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Paterson Development & Management Corporation

Learn about this cause: What are the reviews? Is it Legit? Do I like the mission? What is the CEO's salary?

EIN: 521976782 ✦ Paterson, NJ ✦ Designated as a 501(c)(3)

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Overview

What is Paterson Development & Management Corporation?

Paterson Development & Management Corporation is a nonprofit organization located at 60 Van Houten Street, Paterson, New Jersey 07505. Their primary mission is to develop and manage low-income housing rental apartments for eligible tenants in Paterson, New Jersey, under government-subsidized programs. By doing so, they contribute to addressing housing needs within the community, providing a vital service for those with limited resources.

What are the reviews and ratings of this charity?

Charity Navigator Rating: 87%, Three-Star out of Four Star rating. This rating reflects a strong focus on accountability and finance, indicating that Paterson Development & Management Corporation has a solid financial structure. The organization scores particularly well in areas such as board independence and financial management, with 87% of board members being independent and a very low liabilities to assets ratio of only 1.66%.

The organization demonstrates a commitment to transparency and good governance, as evidenced by their adherence to policies like whistleblower protection and document retention. Each of these aspects contributes positively to their overall accountability score, which is a critical factor for donor trust and engagement.

However, while the charity's financial health appears robust, this rating is based solely on the accountability and finance beacon. It may be beneficial for potential donors to seek additional information regarding the organization’s programmatic impact and operational effectiveness to gain a fuller picture of its overall performance.


This AI summary has been generated from information found on Charity Navigator.

Is Paterson Development & Management Corporation legitimate?

Paterson Development & Management Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Paterson Development & Management 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

What is the mission statement of Paterson Development & Management Corporation?

The Paterson Development & Management Corporation is dedicated to the development and management of low-income housing apartment units. Their mission is to provide qualifying tenants with affordable housing options, overseeing these units under various government-subsidized programs. The organization's goal is to contribute to the housing needs of individuals who may not otherwise have access to such facilities. Their activities primarily focus on the development and management of these rental apartments, aiming to provide a secure and comfortable living environment for their residents.

Who is the CEO of Paterson Development & Management Corporation?

Irma Gorham is the Vice President of Paterson Development & Management Corporation.

What is the revenue of Paterson Development & Management Corporation?

Paterson Development & Management Corporation's revenue in 2023 was $78,586.

Who are the executives of Paterson Development & Management Corporation and what are their salaries?


Here are 6 key members and their salaries:


Eugenia Burton (Vice President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Brenda Berkley (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Rev Dr Douglas Maven (President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Michael Campbell (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Peter Rendina (Trustee)
  • Compensation: $0
  • Related: $0
  • Other: $0
Irma Gorham (Secretary)
  • Compensation: $0
  • Related: $200,461
  • Other: $0
Where can I find the form 990 for Paterson Development & Management Corporation?

Paterson Development & Management Corporation's most recent form 990 was submitted in 2023 and can be accessed here.

Mission Statement of Paterson Development & Management Corporation

Paterson Development & Management Corporation is dedicated to the development and management of low-income housing apartment units. This nonprofit organization aims to provide housing solutions for qualifying tenants, working under various government-subsidized programs. By taking on this mission, Paterson Development & Management Corporation contributes significantly to the community, ensuring that individuals with limited financial resources have access to decent and affordable housing options. The organization's role in developing and managing these apartments not only meets the immediate housing needs but also plays a part in fostering stable living environments, which can have a positive impact on the overall well-being of the residents.

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Impact




August, 2024

Paterson Development & Management Corporation's impact in Paterson, New Jersey, is significant as it helps provide affordable housing options for low-income individuals and families in the area. Through their development and management of low-income housing rental apartments under government-subsidized programs, the organization plays a crucial role in addressing the housing needs of qualifying tenants. By offering affordable and safe housing options, Paterson Development & Management Corporation contributes to improving the quality of life for individuals and families in the community who may otherwise struggle to find suitable living arrangements.




This information is meant to be a general summary of Paterson Development & Management 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.

Revenue
$78,586 (2023)
2011201220132014201520162017201820192020202120222023$0$200k$400k$600k$800k
Expenses
$151,042 (2023)
2011201220132014201520162017201820192020202120222023$0$55,000$110k$165k$220k
Efficiency
20112012201320142015201620172018201920202021202220230%0.2%0.4%0.6%0.8%1%

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2023.

  • Program Service Revenue: $78,586
  • Gross Receipts: $78,586

Assets and Liabilities:

  • Total Assets: $1,823,522
  • Total Liabilities: $31,682
  • Net Assets: $1,791,840

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Programs

Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.

TENANT RENT

Revenue

$78,586

Organization Details

Founding Year

1996

Principal Officer

Irma Gorham

Main Address

60 VAN HOUTEN STREET, PATERSON, NJ, 07505

NTEE Category

Code: L20Z - Housing

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