Overview
What is The New World Center Foundation Inc?
The New World Center Foundation Inc, based in Miami, Florida, is a nonprofit organization primarily committed to revitalizing and enhancing the downtown area of the city. Their mission is to eliminate community deterioration and foster the renewal, redevelopment, and improvement of this sector, ultimately contributing to the city's overall welfare. They achieve this objective by collaborating with local civic bodies. The organization also operates a 130-unit affordable housing apartment building, with at least 80% of the units reserved for low-income families or individuals whose income is 60% or less of the median annual gross income for Miami-Dade County, Florida. Furthermore, 40% of these 80% of units are specifically designated for elderly residents. With a dedicated workforce of one individual, The New World Center Foundation Inc is dedicated to improving living conditions and promoting community development in Miami.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (Two-Star out of Four Star rating)
The New World Center Foundation Inc has received a Two-Star rating from Charity Navigator, indicating that while the organization demonstrates strong accountability and financial management, there are significant areas needing improvement. The foundation scored 100% in accountability and finance, with a majority of independent board members and a favorable liabilities to assets ratio. However, the absence of financial statements and several key policies highlights critical gaps in transparency.
Despite the organization’s strengths in program expense ratio, with 89.07% dedicated to its programs, concerns have been raised about its overall governance practices. The absence of a whistleblower policy, document retention policy, and failure to post required financial documents on its website contribute to a low score in transparency. These shortcomings may hinder potential donors' trust and confidence in the nonprofit's operations.
In summary, while The New World Center Foundation Inc shows promise through its strong commitment to programmatic spending and an independent board, the lack of crucial financial documentation and transparency policies suggests a need for significant improvement to enhance its credibility and effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is The New World Center Foundation Inc legitimate?
The New World Center Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. The New World Center Foundation 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: $130,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $153,311
For more financial information, click here
What is the mission statement of The New World Center Foundation Inc?
The New World Center Foundation Inc's mission is to aid civic bodies, including the city of Miami, Florida, in eliminating community deterioration and fostering the renewal, redevelopment, and improvement primarily in the downtown area. The objective is to promote the overall welfare of the city. In alignment with this mission, the organization operates an affordable housing apartment building, with a significant portion of the units reserved for low-income individuals and households, as well as elderly persons, ensuring accessibility to affordable housing for a portion of the population.
Who is the CEO of The New World Center Foundation Inc?
Janitza Torres-Kaplan is the Executive Di of The New World Center Foundation Inc.
What is the revenue of The New World Center Foundation Inc?
The New World Center Foundation Inc's revenue in 2022 was $1,995,510.
Who are the executives of The New World Center Foundation Inc and what are their salaries?
The average compensation at The New World Center Foundation Inc during 2022 was $283,311. There is 1 employee and 5 volunteers at The New World Center Foundation Inc.
Here are 6 key members and their salaries:
- Compensation: $130,000
- Related: $0
- Other: $17,668
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- 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 The New World Center Foundation Inc?
The New World Center Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of The New World Center Foundation Inc
The New World Center Foundation Inc is dedicated to assisting cities, including Miami, Florida, and other civic bodies in their mission to eradicate community deterioration and promote the renewal, redevelopment, and improvement, primarily in the downtown area. This endeavor is aimed at enhancing the general welfare of the city. The organization's primary objective is to contribute to the elimination of urban decay and foster the growth and advancement of the city's core districts.
In line with this mission, The New World Center Foundation Inc operates an affordable housing apartment building, housing over 130 units. A significant portion of these units is reserved for rental to very low-income individuals and families, whose annual gross income is 60% or less of the median income for Miami-Dade County, Florida. A smaller portion of the units is set aside for the elderly, catering to individuals whose annual gross income is 40% or less of the median income for Miami-Dade County, Florida or less. This commitment to affordable housing is a testament to The New World Center Foundation Inc's mission to contribute positively to the welfare and livability of the communities it serves.
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Impact
July, 2024
The New World Center Foundation Inc's impact can be seen in its dedication to assisting the city of Miami, Florida in eliminating community deterioration and fostering renewal, redevelopment, and improvement within the downtown area. Through its ownership and operation of a 130-unit affordable housing apartment building, the organization provides much-needed housing opportunities for very low-income individuals and households in Miami-Dade County. By ensuring that a significant percentage of these units are reserved for individuals with extremely low incomes, including elderly residents, the foundation positively contributes to the well-being and quality of life for those in need within the community.
This information is meant to be a general summary of The New World Center Foundation 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: $59
- Program Service Revenue: $1,538,571
- Gross Receipts: $1,995,510
Assets and Liabilities:
- Total Assets: $10,090,834
- Total Liabilities: $3,485,216
- Net Assets: $6,605,618
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOW INCOME HOUSING WBA LTD
Revenue
$1,538,571
Organization Details
Founding Year
1979
Phone
(786) 334-6831Principal Officer
Janitza Torres-Kaplan
Main Address
955 SW 2ND AVENUE, MIAMI, FL, 33130
NTEE Category
Code: L20 - Housing
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