Overview
What is Swap Inc?
Swap Inc is a nonprofit organization situated in Providence, Rhode Island, specifically at 439 Pine Street. Their primary mission is to preserve and rehabilitate residential properties to cater to low to moderate income families, aiming to combat housing abandonment in the area. The organization not only purchases and renovates existing homes but also constructs new apartment complexes in Providence and across Rhode Island. Additionally, Swap Inc manages a single-member LLC named TP 10, LLC, which is responsible for providing 41 units of low to moderate income housing. The organization's ultimate goal is to protect and revitalize nearby neighborhoods by providing affordable housing opportunities.
Official website here: www.swapinc.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 81%, Three-Star out of Four Star rating.
Swap Inc has received an 81% rating from Charity Navigator, indicating a solid performance in Accountability & Finance. This rating is primarily derived from an impressive track record in governance practices, with a fully independent board and comprehensive policies in place, such as conflict of interest and whistleblower protections. The organization also effectively manages its resources, evidenced by a high program expense ratio of 94.86%.
However, the organization faces a challenge with its liabilities to assets ratio, which scored 0 out of 15 points. This suggests potential financial risks that could impact its stability in the long term. While the organization excels in many governance metrics, addressing its financial leverage will be crucial for enhancing overall sustainability and effectiveness in its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Swap Inc legitimate?
Swap Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Swap 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: $90,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $465,649
For more financial information, click here
Official website here: www.swapinc.org
What is the mission statement of Swap Inc?
Swap Inc's mission is focused on addressing the issue of housing abandonment by purchasing, rehabilitating, and constructing homes and apartment complexes for low to moderate income families. The organization also operates TP 10, LLC, which manages 41 units of low and moderate income housing. Swap Inc's mission extends beyond just housing, as it aims to preserve and rehabilitate neighborhoods, ensuring their conservation for low and moderate income families. This initiative is part of Swap Inc's residential program, which seeks to promote the conservation of neighborhoods through preservation and rehabilitation efforts.
Official website here: www.swapinc.org
Who is the CEO of Swap Inc?
Carla Destefano is the Director of Swap Inc.
Official website here: www.swapinc.org
What is the revenue of Swap Inc?
Swap Inc's revenue in 2022 was $966,295.
Official website here: www.swapinc.org
Who are the executives of Swap Inc and what are their salaries?
Here are 8 key members and their salaries:
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Official website here: www.swapinc.org
Where can I find the form 990 for Swap Inc?
Swap Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.swapinc.org
Learn more at the official website: www.swapinc.org
Mission Statement of Swap Inc
Swap Inc, a nonprofit organization, is committed to addressing the issue of housing abandonment. Their mission is twofold: they purchase, rehabilitate, and construct homes and apartment complexes for low to moderate income families. By doing so, Swap Inc aims to preserve and revitalize neighborhoods, contributing to their conservation. Their efforts are not limited to a single location, extending beyond Providence to various areas in Rhode Island. In addition to this residential program, Swap Inc also operates a single member LLC known as TP 10, LLC, which manages 41 units of low and moderate income housing. Overall, Swap Inc's mission is to improve living conditions and contribute to the preservation of communities for those who may not have the means to do so themselves.
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Impact
July, 2024
Swap Inc's impact is significant in confronting the problem of housing abandonment by purchasing, rehabilitating, and constructing homes and apartment complexes for low to moderate income families in Providence, RI, and throughout Rhode Island. The organization's residential program promotes the conservation of neighborhoods in Providence through preservation and rehabilitation efforts, benefiting low to moderate income families. Through its mission, Swap Inc plays a vital role in addressing the housing needs of underserved communities and contributing to the stability and revitalization of neighborhoods.
This information is meant to be a general summary of Swap 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: $643
- Program Service Revenue: $923,188
- Gross Receipts: $1,707,329
Assets and Liabilities:
- Total Assets: $15,764,414
- Total Liabilities: $12,504,623
- Net Assets: $3,259,791
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DEVELOPMENT FEES
Revenue
$544,278
MANAGEMENT FEES
Revenue
$313,000
LEASED STAFF
Revenue
$65,910
Organization Details
Founding Year
1976
Phone
(401) 272-0526Principal Officer
Carla Destefano
Main Address
439 PINE STREET, PROVIDENCE, RI, 02907
Website
www.swapinc.orgNTEE Category
Code: L25 - Housing
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