Overview
What is Walton Avenue Housing Development Fund Corporation?
Walton Avenue Housing Development Fund Corporation is a nonprofit organization established under New York state law, primarily focused on developing and managing the Fannie Lou Hammer Houses, a senior housing project located at 1181-1183 Walton Avenue in Bronx, New York. The project comprises 75 units, including studio, one-bedroom, and manager's units. The organization's mission is to contribute to the community by providing senior housing, thereby enhancing the living conditions of its residents. The nonprofit employs approximately 40 individuals to oversee and manage the project's operations.
Official website here: www.midbronx.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
The Walton Avenue Housing Development Fund Corporation has received a two-star rating from Charity Navigator, indicating that it needs improvement. While the organization excels in accountability and finance, achieving a score of 100% in this area, there are several concerns regarding its governance and transparency practices. The board composition includes a majority of independent members, which is a strength; however, the lack of independent board members raises questions about oversight.
The organization shows a strong commitment to its programs, with an impressive program expense ratio of 85.63%. This suggests that a significant portion of its resources is directed towards fulfilling its mission. Nonetheless, the high liabilities to assets ratio of 150.93% indicates potential financial instability, which could pose risks to its long-term sustainability.
There are notable limitations in the organization's policies as well. The absence of a whistleblower policy and the failure to post its tax form on its website detract from its overall transparency. These gaps suggest that while Walton Avenue Housing Development Fund Corporation demonstrates strong financial management, it must improve its governance practices to enhance trust and accountability among stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Walton Avenue Housing Development Fund Corporation legitimate?
Walton Avenue Housing Development Fund Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Walton Avenue 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
Professional Fundraising Fees: $0
Other Salaries and Wages: $270,409
For more financial information, click here
Official website here: www.midbronx.org
What is the mission statement of Walton Avenue Housing Development Fund Corporation?
The Walton Avenue Housing Development Fund Corporation was established with a charitable purpose, specifically to develop a senior housing project. Their mission is centered around this objective, focusing on creating a suitable living space for senior citizens. The corporation, organized under the laws of New York, is dedicated to developing and managing the Fannie Lou Hammer Houses, a 75-unit senior housing project, which includes various rental units. The organization's goal is to provide a living environment for senior citizens, offering a mix of studio and one-bedroom units, along with necessary facilities.
Official website here: www.midbronx.org
Who is the CEO of Walton Avenue Housing Development Fund Corporation?
Jeanette Puryear is the Chairman of Walton Avenue Housing Development Fund Corporation.
Official website here: www.midbronx.org
What is the revenue of Walton Avenue Housing Development Fund Corporation?
Walton Avenue Housing Development Fund Corporation's revenue in 2022 was $1,323,507.
Official website here: www.midbronx.org
Who are the executives of Walton Avenue Housing Development Fund Corporation and what are their salaries?
The average compensation at Walton Avenue Housing Development Fund Corporation during 2022 was $6,760. There are 40 employees and 2 volunteers at Walton Avenue Housing Development Fund Corporation.
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $212,418
- Other: $33,717
Official website here: www.midbronx.org
Where can I find the form 990 for Walton Avenue Housing Development Fund Corporation?
Walton Avenue Housing Development Fund Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.midbronx.org
Learn more at the official website: www.midbronx.org
Mission Statement of Walton Avenue Housing Development Fund Corporation
Walton Avenue Senior Housing Development Fund Corporation, a charitable organization, was established with the primary objective of developing a senior housing project. This project, located at 1181 Walton Avenue in Bronx, New York, is the organization's main focus. The Corporation's mission is to create a senior living space that includes 75 units, comprising 18 studio apartments, 56 one-bedroom apartments, and a manager's unit. The organization's goal is to provide a suitable living environment for the elderly, offering them a comfortable and secure place to call home.
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Impact
August, 2024
Walton Avenue Housing Development Fund Corporation has had a significant impact on the community by providing affordable housing options for seniors in the Bronx, New York. The organization developed and operates the Fannie Lou Hammer Houses, a 75-unit project offering studio and one-bedroom rental units. By addressing the housing needs of senior citizens, Walton Avenue HDFC contributes to enhancing the quality of life for this demographic in the area. Additionally, the organization's mission to provide affordable housing aligns with broader efforts to promote inclusivity and stability within the community.
This information is meant to be a general summary of Walton Avenue 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: $1,989
- Program Service Revenue: $1,317,859
- Gross Receipts: $1,323,507
Assets and Liabilities:
- Total Assets: $5,171,206
- Total Liabilities: $7,595,158
- Net Assets: -$2,423,952
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$1,317,859
Organization Details
Founding Year
1987
Phone
(718) 588-8200Principal Officer
Jeanette Puryear
Main Address
900 GRAND CONCOURSE, BRONX, NY, 10451
Website
www.midbronx.orgNTEE Category
Code: L20Z - Housing
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