Overview
What is Franklin Homestead Inc?
Franklin Homestead Inc, based in Franklin, VT, is a dedicated nonprofit organization with a mission to ensure affordable, safe, and convenient living for citizens aged fifty-five and above. Through its programs, the organization strives to provide senior housing that caters to their unique needs, emphasizing affordability and convenience. The organization is committed to making a significant impact on the community by promoting housing solutions tailored to the elderly population.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79%, Three-Star out of Four Star Rating. This rating is based entirely on a strong score in Accountability & Finance, which highlights the organization's fiscal responsibility and transparency. Achieving a 79% in this category indicates that Franklin Homestead Inc has established a solid financial foundation and governance practices.
The organization demonstrates notable strengths, including a fully independent board, which is a critical factor in ensuring unbiased decision-making. With 85% of its board members being independent and a robust financial management structure, Franklin Homestead Inc is well-positioned to maintain accountability. Additionally, the organization has a high program expense ratio of 85.77%, indicating that a significant portion of its funds is directed towards its programs rather than administrative costs.
However, there are some areas for improvement, particularly regarding the liabilities to assets ratio, which stands at 59.46%. While this figure is not detrimental, it suggests that the organization could enhance its financial stability further. Overall, the charity exhibits strong governance and accountability, making it a reliable option for potential donors.
This AI summary has been generated from information found on Charity Navigator.
Is Franklin Homestead Inc legitimate?
Franklin Homestead Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Franklin Homestead 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: $80,840
Professional Fundraising Fees: $0
Other Salaries and Wages: $226,198
For more financial information, click here
What is the mission statement of Franklin Homestead Inc?
Franklin Homestead Inc's mission is centered around providing and advocating for affordable, secure, and easily accessible housing options for individuals who have reached the age of fifty-five. The organization's primary objective is to ensure that these senior citizens have comfortable living circumstances. Franklin Homestead Inc carries out this mission through various programs designed to offer affordable senior housing.
What is the revenue of Franklin Homestead Inc?
Franklin Homestead Inc's revenue in 2023 was $897,035.
Who are the executives of Franklin Homestead Inc and what are their salaries?
The average compensation at Franklin Homestead Inc during 2023 was $15,352. There are 20 employees and 5 volunteers at Franklin Homestead Inc.
Here are 12 key members and their salaries:
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- Compensation: $17,444
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- Compensation: $7,967
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- Compensation: $55,429
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Where can I find the form 990 for Franklin Homestead Inc?
Franklin Homestead Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Franklin Homestead Inc
Franklin Homestead Inc is committed to providing and promoting affordable, safe, and convenient housing solutions for individuals aged fifty-five and above. Their mission is centered around ensuring that senior citizens have access to suitable living conditions that cater to their specific needs. The organization strives to make housing more affordable, secure, and convenient for this demographic, thereby enhancing their quality of life. Through its programs, Franklin Homestead Inc aims to address the housing needs of senior citizens, ensuring they can live comfortably and with dignity.
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Impact
July, 2024
Franklin Homestead Inc's impact lies in its provision and promotion of affordable, safe, and convenient housing for citizens fifty-five and over in Franklin, VT. By offering programs aimed at providing affordable senior housing, Franklin Homestead contributes significantly to enhancing the quality of life for older residents in the community. This organization plays a vital role in addressing the housing needs of senior citizens, ensuring they have a comfortable and secure living environment as they age.
This information is meant to be a general summary of Franklin Homestead 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 2023.
- Investment Income: $12,686
- Program Service Revenue: $630,939
- Gross Receipts: $897,035
Assets and Liabilities:
- Total Assets: $1,724,854
- Total Liabilities: $1,025,624
- Net Assets: $699,230
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENT
Revenue
$332,622
SERVICE REVENUE
Revenue
$169,785
HAP/VSHA RENT
Revenue
$128,532
Organization Details
Founding Year
1990
Principal Officer
Jean Richard
NTEE Category
Code: L22 - Housing
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