Overview
What is Royal Gardens Development Fund Company Project No 014-Eh282?
Royal Gardens Development Fund Company Project No 014-Eh282 is a nonprofit organization established under Article XI of the Private Housing Finance Law of New York. Its primary mission is to develop, own, and operate a housing project specifically for the elderly and low-income handicapped individuals, adhering to Department of HUD regulations. The project, named Royal Gardens Apartments, consists of 74 units, with 73 units being rented to qualified participants. The organization operates with a dedicated team of five employees, ensuring the project's smooth operation. The Royal Gardens Housing Development Fund Company, Inc., Project No. 014-Eh282, is committed to providing affordable housing solutions for its target demographic in Brockport, New York.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79% (Three-Star out of Four Stars)
The Royal Gardens Development Fund Company has received a Three-Star rating from Charity Navigator, indicating a solid level of accountability and financial management. The rating reflects a strong commitment to governance, with 100% of the board members being independent and a complete score in several governance categories, including conflict of interest and whistleblower policies.
Financially, the organization demonstrates effective program expenditure, allocating approximately 71.91% of its resources directly to its programs, which is a positive indicator of its operational focus. However, the organization faces challenges with its liabilities, as its liabilities to assets ratio stands at 117.74%, suggesting a potential concern regarding financial stability.
Overall, while the Royal Gardens Development Fund Company shows strengths in governance and program efficiency, its financial leverage raises questions that stakeholders may want to consider. Ensuring long-term sustainability will be important as the organization continues to develop its initiatives.
This AI summary has been generated from information found on Charity Navigator.
Is Royal Gardens Development Fund Company Project No 014-Eh282 legitimate?
Royal Gardens Development Fund Company Project No 014-Eh282 is a legitimate nonprofit organization registered as a 501(c)(3) entity. Royal Gardens Development Fund Company Project No 014-Eh282 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: $141,882
For more financial information, click here
What is the mission statement of Royal Gardens Development Fund Company Project No 014-Eh282?
The Royal Gardens Development Fund Company Project No 014-Eh282, as a non-profit organization, was established with the primary objective of developing, owning, and operating a low-income housing project on a non-profit basis. This project, known as Royal Gardens Apartments, is in compliance with Section 202 of the National Housing Act. The organization's mission is centered around providing affordable housing for the elderly and low-income handicapped individuals, ensuring that qualified participants can reside in the 74-unit complex under Department of HUD regulations. Throughout its operations, the organization has successfully rented out all units for an entire fiscal year.
Who is the CEO of Royal Gardens Development Fund Company Project No 014-Eh282?
Michael Morich is the Director of Royal Gardens Development Fund Company Project No 014-Eh282.
What is the revenue of Royal Gardens Development Fund Company Project No 014-Eh282?
Royal Gardens Development Fund Company Project No 014-Eh282's revenue in 2022 was $783,298.
Who are the executives of Royal Gardens Development Fund Company Project No 014-Eh282 and what are their salaries?
The average compensation at Royal Gardens Development Fund Company Project No 014-Eh282 during 2022 was $28,376. There are 5 employees at Royal Gardens Development Fund Company Project No 014-Eh282.
Here are 6 key members and their salaries:
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Where can I find the form 990 for Royal Gardens Development Fund Company Project No 014-Eh282?
Royal Gardens Development Fund Company Project No 014-Eh282's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Royal Gardens Development Fund Company Project No 014-Eh282
The Royal Gardens Development Fund Company Project No 014-Eh282, established as a non-profit corporation, was specifically formed with the mission to develop, own, and operate a low-income housing project on a non-profit basis. This project, known as Royal Gardens Apartments, is in compliance with Section 202 of the National Housing Act. The organization's primary aim is to provide housing for the elderly and low-income handicapped individuals, ensuring that they have a safe and affordable living space. The Royal Gardens Apartments, located at 100 Royal Gardens Way, is a 74-unit project, with one unit reserved for the superintendent, which is non-income producing. The organization successfully managed to rent out all 74 units to qualified participants under Department of HUD regulations for its entire fiscal year, demonstrating its commitment to its mission.
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Impact
October, 2024
Royal Gardens Development Fund Company Project No 014-Eh282 significantly impacts the community by providing affordable housing specifically for elderly and low-income handicapped individuals in Brockport, New York. The development consists of 74 rental units, ensuring that residents have access to secure, stable living conditions. This initiative plays a critical role in addressing the housing challenges faced by vulnerable populations, fostering a supportive environment that enables residents to thrive.
By fully occupying the project year-round, the housing development demonstrates a successful response to the demand for low-income accommodations, helping to alleviate homelessness and housing insecurity in the area. Furthermore, Royal Gardens Apartments operates in compliance with HUD regulations, ensuring that the needs of qualified participants are met. This project not only enhances the quality of life for its residents but also contributes positively to the local economy by creating stable living conditions that encourage community engagement and cohesion.
This information is meant to be a general summary of Royal Gardens Development Fund Company Project No 014-Eh282. 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: $533
- Program Service Revenue: $776,873
- Gross Receipts: $783,298
Assets and Liabilities:
- Total Assets: $2,637,037
- Total Liabilities: $3,155,240
- Net Assets: -$518,203
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTS-TENANTS
Revenue
$776,873
Organization Details
Founding Year
1990
Phone
(585) 637-8220Principal Officer
Michael Morich
Main Address
100 ROYAL GARDENS WAY, BROCKPORT, NY, 14420
NTEE Category
Code: L20Z - Housing
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