Overview
What is Riese Madison Park Inc?
Riese Madison Park Inc is a nonprofit organization situated in Paterson, New Jersey, with a specific focus on providing affordable housing for low-income senior citizens. They manage and operate a 92-unit apartment building under Section 202 of the National Housing Act, regulated by both the New Jersey Housing and Mortgage Finance Agency (NJHMFA) and the US Department of Housing and Urban Development (HUD). The organization's mission is to cater to the housing needs of the elderly, offering 92 rental units in total. With a modest workforce of 5 employees, Riese Madison Park Inc plays a crucial role in supporting the senior community in Paterson.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 86%, Three-Star out of Four Star Rating
Riese Madison Park Inc has achieved a respectable Three-Star rating from Charity Navigator, reflecting a strong performance in accountability and finance. The charity’s overall score is derived entirely from its accountability and finance beacon, where it scored 86%. This rating suggests that the organization is managing its financial resources effectively and demonstrates a commitment to transparency.
One of the notable strengths of Riese Madison Park Inc includes its governance structure, as it has a fully independent board, receiving the maximum points for the majority of independent members. Additionally, the charity has successfully maintained a low liabilities-to-assets ratio and a high program expense ratio, indicating that a significant portion of its funds are directed towards its programs rather than administrative costs.
While the organization shows robust financial health and governance practices, the data available primarily highlights its financial accountability without delving into programmatic outcomes or the specific impact of its initiatives. This focus on financial metrics is commendable; however, a broader view of its mission effectiveness would provide a more comprehensive understanding of its overall impact in the community.
This AI summary has been generated from information found on Charity Navigator.
Is Riese Madison Park Inc legitimate?
Riese Madison Park Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Riese Madison Park 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $149,225
For more financial information, click here
What is the mission statement of Riese Madison Park Inc?
Riese Madison Park Inc is committed to providing low-income housing for senior citizens. Operating under Section 202 of the National Housing Act, the corporation manages a 92-unit apartment building, regulated by both the New Jersey Housing and Mortgage Finance Agency (NJHMFA) and the US Department of Housing and Urban Development (HUD). The mission of Riese Madison Park Inc is to offer a living space for elderly individuals who may have limited financial resources, ensuring they have access to suitable housing. The organization's activities are focused on providing these 92 units, ensuring they are maintained and managed according to the regulations set by the regulating bodies.
Who is the CEO of Riese Madison Park Inc?
Monsignor Herbert K Till is the Principal Officer of Riese Madison Park Inc.
What is the revenue of Riese Madison Park Inc?
Riese Madison Park Inc's revenue in 2022 was $1,359,707.
Who are the executives of Riese Madison Park Inc and what are their salaries?
The average compensation at Riese Madison Park Inc during 2022 was $29,845. There are 5 employees and 10 volunteers at Riese Madison Park Inc.
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Where can I find the form 990 for Riese Madison Park Inc?
Riese Madison Park Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Riese Madison Park Inc
Riese Madison Park Inc, a nonprofit organization, is committed to providing affordable housing for senior citizens with low incomes. The corporation manages a 92-unit apartment building, operated under Section 202 of the National Housing Act. Regulated by both the New Jersey Housing and Mortgage Finance Agency (NJHMFA) and the US Department of Housing and Urban Development (HUD), the rental charges and operating methods of the project are strictly adhered to. The primary mission of Riese Madison Park Inc is to offer a comfortable living space for elderly individuals who may be financially constrained, providing them with 92 well-maintained rental units.
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Impact
October, 2024
Riese Madison Park Inc significantly impacts the community by providing affordable housing for low-income senior citizens in Paterson, NJ. By managing a 92-unit apartment building, it addresses an essential need for elderly individuals who may otherwise struggle to find safe and affordable living arrangements. The organization operates under the guidelines of federal and state housing regulations, ensuring that rental charges remain accessible while maintaining quality standards in the housing provided.
The presence of Riese Madison Park fosters a supportive environment for seniors, contributing to their wellbeing and stability. This housing initiative not only offers shelter but also helps to create a sense of community among residents, enhancing their social engagement and quality of life. By effectively managing these resources, Riese Madison Park plays a vital role in improving the overall living conditions for vulnerable populations in the area.
This information is meant to be a general summary of Riese Madison Park 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 2022.
- Investment Income: -$1,319
- Program Service Revenue: $1,357,555
- Gross Receipts: $1,359,707
Assets and Liabilities:
- Total Assets: $2,454,109
- Total Liabilities: $79,066
- Net Assets: $2,375,043
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOW INCOME HOUSING REN
Revenue
$1,357,555
Organization Details
Founding Year
1975
Phone
(973) 684-3469Principal Officer
Monsignor Herbert K Till
Main Address
70 DEY STREET, PATERSON, NJ, 07503
NTEE Category
Code: L22 - Housing
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