Overview
What is 588 Park Place Housing Development Fund Corporation?
588 Park Place Housing Development Fund Corporation is a nonprofit organization situated in Brooklyn, New York. Their primary goal is to provide affordable housing for low-income individuals within the Brooklyn area. They successfully managed an apartment building with a capacity of 16 units during the year. The organization's mission is centered around owning and operating this apartment building, offering a vital resource for those in need of affordable housing options.
Official website here: www.fifthave.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 72%, Two-Star out of Four Star rating.
The 588 Park Place Housing Development Fund Corporation has received a Two-Star rating, indicating room for improvement in its overall accountability and finance practices. While the organization boasts a strong majority of independent board members and effective policies for conflict of interest and document retention, it falls short in key areas such as having a whistleblower policy and maintaining transparency with board meeting minutes. The high program expense ratio of 93.14% suggests a focus on programmatic spending, which is a positive indicator of its commitment to its mission.
Despite its strengths, the nonprofit faces significant challenges with a liabilities to assets ratio of 167.48%, pointing to potential financial instability. The absence of certain documents, such as tax forms on its website, further emphasizes the need for enhanced transparency. Overall, while the organization demonstrates commitment in several aspects, it is crucial for it to address these limitations to build greater trust and confidence among stakeholders.
Improving in the areas where it currently lacks could lead to a stronger rating in the future and better serve its mission. Regular updates and proactive measures to enhance accountability practices may help bolster its reputation and effectiveness in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is 588 Park Place Housing Development Fund Corporation legitimate?
588 Park Place Housing Development Fund Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. 588 Park Place 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
Official website here: www.fifthave.org
What is the mission statement of 588 Park Place Housing Development Fund Corporation?
The 588 Park Place Housing Development Fund Corporation is dedicated to serving qualified low-income individuals by owning and managing an apartment building. Their mission is centered around providing housing solutions, ensuring that individuals in need have a place to call home. The organization operates an apartment building with a capacity of 16 units, which were occupied throughout the year. By offering housing, they aim to contribute positively to the lives of those in need, helping to improve their living standards.
Official website here: www.fifthave.org
Who is the CEO of 588 Park Place Housing Development Fund Corporation?
Dany Cunningham is the President of 588 Park Place Housing Development Fund Corporation.
Official website here: www.fifthave.org
What is the revenue of 588 Park Place Housing Development Fund Corporation?
588 Park Place Housing Development Fund Corporation's revenue in 2023 was $179,748.
Official website here: www.fifthave.org
Who are the executives of 588 Park Place Housing Development Fund Corporation and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $233,154
- Other: $10,691
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.fifthave.org
Where can I find the form 990 for 588 Park Place Housing Development Fund Corporation?
588 Park Place Housing Development Fund Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.fifthave.org
Learn more at the official website: www.fifthave.org
Mission Statement of 588 Park Place Housing Development Fund Corporation
588 Park Place Housing Development Fund Corporation is a nonprofit organization with a mission to serve qualified low-income individuals. Its primary objective is to own and manage an apartment building, providing a housing solution within the Brooklyn, New York area. The organization's dedication lies in offering comfortable living spaces to those who require affordable housing options. During the year, the apartment building operated by 588 Park Place Housing Development Fund Corporation accommodated 16 apartments, demonstrating its commitment to this mission.
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Impact
October, 2024
588 Park Place Housing Development Fund Corporation plays a vital role in addressing housing needs in Brooklyn, New York, by providing affordable living solutions for low-income individuals. By owning and operating a residential building with a capacity of 16 apartments, the organization directly contributes to improving access to secure and stable housing in an area where such options can be limited. The impact is not only measured in the number of units available but also in the quality of life it affords its residents, enabling them to thrive in a supportive community. This initiative fosters economic stability and enhances the social fabric of the neighborhood, demonstrating a commitment to serving those in need within the local area.
This information is meant to be a general summary of 588 Park Place 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 2023.
- Investment Income: $28
- Program Service Revenue: $178,417
- Gross Receipts: $179,748
Assets and Liabilities:
- Total Assets: $1,312,300
- Total Liabilities: $2,197,922
- Net Assets: -$885,622
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$178,417
Organization Details
Founding Year
2004
Phone
(718) 237-2017Principal Officer
Dany Cunningham
Main Address
621 DEGRAW STREET, BROOKLYN, NY, 11217
Website
www.fifthave.orgNTEE Category
Code: L20 - Housing
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