Overview
What is Mhany 2011 Housing Development Fund Corp?
Mhany 2011 Housing Development Fund Corp is a nonprofit organization established with a mission to develop affordable housing projects for individuals of low income. Located in Brooklyn, New York, specifically at 470 Vanderbilt Avenue, 9th Floor, they incur expenses to maintain these housing projects. Their primary activity involves creating housing projects on a non-profit basis, aiming to provide shelter for those who may not have access to affordable housing otherwise.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67%, earning a Two-Star out of Four Star rating.
Mhany 2011 Housing Development Fund Corp has received a Two-Star rating from Charity Navigator, indicating that while the organization demonstrates certain strengths in accountability and finance, it still faces challenges in overall financial health. The organization has a high program expense ratio of 91.78%, showcasing a strong commitment to directing funds toward its programs rather than administrative costs.
The organization excels in governance, with 100% independent board members and a robust audit process, receiving full points in both areas. However, it struggles with its financial stability, as indicated by a liabilities to assets ratio of 118.99%, which suggests potential financial vulnerabilities. Despite its strong programmatic focus, the financial challenges highlighted may be a concern for potential donors considering support for the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Mhany 2011 Housing Development Fund Corp legitimate?
Mhany 2011 Housing Development Fund Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mhany 2011 Housing Development Fund Corp 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
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What is the mission statement of Mhany 2011 Housing Development Fund Corp?
Mhany 2011 Housing Development Fund Corp operates with a mission to develop affordable housing projects, on a non-profit basis, catering to individuals of low income. This organization is dedicated to providing suitable living spaces for those who may not otherwise have access to such accommodations. The expenses incurred by the corporation are primarily focused on maintaining these housing projects, ensuring they remain in good condition and continue to serve their intended purpose.
Who is the CEO of Mhany 2011 Housing Development Fund Corp?
Ismene Speliotis is the Secretary of Mhany 2011 Housing Development Fund Corp.
What is the revenue of Mhany 2011 Housing Development Fund Corp?
Mhany 2011 Housing Development Fund Corp's revenue in 2022 was $670,676.
Who are the executives of Mhany 2011 Housing Development Fund Corp and what are their salaries?
There 3 volunteers at Mhany 2011 Housing Development Fund Corp.
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 2011 Housing Development Fund Corp?
Mhany 2011 Housing Development Fund Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Mhany 2011 Housing Development Fund Corp
Mhany 2011 Housing Development Fund Corp is a non-profit organization with a mission to create housing opportunities for individuals of low income. In line with this mission, the corporation develops housing projects on a non-profit basis, aiming to provide affordable living spaces for those who require it most. The organization's efforts are geared towards addressing the housing needs of this demographic, ensuring that they have access to safe and comfortable living environments. The corporation incurs expenses for the maintenance of these housing projects, ensuring that the living conditions remain satisfactory for the residents.
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Impact
July, 2024
Mhany 2011 Housing Development Fund Corp has made a significant impact by providing affordable housing solutions for low-income individuals and families in Brooklyn, NY. Through their housing developments, they have addressed the critical need for safe and stable housing for those who may otherwise struggle to find suitable accommodations. By focusing on this mission, Mhany 2011 Housing Development Fund Corp has helped improve the quality of life for many individuals in need and contributed to building a more inclusive and supportive community. Their efforts have undoubtedly had a positive impact on the lives of those they serve, creating opportunities for a better future for those facing housing insecurity.
This information is meant to be a general summary of Mhany 2011 Housing Development Fund Corp. 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: $13,955
- Program Service Revenue: $596,603
- Gross Receipts: $670,676
Assets and Liabilities:
- Total Assets: $6,093,503
- Total Liabilities: $7,250,766
- Net Assets: -$1,157,263
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$596,603
Organization Details
Founding Year
2012
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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