Overview
What is Narragansett Housing Development Fund Corporation?
Narragansett Housing Development Fund Corporation is a nonprofit organization committed to addressing housing insecurity. Their primary mission involves operating and developing permanent supportive and affordable housing units, with a focus on combating chronic homelessness and assisting individuals at risk of displacement. They have successfully managed a 104-unit low-income supportive housing project named Narragansett, located in New York, NY. Furthermore, the organization collaborates with NYC Human Resources Administration's HIV/AIDS Services Administration on contractual projects. By providing housing solutions and partnering with relevant organizations, Narragansett Housing Development Fund Corporation aims to enhance living conditions for marginalized communities.
Official website here: www.hsi-ny.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 66% (Two-Star out of Four Stars)
The Narragansett Housing Development Fund Corporation has received a Two-Star rating from Charity Navigator, indicating that there are significant concerns primarily related to its accountability and financial practices. The rating is based on a single beacon score where the organization excels in areas like audit oversight and maintaining a conflict of interest policy, demonstrating some commitment to transparency.
However, the organization has notable weaknesses, especially regarding board independence and financial health. With only one independent board member and a concerning liabilities-to-assets ratio of 127.03%, there are questions about governance and financial stability. Additionally, while the organization has posted several key policies on its website, it has failed to include its tax form, which affects its overall score.
In terms of program expenses, the organization performs well, allocating 100% of its expenses toward its programs, which is a positive aspect for stakeholders. Despite these strengths, the limitations in governance and financial oversight indicate areas where improvement is necessary for building trust and ensuring long-term sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Narragansett Housing Development Fund Corporation legitimate?
Narragansett Housing Development Fund Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Narragansett 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: $1,115,014
For more financial information, click here
Official website here: www.hsi-ny.org
What is the mission statement of Narragansett Housing Development Fund Corporation?
Narragansett Housing Development Fund Corporation's mission is centered around addressing housing issues. The organization operates and develops permanent supportive and affordable housing with the aim of ending chronic homelessness, preventing homelessness for individuals at risk, and improving living conditions for marginalized groups. They own and manage a low-income supportive housing project called Narragansett, located in New York, NY. Furthermore, they are under contract with NYC Human Resources Administration's HIV/AIDS Services Administration, continuing their commitment to providing housing solutions.
Official website here: www.hsi-ny.org
What is the revenue of Narragansett Housing Development Fund Corporation?
Narragansett Housing Development Fund Corporation's revenue in 2023 was $2,521,649.
Official website here: www.hsi-ny.org
Who are the executives of Narragansett Housing Development Fund Corporation and what are their salaries?
The average compensation at Narragansett Housing Development Fund Corporation during 2023 was $85,770. There are 13 employees at Narragansett Housing Development Fund Corporation.
Here are 8 key members and their salaries:
- Compensation: $0
- Related: $172,990
- Other: $21,550
- Compensation: $0
- Related: $177,244
- Other: $9,936
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $134,808
- Other: $18,408
- Compensation: $0
- Related: $150,558
- Other: $4,935
- Compensation: $0
- Related: $153,520
- Other: $25,681
- Compensation: $0
- Related: $118,707
- Other: $24,743
- Compensation: $0
- Related: $132,570
- Other: $13,156
Official website here: www.hsi-ny.org
Where can I find the form 990 for Narragansett Housing Development Fund Corporation?
Narragansett Housing Development Fund Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.hsi-ny.org
Learn more at the official website: www.hsi-ny.org
Mission Statement of Narragansett Housing Development Fund Corporation
Narragansett Housing Development Fund Corporation is an organization committed to addressing housing issues. Specifically, its mission is to eradicate chronic homelessness, prevent displacement for individuals at risk, and enhance living conditions for marginalized populations. To accomplish these goals, the corporation develops and manages permanent supportive and affordable housing. A notable example of their work is the operation of a 104-unit low-income supportive housing project named Narragansett, located in New York, NY. Furthermore, Narragansett Housing Development Fund Corporation is in partnership with NYC Human Resources Administration's HIV/AIDS Services Administration for specific projects. The organization's efforts aim to provide a stable and secure living environment for those in need.
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Impact
October, 2024
Narragansett Housing Development Fund Corporation significantly impacts the community by operating and developing permanent supportive and affordable housing. Its efforts are directed towards ending chronic homelessness, preventing displacement, and improving housing conditions for marginalized individuals.
One of its key projects is the Narragansett, a 104-unit single room occupancy (SRO) housing facility located in New York City. This initiative provides low-income supportive housing and serves as a critical resource for vulnerable populations. By collaborating with the NYC Human Resources Administration’s HIV/AIDS Services Administration, the organization addresses the unique needs of individuals affected by HIV/AIDS, ensuring they have stable housing and support services.
Overall, the Narragansett Housing Development Fund Corporation plays a vital role in fostering stability and dignity for those facing housing challenges, contributing to the broader effort of creating inclusive and supportive communities.
This information is meant to be a general summary of Narragansett 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 2023.
- Investment Income: $20,347
- Program Service Revenue: $284,875
- Gross Receipts: $2,645,034
Assets and Liabilities:
- Total Assets: $9,021,662
- Total Liabilities: $11,460,941
- Net Assets: -$2,439,279
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$284,875
Organization Details
Founding Year
1992
Principal Officer
James M Dill
Website
www.hsi-ny.orgNTEE Category
Code: L200 - Housing
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