Overview
What is Minford Gardens Housing Development Fund Company Inc?
Minford Gardens Housing Development Fund Company Inc is a not-for-profit organization established in New York State in 1992, with its headquarters located at 1789 Southern Blvd, Bronx, NY 10460. Their primary mission is to provide low-income housing, as they operate a rental housing project under Section 202 of the National Housing Act. This project, located in Bronx, NY, comprises 77 units. With a modest workforce of two individuals, Minford Gardens Housing Development Fund Company Inc contributes to the community by offering affordable housing options.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79% (Three-Star out of Four Stars)
Minford Gardens Housing Development Fund Company Inc has received a Three-Star rating from Charity Navigator, indicating a solid performance in financial accountability and transparency. The rating reflects a strong commitment to governance, with an entirely independent board comprising 88% of its members. Additionally, the organization adheres to robust financial oversight practices, ensuring that donor funds are managed responsibly.
The organization excels in its program expense ratio, with 91.15% of expenses directed towards its programs. This high ratio showcases its effectiveness in utilizing resources to fulfill its mission. Furthermore, the presence of policies such as conflict of interest, whistleblower, and document retention demonstrates a commitment to ethical practices and operational integrity.
While the overall score is positive, it is important for potential donors to note that the rating is based solely on accountability and finance metrics. There may be other factors, such as programmatic impact or community feedback, that are not captured in this assessment. Nevertheless, the strong compliance and financial health indicate a nonprofit that is well-managed and dedicated to its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Minford Gardens Housing Development Fund Company Inc legitimate?
Minford Gardens Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Minford Gardens 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: $147,094
For more financial information, click here
What is the mission statement of Minford Gardens Housing Development Fund Company Inc?
Minford Gardens Housing Development Fund Company Inc, established under the laws of New York in 1992, is a not-for-profit organization with a primary mission to provide low-income housing. The company was formed with the intention of operating a rental housing project under Section 202 of the National Housing Act. The project, consisting of 77 units, is located in Bronx, New York, and serves as a living space for individuals with limited financial resources. The company's mission is centered around providing affordable housing options, contributing to the well-being and stability of the community it serves.
Who is the CEO of Minford Gardens Housing Development Fund Company Inc?
Derrick Lovett is the Treasurer of Minford Gardens Housing Development Fund Company Inc. The CEO's salary of Minford Gardens Housing Development Fund Company Inc is $0 and their total compensation is $297,565.
What is the revenue of Minford Gardens Housing Development Fund Company Inc?
Minford Gardens Housing Development Fund Company Inc's revenue in 2022 was $1,299,366.
Who are the executives of Minford Gardens Housing Development Fund Company Inc and what are their salaries?
The average compensation at Minford Gardens Housing Development Fund Company Inc during 2022 was $73,547. There are 2 employees at Minford Gardens Housing Development Fund Company Inc.
Here are 10 key members and their salaries (Minford Gardens 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
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $177,949
- Other: $4,439
Where can I find the form 990 for Minford Gardens Housing Development Fund Company Inc?
Minford Gardens Housing Development Fund Company Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Minford Gardens Housing Development Fund Company Inc
Minford Gardens Housing Development Fund Company Inc, a not-for-profit organization established under New York state law in 1992, was formed with a primary objective. This objective, in simple terms, is to provide low-income housing. The company was established with the intention of managing a rental housing project under Section 202 of the National Housing Act. This project, situated in Bronx, New York, features 77 units, offering a home to individuals with limited financial resources. The mission of Minford Gardens Housing Development Fund Company Inc is to contribute to the housing needs of its community, providing a safe and affordable living space for those who require it.
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Impact
October, 2024
Minford Gardens Housing Development Fund Company Inc significantly impacts the Bronx community by providing affordable housing solutions for low-income residents. Through its operation of a rental housing project consisting of 77 units under Section 202 of the National Housing Act, it ensures that vulnerable populations have access to safe and stable living conditions. This initiative not only addresses the pressing need for affordable housing but also fosters a sense of community among residents, promoting social cohesion and improving overall quality of life. By facilitating access to housing, Minford Gardens contributes to the broader goal of alleviating poverty and enhancing economic opportunities for its residents in the Bronx, New York.
This information is meant to be a general summary of Minford Gardens 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.
- Program Service Revenue: $1,299,366
- Gross Receipts: $1,299,366
Assets and Liabilities:
- Total Assets: $4,127,642
- Total Liabilities: $8,262,204
- Net Assets: -$4,134,562
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$1,299,366
Organization Details
Founding Year
1993
Phone
(718) 842-0256Principal Officer
Derrick Lovett
Main Address
1789 SOUTHERN BLVD, BRONX, NY, 10460
NTEE Category
Code: L200 - Housing
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