Overview
What is Colony Retirement Homes Iii Inc?
Colony Retirement Homes Iii Inc is a nonprofit organization situated in Worcester, Massachusetts. Their primary focus is to develop and provide subsidized housing for low-income elderly individuals, demonstrating a dedication to making affordable living options accessible for senior citizens with modest incomes. The organization's mission is deeply rooted in the belief that everyone deserves a decent living space, regardless of their financial situation.
Official website here: www.colonyretirementhomes.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star Rating)
Colony Retirement Homes III Inc has received an overall score of 81%, indicating a solid performance in accountability and finance metrics. The rating reflects a focus on responsible financial management, evidenced by an impressive program expense ratio of 82.37%, which signifies that a substantial portion of its resources is directed toward its programs rather than administrative costs.
The organization boasts a fully independent board, which is a strong indicator of governance integrity. All board members are independent, and stringent policies on conflict of interest and whistleblower protection are in place, illustrating a commitment to ethical standards and transparency. Furthermore, the organization's financial oversight mechanisms, including audit and oversight committees, are well-established.
However, a notable concern is the liabilities to assets ratio, which stands at 154.31%, resulting in no points awarded in this area. This could imply potential financial strain or risk, highlighting an area that the organization may need to address to enhance its overall financial health and sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Colony Retirement Homes Iii Inc legitimate?
Colony Retirement Homes Iii Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Colony Retirement Homes Iii 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: $58,906
Professional Fundraising Fees: $0
Other Salaries and Wages: $457,399
For more financial information, click here
Official website here: www.colonyretirementhomes.com
What is the mission statement of Colony Retirement Homes Iii Inc?
Colony Retirement Homes III Inc is committed to providing affordable housing options for seniors with low and moderate income levels. Their mission is to develop and provide subsidized housing, ensuring that elderly individuals have access to suitable living spaces despite their financial circumstances. By doing so, they contribute to the well-being and independence of this population segment.
Official website here: www.colonyretirementhomes.com
What is the revenue of Colony Retirement Homes Iii Inc?
Colony Retirement Homes Iii Inc's revenue in 2023 was $2,860,966.
Official website here: www.colonyretirementhomes.com
Who are the executives of Colony Retirement Homes Iii Inc and what are their salaries?
There 11 volunteers at Colony Retirement Homes Iii Inc.
Here are 14 key members and their salaries:
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- Related: $150,619
- Other: $22,475
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- Related: $106,269
- Other: $15,164
- Compensation: $0
- Related: $102,490
- Other: $20,094
Official website here: www.colonyretirementhomes.com
Where can I find the form 990 for Colony Retirement Homes Iii Inc?
Colony Retirement Homes Iii Inc's most recent form 990 was submitted in 2023 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 Iii Inc
Colony Retirement Homes III Inc is committed to providing affordable housing solutions for seniors who fall within the low and moderate income brackets. This mission is at the heart of the organization's activities, and it strives to fulfill this goal by developing and offering subsidized housing options. The aim is to provide a living space that is within the financial reach of this demographic, ensuring that they can maintain their independence and dignity in their golden years. By providing such housing, Colony Retirement Homes III Inc contributes to the well-being of the senior community, ensuring that they can age comfortably and with the necessary support.
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Impact
July, 2024
Colony Retirement Homes III 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 low-income elderly individuals in Worcester, MA, this organization plays a crucial role in addressing the housing needs of a vulnerable population. Through its mission of ensuring that seniors have access to safe and affordable housing options, Colony Retirement Homes III Inc positively impacts the lives of those in need within the community.
This information is meant to be a general summary of Colony Retirement Homes Iii 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: $16,781
- Program Service Revenue: $2,795,604
- Gross Receipts: $2,860,966
Assets and Liabilities:
- Total Assets: $6,287,999
- Total Liabilities: $9,581,522
- Net Assets: -$3,293,523
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENT REVENUE
Revenue
$2,197,129
PROGRAM FEES
Revenue
$598,475
Organization Details
Founding Year
1977
Principal Officer
Michael Mills
NTEE Category
Code: L22 - Housing
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