Overview
What is Main-Ferry Housing Development Fund Company Inc?
Main-Ferry Housing Development Fund Company Inc, based in Buffalo, New York, is a nonprofit organization with a unique mission. They provide 10 units of affordable housing to individuals of low income and also offer office space to a nonprofit civil rights organization. Established with a charitable purpose, the company manages and maintains a residential housing rental project for low-income residents, ensuring affordable living opportunities. Additionally, they provide office space to support the mission of a civil rights organization, fostering a harmonious blend of housing and advocacy.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Two-Star out of Four Stars (Needs Improvement)
Main-Ferry Housing Development Fund Company Inc has received a rating of two stars from Charity Navigator, indicating that there is room for improvement in its overall operations and impact. With an overall score of 65%, the organization demonstrates a commitment to accountability and finance, scoring particularly well in areas like having a majority independent board and maintaining a strong program expense ratio of 90.24%, which reflects efficient use of resources toward its mission.
Despite these strengths, the organization has some weaknesses that may affect its overall rating. The liabilities to assets ratio was notably low, scoring 0 out of 15 points, which raises concerns about its financial stability. Although the organization maintains good practices in governance, the balance of its financial health will be crucial for its long-term effectiveness and sustainability.
In summary, while Main-Ferry Housing Development Fund Company Inc shows commendable governance and a high program expense ratio, potential donors and stakeholders should be aware of the financial challenges indicated by its liabilities to assets ratio. Continued attention to these issues will be essential for the organization to enhance its overall rating and effectiveness in serving its community.
This AI summary has been generated from information found on Charity Navigator.
Is Main-Ferry Housing Development Fund Company Inc legitimate?
Main-Ferry Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Main-Ferry Housing Development Fund Company 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: $5,235
For more financial information, click here
What is the mission statement of Main-Ferry Housing Development Fund Company Inc?
Main-Ferry Housing Development Fund Company Inc was established with a charitable purpose. Its primary objective is to own, manage, maintain, develop, and operate a residential housing rental project for individuals of low income on a non-profit basis. Additionally, the company provides office space for a non-profit civil rights organization. The company's housing project aims to provide affordable living solutions for those in need, and the office space supports the advocacy work of the civil rights organization. By offering both affordable housing and a platform for advocacy, Main-Ferry Housing Development Fund Company Inc contributes to the betterment of the community by addressing housing and civil rights issues.
Who is the CEO of Main-Ferry Housing Development Fund Company Inc?
Deanna Eason is the President of Main-Ferry Housing Development Fund Company Inc.
What is the revenue of Main-Ferry Housing Development Fund Company Inc?
Main-Ferry Housing Development Fund Company Inc's revenue in 2022 was $75,794.
Who are the executives of Main-Ferry Housing Development Fund Company Inc and what are their salaries?
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- 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 Main-Ferry Housing Development Fund Company Inc?
Main-Ferry Housing Development Fund Company Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Main-Ferry Housing Development Fund Company Inc
Main-Ferry Housing Development Fund Company Inc was established with a charitable purpose, as outlined in both the Private Housing Finance Law and the Not-For-Profit Corporation Law. This organization's primary mission is to own, manage, maintain, develop, and operate a residential housing rental project, specifically designed for individuals of low income. In addition to providing affordable housing, the company also offers office space to a non-profit civil rights organization. This multi-faceted approach aims to support both the housing needs and the advocacy efforts of underprivileged communities.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
August, 2024
Main-Ferry Housing Development Fund Company Inc provides 10 units of affordable housing to persons of low income in Buffalo, NY. Additionally, it offers office space to a non-profit civil rights organization. Through its charitable purpose of owning, organizing, managing, and developing affordable housing, Main-Ferry Housing Development Fund Company Inc has a direct impact on improving housing accessibility and stability for individuals and families in need. By addressing the housing needs of low-income individuals, this organization plays a crucial role in combating homelessness and enhancing the overall well-being of the community.
This information is meant to be a general summary of Main-Ferry Housing Development Fund Company 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 2022.
- Investment Income: $19
- Program Service Revenue: $66,561
- Gross Receipts: $75,794
Assets and Liabilities:
- Total Assets: $1,752,203
- Total Liabilities: $1,493,075
- Net Assets: $259,128
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RESIDENTIAL RENT
Revenue
$58,036
COMMERCIAL RENT
Revenue
$8,400
LAUNDRY INCOME
Revenue
$125
Organization Details
Founding Year
2010
Phone
(716) 854-1400Principal Officer
Deanna Eason
Main Address
1542 MAIN STREET, BUFFALO, NY, 14209
NTEE Category
Code: L20 - Housing
If you are a representative of Main-Ferry Housing Development Fund Company Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.