Overview
What is Hebrew Free Loan Society Inc?
The Hebrew Free Loan Society Inc, situated in New York City, is a nonprofit organization that extends its services to individuals, families, and businesses in need. With a mission to promote economic stability and opportunities for lower-income New Yorkers, both within and beyond the Jewish community, they offer interest-free loans. In the fiscal year 2022, the society had approximately 3,032 outstanding loans, totaling $25.3 million. During this period, they disbursed over $24.2 million to aid around 1,625 individuals and families in the New York metropolitan area. These loans were instrumental in assisting financially struggling families impacted by COVID-19, supporting students pursuing higher education, helping economically vulnerable entrepreneurs start or expand their businesses, aiding parents of disabled children in accessing expensive special education services, and assisting numerous other New Yorkers in need. The organization operates with a staff of 20 dedicated individuals.
Official website here: www.hfls.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97% (Four-Star out of Four Star rating)
Hebrew Free Loan Society Inc has achieved an impressive 97% rating from Charity Navigator, reflecting its strong commitment to accountability and financial health. The organization is recognized for having an entirely independent board and a robust financial oversight mechanism, ensuring transparency in its operations. Its fiscal responsibility is further demonstrated by a low liabilities to assets ratio and a healthy program expense ratio, indicating that a significant portion of its funding is directed toward its programs.
The organization's operational efficiency is also noteworthy, with a fundraising efficiency ratio of just $0.07, which suggests that it conducts its fundraising activities with minimal costs. The significant working capital ratio of 10.90 years indicates that the organization is well-positioned to meet its obligations, ensuring sustainability in its lending programs. These metrics showcase the organization's strong financial health and effective management practices.
While the salary figures for key leadership positions are provided, they do not seem to detract from the overall positive assessment of financial practices. Overall, Hebrew Free Loan Society Inc is positioned as a highly trustworthy nonprofit, making effective use of its resources to support its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Hebrew Free Loan Society Inc legitimate?
Hebrew Free Loan Society Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hebrew Free Loan Society 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: $446,780
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,107,329
For more financial information, click here
Official website here: www.hfls.org
What is the mission statement of Hebrew Free Loan Society Inc?
The Hebrew Free Loan Society Inc's mission is to promote economic stability and opportunities for lower-income individuals, extending beyond the Jewish community, by offering interest-free loans. By providing these loans, the society aims to alleviate financial burdens and offer a lifeline during emergencies or periods of significant need. In the fiscal year 2022, the society had 3,032 outstanding loans totaling $25.3 million, disbursing over $24.2 million to aid 1,625 individuals and families in the New York metropolitan area. The loans have assisted families struggling financially due to COVID-19, students paying for college or graduate school, economically vulnerable entrepreneurs starting or expanding businesses, parents of disabled children requiring expensive special education services, and numerous other individuals in need.
Official website here: www.hfls.org
Who is the CEO of Hebrew Free Loan Society Inc?
David Rosenn is the Board Chair of Hebrew Free Loan Society Inc.
Official website here: www.hfls.org
What is the revenue of Hebrew Free Loan Society Inc?
Hebrew Free Loan Society Inc's revenue in 2022 was $7,439,133.
Official website here: www.hfls.org
Who are the executives of Hebrew Free Loan Society Inc and what are their salaries?
The average compensation at Hebrew Free Loan Society Inc during 2022 was $77,705. There are 20 employees at Hebrew Free Loan Society Inc.
Here are 29 key members and their salaries:
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- Other: $21,498
Official website here: www.hfls.org
Where can I find the form 990 for Hebrew Free Loan Society Inc?
Hebrew Free Loan Society Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.hfls.org
Learn more at the official website: www.hfls.org
Mission Statement of Hebrew Free Loan Society Inc
The Hebrew Free Loan Society Inc is an organization that strives to promote financial stability and opportunities for lower-income individuals, both within and beyond the Jewish community. They accomplish this by providing interest-free loans. The society's mission is to advance economic well-being by dispensing safe and affordable interest-free loans. This nonprofit aims to assist individuals and families who are facing financial emergencies or have oversized needs, such as those affected by the COVID-19 pandemic. Furthermore, Hebrew Free Loan Society Inc offers financial aid to students pursuing higher education, enabling them to pay for college and graduate school. Additionally, the organization provides economic support to vulnerable entrepreneurs, helping them to establish or expand their businesses. The society also extends a helping hand to families with disabled children, assisting them in accessing expensive special education services. In summary, the Hebrew Free Loan Society Inc serves as a financial lifeline for those in need, offering interest-free loans to aid in overcoming financial hardships and achieving economic stability.
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Impact
October, 2024
Hebrew Free Loan Society Inc. significantly impacts the New York metropolitan area by providing interest-free loans to individuals, families, and businesses facing financial challenges. In fiscal year 2022 alone, HFLS disbursed over $24.2 million, assisting 1,625 people who were grappling with emergencies or unique financial needs, many of whom were particularly affected by the COVID-19 pandemic.
The Society’s loans support a diverse range of needs, including helping families in precarious financial situations, enabling students to afford college and graduate school, and empowering economically vulnerable entrepreneurs to start or expand their businesses. Additionally, they assist parents of children with disabilities who require expensive special education services.
With a total outstanding loan portfolio of $25.3 million at the end of FY 2022, HFLS exemplifies a robust commitment to advancing economic stability and opportunity for lower-income New Yorkers, extending its reach both within and beyond the Jewish community. By offering safe and affordable financial solutions, they play a crucial role in fostering resilience and helping individuals achieve their personal and professional goals.
This information is meant to be a general summary of Hebrew Free Loan Society 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.
- Investment Income: -$347,836
- Gross Receipts: $8,893,344
Assets and Liabilities:
- Total Assets: $43,852,664
- Total Liabilities: $10,134,440
- Net Assets: $33,718,224
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Organization Details
Founding Year
1892
Phone
(212) 687-0188Principal Officer
David Rosenn
Main Address
675 THIRD AVENUE SUITE 1900, NEW YORK, NY, 10017
Website
www.hfls.orgNTEE Category
Code: P510 - Human services
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