Overview
What is Fame Housing Corporation?
Fame Housing Corporation is a nonprofit organization situated in Los Angeles, California, committed to offering and managing affordable housing. The organization takes on various tasks, including housing development, construction, and management. Their mission encompasses providing low-income housing solutions through tailored programs, thereby contributing to the community's housing needs.
Official website here: www.famecorporations.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (62%, Two-Star out of Four Star rating)
Fame Housing Corporation has received a Two-Star rating from Charity Navigator, indicating a need for improvement in its accountability and financial transparency. While the organization boasts a fully independent board, with 100% of its members being independent and a solid program expense ratio of 77.90%, there are notable gaps in financial reporting. The absence of financial statements and a concerning liabilities to assets ratio of 431.86% raises questions about the organization's fiscal health.
In terms of governance, the organization has implemented several positive policies, including a whistleblower policy and document retention guidelines. However, the lack of a conflict of interest policy is a significant oversight that could impact the organization's operations and trustworthiness. Additionally, while the board meeting minutes are documented, the overall financial management practices appear to be a critical area in need of attention.
Overall, while Fame Housing Corporation demonstrates a commitment to independent governance and effective program spending, the shortcomings in financial transparency and policy implementation necessitate improvement for better accountability and sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Fame Housing Corporation legitimate?
Fame Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Fame Housing 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: $223,501
For more financial information, click here
Official website here: www.famecorporations.org
What is the mission statement of Fame Housing Corporation?
Fame Housing Corporation is dedicated to providing and managing affordable housing. The organization operates various programs aimed at managing and offering low-income housing. Their activities extend beyond just management, encompassing housing development and construction as well. Essentially, Fame Housing Corporation works to make affordable housing accessible to those in need.
Official website here: www.famecorporations.org
Who is the CEO of Fame Housing Corporation?
Edgar Boyd is the President of Fame Housing Corporation.
Official website here: www.famecorporations.org
What is the revenue of Fame Housing Corporation?
Fame Housing Corporation's revenue in 2022 was $910,197.
Official website here: www.famecorporations.org
Who are the executives of Fame Housing Corporation and what are their salaries?
The average compensation at Fame Housing Corporation during 2022 was $11,175. There are 20 employees at Fame Housing Corporation.
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Official website here: www.famecorporations.org
Where can I find the form 990 for Fame Housing Corporation?
Fame Housing Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.famecorporations.org
Learn more at the official website: www.famecorporations.org
Mission Statement of Fame Housing Corporation
Fame Housing Corporation, a nonprofit entity, is committed to providing and managing affordable housing. The organization's mission is to develop, construct, and manage housing units that cater to individuals with low income. Through its programs, Fame Housing Corporation aims to make housing accessible to a segment of the population that might otherwise struggle with affordability. The corporation's activities are not limited to the provision of housing; it also manages these units, ensuring they meet the necessary standards and requirements for their intended residents. This dedication to affordable housing is a significant contribution to the community, providing a vital service that supports the well-being and stability of its residents.
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Impact
July, 2024
Fame Housing Corporation plays a crucial role in addressing the need for affordable housing in Los Angeles. By providing and managing low-income housing programs, the organization directly impacts the lives of individuals and families in need. Their focus on housing development, construction, and management contributes to creating a more sustainable and inclusive community where everyone has access to safe and affordable housing. Through their efforts, Fame Housing Corporation is helping to combat homelessness and improve the quality of life for many residents in the area.
This information is meant to be a general summary of Fame Housing 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: $22
- Program Service Revenue: $697,564
- Gross Receipts: $910,197
Assets and Liabilities:
- Total Assets: $1,475,425
- Total Liabilities: $5,794,512
- Net Assets: -$4,319,087
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rental Income
Revenue
$520,707
Management Fees
Revenue
$176,857
Organization Details
Founding Year
1985
Principal Officer
Edgar Boyd
Main Address
2270 S Harvard Blvd, Los Angeles, CA, 90018
Website
www.famecorporations.orgNTEE Category
Code: L21 - Housing
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