Overview
What is Hudson Yards Development Corporation?
Hudson Yards Development Corporation is a nonprofit organization headquartered at ONE LIBERTY PLAZA 14FL, New York, NY 10006. Their primary mission is to oversee the economic development of the Hudson Yards area in Manhattan. This involves coordinating the construction of an extension to the No. 7 subway line and managing the design and construction of public amenities, such as parks, as necessary. The corporation also facilitates property acquisition to support these projects. In carrying out its mission, Hudson Yards Development Corporation engages external legal counsel and consultants to assist with various aspects of property acquisition and design and construction. The organization currently employs a team of 4 individuals.
Official website here: www.hydc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating 80% - Three-Star out of Four Star rating
Hudson Yards Development Corporation has achieved a Three-Star rating from Charity Navigator, reflecting a solid performance in Accountability & Finance with a score of 80%. This rating is significant as it indicates the organization is meeting important standards for transparency and financial health, which is crucial for building trust with stakeholders and the community.
The organization demonstrates strong governance practices, with a fully independent board and effective financial oversight mechanisms. Notably, all board members are independent, and the organization has established comprehensive policies, including conflict of interest and whistleblower protections. Additionally, a high program expense ratio of approximately 69% suggests that a substantial portion of its expenditures is directed toward its mission-related activities.
While the overall evaluation is positive, the ratings emphasize the need for continuous improvement in financial management and program effectiveness to enhance the impact of its initiatives. The salaries of key personnel indicate a structured compensation approach, but potential stakeholders might want to consider how resources are allocated in relation to program outcomes.
This AI summary has been generated from information found on Charity Navigator.
Is Hudson Yards Development Corporation legitimate?
Hudson Yards Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hudson Yards Development 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: $621,916
Professional Fundraising Fees: $0
Other Salaries and Wages: $147,917
For more financial information, click here
Official website here: www.hydc.org
What is the mission statement of Hudson Yards Development Corporation?
Hudson Yards Development Corporation's mission is centered around facilitating the economic development of a specific area. This involves coordinating the construction of an extension to the No. 7 subway line and overseeing the design and construction of public amenities, such as parks, as necessary. The organization also contracts with external legal counsel and consultants to support property acquisition and the development of Hudson Park and Boulevard. In essence, the corporation's role is to manage and oversee the city's economic initiatives for the redevelopment of the Hudson Yards area in Manhattan.
Official website here: www.hydc.org
Who is the CEO of Hudson Yards Development Corporation?
Angela R Cavaluzzi is the Principal Officer of Hudson Yards Development Corporation.
Official website here: www.hydc.org
What is the revenue of Hudson Yards Development Corporation?
Hudson Yards Development Corporation's revenue in 2022 was $2,999,980.
Official website here: www.hydc.org
Who are the executives of Hudson Yards Development Corporation and what are their salaries?
The average compensation at Hudson Yards Development Corporation during 2022 was $192,458. There are 4 employees and 13 volunteers at Hudson Yards Development Corporation.
Here are 29 key members and their salaries:
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Official website here: www.hydc.org
Where can I find the form 990 for Hudson Yards Development Corporation?
Hudson Yards Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.hydc.org
Learn more at the official website: www.hydc.org
Mission Statement of Hudson Yards Development Corporation
Hudson Yards Development Corporation, in its mission, works towards coordinating and facilitating the economic development of a specific area in Manhattan, known as Hudson Yards. This involves overseeing various initiatives, including the extension of the No. 7 subway line and the construction of public amenities such as parks. The organization also plays a crucial role in the acquisition of necessary property for these projects. To achieve these goals, Hudson Yards Development Corporation often contracts with external legal counsel and other consultants. Particularly noteworthy is their involvement in the design and construction of Hudson Park and Boulevard, which stretches from West 36th Street to West 39th Street between 10th and 11th Avenues. The corporation's mission is to contribute to the transformation and revitalization of the designated Hudson Yards area, ultimately enhancing its economic growth and development.
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Impact
October, 2024
Hudson Yards Development Corporation plays a pivotal role in shaping the economic landscape of the Hudson Yards area in Manhattan. It manages the implementation of key initiatives aimed at revitalizing this urban space, which includes the construction of critical infrastructure such as the extension of the No. 7 Subway line to West 34th Street.
The Corporation coordinates the design and construction of public amenities that enhance community accessibility and livability, including parks and recreational spaces, particularly the Hudson Park and Boulevard that spans from West 36th to West 39th Streets. By acquiring property as required for these developments, the Corporation facilitates comprehensive urban renewal in this growing district.
Through its engagements with outside legal counsel and various consultants, Hudson Yards Development Corporation ensures that the redevelopment efforts are both strategically planned and effectively executed. The cumulative impact of these activities not only fosters economic development but also contributes to a richer urban experience for residents and visitors alike, highlighting the Corporation's commitment to community improvement in one of New York City's most dynamic neighborhoods.
This information is meant to be a general summary of Hudson Yards Development 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: $27
- Gross Receipts: $2,999,980
Assets and Liabilities:
- Total Assets: $557,647
- Total Liabilities: $495,980
- Net Assets: $61,667
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Organization Details
Founding Year
2005
Phone
(212) 312-4267Principal Officer
Angela R Cavaluzzi
Main Address
ONE LIBERTY PLAZA 14FL, NEW YORK, NY, 10006
Website
www.hydc.orgNTEE Category
Code: S20 - Community improvement
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