Overview
What is Rochester Housing Development Fund Corporation?
The Rochester Housing Development Fund Corporation, based in Rochester, New York, serves as a nonprofit organization dedicated to financing the acquisition and rehabilitation of housing for low-income individuals. Over the period of April 1, 2022, to March 31, 2023, they successfully acquired, rehabilitated, and sold seven single-family homes to eligible first-time homebuyers. With a team of three dedicated employees, they strive to provide affordable housing solutions within their community.
Official website here: www.homerochester.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Stars)
The Rochester Housing Development Fund Corporation has received an overall rating of 81%, indicating a solid performance in terms of accountability and finance. This score highlights the organization's commitment to financial transparency and responsible governance. The charity is recognized for having a fully independent board, strong financial auditing practices, and comprehensive oversight policies, which contribute positively to its credibility.
Strengths of the organization include an impressive program expense ratio of 96.68%, suggesting that the majority of funds raised are directed towards its mission-related activities. Additionally, the absence of any material diversion of assets reinforces the trustworthiness of its financial management. The presence of key policies, such as conflict of interest and whistleblower protections, further underscores the charity's commitment to ethical operations.
However, the organization did receive a score of zero for its liabilities to assets ratio, indicating potential concerns regarding its financial leverage. While the overall financial management appears strong, this particular aspect may warrant closer attention from stakeholders. Overall, the Rochester Housing Development Fund Corporation demonstrates a commitment to accountability that is reflected in its rating, though there are areas for improvement in financial structure.
This AI summary has been generated from information found on Charity Navigator.
Is Rochester Housing Development Fund Corporation legitimate?
Rochester Housing Development Fund Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Rochester Housing Development Fund 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $170,524
For more financial information, click here
Official website here: www.homerochester.org
What is the mission statement of Rochester Housing Development Fund Corporation?
The Rochester Housing Development Fund Corporation's mission is centered around financing the acquisition and renovation of housing units. This is done specifically with the aim of providing affordable living spaces for individuals with lower income levels. Over the period of April 1, 2022, to March 31, 2023, they successfully acquired, rehabilitated, and sold seven single-family homes to eligible first-time homebuyers. This initiative underscores their commitment to making homeownership accessible for those who might otherwise struggle to secure decent housing.
Official website here: www.homerochester.org
Who is the CEO of Rochester Housing Development Fund Corporation?
Theodora Finn is the President of Rochester Housing Development Fund Corporation.
Official website here: www.homerochester.org
What is the revenue of Rochester Housing Development Fund Corporation?
Rochester Housing Development Fund Corporation's revenue in 2023 was $2,406,967.
Official website here: www.homerochester.org
Who are the executives of Rochester Housing Development Fund Corporation and what are their salaries?
The average compensation at Rochester Housing Development Fund Corporation during 2023 was $56,841. There are 3 employees at Rochester Housing Development Fund Corporation.
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Official website here: www.homerochester.org
Where can I find the form 990 for Rochester Housing Development Fund Corporation?
Rochester Housing Development Fund Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.homerochester.org
Learn more at the official website: www.homerochester.org
Mission Statement of Rochester Housing Development Fund Corporation
Rochester Housing Development Fund Corporation is a nonprofit organization dedicated to financing the acquisition and rehabilitation of housing for low-income individuals. Its mission is to provide financial assistance to eligible first-time homebuyers, enabling them to secure and improve their living conditions. Over the period of April 1, 2022, to March 31, 2023, this organization has demonstrated its commitment by acquiring, rehabilitating, and selling seven single-family homes to those in need. By providing this service, Rochester Housing Development Fund Corporation plays a significant role in improving the living standards of low-income individuals, thereby contributing to a more equitable society.
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Impact
October, 2024
Rochester Housing Development Fund Corporation significantly impacts the community by facilitating the acquisition and rehabilitation of housing for low-income individuals. In the period from April 1, 2022, to March 31, 2023, the organization successfully acquired, rehabilitated, and sold seven single-family homes to eligible first-time homebuyers. This effort not only provides affordable housing options but also empowers low-income families to achieve homeownership, contributing to community stability and development in Rochester, NY. By focusing on improving housing conditions, the corporation plays a crucial role in enhancing the quality of life for residents and fostering economic growth in the area.
This information is meant to be a general summary of Rochester Housing Development Fund 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 2023.
- Investment Income: $92,379
- Program Service Revenue: $2,060,595
- Gross Receipts: $2,406,967
Assets and Liabilities:
- Total Assets: $5,000,028
- Total Liabilities: $4,889,970
- Net Assets: $110,058
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SUBSIDY REVENUE
Revenue
$1,133,695
HOME SALES
Revenue
$926,900
Organization Details
Founding Year
2002
Phone
(585) 423-6320Principal Officer
Theodora Finn
Main Address
16 EAST MAIN STREET 610, ROCHESTER, NY, 14614
Website
www.homerochester.orgNTEE Category
Code: L21 - Housing
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