Overview
What is La Casa De Felicidad Housing Development Fund Corporation?
La Casa De Felicidad Housing Development Fund Corporation is a nonprofit organization located in New York City, specifically at 902 Broadway, 13th Floor, New York, NY 10010. Their primary mission is to provide affordable housing for elderly individuals with low income, catering to 84 families in total. Established with the purpose of developing, owning, and operating an 84-unit residential building in the Bronx, NY, the corporation aims to create a supportive living environment for the elderly population in need. With a small workforce of just two individuals, La Casa De Felicidad Housing Development Fund Corporation continues to make a significant impact in the community by ensuring elderly individuals have access to secure and affordable housing.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Two-Star out of Four Stars
La Casa De Felicidad Housing Development Fund Corporation has received a "Needs Improvement" rating from Charity Navigator, with an overall score of 71%. This indicates that while the organization demonstrates some strengths, such as a high program expense ratio of 90.62%, which suggests effective allocation of funds towards its mission, there are significant areas needing attention, particularly in governance and financial transparency.
One notable strength is the independent board size, with 3 out of 8 members being independent, allowing for some oversight. The organization also scored well in policies related to conflict of interest, whistleblower protections, and document retention. However, the low percentage of independent board members (42%) raises concerns about governance practices, while the missing tax forms and website listed on the tax form indicate deficiencies in transparency.
Additionally, the liabilities to assets ratio of 212.90% suggests potential financial instability, which could pose risks to the organization's ongoing operations. The combination of these factors contributes to the organization's overall two-star rating, underscoring the need for improvement in governance and financial reporting practices to enhance accountability and trust.
This AI summary has been generated from information found on Charity Navigator.
Is La Casa De Felicidad Housing Development Fund Corporation legitimate?
La Casa De Felicidad Housing Development Fund Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. La Casa De Felicidad 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: $106,324
For more financial information, click here
What is the mission statement of La Casa De Felicidad Housing Development Fund Corporation?
La Casa De Felicidad Housing Development Fund Corporation was established with the mission of providing housing for elderly individuals of low income. The corporation fulfills this mission by developing, owning, and operating an 84-unit residential building. This housing development aims to benefit elderly families who fall under the category of very low income. The corporation's primary activity is dedicated to alleviating the housing needs of this specific demographic. As a result, 84 elderly families have benefited from this initiative.
Who is the CEO of La Casa De Felicidad Housing Development Fund Corporation?
Adam Weinstein is the President of La Casa De Felicidad Housing Development Fund Corporation.
What is the revenue of La Casa De Felicidad Housing Development Fund Corporation?
La Casa De Felicidad Housing Development Fund Corporation's revenue in 2022 was $980,351.
Who are the executives of La Casa De Felicidad Housing Development Fund Corporation and what are their salaries?
The average compensation at La Casa De Felicidad Housing Development Fund Corporation during 2022 was $53,162. There are 2 employees at La Casa De Felicidad Housing Development Fund Corporation.
Here are 8 key members and their salaries:
- Compensation: $0
- Related: $791,174
- Other: $162,104
- Compensation: $0
- Related: $330,476
- Other: $74,903
- Compensation: $0
- Related: $326,830
- Other: $74,122
- Compensation: $0
- Related: $302,845
- Other: $69,987
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $301,098
- Other: $58,003
Where can I find the form 990 for La Casa De Felicidad Housing Development Fund Corporation?
La Casa De Felicidad Housing Development Fund Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of La Casa De Felicidad Housing Development Fund Corporation
La Casa De Felicidad Housing Development Fund Corporation was established with a mission to provide housing for elderly individuals of very low income. The organization fulfills this mission by developing, owning, and operating an 84-unit residential building, which has benefited 84 families. By offering affordable housing to this vulnerable population, La Casa De Felicidad Housing Development Fund Corporation aims to improve the living conditions and quality of life for elderly individuals who may otherwise struggle to secure suitable housing. This nonprofit organization plays a crucial role in ensuring that elderly individuals in need have access to safe, affordable housing, thereby enhancing their overall well-being and independence.
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Impact
October, 2024
La Casa De Felicidad Housing Development Fund Corporation plays a crucial role in providing much-needed housing solutions for elderly individuals with very low incomes in New York City. By developing, owning, and operating an 84-unit residential building in the Bronx, the organization directly benefits 84 families who otherwise face challenges in securing affordable housing.
This initiative not only addresses the immediate need for accessible living spaces but also fosters a sense of community among elderly residents, improving their quality of life. The presence of stable, low-income housing can lead to enhanced social support networks, which are vital for the well-being of seniors. Through this commitment to affordable housing, La Casa De Felicidad contributes to alleviating homelessness and housing insecurity within this vulnerable population, ultimately promoting dignity, stability, and independence for elderly residents in the Bronx.
This information is meant to be a general summary of La Casa De Felicidad 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: $339
- Program Service Revenue: $975,212
- Gross Receipts: $980,351
Assets and Liabilities:
- Total Assets: $5,891,118
- Total Liabilities: $11,775,754
- Net Assets: -$5,884,636
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$975,212
Organization Details
Founding Year
2000
Phone
(212) 243-9090Principal Officer
Adam Weinstein
Main Address
902 BROADWAY 13TH FLOOR, NEW YORK, NY, 100106033
NTEE Category
Code: L21 - Housing
If you are a representative of La Casa De Felicidad Housing Development Fund Corporation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.