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Mhany 2004 Housing Development Fund Corp

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

EIN: 830385829 ✦ Brooklyn, NY ✦ Designated as a 501(c)(3)

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Overview

What is Mhany 2004 Housing Development Fund Corp?

Mhany 2004 Housing Development Fund Corp is a nonprofit organization situated in Brooklyn, New York, specifically at 470 Vanderbilt Avenue, 9th Floor. Their primary objective is to provide affordable housing opportunities for individuals with limited income. They achieve this by engaging in various activities such as purchasing, leasing, developing, and rehabilitating properties. The organization operates on a non-profit basis, as evidenced by their mission to develop a housing project specifically for low-income individuals.

What are the reviews and ratings of this charity?

Charity Navigator Rating: Two-Star out of Four Stars (Needs Improvement, 67%)

Mhany 2004 Housing Development Fund Corp has received a two-star rating from Charity Navigator, indicating that there are areas needing improvement within the organization. While it scored well in areas such as accountability and finance, showcasing a high program expense ratio of 93.74% and full independence of board members, it also faces significant challenges regarding its financial health, as indicated by a liabilities to assets ratio of 117.19%.

The organization demonstrates strong governance practices, such as documenting board meeting minutes and achieving a perfect score for financial statement audits. However, it falls short in key policies that promote organizational integrity and transparency, including the absence of a conflict of interest policy, whistleblower policy, and a document retention policy. Additionally, the nonprofit has not made its tax form available on its website, which diminishes its accountability.

Overall, while Mhany 2004 Housing Development Fund Corp shows strengths in program expenses and governance structure, its financial sustainability and lack of critical policies warrant attention to enhance its operational effectiveness and public trust.


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

Is Mhany 2004 Housing Development Fund Corp legitimate?

Mhany 2004 Housing Development Fund Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mhany 2004 Housing Development Fund Corp 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 Mhany 2004 Housing Development Fund Corp?

Mhany 2004 Housing Development Fund Corp is dedicated to a mission, operating on a non-profit basis, aimed at developing a housing project for individuals with low income. Their primary objective is to provide affordable housing solutions for people with limited financial resources. They achieve this goal by engaging in various activities, such as purchasing, leasing, developing, and rehabilitating properties. The corporation's mission is geared towards collecting and managing resources effectively to implement these objectives, ultimately making affordable housing a reality for those in need.

Who is the CEO of Mhany 2004 Housing Development Fund Corp?

Ismene Speliotis is the President of Mhany 2004 Housing Development Fund Corp.

What is the revenue of Mhany 2004 Housing Development Fund Corp?

Mhany 2004 Housing Development Fund Corp's revenue in 2022 was $1,665,025.

Who are the executives of Mhany 2004 Housing Development Fund Corp and what are their salaries?

There 3 volunteers at Mhany 2004 Housing Development Fund Corp.


Here are 3 key members and their salaries:


Derrick Owens (President)
  • Compensation: $0
  • Related: $0
  • Other: $0
Dorothy Amadi (Secretary)
  • Compensation: $0
  • Related: $0
  • Other: $0
Natalie Brown (Treasurer)
  • Compensation: $0
  • Related: $0
  • Other: $0
Where can I find the form 990 for Mhany 2004 Housing Development Fund Corp?

Mhany 2004 Housing Development Fund Corp's most recent form 990 was submitted in 2022 and can be accessed here.

Mission Statement of Mhany 2004 Housing Development Fund Corp

Mhany 2004 Housing Development Fund Corp is a non-profit organization dedicated to providing affordable housing solutions for individuals of limited income. Their mission is to develop housing projects that cater to this demographic, utilizing various methods such as purchasing, leasing, developing, and rehabilitating properties. The corporation's activities are structured to achieve this objective, engaging in necessary corporate endeavors to ensure the success of their initiatives. In essence, Mhany 2004 Housing Development Fund Corp strives to make a significant impact in the lives of those who struggle with housing affordability, enhancing their living standards and contributing to a more equitable society.

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Impact




July, 2024

Mhany 2004 Housing Development Fund Corp's impact can be seen in its dedicated efforts to provide affordable housing to individuals with limited income. By buying, leasing, developing, and rehabilitating properties, this organization plays a crucial role in addressing the housing needs of low-income individuals in Brooklyn, NY. Through their mission to develop housing projects on a non-profit basis, Mhany 2004 Housing Development Fund Corp contributes significantly to increasing access to safe and affordable housing for vulnerable populations in the community. Their work directly impacts the lives of individuals by offering them a chance to secure stable and affordable housing, thereby promoting overall well-being and economic stability.




This information is meant to be a general summary of Mhany 2004 Housing Development Fund Corp. 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
$1,665,025 (2022)
Expenses
$2,187,122 (2022)
Efficiency

Other financial information:

This information is from the most recently submitted tax form from this organization, which was in 2022.

  • Program Service Revenue: $1,654,543
  • Gross Receipts: $1,665,025

Assets and Liabilities:

  • Total Assets: $12,867,940
  • Total Liabilities: $15,080,098
  • Net Assets: -$2,212,158

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Programs

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

RENTAL INCOME

Revenue

$1,654,543

Organization Details

Founding Year

2004

Principal Officer

Ismene Speliotis

Main Address

470 VANDERBILT AVE 9TH FLOOR, BROOKLYN, NY, 11238

NTEE Category

Code: L21 - Housing

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