Overview
What is Stella Maris Housing Development Corp?
Stella Maris Housing Development Corp is a nonprofit organization situated in Rockland, Maine. Their primary mission is to offer subsidized housing for elderly individuals, as well as those who are self-sufficient yet handicapped. They provide a residential living environment, ensuring affordability for these groups. The organization's activities are centered around offering subsidized housing, ultimately contributing to the well-being and independence of the elderly and handicapped population in their community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 71%, Two-Star out of Four Star rating
Stella Maris Housing Development Corp has earned a Two-Star rating from Charity Navigator, indicating a moderate level of accountability and financial health. The organization scored 71% overall, with strong marks for its independent board composition and financial oversight, demonstrating a commitment to governance excellence. Specifically, it received full points for having a majority of independent board members and an active audit committee.
However, there are notable weaknesses in its accountability measures, particularly regarding the absence of a whistleblower policy and document retention and destruction policies. Additionally, the organization did not post its tax forms on its website, which is a critical transparency tool for stakeholders. Furthermore, the liabilities to assets ratio is concerning at 132.51%, indicating potential financial instability.
Despite these challenges, Stella Maris Housing Development Corp allocates a significant portion of its budget to programs, with a program expense ratio of 76.31%. This suggests that the majority of its resources are directed towards fulfilling its mission, which is a positive aspect of its operations. Overall, while the organization shows strengths in governance, it has areas that require improvement to enhance its overall accountability and financial health.
This AI summary has been generated from information found on Charity Navigator.
Is Stella Maris Housing Development Corp legitimate?
Stella Maris Housing Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Stella Maris Housing Development Corp 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 Stella Maris Housing Development Corp?
Stella Maris Housing Development Corp is committed to providing subsidized residential housing for two specific groups of individuals. Their mission encompasses catering to the needs of the elderly and self-sufficient handicapped persons, ensuring they have access to affordable housing options. By offering subsidized housing, this organization seeks to enhance the living standards of these individuals, providing them with a secure and suitable place to call home.
Who is the CEO of Stella Maris Housing Development Corp?
Richard Norman is the President of Stella Maris Housing Development Corp.
What is the revenue of Stella Maris Housing Development Corp?
Stella Maris Housing Development Corp's revenue in 2023 was $648,923.
Who are the executives of Stella Maris Housing Development Corp and what are their salaries?
Here are 9 key members and their salaries:
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Where can I find the form 990 for Stella Maris Housing Development Corp?
Stella Maris Housing Development Corp's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Stella Maris Housing Development Corp
Stella Maris Housing Development Corp is committed to providing subsidized residential housing for the elderly and self-sufficient handicapped individuals. This nonprofit organization's mission is centered around offering affordable housing solutions for those who fall into these categories. By doing so, Stella Maris Housing Development Corp aims to support elderly individuals and those with disabilities in maintaining their independence, while also ensuring they have a secure and comfortable living environment. The corporation's primary activity revolves around providing subsidized housing, ensuring that eligible individuals have access to affordable, quality housing options.
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Impact
July, 2024
Stella Maris Housing Development Corp's impact is evident in its provision of subsidized residential housing for elderly individuals in Rockland, Maine. By offering affordable living spaces for the elderly and self-sufficient handicapped persons, the organization plays a crucial role in ensuring that these vulnerable populations have access to safe and comfortable housing options. Through its mission to provide subsidized housing for these individuals, Stella Maris Housing Development Corp helps to address the pressing need for affordable housing and contributes to improving the quality of life for its residents.
This information is meant to be a general summary of Stella Maris Housing Development Corp. 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 2023.
- Investment Income: $144
- Program Service Revenue: $223,946
- Gross Receipts: $648,923
Assets and Liabilities:
- Total Assets: $1,415,963
- Total Liabilities: $1,876,340
- Net Assets: -$460,377
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME - TENANT
Revenue
$218,671
LAUNDRY AND VENDING
Revenue
$5,275
Organization Details
Founding Year
1981
Phone
(207) 594-2202Principal Officer
Richard Norman
Main Address
148 BROADWAY, ROCKLAND, ME, 04841
NTEE Category
Code: L21Z - Housing
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