Overview
What is St Monicas Development Corporation Inc?
St. Monica's Development Corporation Inc, located in Hartford, Connecticut, is a nonprofit organization with a mission to cater to the housing needs of low-income homeowners and the elderly. Established to develop the Second Century Project on a 18-acre plot at 3575 Main Street, Hartford, CT, the corporation divided the land into three sections for developmental purposes. The main projects include the construction of 60 units of elderly housing, 55 homes for low-income homeowners, and a church. The organization's endeavors aim to provide suitable living accommodations for these specific demographics in the community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 83%, Three-Star out of Four Star rating. The rating highlights St Monicas Development Corporation Inc's strong focus on accountability and finance, with an overall score derived solely from this category. An 83% score indicates solid operational practices, particularly in areas such as board structure and transparency.
The organization has achieved full points for having a majority of independent board members, a well-sized board, and a favorable liabilities to assets ratio, showcasing financial stability. Additionally, the charity demonstrates excellent program expense efficiency with a 100% program expense ratio, which signifies that all funds are directed toward its programs.
However, there are notable limitations in the governance practices, specifically the absence of a whistleblower policy and a document retention and destruction policy, both of which receive a score of zero. Addressing these gaps could enhance the organization's accountability framework and overall rating in the future.
This AI summary has been generated from information found on Charity Navigator.
Is St Monicas Development Corporation Inc legitimate?
St Monicas Development Corporation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. St Monicas Development Corporation 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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Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of St Monicas Development Corporation Inc?
St. Monica's Development Corporation Inc. was established with the objective of developing a project on approximately 18 acres of land. This project, known as the Second Century Project, was divided into three separate parcels for various developmental purposes. One of these parcels was allocated for the construction of 60 units of apartments specifically designed for the elderly. Additionally, another parcel was meant for the establishment of 55 low-income homeowner units. Furthermore, a church was also included in the development plan. The primary focus of St. Monica's Development Corporation Inc. is to provide housing opportunities for low to moderate-income homeowners and the elderly.
Who is the CEO of St Monicas Development Corporation Inc?
Robert Lightfoot is the Secretarytreasurer of St Monicas Development Corporation Inc.
What is the revenue of St Monicas Development Corporation Inc?
St Monicas Development Corporation Inc's revenue in 2022 was $70,935.
Who are the executives of St Monicas Development Corporation Inc and what are their salaries?
Here are 7 key members and their salaries:
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Where can I find the form 990 for St Monicas Development Corporation Inc?
St Monicas Development Corporation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of St Monicas Development Corporation Inc
St. Monica's Development Corporation Inc was established with the mission to develop a project spanning approximately 18 acres of land located at 3575 Main Street, Hartford CT. The corporation divided this land into three separate parcels, each designated for different developmental purposes. Among these parcels, St. Monica's Development Corporation Inc focused on constructing 60 units of housing specifically for the elderly and 55 low-income homeowners. Additionally, the corporation included plans for the establishment of a church within this project. In summary, St. Monica's Development Corporation Inc's mission is to provide affordable housing options and a place of worship for the elderly and low-income homeowners, contributing to the betterment of the community.
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Impact
August, 2024
St. Monica's Development Corporation Inc's impact can be seen in the affordable housing opportunities it has provided for low to moderate-income homeowners and the elderly in Hartford, CT. The organization's development of the Second Century Project on approximately 18 acres of land has led to the creation of 60 unit apartments for the elderly, 55 low-income homeowners, and a church. By offering affordable housing options, St. Monica's Development Corporation Inc is playing a crucial role in addressing housing needs and supporting the community's residents in achieving stability and security.
This information is meant to be a general summary of St Monicas Development Corporation 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: $70,935
- Gross Receipts: $70,935
Assets and Liabilities:
- Total Assets: $4,090,172
- Total Liabilities: $0
- Net Assets: $4,090,172
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
GROUND LEASE
Organization Details
Founding Year
1987
Principal Officer
Robert Lightfoot
Main Address
PO Box 320530, Hartford, CT, 06132
NTEE Category
Code: L20 - Housing
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