Overview
What is Paco Community Development Corporation?
Paco Community Development Corporation, a 501(c)(3) nonprofit based in Jersey City, New Jersey, focuses on revitalizing deteriorating neighborhoods by financing and purchasing underdeveloped properties to create affordable housing. Their mission extends beyond real estate, as they collaborate with government agencies and community groups to attract new businesses to the area, thereby providing stable sources of decent, affordable housing. In addition to their charitable work, Paco Community Development Corporation hosts community events, such as the Three Kings Celebration, a Spanish cultural event where they offer gifts to children, refreshments, and entertainment. During the holiday season, they also run a Thanksgiving Food Program, identifying families in need and providing them with a Thanksgiving meal. Moreover, they organize a community event for those in need, offering food, music, and games for children.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 46%, Zero-Star out of Four Star Rating
Paco Community Development Corporation has received a low rating of 46% from Charity Navigator, which indicates significant concerns regarding its financial practices and overall accountability. Despite having a fully independent board with strong scores in several governance areas, the organization struggles with transparency and fiscal management, particularly highlighted by its disappointing program expense ratio of 33.74%.
The organization demonstrates a commitment to independence, with all board members being independent and an effective audit oversight committee in place. Additionally, Paco Community Development Corporation has no reported material diversion of assets and maintains a conflict of interest policy. However, the absence of essential policies such as a whistleblower policy and a document retention and destruction policy raises red flags about its operational practices.
Further compounding these issues is the organization's lack of transparency, evidenced by missing tax forms on its website and a concerning liabilities to assets ratio of only 0.12%. These factors contribute to the overall low rating and suggest that potential donors should approach with caution until improvements are made in accountability and financial management.
This AI summary has been generated from information found on Charity Navigator.
Is Paco Community Development Corporation legitimate?
Paco Community Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Paco Community Development 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: $10,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Paco Community Development Corporation?
The Paco Community Development Corporation, a nonprofit organization operating under Section 501(C)(3) of the Internal Revenue Code, was established with a charitable purpose. Its primary mission is to finance and purchase underdeveloped properties that can offer affordable housing, thereby attracting homeowners into deteriorating neighborhoods. The corporation aims to provide assistance to communities in need, cooperating with government agencies and community groups to boost local businesses and establish stable sources of decent and affordable housing in the area.
Who is the CEO of Paco Community Development Corporation?
Frank Molina is the Chairman of Paco Community Development Corporation.
What is the revenue of Paco Community Development Corporation?
Paco Community Development Corporation's revenue in 2021 was $1,091,300.
Who are the executives of Paco Community Development Corporation and what are their salaries?
There 10 volunteers at Paco Community Development Corporation.
Here are 5 key members and their salaries:
- Compensation: $10,000
- 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 Paco Community Development Corporation?
Paco Community Development Corporation's most recent form 990 was submitted in 2021 and can be accessed here.
Mission Statement of Paco Community Development Corporation
Paco Community Development Corporation, a 501(c)(3) organization, was established with the primary objective of serving charitable purposes. Its mission is multifaceted, focusing on two key areas. Firstly, the organization aims to finance and purchase underdeveloped properties that can provide affordable housing. This initiative seeks to attract homeowners into deteriorating neighborhoods, thereby revitalizing these areas and providing much-needed assistance to local communities.
Secondly, Paco Community Development Corporation collaborates with government agencies and community groups to foster economic growth. They aim to attract new businesses to the area, thereby providing stable sources of decent and affordable housing. By working together with these entities, the organization strives to improve the living conditions and economic prospects of the communities it serves. In essence, the mission of Paco Community Development Corporation is to revitalize underserved neighborhoods, provide affordable housing, and stimulate economic growth, thereby improving the quality of life for local communities.
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Impact
October, 2024
Paco Community Development Corporation significantly enhances the quality of life in Jersey City, NJ, through its multifaceted approach to community development and support. By focusing on the financing and acquisition of under-developed properties, the organization actively promotes affordable housing initiatives, enabling residents to settle in improving neighborhoods while fostering a sense of ownership and community pride.
The impact of Paco CDC extends beyond housing. It organizes culturally enriching events, such as the annual Three Kings Celebration, which fosters community cohesion by celebrating the Epiphany and providing gifts and refreshments to local children. Additionally, the Thanksgiving Food Program exemplifies its commitment to alleviating hunger, as it identifies families in need and provides them with meals, ensuring that everyone can partake in the holiday spirit.
By collaborating with local government agencies and community groups, Paco CDC also works to attract new businesses to the area, creating economic opportunities and increasing the stability of the local community. Their efforts culminate in a stronger, more vibrant community where residents are supported and empowered.
This information is meant to be a general summary of Paco Community Development 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 2021.
- Investment Income: $1,091,300
- Gross Receipts: $1,091,300
Assets and Liabilities:
- Total Assets: $18,960,520
- Total Liabilities: $23,730
- Net Assets: $18,936,790
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Organization Details
Founding Year
2015
Phone
(201) 656-4111Principal Officer
Frank Molina
Main Address
192 THIRD STREET, JERSEY CITY, NJ, 07302
NTEE Category
Code: S20 - Community improvement
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