Overview
What is Esther Gitlow Towers Ii Housing Development Fund Corp?
Esther Gitlow Towers II Housing Development Fund Corporation is a nonprofit organization located in Suffern, New York. Its primary mission is to provide safe and affordable housing for low-income senior citizens. The organization manages and operates an apartment complex consisting of 80 units, with the U.S. Department of Housing and Urban Development (HUD) overseeing its administration and regulation. The organization ensures that tenants receive all the benefits they are entitled to, helping to reduce their rental costs and make living more affordable, as per HUD regulations. The organization, which employs a team of 5 individuals, offers housing under a program that allows for lower rental charges to be recovered by HUD.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Esther Gitlow Towers II Housing Development Fund Corp has received a Two-Star out of Four Star rating from Charity Navigator, indicating that the organization requires improvement in its financial accountability and transparency. While it has a solid majority of independent board members, scoring 100% in that area, the lack of financial statements and other critical documentation has significantly impacted its overall score, which stands at 62%.
The organization shows strengths in various governance policies, including conflict of interest, whistleblower, and document retention policies, which are all fully compliant. Moreover, it has a commendable program expense ratio of 80.84%, suggesting that a significant portion of its funds is directed towards its mission-related activities. However, the absence of key financial documents, such as board meeting minutes and the organization's tax form on its website, raises concerns about its operational transparency.
Additionally, the liabilities to assets ratio of 122.69% indicates potential financial instability, further emphasizing the need for the organization to address its financial reporting practices. Overall, while Esther Gitlow Towers II demonstrates some positive attributes, there is a clear necessity for improvements in financial transparency and documentation to enhance its credibility and effectiveness as a nonprofit.
This AI summary has been generated from information found on Charity Navigator.
Is Esther Gitlow Towers Ii Housing Development Fund Corp legitimate?
Esther Gitlow Towers Ii Housing Development Fund Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Esther Gitlow Towers Ii Housing Development Fund Corp 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: $285,766
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What is the mission statement of Esther Gitlow Towers Ii Housing Development Fund Corp?
Esther Gitlow Towers II Housing Development Fund Corp's mission is centered around providing safe and affordable housing for low-income senior citizens. The organization ensures that each tenant receives all the benefits they are entitled to, thereby reducing their rent and making living costs more manageable. By owning, managing, and operating a senior citizen apartment complex with 80 units, the corporation offers housing under the supervision of the U.S. Department of Housing and Urban Development (HUD). The organization's housing solutions are subject to HUD's regulation regarding rental charges and operating methods. Lower rental charges for tenants are compensated by HUD.
Who is the CEO of Esther Gitlow Towers Ii Housing Development Fund Corp?
Ira Perlstein is the Board Member of Esther Gitlow Towers Ii Housing Development Fund Corp.
What is the revenue of Esther Gitlow Towers Ii Housing Development Fund Corp?
Esther Gitlow Towers Ii Housing Development Fund Corp's revenue in 2023 was $765,163.
Who are the executives of Esther Gitlow Towers Ii Housing Development Fund Corp and what are their salaries?
The average compensation at Esther Gitlow Towers Ii Housing Development Fund Corp during 2023 was $57,153. There are 5 employees at Esther Gitlow Towers Ii Housing Development Fund Corp.
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Where can I find the form 990 for Esther Gitlow Towers Ii Housing Development Fund Corp?
Esther Gitlow Towers Ii Housing Development Fund Corp's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Esther Gitlow Towers Ii Housing Development Fund Corp
Esther Gitlow Towers II Housing Development Fund Corp is a nonprofit organization with a mission to provide safe and affordable housing for low-income senior citizens. The organization ensures that each tenant receives every benefit they are entitled to, thereby reducing their rent and making living more affordable. The corporation operates and manages an apartment complex consisting of 80 units, which are administered and regulated by the U.S. Department of Housing and Urban Development (HUD). Under this program, Esther Gitlow Towers II offers housing to low-income senior citizens, with the rental charges and operating methods regulated by HUD. Lower rental charges are recovered by HUD, making it possible for the organization to provide affordable housing to its tenants.
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Impact
October, 2024
Esther Gitlow Towers II Housing Development Fund Corp provides essential safe and affordable housing for low-income senior citizens. With its apartment complex consisting of 80 units, the organization plays a significant role in addressing the housing needs of vulnerable populations in Suffern, NY. By offering reduced rental charges regulated by the U.S. Department of Housing and Urban Development (HUD), it ensures that financially constrained seniors have access to comfortable living environments.
The organization’s commitment extends beyond simply providing a roof; it actively assists tenants in accessing benefits that further alleviate their financial burdens. This holistic approach not only enhances the quality of life for residents but also fosters a sense of community and security among seniors who may otherwise face isolation or instability. Ultimately, Esther Gitlow Towers II not only fulfills a crucial housing need but also empowers low-income senior citizens, contributing to their overall well-being and dignity.
This information is meant to be a general summary of Esther Gitlow Towers Ii Housing Development Fund Corp. 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: $111
- Program Service Revenue: $248,317
- Gross Receipts: $765,163
Assets and Liabilities:
- Total Assets: $10,104,938
- Total Liabilities: $12,398,621
- Net Assets: -$2,293,683
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL REVENUE
Revenue
$238,530
OTHER REVENUE
Revenue
$9,787
Organization Details
Founding Year
2004
Phone
(845) 357-9507Principal Officer
Ira Perlstein
Main Address
196 LAFAYETTE AVENUE, SUFFERN, NY, 109014712
NTEE Category
Code: L21 - Housing
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