Overview
What is Pio Mendez Housing Development Fund Company Inc?
Pio Mendez Housing Development Fund Company Inc, located in the Bronx, New York, was a nonprofit organization with a mission to provide affordable housing for the elderly and handicapped. This mission was carried out in compliance with Section 202 of the Federal Housing Act of 1959. The company offered housing solutions in the South Bronx area of New York City. In 2014, the property was sold for its fair market value, receiving approval from both the United States Department of Housing and Urban Development and the New York State Department of Law. Despite the property sale, the organization's commitment to affordable housing for vulnerable populations remains significant.
Official website here: www.sebcodevelopment.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 40%
Pio Mendez Housing Development Fund Company Inc has received a Zero-Star out of Four Star rating from Charity Navigator, indicating significant concerns regarding its financial accountability and transparency. The organization's Accountability & Finance score stands at 40%, highlighting a lack of sufficient funding directed towards its programs, as evidenced by a program expense ratio of 0.00%. While the charity has a majority of independent board members, it struggles with overall governance due to a very small number of independent board members.
The organization has some positive practices in place, such as having a conflict of interest policy, a whistleblower policy, and a record of not diverting assets. However, it also has notable limitations, such as missing documentation on board meeting minutes and tax forms on its website, which detracts from transparency. Additionally, the liabilities to assets ratio is extremely low at 0.16%, indicating potential financial issues that warrant further investigation.
Overall, while Pio Mendez Housing Development Fund Company Inc demonstrates adherence to certain governance practices, its low program expense ratio and issues with documentation and transparency raise significant red flags for potential donors and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Pio Mendez Housing Development Fund Company Inc legitimate?
Pio Mendez Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Pio Mendez 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: $0
For more financial information, click here
Official website here: www.sebcodevelopment.org
What is the mission statement of Pio Mendez Housing Development Fund Company Inc?
Pio Mendez Housing Development Fund Company Inc's mission revolves around providing affordable housing for elderly and handicapped individuals. This mission is carried out under Section 202 of the Federal Housing Act of 1959. The company's primary goal is to ensure that low-income elderly and handicapped individuals have access to suitable housing. In the past, the company successfully provided such housing in the South Bronx area of New York City. However, in December 2014, the property was sold at its fair market value with the approval of both the United States Department of Housing and Urban Development and the New York State Department of Law.
Official website here: www.sebcodevelopment.org
Who is the CEO of Pio Mendez Housing Development Fund Company Inc?
Salvatore Gigante is the Chair of Pio Mendez Housing Development Fund Company Inc.
Official website here: www.sebcodevelopment.org
What is the revenue of Pio Mendez Housing Development Fund Company Inc?
Pio Mendez Housing Development Fund Company Inc's revenue in 2022 was $461,107.
Official website here: www.sebcodevelopment.org
Who are the executives of Pio Mendez Housing Development Fund Company Inc and what are their salaries?
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $800
- Other: $0
- Compensation: $0
- Related: $800
- Other: $0
- Compensation: $0
- Related: $216,439
- Other: $0
- Compensation: $0
- Related: $133,882
- Other: $0
Official website here: www.sebcodevelopment.org
Where can I find the form 990 for Pio Mendez Housing Development Fund Company Inc?
Pio Mendez Housing Development Fund Company Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.sebcodevelopment.org
Learn more at the official website: www.sebcodevelopment.org
Mission Statement of Pio Mendez Housing Development Fund Company Inc
Pio Mendez Housing Development Fund Company Inc, a nonprofit organization, has a mission centered around providing affordable housing for the elderly and individuals with disabilities. This mission is in line with Section 202 of the Federal Housing Act of 1959. The company has been dedicated to this cause, offering housing solutions to individuals with low income in the South Bronx area of New York City. Their commitment to this section of the act has resulted in the provision of affordable housing for the elderly and handicapped, ensuring they have a place to call home.
The organization's mission was carried out effectively, as evidenced by the sale of the property on December 30, 2014, for its fair market value. The sale was approved by both the United States Department of Housing and Urban Development and the New York State Department of Law, demonstrating the legitimacy and success of Pio Mendez Housing Development Fund Company Inc's efforts. While the specific details of this transaction can be found in Schedule A, Part VI, it is clear that the organization has made a significant impact in the lives of those they serve.
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Impact
July, 2024
Pio Mendez Housing Development Fund Company Inc provided affordable housing for low-income elderly and handicapped individuals in the South Bronx area of New York City. Through its mission to offer housing under Section 202 of the Federal Housing Act of 1959, the organization helped address the critical need for safe and affordable accommodation for vulnerable populations. This initiative not only provided a roof over the heads of those in need but also contributed to enhancing the quality of life and well-being of the elderly and handicapped individuals it served.
This information is meant to be a general summary of Pio Mendez 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.
- Gross Receipts: $461,107
Assets and Liabilities:
- Total Assets: $9,289,238
- Total Liabilities: $15,156
- Net Assets: $9,274,082
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Organization Details
Founding Year
1984
Phone
(347) 726-2547Principal Officer
Salvatore Gigante
Main Address
429 BRUCKNER BLVD 2ND FLOOR, BRONX, NY, 10455
Website
www.sebcodevelopment.orgNTEE Category
Code: L22 - Housing
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