Overview
What is Norfolk Housing Development Fund Company Inc?
Norfolk Housing Development Fund Company Inc is a nonprofit organization based in Norfolk, New York. Their primary mission is to address the lack of adequate housing for low-income senior citizens and qualified individuals by developing a 24-unit housing project on a not-for-profit basis. This company, with a small workforce of only two employees, is dedicated to enhancing living conditions for those in need. The project they oversee aims to provide a secure and suitable living space for individuals who might not otherwise have access to such resources.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 55% (One-Star out of Four Stars)
Norfolk Housing Development Fund Company Inc has received a one-star rating from Charity Navigator, reflecting a 55% score based solely on its Accountability & Finance metrics. This rating indicates significant concerns regarding financial health and transparency, as the organization has failed to provide key documents and policies that ensure accountability. While it does have a majority of independent board members and a low risk of asset diversion, the absence of a website, conflict of interest policy, and other critical elements has adversely impacted its overall score.
The organization demonstrates strengths in some areas, such as a high program expense ratio of 67.34%, indicating a commitment to programmatic spending. However, it struggles with its liabilities to assets ratio of 185.73%, which raises red flags about financial stability. The presence of board meeting minutes is a positive sign, yet the lack of publicly accessible information, including tax forms, further detracts from the organization's credibility.
Overall, potential donors and supporters should exercise caution, as the significant gaps in governance and transparency may hinder the effective use of contributions. While the organization has achieved some commendable aspects in board independence and program spending, the critical missing policies and financial indicators warrant a careful evaluation before engagement.
This AI summary has been generated from information found on Charity Navigator.
Is Norfolk Housing Development Fund Company Inc legitimate?
Norfolk Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Norfolk Housing Development Fund Company 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: $38,288
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Norfolk Housing Development Fund Company Inc?
The Norfolk Housing Development Fund Company Inc was established with a singular purpose: to develop a 24-unit housing project on a not-for-profit basis. This project is designed to cater to individuals of low income, as there was a lack of adequate housing options available for this demographic. The company's main objective is to construct and manage this housing project, providing a much-needed living space for these individuals. The project is intended for low-income senior citizens and other qualified individuals.
What is the revenue of Norfolk Housing Development Fund Company Inc?
Norfolk Housing Development Fund Company Inc's revenue in 2023 was $215,841.
Who are the executives of Norfolk Housing Development Fund Company Inc and what are their salaries?
The average compensation at Norfolk Housing Development Fund Company Inc during 2023 was $38,288. There is 1 employee at Norfolk Housing Development Fund Company Inc.
Here are 5 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
- Compensation: $38,288
- Related: $0
- Other: $0
Where can I find the form 990 for Norfolk Housing Development Fund Company Inc?
Norfolk Housing Development Fund Company Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Norfolk Housing Development Fund Company Inc
Norfolk Housing Development Fund Company Inc, established with a singular purpose, has been organized to develop a 24-unit housing project on a not-for-profit basis. This project is specifically designed to cater to individuals of low income, as there is currently a lack of adequate housing options for such individuals. The company's mission is to provide these individuals with a safe and comfortable living space, thereby contributing to their overall well-being. The project under Norfolk Housing Development Fund Company Inc's stewardship is intended for low-income senior citizens and other qualified individuals, aiming to provide them with a decent place to call home.
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Impact
October, 2024
Norfolk Housing Development Fund Company Inc significantly alleviates the housing crisis for low-income individuals in Norfolk, NY, by developing a 24-unit housing project specifically designed for those in need. This initiative addresses the lack of adequate housing for low-income senior citizens and other qualified individuals, providing not just shelter but a sense of community and stability. By focusing on this demographic, the project fosters improved living conditions and enhances the overall quality of life for residents who might otherwise struggle to find suitable accommodation. The impact of this development extends beyond the immediate provision of housing; it contributes to the socio-economic resilience of the community by ensuring that vulnerable populations have access to safe and affordable living spaces.
This information is meant to be a general summary of Norfolk Housing Development Fund Company 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: $29
- Program Service Revenue: $183,814
- Gross Receipts: $215,841
Assets and Liabilities:
- Total Assets: $444,757
- Total Liabilities: $862,381
- Net Assets: -$417,624
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$181,664
LAUNDRY INCOME
Revenue
$2,150
Organization Details
Founding Year
1988
Principal Officer
Bonnie Davey
NTEE Category
Code: L20Z - Housing
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