Overview
What is Old Town Residential Services Corp?
Old Town Residential Services Corp, also known as The Meadows, is a nonprofit organization situated in Old Town, Maine. Their primary mission is to offer affordable housing options to qualified low-income individuals. The organization, with a workforce of 19, strives to make housing more accessible for those in need, thus contributing significantly to the local community. Their activities are centered around providing affordable housing, making them a crucial resource for those struggling financially in the region.
What are the reviews and ratings of this charity?
Charity Navigator Rating 79% - Three-Star out of Four Star rating
Old Town Residential Services Corp has received a Three-Star rating from Charity Navigator, indicating a solid performance in various accountability and financial areas. The organization demonstrates a strong commitment to governance, with 100% of its board members being independent, which enhances transparency and reduces potential conflicts of interest.
The nonprofit excels in effectively managing its resources, as evidenced by a high program expense ratio of 90.42%. This suggests that a significant portion of its funding is directed towards its programs, benefiting the community it serves. Additionally, the organization has established comprehensive policies regarding conflicts of interest, whistleblower protections, and document retention.
However, while the overall score is commendable, there may be areas for improvement in maintaining or enhancing its financial health. The liabilities to assets ratio of 50.41% indicates that the organization carries a notable level of debt, which could be a point of concern for potential donors looking for long-term sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Old Town Residential Services Corp legitimate?
Old Town Residential Services Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Old Town Residential Services Corp 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: $477,634
For more financial information, click here
What is the mission statement of Old Town Residential Services Corp?
Old Town Residential Services Corp is committed to providing affordable housing for individuals with low income. This mission is carried out by offering both housing and related services to eligible individuals. The organization's primary goal is to make housing accessible to those who may not be able to afford it otherwise, thereby contributing to a more equitable housing landscape. By providing affordable housing, Old Town Residential Services Corp aims to support the well-being and stability of its residents, ultimately improving their overall quality of life.
What is the revenue of Old Town Residential Services Corp?
Old Town Residential Services Corp's revenue in 2024 was $1,017,294.
Who are the executives of Old Town Residential Services Corp and what are their salaries?
The average compensation at Old Town Residential Services Corp during 2024 was $19,105. There are 25 employees at Old Town Residential Services Corp.
Here are 9 key members and their salaries:
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Where can I find the form 990 for Old Town Residential Services Corp?
Old Town Residential Services Corp's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of Old Town Residential Services Corp
Old Town Residential Services Corp is committed to providing a vital service within its mission. This organization focuses on addressing the housing needs of individuals with limited income. By offering affordable housing and related services, Old Town Residential Services Corp aims to make a significant difference in the lives of its qualified recipients. The corporation's primary objective is to ensure that low-income individuals have access to adequate housing, thereby contributing to their overall well-being and stability.
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Impact
July, 2024
Old Town Residential Services Corp's impact lies in providing affordable housing for low-income individuals in Old Town, ME. By offering this crucial service, the organization directly contributes to improving the quality of life for those in need, ensuring they have a safe and stable place to live. This, in turn, helps to address issues of homelessness, poverty, and housing insecurity in the community, ultimately making a tangible difference in the lives of individuals and families facing financial hardship.
This information is meant to be a general summary of Old Town Residential Services Corp. 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: $11,961
- Program Service Revenue: $999,503
- Gross Receipts: $1,017,294
Assets and Liabilities:
- Total Assets: $1,261,290
- Total Liabilities: $635,848
- Net Assets: $625,442
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
HOUSING
Revenue
$956,173
MEALS
Revenue
$43,330
Organization Details
Founding Year
1994
Principal Officer
Laurie Miller
NTEE Category
Code: L21 - Housing
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