Overview
What is Madison Interfaith Residential Community Inc?
Madison Interfaith Residential Community Inc is a nonprofit organization situated in Rocky Hill, Connecticut. Their primary mission revolves around providing affordable housing options for the elderly with low income, supported by Rural Development. This housing complex, comprising 90 units, serves as a vital resource for those in need, ensuring they can reside in a secure and suitable environment.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 87%, Three-Star out of Four Stars
Madison Interfaith Residential Community Inc has received a solid Three-Star rating from Charity Navigator, indicating strong performance in accountability and finance. The organization’s score reflects a robust commitment to financial transparency and governance, with 100% of board members being independent. This independence, coupled with a comprehensive oversight committee, demonstrates that the organization adheres to high standards of accountability.
The charity excels in areas such as financial statements and policies regarding conflict of interest and document retention, scoring full marks in these categories. Additionally, it maintains an impressive program expense ratio of over 85%, suggesting that the majority of its funds are directed toward its mission-related activities. This focus on program expenses indicates a commitment to effectively serving the community.
However, while the organization performs well in various areas, its liabilities to assets ratio of 54.50% may raise some concerns about financial stability in the long term. Despite this, the overall financial health and governance practices of Madison Interfaith Residential Community Inc present a positive picture for potential donors and supporters.
This AI summary has been generated from information found on Charity Navigator.
Is Madison Interfaith Residential Community Inc legitimate?
Madison Interfaith Residential Community Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Madison Interfaith Residential Community 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.
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What is the mission statement of Madison Interfaith Residential Community Inc?
Madison Interfaith Residential Community Inc, as an organization, is dedicated to managing and operating 90 units of low-income elderly housing. This housing is subsidized by Rural Development, aiming to provide affordable living options for those in need. The corporation's mission, in essence, is to contribute to the well-being of the elderly population by offering them suitable housing solutions. They do not disclose any specific goals beyond this, focusing primarily on their role in providing subsidized housing.
Who is the CEO of Madison Interfaith Residential Community Inc?
Elaine Reitman is the Director of Madison Interfaith Residential Community Inc.
What is the revenue of Madison Interfaith Residential Community Inc?
Madison Interfaith Residential Community Inc's revenue in 2022 was $2,322,788.
Who are the executives of Madison Interfaith Residential Community Inc and what are their salaries?
There 13 volunteers at Madison Interfaith Residential Community Inc.
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Where can I find the form 990 for Madison Interfaith Residential Community Inc?
Madison Interfaith Residential Community Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Madison Interfaith Residential Community Inc
Madison Interfaith Residential Community Inc, as a nonprofit organization, is committed to providing affordable housing solutions for elderly individuals with limited income. This mission is facilitated through the subsidization of their 90-unit housing facility by Rural Development. By offering rental options within this community, Madison Interfaith Residential Community Inc aims to provide a safe and secure living environment for those in need, thereby contributing to their well-being and overall quality of life.
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Impact
July, 2024
Madison Interfaith Residential Community Inc, operating as Concord Meadows, provides essential housing options for low-income elderly individuals in Rocky Hill, CT. Through the operation of 90 subsidized units, they ensure that vulnerable community members have access to safe and affordable housing. This impact not only addresses the critical need for housing security but also contributes to the overall well-being and quality of life for the elderly population in the area.
This information is meant to be a general summary of Madison Interfaith Residential Community 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: $74
- Program Service Revenue: $651,335
- Gross Receipts: $2,322,788
Assets and Liabilities:
- Total Assets: $3,478,081
- Total Liabilities: $1,878,313
- Net Assets: $1,599,768
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
NET RENTAL REVNEUES
Revenue
$625,924
LAUNDRY AND OTHER INCOME
Revenue
$25,411
Organization Details
Phone
(860) 398-5425Principal Officer
Elaine Reitman
Main Address
2080 SILAS DEANE HIGHWAY SUITE 102, ROCKY HILL, CT, 06067
NTEE Category
Code: K20Z - Food
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