Overview
What is Spurwink Realty Development Corporation?
Spurwink Realty Development Corporation is a nonprofit organization situated in Cranston, Rhode Island, specifically at ONE SPURWINK PLACE. Their primary mission is to provide affordable housing opportunities for individuals with disabilities. In line with this mission, they have developed a 12-unit housing complex, funded under Section 811 of the National Housing Act. This development is dedicated to supporting individuals with developmental disabilities, offering them a secure and suitable living environment.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79% (Three-Star out of Four Star Rating)
Spurwink Realty Development Corporation has achieved a Three-Star rating from Charity Navigator, indicating a solid level of accountability and financial health. The organization scored 79% overall, reflecting a commendable commitment to transparency and governance. Notably, it boasts a fully independent board, which is an essential factor in ensuring effective oversight and decision-making.
The nonprofit demonstrates impressive financial practices, as evidenced by a program expense ratio of 100%, meaning all funds are directed towards its programs. Additionally, Spurwink has established robust policies, including a conflict of interest policy and a whistleblower policy, which further enhance its operational integrity. The organization also maintains thorough documentation of its board meeting minutes, adding to its credibility.
While the rating is strong, there may be areas for improvement not detailed in the summary. Overall, Spurwink Realty Development Corporation appears to be a well-managed organization prioritizing accountability and effective use of resources.
This AI summary has been generated from information found on Charity Navigator.
Is Spurwink Realty Development Corporation legitimate?
Spurwink Realty Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Spurwink Realty 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 Spurwink Realty Development Corporation?
Spurwink Realty Development Corporation's mission is centered around providing affordable housing solutions. Specifically, they focus on developing accommodations for individuals with disabilities. Their most notable project involves the ownership of a 12-unit subsidized housing development, which is designed to cater to developmentally disabled individuals. This initiative falls under Section 811 of the National Housing Act, indicating a commitment to promoting inclusivity and equality in housing opportunities.
Who is the CEO of Spurwink Realty Development Corporation?
Raymond Arsenault is the President of Spurwink Realty Development Corporation.
What is the revenue of Spurwink Realty Development Corporation?
Spurwink Realty Development Corporation's revenue in 2022 was $161,882.
Who are the executives of Spurwink Realty Development Corporation and what are their salaries?
There 9 volunteers at Spurwink Realty Development Corporation.
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Where can I find the form 990 for Spurwink Realty Development Corporation?
Spurwink Realty Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Spurwink Realty Development Corporation
Spurwink Realty Development Corporation, a nonprofit organization, is committed to providing affordable housing for individuals with disabilities. Their primary mission is to own and operate a 12-unit subsidized housing development, specifically tailored for developmentally disabled individuals. This housing development falls under Section 811 of the National Housing Act, ensuring that the living conditions meet the unique needs of its residents. The corporation's goal is to provide a safe and comfortable living environment where individuals with disabilities can thrive and lead fulfilling lives.
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Impact
October, 2024
Spurwink Realty Development Corporation plays a vital role in creating opportunities for disabled individuals by providing affordable housing solutions. Their 12-unit low-income housing development in Cranston, Rhode Island, specifically caters to the needs of developmentally disabled persons, ensuring they have access to safe and supportive living environments. This initiative aligns with Section 811 of the National Housing Act, which aims to facilitate independent living for people with disabilities. By maintaining ownership of this subsidized housing, Spurwink Realty Development Corporation not only helps to address the critical shortage of affordable housing options but also promotes inclusivity and empowerment for disabled individuals in the community. Their work significantly enhances the quality of life for residents, fostering independence and a sense of belonging.
This information is meant to be a general summary of Spurwink Realty 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 2022.
- Investment Income: $234
- Program Service Revenue: $159,984
- Gross Receipts: $161,882
Assets and Liabilities:
- Total Assets: $1,252,948
- Total Liabilities: $1,442,473
- Net Assets: -$189,525
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL SUBSIDIES
Revenue
$119,745
TENANT RENTS
Revenue
$40,239
Organization Details
Founding Year
1995
Phone
(401) 781-4380Principal Officer
Raymond Arsenault
Main Address
ONE SPURWINK PLACE, CRANSTON, RI, 02910
NTEE Category
Code: L20 - Housing
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