Overview
What is Melrose Villa Hermosa Development Fund Company Inc?
Melrose Villa Hermosa Development Fund Company Inc is a nonprofit organization situated in Bronx, New York. Its primary mission is to provide affordable housing for the elderly and disabled, prioritizing their wellbeing. This is achieved through a tailored rental assistance program, which grants eligible residents access to high-quality living arrangements within the Bronx community. The company's initiatives are centered around promoting the health and overall quality of life for its residents, making it an essential resource for this specific population.
Official website here: www.none
What are the reviews and ratings of this charity?
Charity Navigator Rating: 92% (Four-Star out of Four Star rating) from Charity Navigator.
Melrose Villa Hermosa Development Fund Company Inc has achieved a notable Four-Star rating due to its strong performance in accountability and finance, with a score of 92%. The organization demonstrates excellent financial health, reflected in its low liabilities to assets ratio of 4.41% and a high program expense ratio of 91.13%, indicating that most of its funds are directed towards its programs rather than administrative costs.
The organization boasts a fully independent board, with all members meeting the criteria for independence, which enhances governance and accountability. It has also established sound financial oversight measures, including an Audit and Oversight Committee, which received full points. However, there are some areas for improvement, such as the absence of a conflict of interest policy and the failure to post its tax form on its website, which affected its overall score in those specific categories.
Overall, while Melrose Villa Hermosa Development Fund Company Inc shows strengths in financial management and governance, addressing the noted limitations could further enhance the transparency and accountability of the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Melrose Villa Hermosa Development Fund Company Inc legitimate?
Melrose Villa Hermosa Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Melrose Villa Hermosa 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: $153,251
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Official website here: www.none
What is the mission statement of Melrose Villa Hermosa Development Fund Company Inc?
Melrose Villa Hermosa Development Fund Company Inc has a mission to provide low-income housing for the elderly and disabled, with a focus on promoting their health. This is achieved through a dedicated rental assistance program, offering high-quality living arrangements to its residents in Bronx, NY. The company's mission is centered around ensuring that this vulnerable population has access to suitable living conditions. By providing this service, Melrose Villa Hermosa Development Fund Company Inc aims to enhance the well-being of its residents and contribute positively to their daily lives.
Official website here: www.none
What is the revenue of Melrose Villa Hermosa Development Fund Company Inc?
Melrose Villa Hermosa Development Fund Company Inc's revenue in 2023 was $1,036,108.
Official website here: www.none
Who are the executives of Melrose Villa Hermosa Development Fund Company Inc and what are their salaries?
The average compensation at Melrose Villa Hermosa Development Fund Company Inc during 2023 was $38,313. There are 4 employees and 7 volunteers at Melrose Villa Hermosa Development Fund Company Inc.
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Official website here: www.none
Learn more at the official website: www.none
Mission Statement of Melrose Villa Hermosa Development Fund Company Inc
Melrose Villa Hermosa Development Fund Company, a nonprofit organization, is dedicated to providing low-income housing for the elderly and disabled. Their mission is centered around promoting the health of their residents. To accomplish this, they offer a rental assistance program specifically tailored for this population. This program ensures that elderly and disabled individuals have access to high-quality living arrangements, providing them with a decent place to call home. By offering such housing, Melrose Villa Hermosa Development Fund Company contributes to enhancing the overall well-being of this vulnerable group, enabling them to live with dignity and independence.
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Impact
August, 2024
Melrose Villa Hermosa Development Fund Company Inc's impact is significant in the community as it provides essential low-income housing for the elderly and disabled individuals in the Bronx, NY. By offering quality living arrangements and a rental assistance program tailored to this vulnerable population, the organization plays a crucial role in promoting the health and well-being of its residents. Through its dedicated mission, Melrose Villa Hermosa Development Fund Company contributes to addressing the housing needs of those in need, ultimately enhancing the overall quality of life for these individuals.
This information is meant to be a general summary of Melrose Villa Hermosa 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 2023.
- Investment Income: $1,031
- Program Service Revenue: $1,035,077
- Gross Receipts: $1,036,108
Assets and Liabilities:
- Total Assets: $6,760,969
- Total Liabilities: $298,551
- Net Assets: $6,462,418
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOW-INCOME HOUSING RENT
Revenue
$1,025,737
LAUNDRY AND OTHER TENANT CHAR
Revenue
$9,340
Organization Details
Founding Year
2004
Principal Officer
Rev Bertram Bennett
Website
www.noneNTEE Category
Code: L21 - Housing
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