Overview
What is Penwal Affordable Housing Corporation?
Penwal Affordable Housing Corporation is a nonprofit organization based in Ridgewood, New Jersey, with an address at 240 Paramus Road, 07450. Its primary mission is to implement and develop affordable housing projects in various locations across New Jersey, including Dumont, Garfield, Jersey City, Paramus, and Dover. The corporation's work focuses on the financing and monitoring of qualified low-income housing projects, ensuring that affordable housing options become available for those in need. By implementing these projects, Penwal Affordable Housing Corporation contributes to the betterment of local communities and promotes social equality in housing.
What are the reviews and ratings of this charity?
Charity Navigator rating: 0%
Penwal Affordable Housing Corporation received a low rating of 12%, resulting in a Zero-Star out of Four Star rating. This score reflects significant concerns regarding the organization’s accountability and financial practices, including a complete lack of independent board members and missing key governance policies. The absence of financial statements and transparency regarding their operations raises red flags for potential donors and stakeholders.
The data indicates that while the organization has not diverted assets, it struggles with demonstrating financial health and effective program expenditure, as evidenced by a program expense ratio of only 16.44%. This suggests that a very small percentage of their funding is used for direct program services, which is a major concern for nonprofit effectiveness.
Overall, the organization's lack of independent oversight and insufficient financial transparency present challenges for trust and accountability. Potential supporters may want to consider these factors carefully before engaging with or donating to Penwal Affordable Housing Corporation.
This AI summary has been generated from information found on Charity Navigator.
Is Penwal Affordable Housing Corporation legitimate?
Penwal Affordable Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Penwal Affordable Housing 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Penwal Affordable Housing Corporation?
Penwal Affordable Housing Corporation's primary mission involves financing and overseeing qualified low-income housing projects. This mission is aimed at providing affordable housing solutions for individuals with limited income. The corporation implements and develops such projects in various locations, as indicated in the provided data, which include Dumont, Garfield, Jersey City, Paramus, and Dover, New Jersey. By financing and monitoring these projects, Penwal Affordable Housing Corporation plays a crucial role in ensuring that low-income individuals have access to decent and affordable housing.
Who is the CEO of Penwal Affordable Housing Corporation?
Laury Pensa is the Trustee of Penwal Affordable Housing Corporation.
What is the revenue of Penwal Affordable Housing Corporation?
Penwal Affordable Housing Corporation's revenue in 2022 was $963,998.
Who are the executives of Penwal Affordable Housing Corporation and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Penwal Affordable Housing Corporation?
Penwal Affordable Housing Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Penwal Affordable Housing Corporation
Penwal Affordable Housing Corporation is committed to financing and monitoring qualified low-income housing projects. This mission is central to their activities, ensuring that they provide essential housing solutions for individuals with limited financial means. By implementing and developing low-income housing projects in Dumont, Garfield, Jersey City, Paramus, and Dover, New Jersey, Penwal Affordable Housing Corporation plays a crucial role in addressing the housing needs of the community. Their efforts contribute to creating sustainable living environments for those who require affordable housing solutions, thereby contributing to the overall well-being of the community.
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Impact
October, 2024
Penwal Affordable Housing Corporation plays a crucial role in enhancing community welfare by financing and monitoring qualified low-income housing projects across various New Jersey cities, including Dumont, Garfield, Jersey City, Paramus, and Dover. Through the implementation and development of affordable housing, Penwal directly impacts the lives of individuals and families by providing access to stable and safe living conditions. This initiative not only addresses the pressing need for affordable housing but also contributes to the overall social and economic stability of the communities served. By ensuring that low-income housing projects meet necessary standards, Penwal helps promote sustainable living environments that foster growth and development for residents.
This information is meant to be a general summary of Penwal Affordable Housing 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.
- Gross Receipts: $963,998
Assets and Liabilities:
- Total Assets: $17,234,370
- Total Liabilities: $17,000
- Net Assets: $17,217,370
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Organization Details
Founding Year
1991
Phone
(201) 836-4500Principal Officer
Laury Pensa
Main Address
240 PARAMUS ROAD, RIDGEWOOD, NJ, 074502913
NTEE Category
Code: L210 - Housing
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