Overview
What is Main South Community Development Corp?
Main South Community Development Corp is a nonprofit organization situated at 875 Main Street, Worcester, Massachusetts 01610. Their primary mission involves participating in the promotion and development of affordable housing and economic growth within the Main South area of Worcester, Massachusetts. With a workforce of 16 individuals, they have previously acquired and developed affordable housing units, contributing to the betterment of their community.
Official website here: www.mainsouthcdc.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 82%, Three-Star out of Four Star rating.
Main South Community Development Corp has achieved an 82% rating, reflecting solid performance in accountability and finance. The organization boasts a fully independent board, which is a positive sign for transparency and governance. Their financial statements are audited, and they maintain policies related to conflict of interest, whistleblowing, and document retention, all contributing to their strong accountability score.
The program expense ratio stands at an impressive 88.40%, indicating that a significant portion of their funds is directed toward programmatic activities rather than administrative costs. However, the organization does have a liabilities to assets ratio of 68.27%, which may raise some concerns regarding financial stability. Overall, while the nonprofit demonstrates strong governance and effective financial management, close attention should be paid to its liabilities.
This AI summary has been generated from information found on Charity Navigator.
Is Main South Community Development Corp legitimate?
Main South Community Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Main South Community Development Corp 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: $137,823
Professional Fundraising Fees: $0
Other Salaries and Wages: $571,201
For more financial information, click here
Official website here: www.mainsouthcdc.org
What is the mission statement of Main South Community Development Corp?
The Main South Community Development Corp is committed to contributing to the advancement of affordable housing and economic development within its specified area. Their mission is to actively participate in promoting and facilitating these developments, aiming to enhance the living conditions and opportunities for the local community. Previously, the organization has managed affordable housing units that it had acquired and developed.
Official website here: www.mainsouthcdc.org
Who is the CEO of Main South Community Development Corp?
J Stephen Teasdale is the President of Main South Community Development Corp.
Official website here: www.mainsouthcdc.org
What is the revenue of Main South Community Development Corp?
Main South Community Development Corp's revenue in 2022 was $3,407,145.
Official website here: www.mainsouthcdc.org
Who are the executives of Main South Community Development Corp and what are their salaries?
The average compensation at Main South Community Development Corp during 2022 was $44,314. There are 16 employees and 6 volunteers at Main South Community Development Corp.
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- Compensation: $131,537
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- Other: $10,062
Official website here: www.mainsouthcdc.org
Where can I find the form 990 for Main South Community Development Corp?
Main South Community Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mainsouthcdc.org
Learn more at the official website: www.mainsouthcdc.org
Mission Statement of Main South Community Development Corp
Main South Community Development Corp is an organization committed to playing a significant role in the promotion and development of affordable housing and economic growth within the Main South area of Massachusetts. Their mission, in simple terms, is to spearhead initiatives that make housing more affordable and stimulate economic development in this particular region. This nonprofit organization accomplishes this by managing previously acquired and developed affordable housing projects. By doing so, Main South Community Development Corp contributes to the betterment of the community, ensuring that housing remains accessible to all while fostering an environment conducive to economic growth.
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Impact
July, 2024
Main South Community Development Corp's impact is evident in the revitalization and enhancement of the Main South area of Worcester, Massachusetts. Through its activities focused on affordable housing and economic development, it has played a crucial role in creating a more vibrant and inclusive community. By managing affordable housing projects and participating in the development of economic opportunities, the organization has helped improve the living conditions and economic prospects of local residents. Main South Community Development Corp's dedicated efforts align with its mission to promote and develop affordable housing and economic opportunities in the Main South area, thereby contributing significantly to the overall community improvement.
This information is meant to be a general summary of Main South Community Development Corp. 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: $269,747
- Program Service Revenue: $2,297,304
- Gross Receipts: $3,537,693
Assets and Liabilities:
- Total Assets: $15,010,122
- Total Liabilities: $9,836,921
- Net Assets: $5,173,201
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$1,220,317
MANAGMENT FEES & OTHER
Revenue
$954,214
PAYROLL & OVERHEAD
Revenue
$122,773
Organization Details
Founding Year
1986
Phone
(508) 752-6181Principal Officer
J Stephen Teasdale
Main Address
875 MAIN STREET, WORCESTER, MA, 01610
Website
www.mainsouthcdc.orgNTEE Category
Code: S30 - Community improvement
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