Overview
What is Halfmoon Housing Development Fund Co Inc?
Halfmoon Housing Development Fund Co Inc is a nonprofit organization situated in Clifton Park, New York. Their primary focus is on providing affordable housing to low-income individuals, as outlined under section 202 of the National Housing Act. They operate a 50-unit complex, funded by a contract with the U.S. Department of Housing. The organization's resources and expenditures are committed to upholding this critical mission.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81%, Three-Star out of Four Star Rating
Halfmoon Housing Development Fund Co Inc has received a Three-Star rating from Charity Navigator, with an overall score of 81%. This rating reflects a strong commitment to accountability and finance, as evidenced by a perfect score in various governance practices including board independence, conflict of interest policies, and the presence of an audit and oversight committee. The organization demonstrates a solid commitment to transparency with its financial statements and compliance documents readily available.
One of the strengths highlighted is the organization's program expense ratio, which stands at an impressive 71.23%. This indicates that a significant portion of its expenditures is dedicated to its mission-driven programs. However, the rating also notes a concerning liability to assets ratio of 174.30%, which may suggest financial challenges that could impact its operational sustainability and capacity to fulfill its mission in the long term.
Overall, while Halfmoon Housing Development Fund Co Inc showcases strong governance and a high commitment to its operational integrity, stakeholders should be mindful of its financial ratios, particularly the liabilities, which may warrant closer scrutiny as part of any consideration for support or partnerships.
This AI summary has been generated from information found on Charity Navigator.
Is Halfmoon Housing Development Fund Co Inc legitimate?
Halfmoon Housing Development Fund Co Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Halfmoon 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $91,173
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What is the mission statement of Halfmoon Housing Development Fund Co Inc?
The Halfmoon Housing Development Fund Co Inc is dedicated to providing low-income housing. They accomplish this mission by managing a 50-unit complex in Clifton Park, New York, under section 202 of the National Housing Act. The organization secures funding for this mission through a contract with the U.S. Department of Housing. All operational expenses directly support this mission of offering affordable housing options.
Who is the CEO of Halfmoon Housing Development Fund Co Inc?
Noel Olsen is the Member of Halfmoon Housing Development Fund Co Inc.
What is the revenue of Halfmoon Housing Development Fund Co Inc?
Halfmoon Housing Development Fund Co Inc's revenue in 2023 was $498,594.
Who are the executives of Halfmoon Housing Development Fund Co Inc and what are their salaries?
Here are 7 key members and their salaries:
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Where can I find the form 990 for Halfmoon Housing Development Fund Co Inc?
Halfmoon Housing Development Fund Co Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Halfmoon Housing Development Fund Co Inc
Halfmoon Housing Development Fund Co Inc is dedicated to providing low-income housing. Situated in an unspecified location, this nonprofit organization operates a 50-unit complex under Section 202 of the National Housing Act. The U.S. Department of Housing provides funding for this mission through a contract. All the expenses incurred by the organization directly support this mission of offering affordable housing to individuals in need.
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Impact
July, 2024
Halfmoon Housing Development Fund Co Inc's impact is significant in providing low-income housing to individuals in need. They maintain and operate a 50 unit complex in Clifton Park, NY, under section 202 of the National Housing Act. This initiative is subsidized by a contract with the U.S. Department of Housing, ensuring that those with limited financial resources have access to affordable housing. By offering these housing opportunities, Halfmoon Housing Development Fund Co Inc plays a crucial role in addressing the housing needs of vulnerable populations and improving their quality of life.
This information is meant to be a general summary of Halfmoon 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 2023.
- Investment Income: $417
- Program Service Revenue: $180,794
- Gross Receipts: $498,594
Assets and Liabilities:
- Total Assets: $1,002,793
- Total Liabilities: $1,667,660
- Net Assets: -$664,867
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENT & CHARGES
Revenue
$180,794
Organization Details
Founding Year
1985
Phone
(518) 459-0183Principal Officer
Noel Olsen
Main Address
54 KATHERINE DRIVE, CLIFTON PARK, NY, 12065
NTEE Category
Code: L22Z - Housing
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