Overview
What is Metacomet Homes Inc?
Metacomet Homes Inc, located in East Granby, Connecticut, is a nonprofit organization dedicated to providing housing solutions for moderate and low-income elderly households. They accomplish this mission by renting out 72 units at an apartment project situated in East Granby. Their primary goal is to ensure that elderly individuals have access to comfortable living environments, thereby improving their quality of life. Metacomet Homes Inc operates under the name 'Metacomet Homes' and focuses exclusively on this housing-related cause.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (Two-Star out of Four Star rating, Overall score: 66%)
Metacomet Homes Inc has received a rating of 'Needs Improvement' from Charity Navigator, with an overall score of 66%. The rating reflects concerns regarding the organization's financial health, particularly indicated by a high liabilities to assets ratio of 127%. However, the organization demonstrates strong governance with a fully independent board and effective oversight, scoring well in areas such as independent board size and financial statement audits.
The organization has a commendable program expense ratio of 69.04%, indicating that a significant portion of its resources is directed towards its programs rather than administrative costs. Additionally, Metacomet Homes Inc has successfully documented board meeting minutes and has no reported material diversion of assets, showcasing transparency and accountability.
Despite these strengths, the financial challenges highlighted by the liabilities to assets ratio suggest potential risks that the organization may face in sustaining its operations. Addressing these financial health issues could enhance its overall rating in the future and improve its capacity to serve its mission effectively.
This AI summary has been generated from information found on Charity Navigator.
Is Metacomet Homes Inc legitimate?
Metacomet Homes Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Metacomet 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:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $112,122
For more financial information, click here
What is the mission statement of Metacomet Homes Inc?
Metacomet Homes Inc is committed to providing housing for moderate and low-income elderly households. They achieve this mission by offering rental units to eligible individuals. Currently, they provide housing through a project in East Granby, Connecticut, with 72 units available. The organization's primary goal is to ensure that elderly individuals with limited income have access to suitable housing options. By doing so, Metacomet Homes Inc contributes to the well-being and dignity of elderly individuals, providing them with a secure living environment.
Who is the CEO of Metacomet Homes Inc?
James Hayden is the Director of Metacomet Homes Inc.
What is the revenue of Metacomet Homes Inc?
Metacomet Homes Inc's revenue in 2022 was $660,077.
Who are the executives of Metacomet Homes Inc and what are their salaries?
There 9 volunteers at Metacomet Homes Inc.
Here are 9 key members and their salaries:
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Where can I find the form 990 for Metacomet Homes Inc?
Metacomet Homes Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Metacomet Homes Inc
Metacomet Homes Inc, as a nonprofit organization, is dedicated to providing housing for moderate and low-income elderly households. In pursuit of this mission, the organization has made significant strides by offering housing solutions through the rental of 72 units at an apartment project in East Granby, Connecticut. By focusing on this population segment, Metacomet Homes Inc aims to contribute to the well-being and comfort of elderly individuals who may be facing financial challenges, ensuring they have a secure and suitable living environment.
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Impact
July, 2024
Metacomet Homes Inc's impact lies in providing essential housing services to moderate and low-income elderly households. Through the rental of 72 units at an apartment project in East Granby, Connecticut, this organization plays a crucial role in ensuring that a vulnerable population has access to safe and affordable housing. By fulfilling its mission of providing housing to those in need, Metacomet Homes Inc positively impacts the lives of numerous elderly individuals, creating a sense of security and stability in their living situations.
This information is meant to be a general summary of Metacomet 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 2022.
- Investment Income: $227
- Program Service Revenue: $482,683
- Gross Receipts: $660,077
Assets and Liabilities:
- Total Assets: $960,317
- Total Liabilities: $1,219,644
- Net Assets: -$259,327
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$450,631
OTHER INCOME
Revenue
$32,052
Organization Details
Founding Year
1971
Phone
(860) 653-5123Principal Officer
James Hayden
Main Address
PO BOX 977, EAST GRANBY, CT, 06026
NTEE Category
Code: L22Z - Housing
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