Overview
What is Denver Dry Development Corporation?
Denver Dry Development Corporation is a nonprofit organization situated in Denver, Colorado, at 1555 California Street 200. Their primary mission is to operate and manage commercial and residential rental properties, with a focus on providing affordable housing for low-income individuals. This commitment stems from their adherence to Section 42 of the Internal Revenue Code. Originally, the organization acted as a general partner in a partnership responsible for operating the property. In 2009, they acquired the tax credit limited partner's interest in the project. Subsequently, they restructured their debt with the City and County of Denver and the Denver Urban Renewal Authority, and refinanced the first mortgage. These financial changes ensured the project's long-term financial stability. The project houses fifty-one units, with thirty-nine designated for low-income residents, and also includes a commercial space leased to a not-for-profit trade organization.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 60%, Two-Star out of Four Star rating.
Denver Dry Development Corporation has received a moderately low rating of 60%, indicating some areas of concern regarding its accountability and financial practices. The organization has a strong point in having 100% independent board members, which reflects a commitment to transparency in governance. Additionally, the organization has successfully maintained no material diversion of assets and has established a solid audit and oversight committee.
However, several significant gaps in policies and practices have been highlighted. The organization lacks key documents such as a conflict of interest policy, whistleblower policy, and document retention policy, which are essential for ensuring accountability and transparency. Furthermore, the absence of its website on the tax form and other required financial disclosures may hinder potential donors from evaluating its operations effectively.
Despite these limitations, the Denver Dry Development Corporation excels in its program expense ratio, indicating that it allocates all of its expenses towards its programs. This focus on programmatic spending is a positive aspect, suggesting that the organization prioritizes its mission-driven work. However, the overall financial health is concerning, as reflected by a high liabilities to assets ratio, which may pose risks to its sustainability in the long run.
This AI summary has been generated from information found on Charity Navigator.
Is Denver Dry Development Corporation legitimate?
Denver Dry Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Denver Dry 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: $134,693
For more financial information, click here
What is the mission statement of Denver Dry Development Corporation?
Denver Dry Development Corporation's mission is centered around providing low-income housing. Initially, the organization played a significant role in a partnership that managed a property adhering to Section 42 of the Internal Revenue Code. Later, in 2009, the corporation acquired the tax credit-limited partner's interest in the project. Post-acquisition, the organization underwent financial changes, including restructuring debt and refinancing the first mortgage. These adjustments strengthened the project's financial stability. The Organization continues to fulfill its mission by offering housing to low-income individuals, in accordance with a Land Use Restriction Agreement. The project also includes commercial space, which is leased to a non-profit trade association.
Who is the CEO of Denver Dry Development Corporation?
Tracy Huggins is the Vice President of Denver Dry Development Corporation.
What is the revenue of Denver Dry Development Corporation?
Denver Dry Development Corporation's revenue in 2022 was $1,322,978.
Who are the executives of Denver Dry Development Corporation and what are their salaries?
Here are 2 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Denver Dry Development Corporation?
Denver Dry Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Denver Dry Development Corporation
Denver Dry Development Corporation, as a nonprofit entity, is committed to providing low-income housing. This mission is carried out in accordance with Section 42 of the Internal Revenue Code. The corporation initially served as the general partner of a partnership that operated a property featuring fifty-one residential units, thirty-nine of which cater to low-income individuals. In August 2009, the organization expanded its role by acquiring the tax credit limited partner's interest in the project. This acquisition marked a significant shift in the corporation's financial position, enabling it to restructure its debt with the City and County of Denver and the Denver Urban Renewal Authority. The first mortgage was also refinanced, ultimately securing the project's financial stability. Denver Dry Development Corporation continues to honor its mission by offering low-income housing, ensuring that eligible individuals have access to safe and affordable housing options. The project also incorporates commercial space, which is leased to a not-for-profit trade association.
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Impact
July, 2024
Denver Dry Development Corporation's impact is significant as it provides essential low-income housing in Denver, Colorado. The organization operates commercial and residential rental properties, with a focus on serving low-income individuals. By offering fifty-one residential units, including thirty-nine designated for low-income housing, Denver Dry Development Corporation plays a crucial role in addressing affordable housing needs in the community. Additionally, the organization's leasing of commercial space to a not-for-profit trade association contributes to supporting community organizations and initiatives. Overall, Denver Dry Development Corporation's efforts help ensure that low-income individuals have access to safe and affordable housing in accordance with Section 42 of the IRC.
This information is meant to be a general summary of Denver Dry 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 2022.
- Investment Income: $980
- Program Service Revenue: $1,321,998
- Gross Receipts: $1,322,978
Assets and Liabilities:
- Total Assets: $4,661,527
- Total Liabilities: $3,795,810
- Net Assets: $865,717
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Other rental revenue
Revenue
$242,559
Rent revenue
Revenue
$1,079,439
Organization Details
Founding Year
1992
Phone
(303) 534-3872Principal Officer
Tracy Huggins
Main Address
1555 California Street 200, Denver, CO, 80202
NTEE Category
Code: Z99Z - Unknown
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