Madeline Corporation

The information for Madeline Corporation is as of the organization's most recent filing in December '19. This organization is located in Palisades Park, NJ. It has been in existence for 23 years, following its founding in 1996.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

The Madeline Corporation's NTEE code is L20. The "L" tells us that the organization is classified along with Housing & Shelter. The "20" tells us that the organization is a Housing Development, Construction & Management organization. The NTEE describes Housing Development, Construction & Management organizations as those that build, rehabilitate, manage, and provide rental housing for low-income individuals and families, older adults, and people with disabilities.

Every organization is also governed by a specific section of the Internal Revenue Code. The most common type is a 501(c)(3) organization. However, there are actually 29 different types of organizations that are identified by the Internal Revenue Code. This organization happens to be a 501(c)(3) organization. The IRS describes these organizations as those engaged in Religious, Educational, Charitable, Scientific, Literary, Public Safety, Amateur Sports, or Prevention of Cruelty to Children or Animals work.

The mission of the Madeline Corporation is to improve the quality of residential life of low and moderate income families by providing decent, safe, and affordable housing.

Program Areas

Program Area 1: The organization develops and manages rental properties for low and moderate income families. Revenues, support, and functional expenses related to these properties are reported within the general fund.

Program Area 2: This program focuses on building affordable housing in partnership with the Bergen County United Way.

Program Area 3: Development and Management of Affordable Housing is a key focus of the organization, and this program area outlines the revenues, support, and functional expenses associated with this mission.

Organization Staffing

Madeline Corporation is run by Madeline Depalma, who is the President. The organization has 2 employees, none of whom are paid more than $100k per year (according to the organization's most recent 990 tax filing). There are no volunteers supporting the paid staff.

Board Governance

Madeline Corporation is an organization that is well-governed, with 4 voting members and 4 independent members. The organization does not have any potential conflicts of interest, and has not delegated management to an outside firm. Board and committee meetings are documented, and the organization provides copies of the 990 to the board prior to filing. However, there is no conflict of interest policy, whistleblower policy, document retention policy, or substantiation and review of leadership and officer salaries. Despite these shortcomings, Madeline Corporation is still well-governed and is a reliable organization.

Organization Growth

The Madeline Corporation has seen notable growth in the past four years. Contributions and Grants Received, Other Revenue, Total Revenue, and Employee Salaries have all increased over this time period, while Total Expenses have also seen growth. Total Employees, however, have remained the same. This demonstrates that the organization has been able to effectively manage its finances, and has seen significant growth.