Overview
What is Victory One Housing Development Fund Corporation?
Victory One Housing Development Fund Corporation is a nonprofit organization situated in New York, specifically at 256 West 153rd Street, New York, NY 10039. Their primary mission is to provide housing for the elderly, adhering to Section 202 of the National Housing Act. Regulated by the US Department of HUD, they operate a 110-unit apartment building in New York to accommodate low-income elderly individuals. With a small workforce of three employees, they are dedicated to ensuring senior citizens have a secure living environment.
Official website here: www.hcci.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Victory One Housing Development Fund Corporation has received a two-star rating from Charity Navigator, indicating that while the organization shows some strengths, there are significant areas for improvement. The charity achieved an overall score of 66%, which reflects a solid performance in governance aspects, such as having a fully independent board and established policies for conflict of interest and whistleblowing. However, it struggles with financial transparency as indicated by the absence of financial statements, which has notably affected its accountability score.
The organization demonstrates a strong commitment to its programs, as evidenced by a high program expense ratio of 87.26%. This suggests that a substantial portion of its budget is directed towards its stated mission. However, the liabilities to assets ratio raises concerns, standing at an alarming 346.26%. This financial burden could impact the charity's sustainability and long-term operational health.
Overall, while Victory One Housing Development Fund Corporation has established several governance practices that are commendable, the lack of financial documentation and the high liabilities-to-assets ratio are critical areas that need addressing. Improving these aspects could enhance the charity's rating and operational effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Victory One Housing Development Fund Corporation legitimate?
Victory One Housing Development Fund Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Victory One 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
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Other Salaries and Wages: $234,867
For more financial information, click here
Official website here: www.hcci.org
What is the mission statement of Victory One Housing Development Fund Corporation?
Victory One Housing Development Fund Corporation's mission is focused on providing housing for the elderly, adhering to Section 202 of the National Housing Act. This organization is regulated by the United States Department of Housing and Urban Development (HUD). In essence, their goal is to ensure the availability of housing for low-income elderly individuals, as demonstrated through their 110-unit apartment building project in New York. The corporation's mission aims to enhance the living conditions and support the needs of this vulnerable population.
Official website here: www.hcci.org
Who is the CEO of Victory One Housing Development Fund Corporation?
Malcolm A Punter is the Member of Victory One Housing Development Fund Corporation.
Official website here: www.hcci.org
What is the revenue of Victory One Housing Development Fund Corporation?
Victory One Housing Development Fund Corporation's revenue in 2022 was $1,390,643.
Official website here: www.hcci.org
Who are the executives of Victory One Housing Development Fund Corporation and what are their salaries?
The average compensation at Victory One Housing Development Fund Corporation during 2022 was $78,289. There are 3 employees at Victory One Housing Development Fund Corporation.
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Official website here: www.hcci.org
Where can I find the form 990 for Victory One Housing Development Fund Corporation?
Victory One Housing Development Fund Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.hcci.org
Learn more at the official website: www.hcci.org
Mission Statement of Victory One Housing Development Fund Corporation
Victory One Housing Development Fund Corporation, as a nonprofit organization, is dedicated to providing housing for the elderly under Section 202 of the National Housing Act. Regulated by the US Department of Housing and Urban Development, this mission involves offering suitable living spaces for low-income elderly individuals. The corporation's primary goal is to ensure elderly people have access to safe and comfortable housing, thereby improving their quality of life. The project, managed by Victory One Housing Development Fund Corporation, features a 110-unit apartment building, demonstrating their commitment to providing ample housing options for this specific demographic.
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Impact
July, 2024
Victory One Housing Development Fund Corporation's impact centers around providing essential housing for low-income elderly individuals in New York. Through its 110-unit apartment building, this organization offers a safe and stable living environment for a vulnerable population. By focusing on fulfilling the housing needs of the elderly under Section 202 of the National Housing Act and regulation by the US Department of Housing and Urban Development (HUD), Victory One is making a significant difference in the lives of seniors who may otherwise struggle to access affordable and suitable housing options. This initiative not only addresses a critical societal need but also contributes to enhancing the overall well-being and quality of life for older adults in the community.
This information is meant to be a general summary of Victory One 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: $10,004
- Program Service Revenue: $1,378,924
- Gross Receipts: $1,390,643
Assets and Liabilities:
- Total Assets: $3,375,313
- Total Liabilities: $11,687,361
- Net Assets: -$8,312,048
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$1,378,924
Organization Details
Founding Year
1994
Phone
(212) 281-4887Principal Officer
Malcolm A Punter
Main Address
256 WEST 153RD STREET, NEW YORK, NY, 10039
Website
www.hcci.orgNTEE Category
Code: L200 - Housing
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