Overview
What is El Caribe Housing Development Fund Company Inc?
El Caribe Housing Development Fund Company Inc is a nonprofit organization situated in New York City, specifically at 141 Norfolk Street, New York, NY 10002. Their primary mission is to acquire, preserve, and operate affordable rental housing for families with low to median incomes. This includes managing a project consisting of 49 residential units and 6 commercial units located within the city. Their goal is to provide affordable housing, contributing positively to the local community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 64% (Two-Star out of Four Star rating)
El Caribe Housing Development Fund Company Inc has received a 64% rating from Charity Navigator, which classifies it as a Two-Star charity. This rating indicates that while the organization demonstrates some accountability and financial responsibility, it falls short in several key governance areas. Notably, it has no independent board members, which raises concerns about its oversight and decision-making processes.
The organization does exhibit strengths, particularly in its financial management and program expenditure, scoring 91.34% in program expenses. This suggests that a high percentage of its funds are directed towards its operational mission rather than administrative costs. Furthermore, it has a solid audit and oversight committee, maintaining transparency in its financial reporting.
However, the lack of independent board members and several missing elements, such as a publicly accessible website and tax forms, limit its overall transparency. These factors may hinder potential donors' confidence in the charity's governance and accountability practices.
This AI summary has been generated from information found on Charity Navigator.
Is El Caribe Housing Development Fund Company Inc legitimate?
El Caribe Housing Development Fund Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. El Caribe 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: $0
For more financial information, click here
What is the mission statement of El Caribe Housing Development Fund Company Inc?
El Caribe Housing Development Fund Company Inc's mission is centered around acquiring, preserving, and operating affordable rental housing for families with low to median incomes. Their primary objective is to provide affordable living spaces for these families, ensuring they have access to suitable housing. The company's activities encompass the operation of a project consisting of 49 residential rental units and 6 commercial units, as noted in their operations. In essence, their mission is to facilitate affordable housing solutions for a significant portion of the population.
Who is the CEO of El Caribe Housing Development Fund Company Inc?
Thomas Yu is the Co-Executive Director (Outgoing) of El Caribe Housing Development Fund Company Inc.
What is the revenue of El Caribe Housing Development Fund Company Inc?
El Caribe Housing Development Fund Company Inc's revenue in 2022 was $682,601.
Who are the executives of El Caribe Housing Development Fund Company Inc and what are their salaries?
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $160,060
- Other: $40,689
- Compensation: $0
- Related: $268,262
- Other: $53,087
- Compensation: $0
- Related: $163,579
- Other: $13,682
- Compensation: $0
- Related: $96,262
- Other: $10,776
- Compensation: $0
- Related: $142,982
- Other: $43,741
- Compensation: $0
- Related: $63,837
- Other: $1,921
Where can I find the form 990 for El Caribe Housing Development Fund Company Inc?
El Caribe Housing Development Fund Company Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of El Caribe Housing Development Fund Company Inc
El Caribe Housing Development Fund Company Inc is committed to acquiring, preserving, and operating affordable rental housing for families with low to median incomes. Their mission, in essence, is to provide affordable housing solutions to those who may struggle to secure such accommodations otherwise. By acquiring and preserving existing properties, and operating them as affordable rental units, this organization aims to make housing more accessible for a significant portion of the population. This mission is crucial in ensuring that individuals and families can focus on other aspects of their lives without the burden of exorbitant housing costs.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
El Caribe Housing Development Fund Company Inc's impact is significant in providing affordable rental housing for low to median income families in New York, NY. By acquiring, preserving, and operating a low-income project consisting of 49 residential rental dwelling units and 6 commercial units, this organization directly addresses the pressing need for affordable housing in a high-cost urban area. Through its mission to ensure that families with limited financial resources have access to quality housing options, El Caribe makes a tangible difference in the lives of those struggling to find affordable accommodations in a challenging real estate market.
This information is meant to be a general summary of El Caribe 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 2022.
- Investment Income: $17,315
- Program Service Revenue: $647,497
- Gross Receipts: $682,601
Assets and Liabilities:
- Total Assets: $3,827,707
- Total Liabilities: $3,071,499
- Net Assets: $756,208
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$636,854
BAD DEBT RECOVERY
Revenue
$10,643
Organization Details
Founding Year
2016
Phone
(212) 964-2288Principal Officer
Thomas Yu
Main Address
141 NORFOLK STREET, NEW YORK, NY, 10002
NTEE Category
Code: L21 - Housing
If you are a representative of El Caribe Housing Development Fund Company Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.