Overview
What is Orrington Housing Corporation?
Orrington Housing Corporation, located at 4 Union Street Box 9, Bangor, ME 04401, is a nonprofit organization dedicated to providing affordable housing solutions. Specifically, their focus is on serving the elderly and individuals with low income. They achieve this through a 24-unit property subsidized by the USDA Rural Development's Rental Assistance program. The corporation operates under the name Fair Ground Apartments, ensuring that cost remains a minimal barrier for eligible residents to secure a home.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 1 Star (58%)
The Orrington Housing Corporation has received a One-Star out of Four Star rating with an overall score of 58%, primarily calculated from its Accountability & Finance metrics. The organization excels in governance aspects, as indicated by its perfect scores for having a majority of independent board members and documenting board meeting minutes. Furthermore, it shows a strong program expense ratio at 94.32%, suggesting that a significant portion of its budget is directed towards its mission.
However, there are notable limitations that contributed to its low overall score. The organization has a concerning liabilities to assets ratio of 129.36%, which may indicate potential financial instability. Additionally, the charity lacks key policies, such as a conflict of interest policy, a whistleblower policy, and a document retention and destruction policy, all of which are essential for maintaining transparency and accountability.
Overall, while the Orrington Housing Corporation demonstrates strong governance and mission focus, the absence of crucial policies and its financial liabilities raise concerns about its operational effectiveness and sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Orrington Housing Corporation legitimate?
Orrington Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Orrington 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.
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What is the mission statement of Orrington Housing Corporation?
Orrington Housing Corporation is committed to providing affordable housing for the elderly and individuals with low income. This mission is executed through the operation of a 24-unit rental property, which is subsidized through Rental Assistance with USDA Rural Development. The corporation's primary goal is to ensure that elderly residents and those with limited financial resources have access to secure and reasonably priced housing options. By offering this service, Orrington Housing Corporation contributes to the well-being and stability of its residents, enabling them to maintain a decent standard of living.
Who is the CEO of Orrington Housing Corporation?
Sharon O'Donnell is the Director of Orrington Housing Corporation.
What is the revenue of Orrington Housing Corporation?
Orrington Housing Corporation's revenue in 2022 was $193,873.
Who are the executives of Orrington Housing Corporation and what are their salaries?
Here are 8 key members and their salaries:
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Where can I find the form 990 for Orrington Housing Corporation?
Orrington Housing Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Orrington Housing Corporation
Orrington Housing Corporation, as a nonprofit organization, is committed to providing affordable housing for the elderly and individuals with low income. This mission is accomplished through the operation of a 24-unit property, which is subsidized through Rental Assistance with the USDA Rural Development. By offering low-cost housing, Orrington Housing Corporation contributes to the well-being of its residents, allowing them to maintain a stable living environment despite their financial constraints. This mission is not only about providing a place to live, but also about ensuring that the elderly and low-income individuals have access to decent housing, thereby contributing to their overall quality of life.
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Impact
October, 2024
Orrington Housing Corporation plays a vital role in ensuring affordable housing options for elderly and low-income residents in Bangor, Maine. By offering a 24-unit rental property that is subsidized through rental assistance with USDA Rural Development, the organization addresses a critical need in the community. This initiative not only enhances the quality of life for its residents by providing safe and affordable living spaces but also contributes to the stability and well-being of the broader community. The focus on low-cost housing helps alleviate financial stress for vulnerable populations, thereby fostering a more inclusive environment where seniors and low-income individuals can thrive.
This information is meant to be a general summary of Orrington 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: $89
- Program Service Revenue: $190,283
- Gross Receipts: $193,873
Assets and Liabilities:
- Total Assets: $614,360
- Total Liabilities: $794,751
- Net Assets: -$180,391
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$190,283
Organization Details
Founding Year
1990
Phone
(207) 990-2099Principal Officer
Sharon O'Donnell
Main Address
4 UNION STREET BOX 9, BANGOR, ME, 04401
NTEE Category
Code: L22 - Housing
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