Overview
What is Canandaigua Housing Development Fund Company Inc?
Canandaigua Housing Development Fund Company Inc is a nonprofit organization based in Syracuse, New York, with a headquarter address at 990 James Street, ZIP code 13203. Established with a mission to contribute to affordable housing, the organization primarily developed, owned, and managed a low-income housing project, known as Eighty Parrish Street Apartments, located at 80 Parrish Street, Canandaiga, New York. The project was developed under Section 202 of the National Housing Act. The company provided housing and related services to approximately 130 elderly and handicapped individuals, contributing to the local community's social welfare in a meaningful way. The nonprofit is operated by a team of 6 dedicated individuals.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 63% (Two-Star out of Four Stars)
Canandaigua Housing Development Fund Company Inc has received a Two-Star rating from Charity Navigator, indicating that while there are some strengths, the organization faces notable weaknesses in key accountability and financial areas. The high percentage of independent board members and the presence of essential policies such as conflict of interest and whistleblower protections highlight a commitment to governance and ethical oversight.
However, the organization struggles significantly with financial transparency, as evidenced by the lack of financial statements and its failure to post necessary documents on its website. The liabilities to assets ratio is concerning, indicating potential financial instability. Despite these issues, the strong program expense ratio suggests that a majority of funds are directed toward its mission-related activities, which is a positive aspect of its operations.
Overall, while Canandaigua Housing Development Fund Company Inc shows dedication in certain governance practices, it needs to improve its financial reporting and transparency to enhance trust and accountability among its stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Canandaigua Housing Development Fund Company Inc legitimate?
Canandaigua Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Canandaigua 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: $0
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Other Salaries and Wages: $214,592
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What is the mission statement of Canandaigua Housing Development Fund Company Inc?
The Canandaigua Housing Development Fund Company Inc was established with a specific purpose: to develop, own, and operate a low-income housing project on a non-profit basis, adhering to Section 202 of the National Housing Act. This project, known as Eighty Parrish Street Apartments, is located in Canandaiga, New York. The organization's primary objective was to provide housing for approximately 130 elderly and disabled individuals. The company's activities were centered around offering low-income housing and associated services for this specific demographic.
Who is the CEO of Canandaigua Housing Development Fund Company Inc?
Edward C Kenyon Esq is the President of Canandaigua Housing Development Fund Company Inc.
What is the revenue of Canandaigua Housing Development Fund Company Inc?
Canandaigua Housing Development Fund Company Inc's revenue in 2022 was $1,209,323.
Who are the executives of Canandaigua Housing Development Fund Company Inc and what are their salaries?
The average compensation at Canandaigua Housing Development Fund Company Inc during 2022 was $35,765. There are 6 employees at Canandaigua Housing Development Fund Company Inc.
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Where can I find the form 990 for Canandaigua Housing Development Fund Company Inc?
Canandaigua Housing Development Fund Company Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Canandaigua Housing Development Fund Company Inc
Canandaigua Housing Development Fund Company Inc was established with a specific purpose: to develop, own, and operate a low-income housing project on a non-profit basis. This project, known as Eighty Parrish Street Apartments, is located in Canandaigua, New York. The organization's mission was solely focused on providing affordable housing for elderly and handicapped individuals, operating within the guidelines set by Section 202 of the National Housing Act. As a result, they offered low-income housing and various tenant services to approximately 130 residents.
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Impact
October, 2024
Canandaigua Housing Development Fund Company Inc significantly impacts the community by providing affordable housing solutions for vulnerable populations, particularly the elderly and individuals with disabilities. Through the development and management of the Eighty Parrish Street Apartments, the organization offers essential low-income housing options in Canandaigua, New York.
By catering to the needs of approximately 130 residents, the company ensures access to safe and secure living conditions, which is crucial for improving the quality of life for those who may struggle to find affordable housing elsewhere. Moreover, the organization often extends its support beyond just housing by offering additional tenant services that enhance the living experience for its residents, thus fostering a sense of community and belonging. In a broader context, such initiatives play a vital role in alleviating housing insecurity and promoting social stability within the region.
This information is meant to be a general summary of Canandaigua 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 2022.
- Investment Income: $4,881
- Program Service Revenue: $1,189,610
- Gross Receipts: $1,209,323
Assets and Liabilities:
- Total Assets: $5,002,766
- Total Liabilities: $6,635,605
- Net Assets: -$1,632,839
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$1,189,610
Organization Details
Founding Year
1984
Phone
(315) 424-1822Principal Officer
Edward C Kenyon Esq
Main Address
990 JAMES STREET, SYRACUSE, NY, 13203
NTEE Category
Code: L20Z - Housing
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