Overview
What is Common Ground Development Corporation?
Common Ground Development Corporation is a nonprofit organization situated in Lowell, Massachusetts, specifically at 155 Merrimack Street, 01852. Their primary mission is to develop, own, and manage affordable housing units for low and moderate-income individuals and families in the Greater Lowell area and other communities in Northern Massachusetts. By doing so, they aim to contribute to the community development and ensure affordable housing options for those in need. Their activities are focused on creating and maintaining affordable housing units, thereby promoting social stability and economic diversity in the region.
Official website here: www.commongroundhousing.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 83%, Three-Star out of Four Star rating.
Common Ground Development Corporation has received a solid Three-Star rating based on its 83% score, primarily reflecting strong accountability and financial practices. The organization demonstrates a commitment to transparency and governance, evidenced by its independent board members and comprehensive policies, which include conflict of interest and whistleblower protections.
The organization excels in maintaining rigorous financial oversight, as indicated by its perfect scores in areas such as financial statements audit and lack of material diversion of assets. Its liabilities to assets ratio stands at a healthy 41.21%, suggesting sound financial health. However, the program expense ratio of 59.68% indicates that there may be room for improvement in directing a higher percentage of its expenses towards programmatic activities.
Overall, while Common Ground Development Corporation exhibits strong governance and accountability, enhancing its program expense ratio could further bolster its impact and effectiveness in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Common Ground Development Corporation legitimate?
Common Ground Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Common Ground Development 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $14,154
For more financial information, click here
Official website here: www.commongroundhousing.org
What is the mission statement of Common Ground Development Corporation?
Common Ground Development Corporation is dedicated to the mission of creating affordable housing options for individuals and families with moderate to low income levels. This mission extends beyond Lowell, Massachusetts, encompassing various communities in Northern Massachusetts as well. The organization actively develops, owns, and operates these affordable housing units, aiming to make a significant impact on the community.
Official website here: www.commongroundhousing.org
Who is the CEO of Common Ground Development Corporation?
Glenn Goldman is the President of Common Ground Development Corporation.
Official website here: www.commongroundhousing.org
What is the revenue of Common Ground Development Corporation?
Common Ground Development Corporation's revenue in 2022 was $854,841.
Official website here: www.commongroundhousing.org
Who are the executives of Common Ground Development Corporation and what are their salaries?
There 13 volunteers at Common Ground Development Corporation.
Here are 14 key members and their salaries:
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- Related: $184,841
- Other: $17,986
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- Related: $130,674
- Other: $31,593
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- Related: $97,484
- Other: $5,030
Official website here: www.commongroundhousing.org
Where can I find the form 990 for Common Ground Development Corporation?
Common Ground Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.commongroundhousing.org
Learn more at the official website: www.commongroundhousing.org
Mission Statement of Common Ground Development Corporation
Common Ground Development Corporation is dedicated to a significant mission. This mission involves the development, ownership, and operation of affordable housing for individuals and families with low and moderate incomes. By undertaking this task, the organization aims to contribute positively to communities beyond Lowell, Massachusetts, extending its reach to other parts of Northern Massachusetts. Through its community development activities, Common Ground Development Corporation strives to provide affordable housing solutions, thereby making a tangible impact on the lives of those who need it most.
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Impact
July, 2024
Common Ground Development Corporation's impact is evident in its commitment to providing affordable housing for low and moderate-income individuals and families in the Greater Lowell area. Through its community development initiatives, Common Ground Development Corporation develops, owns, and operates affordable housing options, addressing a crucial need for housing stability in Lowell, MA, and other communities in Northern Massachusetts. Their mission to create safe and sustainable living spaces for those in need contributes significantly to promoting economic stability and enhancing the overall well-being of individuals and families in the region.
This information is meant to be a general summary of Common Ground Development 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: -$555,620
- Program Service Revenue: $677,032
- Gross Receipts: $2,888,020
Assets and Liabilities:
- Total Assets: $3,841,002
- Total Liabilities: $1,256,810
- Net Assets: $2,584,192
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DEVELOPER FEE
Revenue
$619,631
LOW-INCOME HOUSING
Revenue
$57,401
Organization Details
Founding Year
2002
Phone
(978) 459-0551Principal Officer
Glenn Goldman
Main Address
155 MERRIMACK STREET, LOWELL, MA, 01852
Website
www.commongroundhousing.orgNTEE Category
Code: L21 - Housing
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