Overview
What is Chp Cove Inc?
Chp Cove Inc, based in New York City, New York, is a dedicated nonprofit organization. Its primary mission is to provide affordable housing for low-income families, operating a 384-unit apartment complex named Clipper Cove Apartments in Boynton Beach, Florida. The corporation's purpose is to acquire, develop, own, and manage affordable housing units, ensuring that people with limited financial resources have access to decent living spaces.
What are the reviews and ratings of this charity?
Charity Navigator rating: 1 Star (52%)
Chp Cove Inc has received a one-star rating from Charity Navigator, indicating significant concerns related to its accountability and financial practices. The organization scored poorly in several governance areas, such as having no independent board members and lacking essential policies, including conflict of interest, whistleblower, and document retention policies. While the charity has achieved a perfect score for its audit financial statements, the overall lack of transparency and governance oversight raises serious questions about its operations.
On the positive side, Chp Cove Inc demonstrates a strong program expense ratio, with 98.75% of its expenses dedicated to programs. This suggests that the majority of its funding is being directed toward its intended mission rather than administrative costs. However, the high liabilities to assets ratio at 510.73% is concerning, indicating a potential financial instability that could impact the organization's sustainability.
Overall, while Chp Cove Inc may be effectively using its funds for programmatic purposes, the lack of board independence and the absence of critical governance policies severely limit its accountability. Donors and stakeholders may want to consider these factors when evaluating the organization's reliability and transparency.
This AI summary has been generated from information found on Charity Navigator.
Is Chp Cove Inc legitimate?
Chp Cove Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Chp Cove 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: $398,641
For more financial information, click here
What is the mission statement of Chp Cove Inc?
Chp Cove Inc's mission is centered around providing affordable housing solutions. The corporation is dedicated to acquiring, developing, owning, and operating affordable housing units for low-income families. Their primary goal is to make housing accessible for those who are financially disadvantaged. Although the information provided does not specify the methods or extent of their efforts, it is clear that Chp Cove Inc is committed to this cause. They currently provide housing to low-income families in a 384-unit apartment complex, operating under the name Clipper Cove Apartments, although the location is not mentioned in the data.
Who is the CEO of Chp Cove Inc?
Richard F Burns is the President of Chp Cove Inc.
What is the revenue of Chp Cove Inc?
Chp Cove Inc's revenue in 2022 was $5,650,588.
Who are the executives of Chp Cove Inc and what are their salaries?
Here are 12 key members and their salaries:
- Compensation: $0
- Related: $698,152
- Other: $16,990
- Compensation: $0
- Related: $277,541
- Other: $19,908
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $241,060
- Other: $35,979
- Compensation: $0
- Related: $479,781
- Other: $32,145
- Compensation: $0
- Related: $301,039
- Other: $26,944
- Compensation: $0
- Related: $396,590
- Other: $0
- Compensation: $0
- Related: $261,998
- Other: $15,364
- Compensation: $0
- Related: $316,615
- Other: $9,819
- Compensation: $0
- Related: $279,327
- Other: $2,000
- Compensation: $0
- Related: $249,013
- Other: $11,468
Where can I find the form 990 for Chp Cove Inc?
Chp Cove Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Chp Cove Inc
Chp Cove Inc, a nonprofit organization, is committed to providing low-income housing. The corporation's mission is twofold: it seeks to acquire, develop, own, and operate affordable housing units for families with limited income. By undertaking these activities, Chp Cove Inc aims to make a significant contribution to addressing housing inequalities and ensuring that low-income families have access to decent living spaces.
At the heart of Chp Cove Inc's operations is the Clipper Cove Apartments, a 384-unit apartment complex located in Boynton Beach, Florida. This housing complex is specifically designed to cater to the needs of low-income tenants, providing them with a secure and affordable place to call home. By offering affordable housing, Chp Cove Inc is playing a crucial role in helping families in need to maintain a stable living environment, which is essential for their overall well-being and development.
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Impact
July, 2024
Chp Cove Inc's impact lies in providing essential housing support to low-income families. The organization operates a 384-unit apartment complex called Clipper Cove Apartments in Boynton Beach, Florida, ensuring that individuals and families have access to affordable housing options. By focusing on the acquisition, development, ownership, and operation of such housing, Chp Cove Inc is actively working to address the pressing need for affordable housing for low-income individuals and families in the community. Their efforts contribute significantly to promoting stability and improving the quality of life for those in need of housing assistance.
This information is meant to be a general summary of Chp Cove 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 2022.
- Investment Income: $70
- Program Service Revenue: $5,650,518
- Gross Receipts: $5,650,588
Assets and Liabilities:
- Total Assets: $7,740,852
- Total Liabilities: $39,535,388
- Net Assets: -$31,794,536
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENT REVENUE
Revenue
$5,650,377
LAUNDRY & VENDING INCO
Revenue
$141
Organization Details
Founding Year
1995
Phone
(646) 336-4936Principal Officer
Richard F Burns
Main Address
122 EAST 42ND STREET 4900, NEW YORK, NY, 10168
NTEE Category
Code: L200 - Housing
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