Overview
What is Bloomfield Senior Citizens Housing Felicity Towers?
Bloomfield Senior Citizens Housing Felicity Towers is a nonprofit organization situated in Bloomfield, New Jersey, at 100 LLEWELYN AVENUE. Its primary mission is to offer affordable housing to elderly individuals with low to moderate incomes. The housing is subsidized by both the New Jersey Housing and Mortgage Finance Agency and the United States Department of Housing and Urban Development. The organization manages a 148-unit apartment building, with the rent charged not exceeding 30% of the tenant's income. The remaining balance is covered by the aforementioned agencies to ensure that elderly residents can afford their housing. The organization, with a workforce of 4 individuals, aims to provide a comfortable living environment for its residents.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 75%, Three-Star out of Four Star rating.
Bloomfield Senior Citizens Housing Felicity Towers has received a solid score of 75%, which reflects a focus primarily on accountability and finance. The organization demonstrates strong governance, with a fully independent board and comprehensive financial oversight mechanisms in place. Key strengths include a high program expense ratio of nearly 94%, indicating that a significant portion of their resources directly supports their mission.
While the organization excels in many areas, it faces challenges in its liabilities to assets ratio, which received no points. This suggests that financial stability may be a concern, as the organization might have higher liabilities relative to its assets. However, the absence of material diversion of assets and a well-documented conflict of interest policy highlight a commitment to ethical management practices.
Overall, Bloomfield Senior Citizens Housing Felicity Towers shows a commendable commitment to accountability, though potential financial risks should be monitored. Stakeholders can take comfort in the organization's transparency and governance, but they may want to consider its financial ratios when assessing overall health.
This AI summary has been generated from information found on Charity Navigator.
Is Bloomfield Senior Citizens Housing Felicity Towers legitimate?
Bloomfield Senior Citizens Housing Felicity Towers is a legitimate nonprofit organization registered as a 501(c)(3) entity. Bloomfield Senior Citizens Housing Felicity Towers 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: $75,516
Professional Fundraising Fees: $0
Other Salaries and Wages: $229,760
For more financial information, click here
What is the mission statement of Bloomfield Senior Citizens Housing Felicity Towers?
Bloomfield Senior Citizens Housing Felicity Towers is committed to providing affordable housing for elderly individuals with low and moderate incomes. The organization owns a 148-unit apartment building, which is subsidized by the New Jersey Housing & Mortgage Finance Agency and the United States Department of Housing and Urban Development. To make the accommodation accessible, the corporation sets the rent at a rate that does not exceed 30% of the tenant's income. The remaining balance is covered by these two federal agencies. The organization's mission aims to ensure that elderly individuals can maintain a decent living standard without worrying about housing costs excessively.
Who is the CEO of Bloomfield Senior Citizens Housing Felicity Towers?
Alan Laquaglia is the Trustee of Bloomfield Senior Citizens Housing Felicity Towers.
What is the revenue of Bloomfield Senior Citizens Housing Felicity Towers?
Bloomfield Senior Citizens Housing Felicity Towers's revenue in 2022 was $2,197,733.
Who are the executives of Bloomfield Senior Citizens Housing Felicity Towers and what are their salaries?
The average compensation at Bloomfield Senior Citizens Housing Felicity Towers during 2022 was $76,319. There are 4 employees at Bloomfield Senior Citizens Housing Felicity Towers.
Here are 8 key members and their salaries:
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- Compensation: $75,516
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- Other: $0
Where can I find the form 990 for Bloomfield Senior Citizens Housing Felicity Towers?
Bloomfield Senior Citizens Housing Felicity Towers's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Bloomfield Senior Citizens Housing Felicity Towers
Bloomfield Senior Citizens Housing Felicity Towers is an organization dedicated to providing affordable housing for elderly individuals with low to moderate income. The corporation, subsidized by the New Jersey Housing & Mortgage Finance Agency and the United States Department of Housing and Urban Development, owns a 148-unit apartment building. The organization's mission is to ensure that the residents pay rent that does not exceed 30% of their income. The remaining balance is covered by the aforementioned agencies, making it an affordable living option for its elderly tenants. In essence, Bloomfield Senior Citizens Housing Felicity Towers serves as a supportive housing solution, ensuring that elderly individuals can maintain a dignified living standard.
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Impact
October, 2024
Bloomfield Senior Citizens Housing Felicity Towers significantly impacts the community by providing affordable housing options for elderly individuals with low to moderate incomes. The organization owns a 148-unit apartment building that offers a stable living environment for seniors who might otherwise struggle to find suitable housing at a price they can afford. By charging rent that does not exceed 30% of a tenant's income, it alleviates financial strain and promotes better quality of life for its residents.
The subsidies from the New Jersey Housing and Mortgage Finance Agency and the United States Department of Housing and Urban Development ensure that tenants can reside in a safe and supportive community. This arrangement not only helps combat homelessness among the elderly but also fosters social connections among residents, enhancing their overall well-being. Through this impactful initiative, Bloomfield Senior Citizens Housing Felicity Towers plays a crucial role in promoting housing stability and dignity for senior citizens in Bloomfield, NJ.
This information is meant to be a general summary of Bloomfield Senior Citizens Housing Felicity Towers. 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: $9,258
- Program Service Revenue: $916,839
- Gross Receipts: $2,197,733
Assets and Liabilities:
- Total Assets: $5,418,766
- Total Liabilities: $3,875,744
- Net Assets: $1,543,022
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
APARTMENT RENT
Revenue
$830,464
COMMERCIAL RENTS
Revenue
$62,008
GARAGE & PARKING RENT
Revenue
$13,230
LAUNDRY
Revenue
$10,888
TENANT CHARGES
Revenue
$249
Organization Details
Founding Year
1968
Phone
(973) 743-2300Principal Officer
Alan Laquaglia
Main Address
100 LLEWELYN AVENUE, BLOOMFIELD, NJ, 07003
NTEE Category
Code: L21 - Housing
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