Overview
What is Bishop Broderick Apartments Housing Development Fund Co Inc?
Bishop Broderick Apartments Housing Development Fund Co Inc is a nonprofit organization dedicated to offering affordable housing solutions. Located in Colonie, New York, they manage a 101-unit complex subsidized by the U.S. Department of Housing and Urban Development under Section 202 of the National Housing Act. Their primary mission revolves around providing low-income housing, with their operations and maintenance expenses directly related to this endeavor. The complex serves as a vital living space for those in need, contributing to the overall well-being of the community.
What are the reviews and ratings of this charity?
Charity Navigator rating: 81% (Three-Star out of Four Stars)
Bishop Broderick Apartments Housing Development Fund Co Inc has received a Three-Star rating from Charity Navigator, indicating a solid performance in terms of accountability and finance. The overall score reflects a strong commitment to transparency and governance, with full marks in key areas such as having a majority independent board and in policies related to conflicts of interest and whistleblowing.
The organization demonstrates effective financial management, with a program expense ratio of 80.59%, meaning a significant portion of its resources are directed toward its programs. Additionally, it has been recognized for maintaining rigorous oversight, as evidenced by a fully functioning audit and oversight committee.
While the rating is positive, it is solely based on the accountability and finance aspects. There is limited information regarding the program impact and overall operational effectiveness, which could provide a more comprehensive view of the organization's success in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Bishop Broderick Apartments Housing Development Fund Co Inc legitimate?
Bishop Broderick Apartments Housing Development Fund Co Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Bishop Broderick Apartments Housing Development Fund Co 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: $164,328
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What is the mission statement of Bishop Broderick Apartments Housing Development Fund Co Inc?
The Bishop Broderick Apartments Housing Development Fund Company's primary objective is to provide affordable housing for individuals with low income. They accomplish this by managing and maintaining a 101-unit complex, located in an unspecified location. This complex is financially supported by a contract with the U.S. Department of Housing and Urban Development, under Section 202 of the National Housing Act. The organization's mission is to ensure that these residents have access to secure and comfortable living spaces.
Who is the CEO of Bishop Broderick Apartments Housing Development Fund Co Inc?
Noel Olsen is the Secretary of Bishop Broderick Apartments Housing Development Fund Co Inc.
What is the revenue of Bishop Broderick Apartments Housing Development Fund Co Inc?
Bishop Broderick Apartments Housing Development Fund Co Inc's revenue in 2023 was $962,648.
Who are the executives of Bishop Broderick Apartments Housing Development Fund Co Inc and what are their salaries?
Here are 4 key members and their salaries:
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- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
Where can I find the form 990 for Bishop Broderick Apartments Housing Development Fund Co Inc?
Bishop Broderick Apartments Housing Development Fund Co Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Bishop Broderick Apartments Housing Development Fund Co Inc
Bishop Broderick Apartments Housing Development Fund Co Inc is committed to providing affordable housing for individuals with low income. The organization operates and maintains a 101-unit complex, located in Colonie, New York, with the support of a contract with the U.S. Department of Housing and Urban Development under Section 202 of the National Housing Act. This agreement helps subsidize the cost of providing housing for those in need, enabling Bishop Broderick Apartments Housing Development Fund Co Inc to fulfill its mission effectively. By offering affordable housing, the organization plays a crucial role in promoting stability and well-being for its residents, empowering them to focus on other aspects of their lives.
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Impact
October, 2024
Bishop Broderick Apartments Housing Development Fund Co Inc plays a crucial role in addressing the housing needs of low-income individuals and families in Albany, New York. By operating a 101-unit apartment complex in Colonie, it directly contributes to creating affordable housing options that improve the quality of life for its residents.
The development is specifically designed to support those who may struggle to find suitable housing due to financial constraints. With operational expenses focused on maintaining the complex, residents benefit from a stable living environment that fosters community and security. The subsidy provided through a contract with the U.S. Department of Housing and Urban Development under Section 202 of the National Housing Act further enhances its capacity to offer affordable rents, making a significant impact on the local community.
Through this model, Bishop Broderick Apartments not only ensures that low-income residents have access to safe and affordable housing but also contributes to the overall well-being of the community by reducing homelessness and providing a stable foundation from which individuals and families can thrive.
This information is meant to be a general summary of Bishop Broderick Apartments Housing Development Fund Co 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 2023.
- Investment Income: $1,546
- Program Service Revenue: $377,317
- Gross Receipts: $962,648
Assets and Liabilities:
- Total Assets: $3,143,869
- Total Liabilities: $4,117,364
- Net Assets: -$973,495
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENT & CHARGES
Revenue
$377,317
Organization Details
Founding Year
1982
Phone
(518) 459-0183Principal Officer
Noel Olsen
Main Address
50 PRESCOTT AVENUE, ALBANY, NY, 12205
NTEE Category
Code: L210 - Housing
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