Overview
What is Amethyst Housing Development Fund Company Inc?
Amethyst Housing Development Fund Company Inc is a nonprofit organization situated in the Bronx, New York. Their main mission is to provide affordable housing for elderly individuals with low income, operating an apartment complex comprising 58 units, including a non-revenue producing unit. This initiative is backed by the U.S. Department of Housing and Urban Development, specifically through the section 8 and section 8 conversion programs, which ensure the availability of well-supported housing for this demographic.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79%, Three-Star out of Four Star rating
Amethyst Housing Development Fund Company Inc has achieved a Three-Star rating from Charity Navigator, reflecting a solid performance with a score of 79% based on its Accountability & Finance metrics. This rating is significant as it indicates a commitment to transparency and responsible financial management, which is vital for donor trust and engagement.
The organization demonstrates strong governance practices, with an entirely independent board and effective financial oversight mechanisms in place, including a robust audit process and well-documented policies for conflict of interest and whistleblower protections. Their high program expense ratio of 95.07% shows that a significant portion of their expenditures is directed towards their mission-related activities, further highlighting their focus on delivering impact.
However, the organization struggles with a high liabilities-to-assets ratio of 269.17%, which may raise concerns regarding financial stability and sustainability. While the charity exhibits strong accountability practices, prospective donors may want to consider this financial metric as a factor in their decision-making process.
This AI summary has been generated from information found on Charity Navigator.
Is Amethyst Housing Development Fund Company Inc legitimate?
Amethyst Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Amethyst 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
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What is the mission statement of Amethyst Housing Development Fund Company Inc?
Amethyst Housing Development Fund Company Inc's primary mission is to operate an apartment complex, housing 58 residential units, primarily for very low-income elderly individuals. This initiative is backed by the U.S. Department of Housing and Urban Development through the Section 8 and Section 8 conversion programs. The company's objective is to provide a living space for this specific demographic, ensuring their needs are met and supported. Additionally, one unit within the complex is designed as a non-revenue-producing unit, further underscoring the company's commitment to assisting the elderly population.
Who is the CEO of Amethyst Housing Development Fund Company Inc?
Johanna Kletter is the President of Amethyst Housing Development Fund Company Inc.
What is the revenue of Amethyst Housing Development Fund Company Inc?
Amethyst Housing Development Fund Company Inc's revenue in 2022 was $1,067,576.
Who are the executives of Amethyst Housing Development Fund Company Inc and what are their salaries?
Here are 5 key members and their salaries:
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Where can I find the form 990 for Amethyst Housing Development Fund Company Inc?
Amethyst Housing Development Fund Company Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Amethyst Housing Development Fund Company Inc
Amethyst Housing Development Fund Company Inc is committed to providing housing solutions for very low-income elderly individuals. This nonprofit organization operates an apartment complex, which houses 58 residential units, including one unit that does not produce revenue. This complex is supported by the U.S. Department of Housing and Urban Development under the section 8 and the section 8 conversion programs. The mission of Amethyst Housing Development Fund Company Inc is to offer a safe and secure living environment for elderly individuals who are financially disadvantaged, ensuring they have access to decent and affordable housing. By supporting this nonprofit, the U.S. Department of Housing and Urban Development aids in addressing housing disparities and providing a sense of stability for vulnerable elderly populations.
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Impact
August, 2024
Amethyst Housing Development Fund Company Inc's impact can be seen in the provision of stable and affordable housing for very low-income elderly individuals in the Bronx, NY. The organization operates an apartment complex with 58 residential units, ensuring that these individuals have a safe and secure place to call home. By participating in programs supported by the U.S. Department of Housing and Urban Development, such as section 8 and section 8 conversion programs, Amethyst Housing Development Fund Company Inc plays a crucial role in addressing the housing needs of a vulnerable population.
This information is meant to be a general summary of Amethyst 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.
- Investment Income: $261
- Program Service Revenue: $166,516
- Gross Receipts: $1,067,576
Assets and Liabilities:
- Total Assets: $2,255,362
- Total Liabilities: $5,674,201
- Net Assets: -$3,418,839
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL - AFFORDABLE HOUSING
Revenue
$166,516
Organization Details
Founding Year
1987
Phone
(718) 367-3200Principal Officer
Johanna Kletter
Main Address
2751 Grand Concourse, Bronx, NY, 10468
NTEE Category
Code: L21 - Housing
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