives of Mrc Housing Development Fund Company Inc and what are their salaries?
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- 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 Mrc Housing Development Fund Company Inc?
Mrc Housing Development Fund Company Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Mrc Housing Development Fund Company Inc
Mrc Housing Development Fund Company Inc, as a nonprofit organization, is dedicated to providing low-income housing to senior and disabled individuals. This mission is reflected in their primary activity, which involves operating a 54-unit apartment complex specifically designed for the elderly. By offering affordable housing, Mrc Housing Development Fund Company Inc aims to support the needs of elderly and disabled citizens, providing them with a secure and suitable living environment. This commitment to social responsibility and community support is at the core of the organization's operations.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
Mrc Housing Development Fund Company Inc directly impacts the lives of low-income senior and disabled individuals in Brooklyn, NY by providing them with affordable housing options. Through the operation of a 54-unit apartment complex specifically designed for the elderly, Mrc Housing Development Fund Company Inc fulfills its mission of offering housing solutions to those in need. This organization plays a crucial role in ensuring that vulnerable populations have access to safe and affordable housing, ultimately improving their quality of life and well-being.
This information is meant to be a general summary of Mrc 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 2022.
- Investment Income: $377
- Program Service Revenue: $905,748
- Gross Receipts: $906,125
Assets and Liabilities:
- Total Assets: $1,979,165
- Total Liabilities: $5,146,302
- Net Assets: -$3,167,137
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME - SECTIO
Revenue
$712,565
RENTAL INCOME - TENANT
Revenue
$193,183
Organization Details
Founding Year
1995
Phone
(845) 368-2400Principal Officer
Gregory Colimon
Main Address
539 ALABAMA AVENUE, BROOKLYN, NY, 11207
NTEE Category
Code: L22 - Housing
If you are a representative of Mrc Housing Development Fund Company Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.