Overview
What is Park Housing Development Fund Company Inc?
Park Housing Development Fund Company Inc is a nonprofit organization situated in Flushing, New York. Their primary mission is to provide affordable housing for the elderly and disabled population in the community, adhering to the United States Housing and Urban Development Section 202 Supportive Housing for the Elderly program. This program is a federally funded initiative specifically designed for older individuals with income below 50% of their area's median income. The housing provides special features like grab bars and ramps to enhance safety and independence for its residents as they age. With a team of five dedicated employees, Park Housing Development Fund Company Inc strives to cater to the housing needs of this underprivileged population in their community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (Two-Star out of Four Stars, 69%)
The Park Housing Development Fund Company Inc has received a Two-Star rating from Charity Navigator, indicating a need for improvement, particularly in areas related to governance and financial reporting. While the organization demonstrates a strong commitment to its programs, with an impressive Program Expense Ratio of 82.59%, concerns arise regarding its financial management and transparency, as reflected in its liabilities to assets ratio of 222.63%.
Strengths include a majority of independent board members in terms of independent board size and a well-structured audit and oversight committee, which received full points for its effectiveness. The organization has also implemented essential policies such as conflict of interest and whistleblower protections, signifying a commitment to ethical governance. However, the absence of publicly accessible financial documents, including the tax form and meeting minutes, raises red flags about transparency.
Overall, while the Park Housing Development Fund Company Inc shows strong programmatic focus, the significant issues related to financial accountability and governance transparency suggest that potential donors should approach with caution and consider how these aspects may impact the organization’s long-term effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Park Housing Development Fund Company Inc legitimate?
Park Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Park 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: $208,288
For more financial information, click here
What is the mission statement of Park Housing Development Fund Company Inc?
Park Housing Development Fund Company Inc's mission is centered around providing affordable housing for low-income, elderly, and disabled individuals within the community. They participate in the United States Housing and Urban Development Section 202 Supportive Housing for the Elderly program, which is a federally funded initiative specifically designed for older persons. Eligibility for residence is typically restricted to individuals who are at least 62 years old and have incomes below 50% of their area's median income. The apartments feature special features such as grab bars and ramps to help older persons remain safer and more independent as they age. The company's goal is to provide affordable housing that caters to the unique needs of this vulnerable population.
Who is the CEO of Park Housing Development Fund Company Inc?
Tara Buonocore-Rut is the CEO of Park Housing Development Fund Company Inc The CEO's salary of Park Housing Development Fund Company Inc is $0 and their total compensation is $1,566,737.
What is the revenue of Park Housing Development Fund Company Inc?
Park Housing Development Fund Company Inc's revenue in 2023 was $1,197,107.
Who are the executives of Park Housing Development Fund Company Inc and what are their salaries?
The average compensation at Park Housing Development Fund Company Inc during 2023 was $26,036. There are 8 employees and 9 volunteers at Park Housing Development Fund Company Inc.
Here are 19 key members and their salaries (Park Housing Development Fund Company Inc's CEO's salary is $0 and their total compensation is $1,566,737):
- Compensation: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $1,519,582
- Other: $47,155
- Compensation: $0
- Related: $1,069,730
- Other: $4,917
- Compensation: $0
- Related: $523,509
- Other: $40,903
- Compensation: $0
- Related: $412,542
- Other: $18,900
- Compensation: $0
- Related: $331,763
- Other: $37,866
- Compensation: $0
- Related: $328,450
- Other: $12,638
- Compensation: $0
- Related: $294,812
- Other: $43,069
- Compensation: $0
- Related: $300,128
- Other: $35,533
- Compensation: $0
- Related: $303,635
- Other: $30,977
- Compensation: $0
- Related: $278,819
- Other: $42,439
Where can I find the form 990 for Park Housing Development Fund Company Inc?
Park Housing Development Fund Company Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Park Housing Development Fund Company Inc
Park Housing Development Fund Company Inc is dedicated to providing affordable housing for the low-income, elderly, and disabled population in the community. Their mission is achieved through their participation in the United States Housing and Urban Development Section 202 Supportive Housing for the Elderly program, which is exclusively designed for older individuals. The company's housing is typically restricted to individuals who are at least 62 years old and have income levels below 50% of their area's median income.
The apartments provided by Park Housing Development Fund Company Inc are equipped with special features such as grab bars and ramps to help older residents maintain their safety and independence as they age. The goal of this nonprofit organization is to offer affordable housing options to those in need, ensuring that they can live comfortably and securely, regardless of their financial situation or physical abilities. By providing this crucial service, Park Housing Development Fund Company Inc plays a significant role in enhancing the quality of life for many vulnerable individuals in the community.
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Impact
August, 2024
Park Housing Development Fund Company Inc's impact is significant in providing affordable housing to the low-income, elderly, and disabled population of the community. By participating in the United States Housing and Urban Development Section 202 Supportive Housing for the Elderly Program, this organization offers a vital resource for older individuals with limited incomes. The specially designed apartments with features like grab bars and ramps enable older residents to maintain their independence and safety as they age. Overall, Park Housing Development Fund Company Inc plays a crucial role in addressing housing needs and enhancing the well-being of vulnerable populations in the community.
This information is meant to be a general summary of Park 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 2023.
- Investment Income: $9,204
- Program Service Revenue: $95,146
- Gross Receipts: $1,197,107
Assets and Liabilities:
- Total Assets: $4,217,631
- Total Liabilities: $9,389,994
- Net Assets: -$5,172,363
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$95,146
Organization Details
Founding Year
1989
Principal Officer
Tara Buonocore-Rut
NTEE Category
Code: N99Z - Recreation
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