Overview
What is Mhany 2002 Housing Development Fund Corporation?
Mhany 2002 Housing Development Fund Corporation is a nonprofit organization based in Brooklyn, New York, specifically at 470 Vanderbilt Avenue, 9th Floor. Their primary mission is to develop housing projects aimed at benefiting individuals of low income on a non-profit basis. They incur expenses associated with maintaining these housing projects. The corporation's activities include the development of affordable housing, which is a vital service in addressing housing needs for individuals who may otherwise struggle to secure suitable living accommodations.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67%, Two-Star out of Four Star rating.
Mhany 2002 Housing Development Fund Corporation has received a Two-Star rating, indicating room for improvement in its financial practices despite some strong points. The organization's score is based solely on its Accountability & Finance metrics, where it achieved a score of 67%. It excelled in areas such as having a majority independent board and maintaining good financial documentation, which are critical for transparency and governance.
The nonprofit demonstrates a strong commitment to program expenses, with an impressive program expense ratio of 92.49%. This indicates that a significant portion of its resources is directed towards its programs rather than administrative costs. However, the organization faces a significant challenge with a liabilities to assets ratio of 142.22%, which resulted in a loss of points and suggests potential financial risk that could impact its sustainability.
Overall, while Mhany 2002 Housing Development Fund Corporation exhibits effective governance and a strong program focus, its financial health raises concerns that could affect its operations moving forward. Ongoing attention to improving its balance sheet will be essential for enhancing its overall rating and efficacy in serving its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Mhany 2002 Housing Development Fund Corporation legitimate?
Mhany 2002 Housing Development Fund Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mhany 2002 Housing Development Fund 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 Mhany 2002 Housing Development Fund Corporation?
Mhany 2002 Housing Development Fund Corporation's mission is centered around developing affordable housing opportunities for individuals of low income, on a non-profit basis. This organization is dedicated to improving living conditions for those in need, investing resources into the maintenance and upkeep of these housing projects. Their primary objective is to provide a decent living space for individuals who may not otherwise have access to such facilities.
Who is the CEO of Mhany 2002 Housing Development Fund Corporation?
Ismene Speliotis is the President of Mhany 2002 Housing Development Fund Corporation.
What is the revenue of Mhany 2002 Housing Development Fund Corporation?
Mhany 2002 Housing Development Fund Corporation's revenue in 2022 was $1,200,942.
Who are the executives of Mhany 2002 Housing Development Fund Corporation and what are their salaries?
There 3 volunteers at Mhany 2002 Housing Development Fund Corporation.
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 Mhany 2002 Housing Development Fund Corporation?
Mhany 2002 Housing Development Fund Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Mhany 2002 Housing Development Fund Corporation
Mhany 2002 Housing Development Fund Corporation, a non-profit organization, is dedicated to a noble mission. In simple terms, its purpose is to create and maintain a housing project, catering to individuals of low income. The organization operates on a selfless basis, investing its resources into the development of this housing project, aiming to provide a suitable living space for those in financial need. By doing so, Mhany 2002 Housing Development Fund Corporation is contributing significantly to the community, ensuring that everyone, regardless of their financial status, has access to a decent place to call home.
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Impact
October, 2024
Mhany 2002 Housing Development Fund Corporation plays a significant role in addressing the housing needs of low-income individuals in Brooklyn, NY. By developing housing projects specifically aimed at this demographic, the organization contributes to community stability and economic diversity. The maintenance of these housing projects ensures that safe and affordable living conditions are sustained, which is crucial for the well-being of residents.
Through its efforts, Mhany 2002 supports not only the physical infrastructure of the community but also fosters a sense of belonging and security among low-income families. By alleviating housing instability, the organization helps residents focus on other essential areas of their lives, such as employment, education, and health. Overall, the impact of Mhany 2002 is reflected in its commitment to enhancing the quality of life for those it serves, thereby promoting a more equitable and vibrant community.
This information is meant to be a general summary of Mhany 2002 Housing Development Fund 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.
- Investment Income: $638
- Program Service Revenue: $1,019,462
- Gross Receipts: $1,200,942
Assets and Liabilities:
- Total Assets: $9,476,681
- Total Liabilities: $13,479,262
- Net Assets: -$4,002,581
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$1,019,462
Organization Details
Founding Year
2002
Phone
(718) 246-8080Principal Officer
Ismene Speliotis
Main Address
470 VANDERBILT AVE 9TH FLOOR, BROOKLYN, NY, 11238
NTEE Category
Code: L21 - Housing
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