Overview
What is Olm Senior Housing Development Fund Corporation?
Olm Senior Housing Development Fund Corporation is a nonprofit organization situated in New York, specifically at 1011 First Avenue, New York, NY 10022. Their primary mission is to provide a housing project catering to elderly or disabled individuals of low income, offering facilities and services tailored to meet their physical, social, and psychological needs. This mission aims to promote their overall health, security, and happiness through longer living. The organization operates a 51-unit project, ensuring a comfortable and supportive environment for its residents.
What are the reviews and ratings of this charity?
Charity Navigator rating: 79%, Three-Star out of Four Star rating.
Olm Senior Housing Development Fund Corporation has received a solid Three-Star rating, reflecting a good level of accountability and financial health. The rating is primarily derived from its excellent governance practices, including a fully independent board and comprehensive policies such as conflict of interest and whistleblower protections. Additionally, the organization has a high program expense ratio, indicating that a significant portion of its funds is directed toward its mission-related activities.
However, the organization does face a notable challenge with its liabilities to assets ratio, which stands at 138.24%. This figure suggests that the corporation may have more liabilities than assets, raising concerns about its financial stability. While the high program expense ratio is a positive indicator, stakeholders should be mindful of this financial aspect when evaluating the overall health and sustainability of the organization.
In summary, Olm Senior Housing Development Fund Corporation demonstrates strong governance and a commitment to its programs, but the concerning liabilities to assets ratio signals a need for careful financial management moving forward. As with any nonprofit, potential donors and supporters are encouraged to consider both strengths and weaknesses when engaging with the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Olm Senior Housing Development Fund Corporation legitimate?
Olm Senior Housing Development Fund Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Olm Senior 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: $0
For more financial information, click here
What is the mission statement of Olm Senior Housing Development Fund Corporation?
The Olm Senior Housing Development Fund Corporation's primary mission is to operate a housing project catering to elderly or disabled individuals of low income. This project provides housing facilities and services specifically designed to meet their physical, social, and psychological needs. The organization's goal is to promote their health, security, and happiness, aiming to enhance their overall well-being and usefulness in longer living. The corporation operates a 51-unit housing project, offering specialized care and support to its residents.
Who is the CEO of Olm Senior Housing Development Fund Corporation?
Beatriz Diaz Taveras is the President of Olm Senior Housing Development Fund Corporation.
What is the revenue of Olm Senior Housing Development Fund Corporation?
Olm Senior Housing Development Fund Corporation's revenue in 2022 was $822,613.
Who are the executives of Olm Senior Housing Development Fund Corporation and what are their salaries?
There 6 volunteers at Olm Senior Housing Development Fund Corporation.
Here are 6 key members and their salaries:
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Where can I find the form 990 for Olm Senior Housing Development Fund Corporation?
Olm Senior Housing Development Fund Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Olm Senior Housing Development Fund Corporation
Olm Senior Housing Development Fund Corporation is dedicated to serving the elderly and disabled individuals of low income by operating a housing project. This organization provides housing facilities and services that are specifically designed to cater to their physical, social, and psychological needs. The primary goal of Olm Senior Housing Development Fund Corporation is to promote health, security, and happiness among its residents, enabling them to live with a sense of purpose and usefulness for a longer period. The organization operates a 51-unit housing project, offering a conducive environment for its residents to thrive.
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Impact
October, 2024
Olm Senior Housing Development Fund Corporation significantly impacts the lives of elderly and disabled low-income individuals by providing essential housing and support services tailored to their unique needs. The organization operates a 51-unit housing project in New York that focuses on enhancing the quality of life for its residents.
By offering specially designed facilities, Olm ensures that residents have access to a safe and secure living environment that promotes their health and well-being. The provision of services is intended to meet their physical, social, and psychological needs, thereby fostering a sense of community and belonging.
This initiative not only addresses the critical shortage of affordable housing for vulnerable populations but also aids in improving the overall happiness and usefulness of its residents, allowing them to live longer, healthier lives. The impact of Olm extends beyond housing, as it contributes to a supportive and enriching environment that empowers individuals to thrive despite the challenges of aging or disabilities.
This information is meant to be a general summary of Olm Senior 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: $6,501
- Program Service Revenue: $814,505
- Gross Receipts: $822,613
Assets and Liabilities:
- Total Assets: $3,752,894
- Total Liabilities: $5,188,037
- Net Assets: -$1,435,143
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$814,505
Organization Details
Founding Year
1997
Phone
(212) 371-1000Principal Officer
Beatriz Diaz Taveras
Main Address
1011 FIRST AVENUE, NEW YORK, NY, 100224134
NTEE Category
Code: L80 - Housing
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