Overview
What is Mhany Stella Heights Housing Development Fund Corporation?
Mhany Stella Heights Housing Development Fund Corporation is a nonprofit organization located at 470 Vanderbilt Avenue, 9th Floor, Brooklyn, New York 11238. Their primary mission is to develop affordable housing projects for individuals with low income, operating on a non-profit basis. They incur expenses in maintaining these housing projects to ensure the well-being of their beneficiaries. Their work contributes to providing stable living conditions for those in need, enhancing their overall quality of life.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67%, Two-Star out of Four Star rating. This rating indicates that the Mhany Stella Heights Housing Development Fund Corporation has areas that require improvement, particularly in financial practices and transparency. The overall score is derived exclusively from an Accountability & Finance beacon, where it scored 67%.
The organization demonstrates strengths in board governance, with 100% independent board members and thorough financial audits. It also excels in program expenditure, allocating nearly 97% of its expenses towards its programs. However, the high liabilities to assets ratio of 144.08% indicates financial instability, potentially raising concerns about its ability to meet future obligations.
On the transparency front, the organization has several missing policies, including a conflict of interest policy and a whistleblower policy, which could affect credibility and trust among stakeholders. Additionally, the absence of its tax form on the website may hinder potential donors seeking more detailed financial information. Overall, while Mhany Stella Heights has commendable aspects, there are significant areas needing attention to enhance its accountability and financial health.
This AI summary has been generated from information found on Charity Navigator.
Is Mhany Stella Heights Housing Development Fund Corporation legitimate?
Mhany Stella Heights Housing Development Fund Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mhany Stella Heights Housing Development Fund 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 Mhany Stella Heights Housing Development Fund Corporation?
Mhany Stella Heights Housing Development Fund Corporation is dedicated to a noble cause on a non-profit basis. Their primary mission is to develop a housing project, catering specifically to individuals with low income. This organization strives to fulfill this mission by overseeing the construction and maintenance of affordable housing units, ensuring that those in need have a place to call home.
Who is the CEO of Mhany Stella Heights Housing Development Fund Corporation?
Ismene Speliotis is the Secretary of Mhany Stella Heights Housing Development Fund Corporation.
What is the revenue of Mhany Stella Heights Housing Development Fund Corporation?
Mhany Stella Heights Housing Development Fund Corporation's revenue in 2022 was $617,887.
Who are the executives of Mhany Stella Heights Housing Development Fund Corporation and what are their salaries?
There 3 volunteers at Mhany Stella Heights Housing Development Fund Corporation.
Here are 3 key members and their salaries:
- 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 Mhany Stella Heights Housing Development Fund Corporation?
Mhany Stella Heights Housing Development Fund Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Mhany Stella Heights Housing Development Fund Corporation
Mhany Stella Heights Housing Development Fund Corporation, as a non-profit entity, is devoted to an influential mission. This mission entails the development of a housing project, specifically catering to individuals of low income. By taking on this task, the corporation operates on a non-profit basis, aiming to provide affordable living spaces for those in need. The organization's efforts extend beyond mere housing development, as it also incurs expenses for the maintenance of the project, ensuring that the living conditions remain suitable for its residents. In essence, Mhany Stella Heights Housing Development Fund Corporation is dedicated to bettering the lives of people with limited financial resources by providing them with a stable housing environment.
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Impact
July, 2024
The Mhany Stella Heights Housing Development Fund Corporation has made a significant impact by developing a housing project for persons of low income in Brooklyn, NY. By providing affordable housing options, the organization has addressed the critical need for safe and suitable living spaces for individuals and families facing financial constraints. Their focus on serving the low-income community reflects a commitment to social responsibility and community development. Through their efforts, Mhany Stella Heights has played a vital role in improving the lives of those in need and promoting access to secure and stable housing options.
This information is meant to be a general summary of Mhany Stella Heights Housing Development Fund 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.
- Program Service Revenue: $613,845
- Gross Receipts: $617,887
Assets and Liabilities:
- Total Assets: $6,986,761
- Total Liabilities: $10,066,597
- Net Assets: -$3,079,836
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$613,845
Organization Details
Founding Year
2019
Phone
(718) 246-8080Principal Officer
Ismene Speliotis
Main Address
470 VANDERBILT AVE 9TH FLOOR, BROOKLYN, NY, 11238
NTEE Category
Code: L21 - Housing
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