Overview
What is East Bay Community Development Corporation?
The East Bay Community Development Corporation is a nonprofit organization situated in Bristol, Rhode Island. Its primary mission is to provide affordable housing opportunities for individuals with low to moderate incomes. To accomplish this, the organization engages in various activities such as purchasing, selling, and renting properties. It has acquired a property to be used for tax credit low-income housing and manages numerous units through general partner or controlling interests. Additionally, the corporation owns and rents 4 housing units independently and is involved in managing over 333 low-income housing units. The organization's ultimate goal is to improve the housing stock, assist individuals in becoming homeowners, and provide decent housing choices for those in need.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 86% (Three-Star out of Four Star rating)
East Bay Community Development Corporation has received an 86% rating from Charity Navigator, reflecting strong accountability and financial practices. The organization is noted for having an entirely independent board, which contributes positively to its governance. The charity has successfully maintained a low liabilities to assets ratio and a healthy program expense ratio, indicating effective financial management and a commitment to its mission.
The strengths highlighted in the rating include the presence of a robust audit and oversight committee as well as a clear conflict of interest policy. These aspects suggest that the organization is well-structured to address any potential governance issues and is committed to transparency. Additionally, the documentation of board meeting minutes signifies accountability in its decision-making processes.
While the overall score is based solely on accountability and finance, there are no indications of material diversion of assets, which is a positive sign for donors concerned about integrity. However, it would be beneficial for the organization to showcase qualitative impacts of its programs to provide a fuller picture of its effectiveness beyond financial metrics.
This AI summary has been generated from information found on Charity Navigator.
Is East Bay Community Development Corporation legitimate?
East Bay Community Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. East Bay Community 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:
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What is the mission statement of East Bay Community Development Corporation?
The East Bay Community Development Corporation's mission is centered around improving housing conditions and providing affordable living options. The organization strives to enhance the housing stock and assist individuals in becoming homeowners. Additionally, it is committed to providing decent housing to people with low and moderate incomes. To achieve these goals, the corporation acquires, sells, and rents properties, manages low-income housing properties, and maintains a general partner or controlling interest in several such properties. A significant portion of these properties is rented out to individuals and families with limited income.
Who is the CEO of East Bay Community Development Corporation?
Diane Mederos is the Director of East Bay Community Development Corporation.
What is the revenue of East Bay Community Development Corporation?
East Bay Community Development Corporation's revenue in 2023 was $1,171,227.
Who are the executives of East Bay Community Development Corporation and what are their salaries?
There 10 volunteers at East Bay Community Development Corporation.
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Where can I find the form 990 for East Bay Community Development Corporation?
East Bay Community Development Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of East Bay Community Development Corporation
East Bay Community Development Corporation, a renowned organization, is dedicated to providing decent and affordable housing opportunities for individuals with low and moderate incomes. Its mission is multifaceted, aiming to improve the overall housing stock, assist individuals in becoming homeowners, and provide decent housing for those in need. To accomplish this, the corporation engages in various activities. It purchases, sells, and rents housing units, ensuring they are accessible to those within the income bracket.
The corporation's commitment to its mission is evident in its recent acquisition of a property for use in tax credit low-income housing. Beyond this, East Bay Community Development Corporation also owns and rents out 4 units of housing directly and manages low-income housing properties with over 333 units. In these properties, the corporation holds a general partner interest or controlling interest, ensuring that a majority of the units are rented to individuals with low and moderate incomes. By engaging in such activities, East Bay Community Development Corporation is making significant strides in addressing the housing needs of the community, providing a crucial service for those who may otherwise struggle to secure affordable housing.
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Impact
July, 2024
East Bay Community Development Corporation's impact is significant in providing decent and affordable housing opportunities to low and moderate-income persons in Bristol, RI. The organization has acquired a property for tax credit low-income housing and owns and rents 4 units outright. Additionally, they manage over 333 units of low-income housing, ensuring that the majority of these units are rented to individuals in need. Their mission to improve the housing stock, assist individuals in homeownership, and provide quality housing aligns with their commitment to serving the community's housing needs.
This information is meant to be a general summary of East Bay Community 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 2023.
- Investment Income: -$65,629
- Program Service Revenue: $1,093,716
- Gross Receipts: $2,477,146
Assets and Liabilities:
- Total Assets: $3,370,418
- Total Liabilities: $321,710
- Net Assets: $3,048,708
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MANAGEMENT FEE
Revenue
$553,767
DEVELOPMENT FEES
Revenue
$478,451
RENTAL INCOME
Revenue
$61,498
Organization Details
Founding Year
1985
Phone
(401) 253-2080Principal Officer
Diane Mederos
Main Address
150 FRANKLIN ST, BRISTOL, RI, 02809
NTEE Category
Code: L25 - Housing
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