Overview
What is Penquis Development Inc?
Penquis Development Inc is a nonprofit organization situated in Maine, dedicated to enhancing affordable living options for individuals with lower to moderate incomes. Their primary mission involves the promotion and provision of affordable housing facilities, catering specifically to the state of Maine. Through their programs, they offer low-income housing, aiming to make homeownership or renting more accessible and affordable for this demographic.
Official website here: www.penquis.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Stars)
Penquis Development Inc has received a Three-Star rating from Charity Navigator, reflecting solid performance primarily in the area of accountability and finance. The overall score is derived from a single beacon focused entirely on these aspects, indicating a robust commitment to transparency and proper financial management.
The organization excels in various accountability metrics, including a fully independent board and a comprehensive set of policies regarding conflict of interest, whistleblower protections, and document retention. The financial oversight is strong, with no noted diversions of assets and an impressive program expense ratio of 88.68%, suggesting that a significant portion of its funds is directed towards its programs rather than administrative costs.
However, the organization did receive a lower score on its liabilities to assets ratio, which could suggest some financial vulnerabilities. While this does not overshadow its strong governance practices, potential donors and stakeholders might consider this aspect when evaluating the organization’s overall financial health.
This AI summary has been generated from information found on Charity Navigator.
Is Penquis Development Inc legitimate?
Penquis Development Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Penquis Development Inc 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: $0
For more financial information, click here
Official website here: www.penquis.org
What is the mission statement of Penquis Development Inc?
Penquis Development Inc is committed to promoting and facilitating affordable housing options for individuals with lower to moderate incomes residing in Maine. Their mission encompasses providing affordable living arrangements through various programs, primarily focusing on low-income housing.
Official website here: www.penquis.org
Who is the CEO of Penquis Development Inc?
Kara Hay is the Chief Executive Officer of Penquis Development Inc. The CEO's salary of Penquis Development Inc is $0 and their total compensation is $226,679.
Official website here: www.penquis.org
What is the revenue of Penquis Development Inc?
Penquis Development Inc's revenue in 2022 was $956,721.
Official website here: www.penquis.org
Who are the executives of Penquis Development Inc and what are their salaries?
There 8 volunteers at Penquis Development Inc.
Here are 10 key members and their salaries (Penquis Development Inc's CEO's salary is $0 and their total compensation is $226,679):
- Compensation: $0
- Related: $199,385
- Other: $27,294
- Compensation: $0
- Related: $158,758
- Other: $21,719
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.penquis.org
Where can I find the form 990 for Penquis Development Inc?
Penquis Development Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.penquis.org
Learn more at the official website: www.penquis.org
Mission Statement of Penquis Development Inc
Penquis Development, a notable organization, is committed to advancing affordable housing options for residents with modest to low incomes residing in Maine. The organization's primary mission is to foster and provide such housing opportunities, striving to make living arrangements more accessible for this demographic. Penquis Development's initiatives revolve around the provision of low-income housing, offering a vital service to the community by making housing more affordable and accessible.
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Impact
July, 2024
Penquis Development Inc plays a crucial role in promoting and providing affordable housing for low and moderate-income residents in the state of Maine. Through their programs, they offer low-cost living arrangements for individuals and families who may struggle to find affordable housing options. By focusing on this mission, Penquis Development Inc directly contributes to addressing housing affordability challenges in the community and improving the quality of life for those in need. Their impact can be seen in the positive outcomes experienced by many low and moderate-income residents who benefit from their housing programs.
This information is meant to be a general summary of Penquis Development Inc. 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: $2,329
- Program Service Revenue: $953,392
- Gross Receipts: $956,721
Assets and Liabilities:
- Total Assets: $4,435,351
- Total Liabilities: $3,645,798
- Net Assets: $789,553
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rental Income
Revenue
$953,392
Organization Details
Founding Year
2000
Phone
(207) 973-3500Principal Officer
Kara Hay
Main Address
PO Box 1162, Bangor, ME, 044021162
Website
www.penquis.orgNTEE Category
Code: L20 - Housing
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