Overview
What is Mystic River Homes Inc?
Mystic River Homes Inc is a nonprofit organization committed to serving the elderly with low income. Their primary mission is to provide affordable housing and congregate services. They accomplish this through collaborations with the state of Connecticut's department of economic and community development, offering 50 apartment units for congregate rent. Additionally, they also partner with the US department of agriculture - rural development, providing 46 apartment units to the elderly. This organization's focus is on ensuring that the elderly have access to suitable housing and communal services, thus improving their quality of life.
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 90%, Four-Star out of Four Star rating
Mystic River Homes Inc has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. The charity's overall score is driven entirely by its 90% accountability and finance score, which indicates a high level of transparency and effective financial management. This rating is particularly significant as it emphasizes the organization's commitment to responsible stewardship of resources.
One of the noted strengths of Mystic River Homes Inc is its governance structure, with 100% independent board members ensuring unbiased oversight. The organization also scores perfectly on key financial indicators, including an excellent program expense ratio of 93.12%, demonstrating that a significant portion of its expenses goes directly to its programs rather than administrative costs. Additionally, the charity has no material diversion of assets, signifying a strong commitment to ethical practices.
While the ratings showcase numerous strengths, it is important to consider that these figures are primarily focused on financial accountability. There may be other aspects of the organization's overall impact and effectiveness that are not captured by this score, which could provide a more comprehensive view of its services and community engagement. Overall, Mystic River Homes Inc appears to be a well-managed nonprofit with a strong focus on accountability.
This AI summary has been generated from information found on Charity Navigator.
Is Mystic River Homes Inc legitimate?
Mystic River Homes Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mystic River Homes 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:
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What is the mission statement of Mystic River Homes Inc?
Mystic River Homes Inc is committed to providing low-income housing and congregate services to the elderly. Their mission is to offer affordable housing solutions through partnerships with the state of Connecticut's Department of Economic and Community Development and the US Department of Agriculture - Rural Development. They currently manage 50 apartment units for congregate rent through the Connecticut department and 46 units through the USDA program. The organization's goal is to enhance the living conditions and support the needs of elderly individuals with limited financial resources.
What is the revenue of Mystic River Homes Inc?
Mystic River Homes Inc's revenue in 2023 was $1,682,941.
Who are the executives of Mystic River Homes Inc and what are their salaries?
There 13 volunteers at Mystic River Homes Inc.
Here are 13 key members and their salaries:
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Where can I find the form 990 for Mystic River Homes Inc?
Mystic River Homes Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Mystic River Homes Inc
Mystic River Homes Inc is committed to providing low-income housing and congregate services to the elderly. Their mission is to offer affordable living spaces and supportive services to senior citizens who may be financially strained. This nonprofit organization achieves this goal through two main sources of funding: the state of Connecticut's Department of Economic and Community Development and the US Department of Agriculture's Rural Development program. They manage 50 apartment units through the state's department, and an additional 46 units through the federal agency's program. By offering these housing options, Mystic River Homes Inc aims to contribute to the well-being and independence of the elderly community, ensuring that they can maintain a decent standard of living.
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Impact
July, 2024
Mystic River Homes Inc's impact is centered around providing low-income housing and congregate services to the elderly population. By offering 50 apartment units for congregate rent through the state of Connecticut Department of Economic and Community Development, as well as 46 apartment units through the US Department of Agriculture - Rural Development, Mystic River Homes Inc plays a crucial role in addressing the housing needs of elderly individuals with limited financial resources. Through their mission to provide low-income elderly housing, they are creating a tangible and positive impact on the community in North Haven, Connecticut.
This information is meant to be a general summary of Mystic River Homes 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: $2,296
- Program Service Revenue: $955,903
- Gross Receipts: $1,682,849
Assets and Liabilities:
- Total Assets: $5,308,070
- Total Liabilities: $1,951,665
- Net Assets: $3,356,405
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME - DOH
Revenue
$537,061
RENTAL INCOME - RD
Revenue
$406,781
LAUNDRY AND OTHER INCOME
Revenue
$12,061
Organization Details
Founding Year
1967
Principal Officer
Emeline Missy Evans
NTEE Category
Code: L22 - Housing
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