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358-74 Vernon Avenue Housing Development Fund Corporation

EIN 11-3257656 · Brooklyn, NY

Public records show a registered, tax-exempt organization in good standing.

LegitimacyPassesRegistration and standingFinancial healthWeak30 out of 100GovernanceGood74 out of 100Impact evidenceDescribes programsHow well its results are evidenced

Points to look into

  • It owes more than it owns.

These come from the organization's own tax return. There may be a good explanation; ask the charity.

What it says it does

THE ORGANIZATION'S MISSION IS TO DEVELOP HOUSING FACILITIES AND SERVICES FOR THE ELDERLY AND HANDICPPAED PERSONS OF LOW-INCOME.

Income
$770,242
Spending
$1.0 million
Spent on programs
82%
Reserves
-69.5 months of spending
Largest source of income
fees for its services, 100%
Employees
4
Volunteers
2

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Financial health

Weak: 30 out of 100. Higher than 8% of charities in its peer group (housing, $250k to $1m).

  • Reserves

    0 of 35

    Spendable reserves are negative: it owes or has committed more than it holds.

  • Debt

    0 of 20

    It owes 243% of what it owns.

  • Living within its means

    0 of 15

    Spending exceeded income by 33% of income.

  • Income trend

    15 of 15

    Income rose 16% on the year before.

  • Spending floor

    15 of 15

    82% of spending went to programs.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Governance

Good: 74 out of 100. Higher than 37% of charities in its peer group (housing, $250k to $1m).

  • Independent board

    0 of 25

    2 of 2 voting board members are independent.

  • Conflict of interest policy

    15 of 15

    Has a written conflict of interest policy.

  • Whistleblower policy

    8 of 8

    Has a written whistleblower policy.

  • Record keeping policy

    7 of 7

    Has a written policy on keeping and destroying records.

  • Board minutes

    5 of 5

    Keeps minutes of board meetings.

  • Board sees the tax return

    10 of 10

    Gave the board a copy of this return before filing it.

  • Independent check of accounts

    15 of 15

    Its accounts were audited by an independent accountant.

  • No reported misuse

    10 of 10

    Reports no diversion of assets, excess benefits or loans to insiders.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Impact evidence

Describes programs. Its tax return describes what it does but we have found no measurable results in it.

Programs described in its return (1)
  1. $835,247 spent. THE ORGANIZATION CONTINUES TO PROVIDES SUPPORTIVE HOUSING TO ITS ELDERLY AND/OR HANDICAPPED TENANTS IN ITS LUCILLE ROSE MANOR APARTMENTS (THE PROJECT). SINCE THE PROJECT WAS DEVELOPED THROUGH A CAPITAL ADVANCE FROM THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT UNDER SECTION 202 OF THE HOUSING ACT OF 1959, THE ORGANIZATION CONTINUES TO OPERATE, MAINTAIN AND MANAGE THE PROJECT IN ACCORDANCE WITH THE REQUIREMENTS OF HUD, SPECIFICALLY IN TERMS OF ADMITTING ELIGIBLE TENANTS ONLY. THROUGH ITS HOUSING ASSISTANCE PAYMENTS (HAP) CONTRACT WITH HUD, THE ORGANIZATION PROCESSED MONTHLY HOUSING ASSISTANCE FROM HUD FOR EACH OF THE TENANTS AND COLLECT THE TENANTS' PORTION OF THE MONTHLY RENT.

Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate

Legitimacy checks

  1. Is it registered with the IRS? Passed.

    Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  2. Has the IRS revoked its tax-exempt status? Passed.

    Not on the IRS automatic revocation list.

    Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.

  3. Are donations tax-deductible? Passed.

    On the IRS list of organizations eligible to receive tax-deductible contributions.

    Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.

  4. Is it keeping up with its IRS filings? Passed.

    Most recent return on file covers the year ending December 2024.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  5. How long has it been tax-exempt? Passed.

    Recognized by the IRS since August 1995.

    Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.

  6. Is it in good standing with state regulators? Passed.

    Not on California's list of charities barred from soliciting. Other states are not yet checked.

    Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.

Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.