Overview
What is Stewart Park Housing Development Fund Company Inc?
Stewart Park Housing Development Fund Company Inc, located at 101 Columbia Street, Corning, NY 14830, is a nonprofit organization committed to providing safe and affordable housing for low-income individuals and families. They own and manage Stewart Park Apartments, a 118-unit complex, which is federally subsidized under Section 221(D)(3) and receives rental supplements from the HUD. This nonprofit organization fulfills its mission by renting apartments to eligible low-income individuals and families, adhering to federal guidelines.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94%, Four-Star out of Four Star Rating.
Stewart Park Housing Development Fund Company Inc has achieved a commendable Four-Star rating from Charity Navigator, indicating a high level of accountability and financial health. The organization scored 94% in its Accountability & Finance category, which is based entirely on this single beacon score for the most recent fiscal year, FY2023. The metrics evaluate various aspects of governance and financial management, reflecting the nonprofit's commitment to transparency and responsible stewardship of its resources.
The nonprofit's strengths are highlighted through its governance structure, as it boasts a fully independent board composed of eight members. This strong governance is further supported by the presence of an audit and oversight committee and a comprehensive set of policies, including conflict of interest and whistleblower protections. Additionally, the organization demonstrates a solid financial performance with a low liabilities-to-assets ratio of 4.86% and a high program expense ratio of 95.29%, indicating that the majority of its spending is directed towards its mission-related activities.
While the rating showcases the organization's strengths in accountability and finance, it is important for potential donors and stakeholders to remain informed about the broader impact of its programs and services. The available data primarily focuses on governance and financial metrics, leaving out qualitative aspects of the nonprofit's work and the specific outcomes of its housing initiatives.
This AI summary has been generated from information found on Charity Navigator.
Is Stewart Park Housing Development Fund Company Inc legitimate?
Stewart Park Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Stewart Park Housing Development Fund Company 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $185,688
For more financial information, click here
What is the mission statement of Stewart Park Housing Development Fund Company Inc?
Stewart Park Housing Development Fund Company Inc's mission is centered around providing safe and affordable housing for individuals and families who fall under federal guidelines for low-income status. The organization aims to cater to this demographic by owning and managing Stewart Park Apartments, a 118-unit complex. This housing project, being federally subsidized under Section 221(D)(3), also receives rental supplements from HUD. The apartments are then rented out to qualifying low-income individuals and families, ensuring they have access to decent and affordable living spaces.
Who is the CEO of Stewart Park Housing Development Fund Company Inc?
David W Smith is the President of Stewart Park Housing Development Fund Company Inc.
What is the revenue of Stewart Park Housing Development Fund Company Inc?
Stewart Park Housing Development Fund Company Inc's revenue in 2023 was $1,517,720.
Who are the executives of Stewart Park Housing Development Fund Company Inc and what are their salaries?
There 8 volunteers at Stewart Park Housing Development Fund Company Inc.
Here are 8 key members and their salaries:
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Where can I find the form 990 for Stewart Park Housing Development Fund Company Inc?
Stewart Park Housing Development Fund Company Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Stewart Park Housing Development Fund Company Inc
Stewart Park Housing Development Fund Company Inc is dedicated to providing safe and affordable housing for low-income individuals and families. This nonprofit organization adheres to federal guidelines to identify eligible recipients for its housing services. The company's mission is manifested through Stewart Park Apartments, a 118-unit complex that it owns and manages. This federally subsidized housing project, under Section 221(D)(3), receives rental supplements from the Department of Housing and Urban Development (HUD). The apartments are then rented to qualified low-income individuals and families, ensuring they have access to affordable housing options.
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Impact
July, 2024
Stewart Park Housing Development Fund Company Inc's impact lies in providing safe and affordable housing for low-income individuals and families in Corning, NY. Through the ownership of Stewart Park Apartments, a 118-unit complex, the organization offers federally subsidized housing under Sec. 221(d)(3) and receives rental supplements from HUD. By renting out these apartments to qualifying low-income individuals and families, Stewart Park Housing Development Fund Company Inc helps address the pressing need for affordable housing in the community. Their mission aligns with federal guidelines to ensure that those in need have access to decent and secure housing, making a tangible difference in the lives of vulnerable populations.
This information is meant to be a general summary of Stewart Park Housing Development Fund Company 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: $3,995
- Program Service Revenue: $1,513,705
- Gross Receipts: $1,517,720
Assets and Liabilities:
- Total Assets: $5,228,812
- Total Liabilities: $254,161
- Net Assets: $4,974,651
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SECTION 8 TENANT ASSIS
Revenue
$913,804
TENANT RENT
Revenue
$584,026
OTHER TENANT CHARGES
Revenue
$15,000
LAUNDRY
Revenue
$875
Organization Details
Founding Year
1971
Phone
(607) 937-5361Principal Officer
David W Smith
Main Address
101 COLUMBIA STREET, CORNING, NY, 14830
NTEE Category
Code: L21Z - Housing
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