Overview
What is Parkway Elderly Housing Development Fund Co Inc?
Parkway Elderly Housing Development Fund Co Inc is a nonprofit organization situated in Corning, New York, primarily committed to providing affordable housing for elderly and qualified disabled individuals. The organization operates DaySpring I, a 110-unit apartment complex, which is federally subsidized through the Insurance of its mortgage loan under Section 231 of the Federal Housing Act and an interest subsidy from HUD. Additionally, DaySpring I is subject to Section 8 Housing Assistance Payment Agreements, and a significant portion of its rental revenue is received from HUD. The mission of Parkway Elderly Housing Development Fund Co Inc is to ensure decent and sanitary housing for its residents, contributing to their overall well-being and quality of life.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 82% (Three-Star out of Four Star rating)
Parkway Elderly Housing Development Fund Co Inc has received a Three-Star rating from Charity Navigator, indicating a solid performance in terms of accountability and finance. The organization scored 82% overall, with its score derived entirely from a single accountability and finance beacon. This rating reflects a strong commitment to responsible financial management and transparency.
The nonprofit demonstrates impressive strengths in governance, with a fully independent board of directors and high scores in key areas such as financial statements and asset management. Specifically, the organization has achieved full marks for having a majority of independent board members and for its financial oversight processes, indicating a robust structure in place to support its mission.
One notable aspect of Parkway Elderly Housing Development Fund Co Inc's operations is its high program expense ratio of 95.19%, suggesting that the majority of its funding is directed towards its programs rather than administrative costs. However, while the organization appears to be well-managed, the rating focuses solely on financial metrics, leaving out potential evaluations of program effectiveness or impact on the community it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Parkway Elderly Housing Development Fund Co Inc legitimate?
Parkway Elderly Housing Development Fund Co Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Parkway Elderly 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: $279,019
For more financial information, click here
What is the mission statement of Parkway Elderly Housing Development Fund Co Inc?
Parkway Elderly Housing Development Fund Co Inc is committed to providing affordable housing for elderly individuals and those who qualify as handicapped. Their mission is encapsulated in the provision of decent and sanitary living spaces, ensuring that these vulnerable groups have a place to call home. This is achieved through the use of federal subsidies, such as those from the Insurance of its Mortgage Loan under Section 231 of the Federal Housing Act, as well as an interest subsidy from HUD. Additionally, the complex is subject to Section 8 Housing Assistance Payment agreements, which contribute to the rental revenue received from HUD. In essence, Parkway Elderly Housing Development Fund Co Inc aims to create a living environment that is both financially accessible and suitable for its elderly and handicapped residents.
What is the revenue of Parkway Elderly Housing Development Fund Co Inc?
Parkway Elderly Housing Development Fund Co Inc's revenue in 2024 was $1,949,381.
Who are the executives of Parkway Elderly Housing Development Fund Co Inc and what are their salaries?
There 9 volunteers at Parkway Elderly Housing Development Fund Co Inc.
Here are 9 key members and their salaries:
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Where can I find the form 990 for Parkway Elderly Housing Development Fund Co Inc?
Parkway Elderly Housing Development Fund Co Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of Parkway Elderly Housing Development Fund Co Inc
Parkway Elderly Housing Development Fund Co Inc, as its name suggests, is dedicated to providing affordable housing for the elderly and qualified handicapped individuals. The organization's mission is to create an environment where these individuals can reside in decent and sanitary conditions. To achieve this, they established DaySpring I, a 110-unit apartment complex, in Corning, New York. This housing complex is supported by federal subsidies, including a mortgage loan insurance under Section 231 of the Federal Housing Act and an interest subsidy from HUD. Moreover, DaySpring I is subject to Section 8 Housing Assistance Payment agreements, and a significant portion of its rental revenue is received from HUD. In essence, Parkway Elderly Housing Development Fund Co Inc's mission is to ensure that the elderly and qualified handicapped individuals have access to affordable housing, providing them with a secure and comfortable living environment.
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Impact
October, 2024
Parkway Elderly Housing Development Fund Co Inc plays a crucial role in enhancing the quality of life for elderly and qualified handicapped individuals by providing affordable housing solutions. Located in Corning, New York, the organization oversees Dayspring I, a 110-unit apartment complex designed to ensure that senior residents and those with disabilities have access to safe, decent, and sanitary living conditions.
By leveraging federal subsidies, including a mortgage loan insurance under Section 231 of the Federal Housing Act and interest subsidies from HUD, Parkway Elderly Housing makes it possible for vulnerable populations to secure housing that might otherwise be unattainable due to economic constraints. Additionally, the organization's commitment to affordable housing is reinforced through Section 8 Housing Assistance Payment agreements, which significantly lessen rental burdens for residents.
The impact extends beyond mere provision of shelter; it fosters a sense of community, independence, and stability for its residents. By creating an environment that supports both physical and emotional well-being, Parkway Elderly Housing Development Fund Co Inc not only addresses the immediate need for housing, but also contributes to the overall betterment of the lives of elderly and handicapped individuals in the Corning area.
This information is meant to be a general summary of Parkway Elderly 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 2024.
- Investment Income: $23,254
- Program Service Revenue: $1,829,427
- Gross Receipts: $1,949,381
Assets and Liabilities:
- Total Assets: $2,818,437
- Total Liabilities: $849,699
- Net Assets: $1,968,738
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENTAL INCOME
Revenue
$917,000
TENANT ASSISTANCE
Revenue
$888,981
MISCELLANEOUS INCOME
Revenue
$17,996
COMMERCIAL RENTS
Revenue
$5,450
Organization Details
Founding Year
1973
Principal Officer
Frederick Maloney
NTEE Category
Code: L210 - Housing
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