Overview
What is North Walke Housing Corporation?
North Walke Housing Corporation is a nonprofit organization situated in Norwalk, Connecticut, specificially at 3 Belden Avenue, 06850. Their primary mission is to provide affordable housing options for families, ensuring they pay below-market rates. These families fall into the category of being low-income or households that earn 80% or less of the area median income. This crucial service plays a significant role in addressing housing inequalities within the community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81%, Three-Star out of Four Star Rating
North Walke Housing Corporation has achieved a solid Three-Star rating from Charity Navigator, reflecting an overall score of 81%. This score is derived exclusively from its Accountability & Finance measures, indicating a strong commitment to transparency and responsible financial management. The organization notably scored full points in areas such as having an independent board and maintaining essential policies related to conflict of interest and asset diversion.
The organization benefits from a fully independent board, which is crucial for governance and decision-making integrity. Additionally, North Walke Housing Corporation has implemented key policies that safeguard its operations, such as a whistleblower policy and a document retention strategy, which further bolsters its accountability framework. The liabilities to assets ratio of 53.86% suggests a reasonable financial structure, though there is room for improvement in the program expense ratio.
However, the program expense ratio of 62.39% indicates that while a majority of expenses are directed towards programs, there is still a significant portion that could be optimized for greater impact. Overall, North Walke Housing Corporation demonstrates commendable financial accountability, but enhancing program efficiency could elevate its performance further.
This AI summary has been generated from information found on Charity Navigator.
Is North Walke Housing Corporation legitimate?
North Walke Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. North Walke Housing 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:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of North Walke Housing Corporation?
North Walke Housing Corporation is committed to providing affordable rental housing to families, with all residents falling under the low-income bracket or earning income that is 80% or less than the median income of their respective areas. The organization's mission is to make housing accessible at reduced rates, thereby contributing to a more equitable living situation for these families. By offering below-market rentals, North Walke Housing Corporation aims to alleviate housing-related financial burdens, enabling these families to focus on other essential aspects of their lives.
What is the revenue of North Walke Housing Corporation?
North Walke Housing Corporation's revenue in 2024 was $36,604.
Who are the executives of North Walke Housing Corporation and what are their salaries?
Here are 5 key members and their salaries:
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Where can I find the form 990 for North Walke Housing Corporation?
North Walke Housing Corporation's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of North Walke Housing Corporation
North Walke Housing Corporation is committed to providing affordable rental housing to families who fall below the 80th percentile of the area median income. This nonprofit organization's mission is centered around offering below-market rate housing to low-income families and households, ensuring that they have access to safe and comfortable living spaces without the financial strain that often comes with high housing costs. By providing this essential service, North Walke Housing Corporation plays a significant role in supporting vulnerable communities and helping families maintain a stable living environment.
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Impact
August, 2024
North Walke Housing Corporation's impact can be seen in the provision of affordable rental housing to low-income families in Norwalk, CT. By offering below-market rates to households at or below 80% of the area median income, this organization plays a crucial role in addressing housing affordability challenges in the community. Through their mission-focused work, North Walke Housing Corporation contributes to the stability and well-being of families who might otherwise struggle to secure safe and affordable housing. Their efforts help to create a more inclusive and supportive environment for vulnerable populations, ultimately making a positive difference in the lives of those they serve.
This information is meant to be a general summary of North Walke Housing 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 2024.
- Investment Income: $29,629
- Program Service Revenue: $6,975
- Gross Receipts: $36,604
Assets and Liabilities:
- Total Assets: $862,114
- Total Liabilities: $464,375
- Net Assets: $397,739
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM INCOME
Revenue
$6,975
Organization Details
Founding Year
1987
Principal Officer
Brian Bidolli
NTEE Category
Code: L81Z - Housing
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