Overview
What is Newtown Housing For The Elderly Inc?
Newtown Housing for the Elderly Inc., located at 3 Nunnawauk Road, Newtown, CT 06470, is a nonprofit organization dedicated to providing affordable housing for the elderly and disabled. Established with the mission to serve those aged 62 or older, as well as handicapped or disabled individuals, the organization operates Nunnawauk Meadows, a 134-unit apartment complex. Financing for this project comes under Section 515 of the Housing Act of 1949, and the organization has an agreement with USDA-Rural Development, ensuring that rental and operational methods are regulated. With a team of 9 employees, Newtown Housing for the Elderly Inc. is committed to offering a secure and affordable living environment for its residents.
Official website here: www.nunnawaukmeadows.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, earning a Two-Star out of Four Star rating
Newtown Housing For The Elderly Inc has received a 73% rating from Charity Navigator, indicating a need for improvement in certain operational areas despite some strong governance practices. The organization boasts a fully independent board and effective financial oversight, which contributes positively to its accountability score. However, the absence of key policies such as a conflict of interest and whistleblower policy has negatively impacted its overall rating.
Financially, the organization has a high program expense ratio of 78.80%, reflecting a strong commitment to directing funds towards its mission. However, it faces challenges with a liabilities to assets ratio of 159.12%, signaling potential financial instability. The lack of transparency in tax documentation and other required policies suggests areas where the organization could enhance its governance and public trust.
In summary, while Newtown Housing For The Elderly Inc demonstrates strong oversight and prioritizes program spending, significant gaps in policy implementation and financial management present challenges that need to be addressed for improved sustainability and public confidence.
This AI summary has been generated from information found on Charity Navigator.
Is Newtown Housing For The Elderly Inc legitimate?
Newtown Housing For The Elderly Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Newtown Housing For The Elderly 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: $466,660
For more financial information, click here
Official website here: www.nunnawaukmeadows.com
What is the mission statement of Newtown Housing For The Elderly Inc?
Newtown Housing for the Elderly Inc., as a non-profit organization, is committed to providing affordable housing for individuals who are 62 years old or above, as well as for those who are handicapped or disabled. They operate Nunnawauk Meadows, a housing complex, and their long-term financing is facilitated under Section 515 of the Housing Act of 1949. The organization has an agreement with USDA-Rural Development, which outlines the rental and operating methods for them. USDA-Rural Development, a division of the U.S. Department of Agriculture, is a significant source of revenue for Newtown Housing for the Elderly Inc. In essence, the organization's primary mission is to ensure affordable housing for the specified demographic.
Official website here: www.nunnawaukmeadows.com
Who is the CEO of Newtown Housing For The Elderly Inc?
Rich Simoneau is the President of Newtown Housing For The Elderly Inc.
Official website here: www.nunnawaukmeadows.com
What is the revenue of Newtown Housing For The Elderly Inc?
Newtown Housing For The Elderly Inc's revenue in 2022 was $1,161,779.
Official website here: www.nunnawaukmeadows.com
Who are the executives of Newtown Housing For The Elderly Inc and what are their salaries?
The average compensation at Newtown Housing For The Elderly Inc during 2022 was $51,851. There are 9 employees at Newtown Housing For The Elderly Inc.
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Official website here: www.nunnawaukmeadows.com
Where can I find the form 990 for Newtown Housing For The Elderly Inc?
Newtown Housing For The Elderly Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.nunnawaukmeadows.com
Learn more at the official website: www.nunnawaukmeadows.com
Mission Statement of Newtown Housing For The Elderly Inc
Newtown Housing for the Elderly, Inc. is a dedicated non-profit organization established with the primary goal of providing affordable housing options for senior citizens aged 62 or above, as well as for individuals who are handicapped or disabled. This organization operates Nunnawauk Meadows, a 134-unit apartment complex, situated in Newtown, Connecticut. The organization's operations are supported by long-term financing, which is provided under Section 515 of the Housing Act of 1949. To further ensure financial stability, Newtown Housing for the Elderly, Inc. has entered into an Interest Credit and Rental Assistance Agreement with USDA-Rural Development (USDA-RD), a division of the U.S. Department of Agriculture, which serves as a significant revenue source for the organization. The agreement prescribes the rental and operating methods for the organization, thereby ensuring its sustainable operation and continued commitment to providing affordable housing options for its eligible residents.
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Impact
July, 2024
Newtown Housing For The Elderly Inc's impact is significant in providing low-cost housing for elderly individuals aged 62 or older, as well as handicapped or disabled persons. Through its operation of NunnaWauk Meadows, a 134-unit apartment complex in Newtown, CT, the organization offers a vital resource for those in need of affordable housing. By partnering with USDA-Rural Development and adhering to prescribed rental and operating methods, Newtown Housing For The Elderly Inc ensures that its residents have a stable and secure living environment. This commitment to providing housing for vulnerable populations demonstrates the organization's dedication to improving the quality of life for elderly and disabled individuals in the community.
This information is meant to be a general summary of Newtown Housing For The Elderly 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: $5,378
- Program Service Revenue: $789,174
- Gross Receipts: $1,161,779
Assets and Liabilities:
- Total Assets: $4,122,202
- Total Liabilities: $6,088,262
- Net Assets: -$1,966,060
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$781,798
LAUNDRY INCOME
Revenue
$7,326
OTHER INCOME
Revenue
$50
Organization Details
Founding Year
1970
Phone
(203) 426-5000Principal Officer
Rich Simoneau
Main Address
3 Nunnawauk Road, Newtown, CT, 06470
Website
www.nunnawaukmeadows.comNTEE Category
Code: L22Z - Housing
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