Overview
What is Msdc Inc?
Msdc Inc is a nonprofit organization situated in New York City, specifically at 102 West 116th Street. Their primary mission involves providing and supporting affordable housing for individuals with low to moderate incomes. They offer assistance in co-op conversions and help tenants meet their social and economic needs. The organization also sponsors community clean-up and green initiatives, and operates a store-front entrepreneur incubator program. This program provides small business owners with technical assistance and commercial space, enabling them to start and grow their businesses within their financial reach. Furthermore, Msdc Inc takes part in community awareness events to promote their mission and engage with local residents. With a team of 12 dedicated individuals, they work diligently to enhance the living conditions and economic opportunities for those in their community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 52%, One-Star out of Four Stars
Msdc Inc has received a low rating of 52%, which indicates significant concerns regarding its accountability and financial transparency. The score derives entirely from the Accountability & Finance beacon, highlighting the charity’s lack of independent oversight and financial documentation. The organization has a concerning absence of independent board members, with none out of eight being independent, which raises questions about governance and oversight.
Although the charity reported a program expense ratio of 100%, suggesting that all expenses are directed toward its program services, it severely lacks basic financial transparency measures. Missing elements include not having financial statements, a conflict of interest policy, and a whistleblower policy, which are essential for fostering trust and accountability. Furthermore, the charity's website is not listed on its tax form, which could hinder public access to critical information.
Overall, while there are positive aspects like the management of liabilities, the absence of essential governance policies and independent oversight places Msdc Inc at a significant disadvantage regarding accountability. Potential donors and stakeholders should consider these factors when evaluating the organization's reliability and transparency.
This AI summary has been generated from information found on Charity Navigator.
Is Msdc Inc legitimate?
Msdc Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Msdc 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: $49,500
Professional Fundraising Fees: $0
Other Salaries and Wages: $246,312
For more financial information, click here
What is the mission statement of Msdc Inc?
Msdc Inc's mission is centered around providing assistance to entrepreneurs and small business owners, as well as supporting the development and growth of these businesses through an incubator program. Additionally, the organization aims to rehabilitate existing low-moderate income housing stock in a specific area. To further its mission, Msdc Inc sponsors community awareness events and initiatives, such as clean-up and green programs, and operates a store-front entrepreneur incubator program that makes commercial space accessible to business owners who may otherwise struggle to afford it.
What is the revenue of Msdc Inc?
Msdc Inc's revenue in 2023 was $564,852.
Who are the executives of Msdc Inc and what are their salaries?
The average compensation at Msdc Inc during 2023 was $24,651. There are 12 employees at Msdc Inc.
Here are 3 key members and their salaries:
- Compensation: $49,500
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Msdc Inc?
Msdc Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Msdc Inc
Msdc Inc, a nonprofit organization, is committed to providing technical assistance and support to entrepreneurs and small business owners. Its mission is threefold: firstly, it offers an incubator program to help budding entrepreneurs start and grow their businesses. Secondly, Msdc Inc is dedicated to rehabilitating existing low-moderate income housing in its community, specifically focusing on the 116th street corridor. Lastly, the organization sponsors community awareness events to foster a sense of unity and engagement among its residents. By offering these services, Msdc Inc aims to empower its community and contribute to its economic development.
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Impact
October, 2024
Msdc Inc significantly contributes to the economic and social fabric of New York City by empowering entrepreneurs and small business owners. Through its technical assistance programs and incubator initiatives, the organization fosters an environment where small businesses can start and grow, providing critical support that might otherwise be unattainable for these entrepreneurs.
The incubator program specifically addresses the challenges faced by new business owners by offering access to storefront commercial space, allowing them to establish a presence in the community without the prohibitive costs typically associated with such locations. This creates opportunities for economic development while uplifting the local economy.
Moreover, Msdc Inc plays a vital role in enhancing living conditions by rehabilitating low- and moderate-income housing. This not only improves the quality of life for residents but also contributes to neighborhood revitalization. The organization’s assistance with cooperative conversions empowers tenants, fostering community ownership and engagement.
In addition, Msdc Inc actively sponsors community clean-up and green initiatives, promoting environmental sustainability and community pride. Through various awareness events, the organization builds a sense of community and collective responsibility, further strengthening the neighborhood.
Overall, Msdc Inc's multifaceted impact encompasses economic empowerment, housing improvements, and community engagement, significantly enhancing the quality of life for residents and entrepreneurs in the area.
This information is meant to be a general summary of Msdc 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 2023.
- Investment Income: $12
- Program Service Revenue: $174,995
- Gross Receipts: $564,852
Assets and Liabilities:
- Total Assets: $56,003
- Total Liabilities: $2,479
- Net Assets: $53,524
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Mgmt Fees Services Rendered
Revenue
$124,995
Harlem Market Tenant
Revenue
$50,000
Organization Details
Founding Year
2010
Principal Officer
Izak-El M Pasha
NTEE Category
Code: S30 - Community improvement
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