Overview
What is Paterson Restoration Corporation?
Paterson Restoration Corporation, based in Paterson, New Jersey, was established in 1984 with a city council resolution. The organization's primary mission is to encourage restoration within the city, providing low-interest loans to facilitate various construction and renovation projects in the Paterson community. This nonprofit was granted funds by the city, which were later transferred to them, and these funds are earmarked solely for use within the Great Falls Historic District. The corporation's purpose is to revitalize and enhance the city of Paterson, contributing positively to its overall development.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94% (Four-Star out of Four Star Rating)
Paterson Restoration Corporation has received a commendable Four-Star rating from Charity Navigator, reflecting a strong commitment to accountability and finance with a score of 94%. This high rating is based solely on the organization's financial practices, indicating effective management of resources and transparency in its operations.
The organization demonstrates a robust governance structure, featuring an independent board with 88% of its members being independent. Additionally, there are no reported issues with asset diversion, which highlights the corporation's integrity in handling donations. Policies related to conflicts of interest, whistleblower protections, and document retention are all in place, contributing to a solid framework of accountability.
On the financial front, Paterson Restoration Corporation allocates a significant portion of its expenses—approximately 75.78%—towards its programs, indicating a strong focus on fulfilling its mission. The organization also maintains a low liabilities to assets ratio of 3.32%, showcasing its financial stability. Overall, the nonprofit's practices suggest a trustworthy and effective organization dedicated to its cause.
This AI summary has been generated from information found on Charity Navigator.
Is Paterson Restoration Corporation legitimate?
Paterson Restoration Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Paterson Restoration 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.
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What is the mission statement of Paterson Restoration Corporation?
The Paterson Restoration Corporation's mission is centered around encouraging restoration within a community. They achieve this by offering low-interest loans to facilitate various construction and restoration projects within the community. The corporation's activities are aimed at promoting growth and revitalization, contributing to the betterment of the community as a whole. The Great Falls Historic District-Title IX Fund, established in 1984, was a significant source of funds for the corporation. These funds, originally available to the city, were transferred to the PRC and are intended for use solely within the Great Falls Historic District.
Who is the CEO of Paterson Restoration Corporation?
Michael Powell is the Trustee of Paterson Restoration Corporation.
What is the revenue of Paterson Restoration Corporation?
Paterson Restoration Corporation's revenue in 2022 was $100,919.
Who are the executives of Paterson Restoration Corporation and what are their salaries?
Here are 9 key members and their salaries:
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Where can I find the form 990 for Paterson Restoration Corporation?
Paterson Restoration Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Paterson Restoration Corporation
Paterson Restoration Corporation, a nonprofit organization, is committed to encouraging restoration within the city. Their primary mission is to provide low-interest loans to facilitate community construction and restoration projects. By offering financial assistance in this manner, the corporation aims to foster growth and renewal within the city, ultimately contributing to its overall improvement and development. The organization's efforts are focused on revitalizing the city, one project at a time, thereby promoting a sense of unity and progress among its residents.
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Impact
October, 2024
Paterson Restoration Corporation plays a vital role in revitalizing the city of Paterson, New Jersey, by encouraging restoration and facilitating community construction projects. By providing low-interest loans, it empowers local homeowners and developers to undertake essential restoration efforts. This financial support is crucial for sustaining the historical integrity of the Great Falls Historic District, enhancing both the aesthetic and economic value of the area.
The organization's efforts not only promote physical improvements but also strengthen community pride and engagement. By focusing on the restoration of significant historical sites, Paterson Restoration Corporation contributes to preserving the city's cultural heritage, ensuring that the stories and history of Paterson remain alive for future generations. Ultimately, the corporation’s impact extends beyond individual projects; it fosters a sense of community improvement and development throughout the city.
This information is meant to be a general summary of Paterson Restoration 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: $25,362
- Program Service Revenue: $17,119
- Gross Receipts: $100,919
Assets and Liabilities:
- Total Assets: $19,877,384
- Total Liabilities: $706,864
- Net Assets: $19,170,520
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
UEZ PROGRAM LOANS
Revenue
$10,733
MORTGAGE INTEREST
Revenue
$6,386
Organization Details
Founding Year
1977
Phone
(973) 321-1220Principal Officer
Michael Powell
Main Address
125 ELLISON STREET, PATERSON, NJ, 07505
NTEE Category
Code: S310 - Community improvement
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