Overview
What is Scotia Committee Housing Development Fund Co Inc?
Scotia Committee Housing Development Fund Co Inc is a nonprofit organization situated in Scotia, New York, primarily dedicated to providing subsidized and low-income housing to qualified tenants. In 2015, it initiated a multi-year rehabilitation project, investing approximately $3.5 million in the renovation of its housing project, which includes apartment upgrades, common area refurbishments, and elevator replacements. Although the project was temporarily halted due to the pandemic, as of November 30, 2022, approximately $2.9 million had been expended. The organization is projected to spend around $300,000 annually for the next two years, with the project expected to be completed in 2024. Established under the New York State Private Housing Finance Law, the organization manages an affordable senior housing project in Scotia, receiving Section 8 housing assistance payments to accommodate senior citizens and the disabled.
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 94%, Four-Star out of Four Star Rating
The Scotia Committee Housing Development Fund Co Inc has received a strong 94% score from Charity Navigator, indicating a high level of accountability and finance management. This score is entirely derived from the Accountability & Finance beacon, where the organization excels in various areas, showcasing its commitment to transparency and responsible stewardship of resources.
One of the organization's notable strengths is its governance structure, with a 100% independent board composed of nine members. Additionally, it scores full points for having robust financial oversight mechanisms in place, including an audit and oversight committee that adheres to best practices. The organization also has established policies for conflict of interest, whistleblower protection, and document retention, further enhancing its credibility.
Despite its high rating, there are always areas for potential improvement that nonprofits can focus on. While the financial health indicators, such as a low liabilities to assets ratio and a high program expense ratio, are impressive, continual monitoring and adaptation to changing circumstances are essential for long-term sustainability. Overall, Scotia Committee Housing Development Fund Co Inc demonstrates a responsible and effective approach to its financial practices and governance.
This AI summary has been generated from information found on Charity Navigator.
Is Scotia Committee Housing Development Fund Co Inc legitimate?
Scotia Committee Housing Development Fund Co Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Scotia Committee Housing Development Fund Co 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: $3,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $215,197
For more financial information, click here
What is the mission statement of Scotia Committee Housing Development Fund Co Inc?
The Scotia Committee Housing Development Fund Co Inc was established with a mission to provide affordable senior housing, specifically for individuals aged 62 and older, as well as the disabled. This was achieved in 1994 through the acquisition of a 96-unit project in Scotia, New York. The project operates under the U.S. Housing Act of 1937, receiving Housing Assistance Payments (HAP) or rental subsidies. The Fund has entered into an agreement with the U.S. Department of Housing and Urban Development (HUD) for these subsidies, which will be subject to renewal in June 2025. The primary objective of this fund is to accommodate these senior citizens and disabled individuals, ensuring they have access to affordable housing.
Who is the CEO of Scotia Committee Housing Development Fund Co Inc?
Ronald Pinkerton is the President of Scotia Committee Housing Development Fund Co Inc.
What is the revenue of Scotia Committee Housing Development Fund Co Inc?
Scotia Committee Housing Development Fund Co Inc's revenue in 2022 was $1,022,068.
Who are the executives of Scotia Committee Housing Development Fund Co Inc and what are their salaries?
Here are 9 key members and their salaries:
- Compensation: $1,100
- Related: $0
- Other: $0
- Compensation: $600
- Related: $0
- Other: $0
- Compensation: $550
- Related: $0
- Other: $0
- Compensation: $600
- Related: $0
- Other: $0
- Compensation: $50
- Related: $0
- Other: $0
- Compensation: $50
- Related: $0
- Other: $0
- Compensation: $50
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Scotia Committee Housing Development Fund Co Inc?
Scotia Committee Housing Development Fund Co Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Scotia Committee Housing Development Fund Co Inc
Scotia Committee Housing Development Fund Co Inc, established under the New York State Private Housing Finance Law, was founded with a specific focus on providing affordable senior housing. In 1994, the organization acquired a 96-unit project in Scotia, New York. This project is subsidized through Housing Assistance Payments (HAP), also known as rental subsidies, under Section 8 of the U.S. Housing Act of 1937. The Scotia Committee Housing Development Fund Co Inc has entered into a HAP agreement with the U.S. Department of Housing and Urban Development (HUD). This contract, subject to renewal in June 2025, allows the fund to receive HUD-funded subsidies. These subsidies enable the accommodation of senior citizens aged 62 and older, as well as the disabled, ensuring that they can afford suitable housing. The organization's mission is to provide affordable housing options for these vulnerable groups, enhancing their quality of life.
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Impact
October, 2024
Scotia Committee Housing Development Fund Co Inc significantly impacts the community by providing affordable housing to qualified low-income tenants, particularly senior citizens and individuals with disabilities. The fund manages a 96-unit affordable senior housing project in Scotia, New York, which receives rental subsidies through a Housing Assistance Payments (HAP) contract with the U.S. Department of Housing and Urban Development (HUD). This ensures that residents can access safe, supportive living environments regardless of their financial circumstances.
The ongoing multi-year rehabilitation project, with an investment of approximately $3.5 million, aims to enhance the living conditions within this housing project. This comprehensive renovation includes upgrading individual apartments, improving common areas, and replacing outdated building elevators, thus elevating residents' quality of life. As of November 2022, about $2.9 million of this funding has already been utilized, and continued investments are planned to complete the project by 2024.
Through these efforts, Scotia Committee Housing Development Fund Co Inc not only addresses immediate housing needs but also fosters a sense of community, promotes independence among elderly residents, and contributes to the overall health and well-being of its tenants in Scotia.
This information is meant to be a general summary of Scotia Committee Housing Development Fund Co 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: $17,667
- Program Service Revenue: $1,004,401
- Gross Receipts: $1,022,068
Assets and Liabilities:
- Total Assets: $6,073,222
- Total Liabilities: $68,096
- Net Assets: $6,005,126
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
HUD HAP PAYMENTS
Revenue
$636,276
RENTAL INCOME
Revenue
$299,702
CELL TOWER INCOME
Revenue
$57,292
LAUNDRY INCOME
Revenue
$7,840
OTHER
Revenue
$3,291
Organization Details
Founding Year
1994
Phone
(518) 374-7407Principal Officer
Ronald Pinkerton
Main Address
201 FIFTH ST, SCOTIA, NY, 12302
NTEE Category
Code: L22 - Housing
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