Overview
What is Canaan Housing Dev Fund Corp?
Canaan Housing Dev Fund Corp is a nonprofit organization that has made significant strides in addressing the housing needs of low-income individuals and the elderly. Their mission encompasses the development of an 89-unit apartment complex, specifically designed for this demographic. Beyond development, their primary focus lies in the operation of an apartment building catering to senior citizens. This commitment to providing suitable housing for vulnerable populations demonstrates Canaan Housing Dev Fund Corp's dedication to improving living conditions and ensuring the well-being of its community.
What are the reviews and ratings of this charity?
Charity Navigator rating: 79%, Three-Star out of Four Star rating.
Canaan Housing Dev Fund Corp has achieved a Three-Star rating with a score of 79%, reflecting a solid commitment to accountability and finance. The charity's score is entirely derived from its accountability and finance metrics, indicating a strong foundation in these areas. Notably, the organization has a fully independent board, scoring 100% in board independence, which shows effective governance practices.
The organization has demonstrated meticulous financial oversight with full points in areas such as audit and oversight committee operations, conflict of interest policies, and whistleblower protections. Additionally, the program expense ratio is commendable at nearly 79%, suggesting that a significant portion of their budget is directed toward their programs.
However, the charity faces challenges, particularly regarding its liabilities to assets ratio, which stands at 237.78%. This high ratio indicates potential financial risks, as it suggests the organization has significantly more liabilities than assets. Addressing this concern will be crucial for maintaining financial health and sustainability moving forward.
This AI summary has been generated from information found on Charity Navigator.
Is Canaan Housing Dev Fund Corp legitimate?
Canaan Housing Dev Fund Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Canaan Housing Dev Fund Corp 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: $303,944
For more financial information, click here
What is the mission statement of Canaan Housing Dev Fund Corp?
Canaan Housing Dev Fund Corp's mission revolves around developing housing solutions for vulnerable populations. Specifically, they have constructed an 89-unit apartment complex catering to low-income individuals and the elderly. Their primary activity involves managing this senior housing facility. Essentially, their mission is geared towards providing suitable living conditions for the elderly with limited financial resources.
Who is the CEO of Canaan Housing Dev Fund Corp?
Thomas Johnson is the President of Canaan Housing Dev Fund Corp.
What is the revenue of Canaan Housing Dev Fund Corp?
Canaan Housing Dev Fund Corp's revenue in 2022 was $2,002,946.
Who are the executives of Canaan Housing Dev Fund Corp and what are their salaries?
The average compensation at Canaan Housing Dev Fund Corp during 2022 was $101,315. There are 3 employees at Canaan Housing Dev Fund Corp.
Here are 7 key members and their salaries:
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Where can I find the form 990 for Canaan Housing Dev Fund Corp?
Canaan Housing Dev Fund Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Canaan Housing Dev Fund Corp
Canaan Housing Development Fund Corp, a nonprofit organization, focuses on providing housing solutions for the elderly and individuals with low income. Their primary mission is to develop an 89-unit apartment complex specifically designed for this demographic. This complex serves as a sanctuary for those in need, offering them a secure and comfortable living environment. The organization operates this apartment building, ensuring that senior residents have access to a suitable and supportive living space.
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Impact
August, 2024
Canaan Housing Dev Fund Corp's impact is evident in the development of an 89-unit apartment complex providing housing for low-income individuals and seniors in New York City. By operating this apartment building, Canaan Housing Dev Fund Corp is directly addressing the pressing need for affordable housing options, particularly among vulnerable populations such as the elderly. This initiative contributes to enhancing the quality of life for the residents by providing a safe and stable living environment. In essence, Canaan Housing Dev Fund Corp's work has a tangible and significant impact on the community by providing essential housing solutions for those in need.
This information is meant to be a general summary of Canaan Housing Dev Fund Corp. 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: $1,351
- Program Service Revenue: $1,953,459
- Gross Receipts: $2,002,946
Assets and Liabilities:
- Total Assets: $2,924,178
- Total Liabilities: $6,953,170
- Net Assets: -$4,028,992
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$1,948,479
LAUNDRY
Revenue
$4,980
Organization Details
Founding Year
1981
Phone
(212) 222-5445Principal Officer
Thomas Johnson
Main Address
160 WEST 116TH STREET, NEW YORK, NY, 10026
NTEE Category
Code: L21 - Housing
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