Overview
What is Herbert L Brooks Housing Development Fund Company Inc?
Herbert L Brooks Housing Development Fund Company Inc is a New York-based nonprofit corporation, established on April 10, 1990. Its primary mission is to provide affordable housing for low-income individuals. Operating under section 202 of the National Housing Act, the company manages a rental housing project, which currently comprises 90 units situated in the Bronx, NY. As a not-for-profit organization, its goal is to contribute positively to the local community by offering accessible housing solutions.
What are the reviews and ratings of this charity?
Charity Navigator Rating 79% - Three-Star out of Four Star Rating
Herbert L. Brooks Housing Development Fund Company Inc has achieved a Three-Star rating from Charity Navigator, reflecting a solid performance in the area of accountability and finance. With a score of 79%, the organization demonstrates effective governance and financial oversight, with notable strengths including a majority of independent board members and comprehensive conflict of interest and whistleblower policies.
The charity has scored remarkably well in its program expense ratio, utilizing approximately 92.12% of its funds directly for programs. This is a positive indicator of the organization's commitment to its mission and effective resource allocation. Additionally, the organization has established strong financial controls, including an audit and oversight committee that has received full marks.
Despite the strengths highlighted in the accountability and finance category, some concerns may arise from the salaries of key personnel, which could be viewed as high relative to the organization's overall financial profile. It is important for potential donors and supporters to consider this aspect along with the organization's overall performance and mission effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Herbert L Brooks Housing Development Fund Company Inc legitimate?
Herbert L Brooks Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Herbert L Brooks 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: $175,138
For more financial information, click here
What is the mission statement of Herbert L Brooks Housing Development Fund Company Inc?
The Herbert L Brooks Housing Development Fund Company Inc, established as a not-forprofit corporation in 1990, is dedicated to providing low-income housing. Operating under section 202 of the National Housing Act, the company manages a rental project, housing 90 units, with the primary objective of catering to individuals with limited financial means. The company's mission is centered around ensuring affordable housing opportunities, contributing to a more equitable living environment for those in need.
Who is the CEO of Herbert L Brooks Housing Development Fund Company Inc?
Derrick Lovett is the Treasurer of Herbert L Brooks Housing Development Fund Company Inc. The CEO's salary of Herbert L Brooks Housing Development Fund Company Inc is $0 and their total compensation is $297,565.
What is the revenue of Herbert L Brooks Housing Development Fund Company Inc?
Herbert L Brooks Housing Development Fund Company Inc's revenue in 2022 was $1,875,001.
Who are the executives of Herbert L Brooks Housing Development Fund Company Inc and what are their salaries?
The average compensation at Herbert L Brooks Housing Development Fund Company Inc during 2022 was $87,569. There are 2 employees at Herbert L Brooks Housing Development Fund Company Inc.
Here are 10 key members and their salaries (Herbert L Brooks Housing Development Fund Company Inc's CEO's salary is $0 and their total compensation is $297,565):
- Compensation: $0
- Related: $0
- Other: $0
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- Other: $0
- Compensation: $0
- Related: $277,378
- Other: $20,187
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $177,949
- Other: $4,439
Where can I find the form 990 for Herbert L Brooks Housing Development Fund Company Inc?
Herbert L Brooks Housing Development Fund Company Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Herbert L Brooks Housing Development Fund Company Inc
Herbert L Brooks Housing Development Fund Company Inc, established in 1990, is a not-for-profit organization with a mission centered around providing low-income housing. Situated under the National Housing Act, this corporation manages a rental project comprising 90 units. The company's primary objective is to offer affordable housing solutions to individuals who may struggle financially. By doing so, Herbert L Brooks Housing Development Fund Company Inc contributes to strengthening communities and improving living standards for numerous families in need. The company's efforts are crucial in addressing housing inequalities and ensuring that everyone has access to a safe and comfortable living space, regardless of their financial circumstances.
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Impact
October, 2024
Herbert L Brooks Housing Development Fund Company Inc significantly impacts the community by providing essential low-income housing. Operating a rental housing project in the Bronx, New York, the organization manages 90 housing units specifically designed to support individuals and families who may struggle to find affordable accommodation. Through its mission, the organization alleviates housing insecurity, promoting stability and quality of life for its residents. By offering affordable options under section 202 of the National Housing Act, it plays a crucial role in meeting the needs of low-income populations, contributing to the overall health and vibrancy of the local community.
This information is meant to be a general summary of Herbert L Brooks 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: $2,119
- Program Service Revenue: $1,834,841
- Gross Receipts: $1,875,001
Assets and Liabilities:
- Total Assets: $4,309,168
- Total Liabilities: $8,137,876
- Net Assets: -$3,828,708
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT CHARGES
Revenue
$1,581,033
RENTAL INCOME
Revenue
$253,808
Organization Details
Founding Year
1990
Phone
(718) 842-0256Principal Officer
Derrick Lovett
Main Address
1789 SOUTHERN BLVD, BRONX, NY, 10460
NTEE Category
Code: L20Z - Housing
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