Overview
What is Haven Towers Development Corporation?
Haven Towers Development Corporation is a nonprofit organization that specializes in providing affordable housing for the elderly. Located within their jurisdiction, they operate an apartment complex that adheres to section 202 of the National Housing Act, ensuring low income eligibility. This commitment to affordable living enables elderly individuals to maintain a comfortable residence, contributing positively to their wellbeing.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement, 69%, Two-Star out of Four Stars
Haven Towers Development Corporation has received a "Needs Improvement" rating with a score of 69% from Charity Navigator, indicating some areas of concern in its financial and operational practices. While the organization demonstrates strong governance with 100% independent board members and a solid program expense ratio of 77.70%, it lacks essential policies such as a conflict of interest policy and a whistleblower policy, which could undermine transparency and accountability.
Strengths noted in the evaluation include a well-structured board and effective oversight of financial statements, as evidenced by full points in the audit and oversight committee category. However, the organization struggles with a high liabilities to assets ratio of 108.30%, suggesting potential financial instability. Additionally, while they maintain documented board meeting minutes, they have not posted required financial documents on their website, which detracts from their overall transparency.
Overall, while Haven Towers Development Corporation showcases several positive governance elements, the lack of key policies and the concerning financial ratio highlight significant areas for improvement. Addressing these limitations could enhance their standing and effectiveness in serving their mission.
This AI summary has been generated from information found on Charity Navigator.
Is Haven Towers Development Corporation legitimate?
Haven Towers Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Haven Towers 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $266,094
For more financial information, click here
What is the mission statement of Haven Towers Development Corporation?
Haven Towers Development Corporation is dedicated to providing affordable housing for the elderly, adhering to the guidelines set by Section 202 of the National Housing Act. The corporation operates an apartment complex that caters to individuals with limited income, offering them a place to live with dignity and comfort. By fulfilling this mission, Haven Towers Development Corporation contributes to the well-being of its elderly residents, ensuring they have a secure and affordable living environment. The corporation's primary goal is to promote independence and quality of life for its residents, providing them with a supportive and inclusive community.
Who is the CEO of Haven Towers Development Corporation?
Arlisha Kennedy is the President of Haven Towers Development Corporation.
What is the revenue of Haven Towers Development Corporation?
Haven Towers Development Corporation's revenue in 2023 was $1,137,347.
Who are the executives of Haven Towers Development Corporation and what are their salaries?
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 Haven Towers Development Corporation?
Haven Towers Development Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Haven Towers Development Corporation
Haven Towers Development Corporation is a dedicated organization that focuses on providing low-income housing for the elderly. In line with its mission, the corporation operates an apartment complex in compliance with Section 202 of the National Housing Act. This act serves as a guiding principle, ensuring that Haven Towers Development Corporation offers housing solutions that cater to individuals who may be financially disadvantaged in their older years. By providing such accommodations, the corporation plays a vital role in supporting the elderly community, enabling them to maintain a dignified living standard despite their limited financial resources.
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Impact
October, 2024
Haven Towers Development Corporation plays a crucial role in addressing the housing needs of the elderly in Chicago, IL. By providing low-income housing through an apartment complex specifically designed for older adults, the organization helps to ensure that vulnerable populations have access to safe and affordable living spaces. This initiative is particularly significant given the challenges many elderly individuals face in securing stable housing.
The operation of the apartment complex not only offers shelter but also fosters a sense of community among residents, contributing positively to their overall quality of life. By adhering to the guidelines set forth in section 202 of the National Housing Act, Haven Towers is dedicated to creating an environment that promotes independence and dignity for seniors. The development’s focus on low-income housing directly impacts the local community, helping to alleviate housing insecurity and enhancing the social fabric of the area.
This information is meant to be a general summary of Haven Towers 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 2023.
- Investment Income: $9,499
- Program Service Revenue: $333,040
- Gross Receipts: $1,137,347
Assets and Liabilities:
- Total Assets: $6,164,542
- Total Liabilities: $6,676,759
- Net Assets: -$512,217
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENT & CHARGES
Revenue
$333,040
Organization Details
Founding Year
2003
Phone
(312) 234-9400Principal Officer
Arlisha Kennedy
Main Address
566 WEST LAKE STREET, CHICAGO, IL, 60661
NTEE Category
Code: L99 - Housing
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