Overview
What is Warren-Hamilton Housing Development Fund Co?
Warren-Hamilton Housing Development Fund Co is a nonprofit organization situated in Rochester, New York, specifically at 1950 Brighton-Henrietta TL Road. Their primary mission is to offer affordable housing solutions to eligible senior citizens and individuals with disabilities who have low incomes. They achieve this mission through the operation of a 16-unit apartment building, which is funded by Rural Development via a low-interest mortgage, a Rental Assistance Agreement with the Division of Housing and Community Renewal, and interest subsidies. The nonprofit's commitment to providing affordable housing is essential in addressing housing needs within its community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 65%, Two-Star out of Four Star Rating. This rating indicates that the Warren-Hamilton Housing Development Fund Co has demonstrated a moderate level of accountability and transparency, primarily based on financial metrics. The overall score reflects a strong performance in areas such as board independence and program expenses, while the high liabilities to assets ratio has significantly impacted their overall rating.
The organization scored exceptionally well in maintaining a fully independent board, with all ten members being independent, and effectively documenting board meeting minutes. Their program expense ratio is also impressive at 97.88%, suggesting that a large portion of their funds is directed toward their mission-related activities rather than administrative costs. Additionally, the presence of a conflict of interest policy reinforces their commitment to ethical governance.
However, the organization faces challenges, particularly highlighted by their liabilities to assets ratio of 120.53%, which raises concerns about financial stability and sustainability. While the organization shows strong governance practices, addressing the financial liability issues may be crucial for improving their rating and ensuring long-term operational effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Warren-Hamilton Housing Development Fund Co legitimate?
Warren-Hamilton Housing Development Fund Co is a legitimate nonprofit organization registered as a 501(c)(3) entity. Warren-Hamilton Housing Development Fund Co 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: $16,158
For more financial information, click here
What is the mission statement of Warren-Hamilton Housing Development Fund Co?
The Warren-Hamilton Housing Development Fund Co is committed to providing affordable housing for qualifying low-income residents. This is accomplished through the operation of a 16-unit apartment building that offers safe and affordable housing to seniors and disabled individuals who fall under this income bracket. The project is funded through various means, including a low-interest mortgage, rental assistance agreements with the Division of Housing and Community Renewal, and interest subsidies from Rural Development. The organization's mission is centered around making housing accessible and affordable for those in need.
Who is the CEO of Warren-Hamilton Housing Development Fund Co?
Bill Durdel Sr is the President of Warren-Hamilton Housing Development Fund Co.
What is the revenue of Warren-Hamilton Housing Development Fund Co?
Warren-Hamilton Housing Development Fund Co's revenue in 2022 was $168,480.
Who are the executives of Warren-Hamilton Housing Development Fund Co and what are their salaries?
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Warren-Hamilton Housing Development Fund Co?
Warren-Hamilton Housing Development Fund Co's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Warren-Hamilton Housing Development Fund Co
Warren-Hamilton Housing Development Fund Co is dedicated to providing affordable housing solutions for qualifying low-income residents. Specifically, this organization operates a 16-unit apartment building, offering safe and reasonably priced housing to eligible seniors and disabled individuals. The project is funded through a combination of resources, including a low-interest mortgage and rental assistance agreements with the Division of Housing and Community Renewal, as well as interest subsidies from Rural Development. By providing affordable housing, Warren-Hamilton Housing Development Fund Co is contributing to the well-being of its residents and helping to ensure that they have a secure and comfortable living environment.
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Impact
October, 2024
Warren-Hamilton Housing Development Fund Co plays a vital role in enhancing the quality of life for low-income residents by providing safe and affordable housing options. It operates a 16-unit apartment building specifically designed for seniors and individuals with disabilities, ensuring that these vulnerable populations have access to suitable living conditions.
By securing funding through a low-interest mortgage from Rural Development and implementing a rental assistance agreement alongside interest subsidies, the organization is able to keep housing costs manageable for qualifying residents. This not only alleviates financial pressure on these individuals but also fosters a sense of community and stability, essential for a healthy living environment.
In Rochester, NY, the impact of this initiative is significant as it addresses the critical need for affordable housing in an area where many residents struggle to find safe accommodation. By focusing on low-income demographics, Warren-Hamilton contributes to reducing homelessness and improving overall community well-being.
This information is meant to be a general summary of Warren-Hamilton Housing Development Fund Co. 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: $310
- Program Service Revenue: $50,069
- Gross Receipts: $168,480
Assets and Liabilities:
- Total Assets: $539,313
- Total Liabilities: $704,036
- Net Assets: -$164,723
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROG.SERV.REVENUE-RELA
Revenue
$50,069
Organization Details
Founding Year
1991
Phone
(585) 292-0480Principal Officer
Bill Durdel Sr
Main Address
1950 BRIGHTON-HENRIETTA TL ROAD, ROCHESTER, NY, 14623
NTEE Category
Code: L22Z - Housing
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