Overview
What is Federation Employment And Guidance Service Inc?
Federation Employment and Guidance Service Inc., based in New York, is a charitable nonprofit organization that previously offered a wide array of health and social services to over 120,000 individuals annually. Facing financial challenges, the organization filed for Chapter 11 bankruptcy in 2015. During this period, it operated as a debtor-in-possession and transferred its charitable programs to other service providers to ensure minimal disruption for its clients. The organization subsequently leased its facilities to these acquiring service providers until a sale or assignment could be completed. Post-bankruptcy, the nonprofit's real estate portfolio and other assets were liquidated to repay creditors, with the proceeds going towards supporting the former clients. The bankruptcy proceedings also led to the private sale of the organization's membership and sponsorship interests in housing corporations, enabling the continuation of the charitable mission and the care of its former clients. Currently, Federation Employment and Guidance Service Inc. continues to market the housing corporation interests for sale.
Official website here: www.fegs.org
Is Federation Employment And Guidance Service Inc legitimate?
Federation Employment And Guidance Service Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Federation Employment And Guidance Service 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: $778,084
For more financial information, click here
Official website here: www.fegs.org
What is the mission statement of Federation Employment And Guidance Service Inc?
Federation Employment and Guidance Service Inc, previously offering a wide range of health and social services to over 120,000 individuals annually, was a not-for-profit organization. Prior to filing for bankruptcy, it announced plans to transfer its charitable programs to other service providers. During its bankruptcy proceedings, the organization continued operations as a debtor-in-possession, ensuring minimal disruption for its clients by leasing facilities to the acquiring organizations. The court's confirmation order allowed for the private sale of the organization's remaining real estate assets, primarily group homes, cooperative apartments, and community residence facilities, ensuring the continuation of services for its former clients and supporting the charitable mission. The organization continued to own its interests in housing corporations housing physically and developmentally disabled clients, marketing them for sale. Despite the ongoing bankruptcy process, Federation Employment and Guidance Service Inc did not generate any program revenue during the year. The expenses incurred during this period primarily involved winding up operations, implementing the liquidation plan, and administering the housing corporations.
Official website here: www.fegs.org
Who is the CEO of Federation Employment And Guidance Service Inc?
Unavailable
Official website here: www.fegs.org
What is the revenue of Federation Employment And Guidance Service Inc?
Federation Employment And Guidance Service Inc's revenue in 2022 was $89,557.
Official website here: www.fegs.org
Who are the executives of Federation Employment And Guidance Service Inc and what are their salaries?
The average compensation at Federation Employment And Guidance Service Inc during 2022 was $155,617. There are 5 employees at Federation Employment And Guidance Service Inc.
Here are 4 key members and their salaries:
- Compensation: $238,955
- Related: $0
- Other: $22,054
- Compensation: $219,471
- Related: $0
- Other: $53,581
- Compensation: $115,832
- Related: $0
- Other: $48,695
- Compensation: $114,046
- Related: $0
- Other: $22,202
Official website here: www.fegs.org
Where can I find the form 990 for Federation Employment And Guidance Service Inc?
Federation Employment And Guidance Service Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.fegs.org
Learn more at the official website: www.fegs.org
Mission Statement of Federation Employment And Guidance Service Inc
Federation Employment and Guidance Service Inc, a not-for-profit health and human services organization, previously provided a wide array of health and social services to over 120,000 individuals annually. The organization's mission was to contribute positively to the wellbeing of its community by offering comprehensive support services. Before May 2015, Federation Employment and Guidance Service Inc played a significant role in addressing various societal issues, offering aid to those in need.
The organization's activities encompassed a broad spectrum of health and social services, including but not limited to, residential care for individuals with physical and developmental disabilities, group homes, cooperative apartments, and community residence facilities. These services aimed to provide a safe and nurturing environment for individuals who required specialized care. Federation Employment and Guidance Service Inc's mission was to ensure the continuity of these services, even after undergoing bankruptcy proceedings, by transferring its charitable purpose programs to other exempt organizations. This transfer was done to prevent the dislocation of its former clients and to ensure that they continued to receive the care they needed. The organization's commitment to its clients and their wellbeing was evident in its actions, demonstrating its dedication to its mission.
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Impact
October, 2024
Federation Employment and Guidance Service Inc (FEGS) had a significant impact on the health and human services landscape until its restructuring. The organization provided a broad array of health and social services to over 120,000 individuals annually, addressing various needs such as employment assistance, housing, and support for individuals with disabilities.
Following its Chapter 11 bankruptcy filing in March 2015, FEGS worked diligently to transfer its charitable programs and services to other service providers, ensuring a continuity of care for its former clients. These efforts included leasing its facilities to new providers to prevent the disruption of services. The court-approved plan facilitated the sale of FEGS's real estate assets, which were crucial for the ongoing care of many individuals in community settings, including group homes and cooperative apartments.
By transferring its operations to other organizations, FEGS played a vital role in ensuring that the community's most vulnerable populations continued to receive essential support and services, thereby maintaining its charitable mission even in the face of challenges. This transition process highlighted the importance of resilience and adaptability in the nonprofit sector, ultimately benefiting those who depended on its services.
This information is meant to be a general summary of Federation Employment And Guidance Service 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: $251
- Gross Receipts: $89,557
Assets and Liabilities:
- Total Assets: $2,112,207
- Total Liabilities: $25,578,662
- Net Assets: -$23,466,455
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Organization Details
Founding Year
1934
Phone
(212) 366-8400Main Address
2 PARK AVENUE 20TH FLOOR, NEW YORK, NY, 10016
Website
www.fegs.orgNTEE Category
Code: J200 - Employment
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