Overview
What is Regenesis Community Development Corporation?
Regenesis Community Development Corporation is a charitable nonprofit organization based in Spartanburg, South Carolina. Their primary mission involves improving communities by providing safe and affordable housing, particularly for individuals with low to very low incomes. They achieve this by developing, owning, managing, buying, and selling affordable housing. Additionally, they support activities that expand economic opportunities, promote community development and revitalization, and combat community deterioration through residential and commercial development, economic development, and historic preservation. The organization also rents 10 units of housing to low-income tenants, with five of these units under lease purchase options. They employ a total of 3 individuals.
Official website here: www.rcdc.us
What are the reviews and ratings of this charity?
Charity Navigator Rating: 83% (Three-Star out of Four Stars)
Regenesis Community Development Corporation has achieved a Three-Star rating from Charity Navigator, reflecting a solid performance in accountability and finance. The organization scored 83% overall, with its rating derived entirely from its accountability and finance score. This high score indicates that Regenesis maintains a robust financial standing and adheres to best practices in governance.
The nonprofit demonstrated strengths in several key areas, including an independent board with a full complement of members, a comprehensive conflict of interest policy, and effective management of its assets. Their program expense ratio is commendable at 90.86%, suggesting a strong focus on program delivery as opposed to administrative costs. Additionally, the organization has implemented essential policies around whistleblower protection and document retention, which reinforces its commitment to transparency and ethical governance.
However, there is a notable concern regarding the organization's liabilities to assets ratio, which stands at 68.54%. This figure indicates a higher level of liabilities compared to assets, which could be a potential risk factor for sustainability in the long term. Overall, while Regenesis Community Development Corporation has established a solid foundation of accountability and financial health, attention to its liabilities may be warranted for future stability.
This AI summary has been generated from information found on Charity Navigator.
Is Regenesis Community Development Corporation legitimate?
Regenesis Community Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Regenesis Community Development 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: $20,340
For more financial information, click here
Official website here: www.rcdc.us
What is the mission statement of Regenesis Community Development Corporation?
Regenesis Community Development Corporation is established as a non-profit organization with a charitable purpose. Its primary objective is to enhance communities by providing safe and affordable housing primarily for individuals with low to very low incomes. The corporation also aims to promote economic opportunities, community development, and revitalization for these income groups. Furthermore, it works towards combating community deterioration through residential development and revitalization, commercial development and revitalization, economic development, and historic preservation. Additionally, Regenesis supports activities that may foster housing, economic development, neighborhood revitalization, historic preservation, and community development.
Official website here: www.rcdc.us
Who is the CEO of Regenesis Community Development Corporation?
Harold Mitchell is the Executive Di of Regenesis Community Development Corporation.
Official website here: www.rcdc.us
What is the revenue of Regenesis Community Development Corporation?
Regenesis Community Development Corporation's revenue in 2020 was $42,323.
Official website here: www.rcdc.us
Who are the executives of Regenesis Community Development Corporation and what are their salaries?
The average compensation at Regenesis Community Development Corporation during 2020 was $6,780. There are 3 employees at Regenesis Community Development Corporation.
Here are 6 key members and their salaries:
- Compensation: $1,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.rcdc.us
Where can I find the form 990 for Regenesis Community Development Corporation?
Regenesis Community Development Corporation's most recent form 990 was submitted in 2020 and can be accessed here.
Official website here: www.rcdc.us
Learn more at the official website: www.rcdc.us
Mission Statement of Regenesis Community Development Corporation
Regenesis Community Development Corporation, established as a non-profit organization, operates with a mission to contribute to charitable purposes. Specifically, it aims to develop, own, manage, buy, and sell affordable housing in various communities, primarily benefiting individuals with low to very low incomes. The corporation's objectives extend beyond housing, as it also seeks to enhance communities by providing safe and suitable living environments.
In addition to housing development, Regenesis Community Development Corporation engages in activities that promote economic opportunities, community development, and revitalization for low-income individuals. By combating community deterioration through residential and commercial development, economic development, and historic preservation, the corporation plays a significant role in revitalizing neighborhoods and communities.
Furthermore, Regenesis Community Development Corporation supports activities that may foster housing, economic development, neighborhood revitalization, historic preservation, and community growth. This holistic approach to improving living conditions and strengthening communities aligns with its mission to operate exclusively for charitable purposes.
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Impact
August, 2024
Regenesis Community Development Corporation's impact includes providing safe and affordable housing to low to very low income individuals in and around the city of Spartanburg. They also work towards expanding economic opportunities, community development, and community revitalization for persons of similar income levels. Additionally, the organization combats community deterioration through various activities such as residential and commercial development, economic development, and historic preservation. This has resulted in the counseling of new homeowners about homeownership and the renting of housing units to low-income tenants, with some under lease purchase options.
This information is meant to be a general summary of Regenesis Community Development 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 2020.
- Investment Income: $1,763
- Program Service Revenue: $40,510
- Gross Receipts: $42,323
Assets and Liabilities:
- Total Assets: $1,918,333
- Total Liabilities: $1,183,801
- Net Assets: $734,532
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$36,992
MANAGEMENT FEES
Revenue
$2,325
HOMEBUYER EDUCATION/COUNSELIN
Revenue
$1,118
PROGRAM FEES
Revenue
$75
Organization Details
Founding Year
2001
Phone
(864) 504-3090Principal Officer
Harold Mitchell
Main Address
PO BOX 5701, SPARTANBURG, SC, 29304
Website
www.rcdc.usNTEE Category
Code: L20 - Housing
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