Overview
What is Margate Terrace Development Corporation?
Margate Terrace Development Corporation serves as a developer and offers support to Margate Terrace Corporation, a nonprofit organization based in New Jersey. Their primary role is to assist in securing loans and facilitating major repairs and improvements for a 75-unit low-income elderly and disabled rental apartment project owned by Margate Terrace Corporation. The project, known as Margate Terrace Apartments, has undergone repairs, and the development corporation has been compensated for its services. In addition, the corporation has provided financial support for Margate Terrace Corporation's operations and continued to fund repairs, engineering studies, and other related expenses.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Very poor (33%, Zero-Star out of Four Star rating)
The Margate Terrace Development Corporation has received a very poor rating of 33% from Charity Navigator, resulting in a Zero-Star designation. While the organization excels in certain areas of accountability and finance, scoring 100% in that category, it falls significantly short in others, particularly in transparency and governance practices.
Key strengths include maintaining a majority independent board and having appropriate board meeting documentation, which reflects a commitment to governance. However, the organization has several alarming deficiencies, including missing crucial policies such as conflict of interest and whistleblower protections, which have negatively impacted its overall score. Additionally, the organization’s low program expense ratio of 4.04% raises concerns about the effectiveness and allocation of resources toward its mission.
Overall, the Margate Terrace Development Corporation appears to be well-governed in certain aspects but faces serious transparency and operational challenges. Such shortcomings may hinder potential donors' confidence in the organization’s ability to effectively utilize contributions for its intended purpose.
This AI summary has been generated from information found on Charity Navigator.
Is Margate Terrace Development Corporation legitimate?
Margate Terrace Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Margate Terrace Development 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
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What is the mission statement of Margate Terrace Development Corporation?
The Margate Terrace Development Corporation's mission is to serve as the developer for Margate Terrace Corporation, a New Jersey-based nonprofit organization. Its primary role is to support this organization in managing a 75-unit low-income elderly and disabled rental apartment project, known as Margate Terrace Apartments. This involves overseeing the ownership, financing, rehabilitation, renovation, maintenance, and operation of the property. The corporation's mission is essentially geared towards ensuring the proper management and upkeep of this affordable housing project.
Who is the CEO of Margate Terrace Development Corporation?
Daniel Campbell is the Trustee/President of Margate Terrace Development Corporation.
What is the revenue of Margate Terrace Development Corporation?
Margate Terrace Development Corporation's revenue in 2023 was $32,754.
Who are the executives of Margate Terrace Development Corporation and what are their salaries?
Here are 4 key members and their salaries:
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- Other: $0
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- Other: $0
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Where can I find the form 990 for Margate Terrace Development Corporation?
Margate Terrace Development Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Margate Terrace Development Corporation
Margate Terrace Development Corporation's mission is centered around serving as the developer for Margate Terrace Corporation, a New Jersey-based nonprofit organization. This development corporation's primary role is to support the ownership, financing, rehabilitation, renovation, maintenance, and operation of a 75-unit low-income housing project for elderly and disabled individuals. This project, known as Margate Terrace Apartments, is also under the umbrella of Margate Terrace Corporation. By undertaking these responsibilities, Margate Terrace Development Corporation plays a significant role in providing affordable housing options for a vulnerable section of the society, thereby contributing to the overall well-being of the community.
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Impact
October, 2024
Margate Terrace Development Corporation plays a crucial role in enhancing the living conditions for low-income elderly and disabled residents through its support of the Margate Terrace Corporation. By facilitating financing options, the organization has enabled the necessary repairs and improvements to a 75-unit rental apartment project. This development has not only initiated essential renovations but has also provided ongoing financial assistance for operational needs, thus ensuring the sustainability of the community.
Since the fiscal year ending June 30, 2017, Margate Terrace Development Corporation has been instrumental in securing loans for major repairs, demonstrating a commitment to maintaining a safe and accommodating environment for its residents. The financial support provided, including a recent contribution of $2,134, underscores its dedication to the operational success of the Margate Terrace Apartments. Overall, the corporation's efforts have positively impacted the quality of life for its residents, reinforcing its mission to support affordable housing for vulnerable populations in Margate, New Jersey.
This information is meant to be a general summary of Margate Terrace Development 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.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Investment Income: $28,486
- Gross Receipts: $69,126
Assets and Liabilities:
- Total Assets: $866,662
- Total Liabilities: $4,925
- Net Assets: $861,737
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Organization Details
Founding Year
2016
Phone
(609) 822-7747Principal Officer
Daniel Campbell
Main Address
610 North Fredericksburg Avenue, Margate, NJ, 08402
NTEE Category
Code: L19 - Housing
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