Overview
What is Prospect Place Housing Development Fund Corporation?
Prospect Place Housing Development Fund Corporation is a nonprofit organization based in the South Bronx, New York. Their primary mission is to ensure the provision of safe, clean, and affordable housing for families with low to moderate incomes. They strive to fulfill this objective by offering low-income housing options within the South Bronx community. The organization's goal is to enhance the living conditions of its residents, contributing positively to the local community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, Two-Star out of Four Star rating.
Prospect Place Housing Development Fund Corporation has received a Two-Star rating from Charity Navigator, indicating a moderate level of performance. The overall score is based entirely on the Accountability & Finance beacon, where the organization has demonstrated strong practices, particularly in board governance and financial management.
The organization features a fully independent board, with 83% of its members being independent. It has successfully maintained a low liabilities to assets ratio of 0.00%, showcasing its financial stability. Furthermore, it has a high program expense ratio of 91.19%, indicating that a significant portion of its expenses directly supports its mission-related activities.
Despite these strengths, the rating does reflect potential areas for improvement, particularly in overall operational transparency and effectiveness outside of financial metrics. Continuous efforts to enhance these aspects could ultimately bolster the organization's standing in future evaluations.
This AI summary has been generated from information found on Charity Navigator.
Is Prospect Place Housing Development Fund Corporation legitimate?
Prospect Place Housing Development Fund Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Prospect Place 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: $20,185
For more financial information, click here
What is the mission statement of Prospect Place Housing Development Fund Corporation?
The Prospect Place Housing Development Fund Corporation's mission is centered around providing housing solutions. Specifically, their goal is to offer safe, clean, and affordable living spaces to families with low and moderate incomes. This organization is committed to making a positive impact in the community, focusing on the South Bronx, New York, in particular. Their mission is to enhance the lives of these families by providing them with a stable and comfortable living environment.
Who is the CEO of Prospect Place Housing Development Fund Corporation?
Valerie Torres is the Chair of Prospect Place Housing Development Fund Corporation.
What is the revenue of Prospect Place Housing Development Fund Corporation?
Prospect Place Housing Development Fund Corporation's revenue in 2022 was $158,467.
Who are the executives of Prospect Place Housing Development Fund Corporation and what are their salaries?
Here are 8 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $37,538
- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
- Related: $153,077
- Other: $0
- Compensation: $0
- Related: $111,923
- Other: $0
Where can I find the form 990 for Prospect Place Housing Development Fund Corporation?
Prospect Place Housing Development Fund Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Prospect Place Housing Development Fund Corporation
Prospect Place Housing Development Fund Corporation is an organization committed to providing low and moderate income families with safe, clean, and affordable housing. Their mission is to cater to this specific demographic, ensuring they have access to comfortable living spaces in the community. By doing so, this nonprofit aims to contribute positively to the well-being and livelihood of these families. By offering affordable housing options, Prospect Place Housing Development Fund Corporation is able to make a significant impact on the community, allowing families to focus on other aspects of their lives without worrying about housing expenses.
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Impact
October, 2024
Prospect Place Housing Development Fund Corporation plays a critical role in addressing the housing needs of families in the South Bronx, NY. By focusing on providing safe, clean, and affordable housing, it helps improve the quality of life for low and moderate-income families in the area. This initiative not only ensures that families have a stable place to live but also contributes to the overall community development by fostering a sense of security and well-being. The emphasis on affordable housing combats the rising costs of living in urban settings, making it easier for families to thrive. Through its efforts, Prospect Place has a significant positive impact on the community, helping to create a more equitable environment for those who may otherwise struggle to find appropriate housing.
This information is meant to be a general summary of Prospect Place 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 2022.
- Investment Income: $2
- Program Service Revenue: $158,465
- Gross Receipts: $158,467
Assets and Liabilities:
- Total Assets: $0
- Total Liabilities: $0
- Net Assets: $0
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$158,465
Organization Details
Founding Year
1991
Phone
(718) 842-6440Principal Officer
Valerie Torres
Main Address
1945 VYSE AVENUE, BRONX, NY, 10460
NTEE Category
Code: L21 - Housing
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