Overview
What is Colony Retirement Homes Inc?
Colony Retirement Homes Inc, situated in Worcester, Massachusetts, is a dedicated nonprofit organization with a focus on addressing the housing needs of low and moderate-income elderly individuals. With a mission to provide affordable living solutions, the organization develops and manages subsidized housing facilities, ensuring seniors can maintain their independence and quality of life. With a workforce of 76 employees, Colony Retirement Homes Inc is committed to making a significant impact in the community by offering affordable housing options.
Official website here: www.colonyretirementhomes.com
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 87% (Three-Star out of Four Star rating)
Colony Retirement Homes Inc has earned a Three-Star rating with a score of 87%, reflecting strong performance in accountability and finance. The organization boasts a fully independent board, with all members meeting the criteria for independence. Additionally, they have demonstrated robust oversight mechanisms, such as an audit and oversight committee, and maintain transparent financial practices.
The nonprofit excels in various areas related to governance, including having no material diversion of assets and a comprehensive conflict of interest policy. Their commitment to accountability is further evidenced by the presence of a whistleblower policy and proper documentation of board meeting minutes. The liabilities to assets ratio is extremely low at 0.94%, which indicates sound financial management.
However, the program expense ratio stands at 62.61%, suggesting that while the organization is financially accountable, there may be room for improvement in directing funds toward its programs. This could indicate a need for more investment in direct service delivery to enhance the impact of their mission.
This AI summary has been generated from information found on Charity Navigator.
Is Colony Retirement Homes Inc legitimate?
Colony Retirement Homes Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Colony Retirement Homes 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: $100,433
Professional Fundraising Fees: $0
Other Salaries and Wages: $336,427
For more financial information, click here
Official website here: www.colonyretirementhomes.com
What is the mission statement of Colony Retirement Homes Inc?
Colony Retirement Homes Inc is committed to providing affordable housing options for seniors with low and moderate income levels. This mission is carried out through the development and provision of subsidized housing facilities. The organization is dedicated to ensuring that elderly individuals have access to housing that fits within their financial means, contributing to their overall well-being. By providing affordable housing, Colony Retirement Homes Inc aims to support seniors in maintaining their independence and dignity, thereby improving their quality of life.
Official website here: www.colonyretirementhomes.com
Who is the CEO of Colony Retirement Homes Inc?
Michael Mills is the President of Colony Retirement Homes Inc.
Official website here: www.colonyretirementhomes.com
What is the revenue of Colony Retirement Homes Inc?
Colony Retirement Homes Inc's revenue in 2022 was $2,871,319.
Official website here: www.colonyretirementhomes.com
Who are the executives of Colony Retirement Homes Inc and what are their salaries?
The average compensation at Colony Retirement Homes Inc during 2022 was $5,748. There are 76 employees and 12 volunteers at Colony Retirement Homes Inc.
Here are 16 key members and their salaries:
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- Compensation: $117,156
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- Compensation: $99,378
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- Other: $13,961
Official website here: www.colonyretirementhomes.com
Where can I find the form 990 for Colony Retirement Homes Inc?
Colony Retirement Homes Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.colonyretirementhomes.com
Learn more at the official website: www.colonyretirementhomes.com
Mission Statement of Colony Retirement Homes Inc
Colony Retirement Homes Inc, as a mission-driven organization, is committed to providing affordable housing options for seniors who fall under the categories of low and moderate income. This nonprofit entity, Colony Retirement Homes Inc, is dedicated to developing and offering subsidized housing solutions that cater specifically to this demographic. By doing so, the organization aims to contribute positively to the lives of elderly individuals, ensuring they have access to comfortable living spaces within their means. This mission is a testament to Colony Retirement Homes Inc's commitment to promoting social equality and improving the quality of life for senior citizens.
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Impact
July, 2024
Colony Retirement Homes Inc's impact lies in its dedication to providing affordable housing for seniors of low and moderate income. By developing and providing subsidized housing for the elderly in Worcester, MA, they are addressing a critical need within the community. Through their mission, they are ensuring that seniors have a safe and affordable place to call home, promoting independence and quality of life for this vulnerable population. By focusing on housing, Colony Retirement Homes Inc is directly contributing to the well-being and security of seniors, making a tangible and meaningful impact on their lives.
This information is meant to be a general summary of Colony Retirement Homes 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: $28,488
- Program Service Revenue: $1,897,202
- Gross Receipts: $2,872,518
Assets and Liabilities:
- Total Assets: $13,997,625
- Total Liabilities: $127,640
- Net Assets: $13,869,985
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENT REVENUE
Revenue
$1,897,202
Organization Details
Founding Year
1963
Phone
(508) 852-5285Principal Officer
Michael Mills
Main Address
485 GROVE STREET, WORCESTER, MA, 01605
NTEE Category
Code: L22 - Housing
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