Overview
What is Webster Development Fund Inc Webster Development Fund Inc?
Webster Development Fund Inc, located in Springhill, Louisiana, is a nonprofit organization with a mission to contribute to the Fuller Center of Webster, Inc. Their primary activity involves soliciting and purchasing mortgages for this nonprofit organization, which focuses on providing affordable housing. The funds collected by Webster Development Fund Inc are used to construct low-income housing and manage the mortgages for these families. Additionally, they offer forgiveness on a portion of the mortgage payments, attributed to donations. By doing so, Webster Development Fund Inc plays a crucial role in supporting low-income families in attaining stable housing solutions.
Official website here: www.fullercenterwebster.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 37%, Zero-Star out of Four Star rating.
The Webster Development Fund Inc has received a low rating of 37% from Charity Navigator, resulting in a Zero-Star designation. This score primarily reflects significant concerns related to accountability and finance. Notably, the organization has no independent board members, which raises questions about governance and oversight.
While the charity has established some policies such as conflict of interest and whistleblower protections, it struggles with financial health, indicated by a concerning liabilities to assets ratio of 90.14% and a program expense ratio of 0.00%. Although there is no material diversion of assets, the lack of independent oversight and the absence of the organization's tax form on its website point to serious governance issues.
Overall, the Webster Development Fund Inc may require substantial improvements in its governance structure and financial management practices to enhance transparency and accountability. Potential donors and supporters should consider these significant limitations when evaluating their trust in the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Webster Development Fund Inc Webster Development Fund Inc legitimate?
Webster Development Fund Inc Webster Development Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Webster Development Fund Inc Webster Development Fund 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: $0
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Official website here: www.fullercenterwebster.org
What is the mission statement of Webster Development Fund Inc Webster Development Fund Inc?
The mission of Webster Development Fund Inc, as stated, is primarily focused on supporting the Fuller Center of Webster Inc, a non-profit organization dedicated to providing affordable housing. Webster Development Fund Inc's role is to procure mortgages for this organization. Their objective is to contribute to the construction of low-income housing and manage the mortgages of these properties. Notably, they are committed to forgiving a portion of the mortgage that is attributable to donations, thereby making housing more affordable for those in need.
Official website here: www.fullercenterwebster.org
Who is the CEO of Webster Development Fund Inc Webster Development Fund Inc?
Charles L Payne is the President of Webster Development Fund Inc Webster Development Fund Inc.
Official website here: www.fullercenterwebster.org
What is the revenue of Webster Development Fund Inc Webster Development Fund Inc?
Webster Development Fund Inc Webster Development Fund Inc's revenue in 2022 was $0.
Official website here: www.fullercenterwebster.org
Who are the executives of Webster Development Fund Inc Webster Development Fund Inc and what are their salaries?
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.fullercenterwebster.org
Where can I find the form 990 for Webster Development Fund Inc Webster Development Fund Inc?
Webster Development Fund Inc Webster Development Fund Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.fullercenterwebster.org
Learn more at the official website: www.fullercenterwebster.org
Mission Statement of Webster Development Fund Inc Webster Development Fund Inc
Webster Development Fund, a nonprofit organization, is dedicated to processing mortgages for the Fuller Center of Webster Inc., an association that focuses on providing affordable housing. The mission of Webster Development Fund is to contribute financially towards the construction of low-income housing through the Fuller Center of Webster, Inc. Furthermore, the fund manages the mortgages of these housing units, and in some instances, forgives a portion of the mortgage that is attributed to donations. This initiative allows low-income families to secure affordable housing, thereby improving their living conditions.
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Impact
October, 2024
Webster Development Fund Inc plays a crucial role in enhancing access to affordable housing in Springhill, Louisiana. By soliciting and purchasing mortgages for the Fuller Center of Webster Inc, it directly supports the construction and management of low-income housing.
The organization collects funds that significantly contribute to the mission of building homes for low-income families, making housing more accessible and manageable. One of its impactful initiatives includes forgiving a portion of the mortgage payments associated with donations, effectively reducing the financial burden on families in need. This work not only addresses immediate housing challenges but also fosters long-term stability for low-income households in the community. Through these efforts, Webster Development Fund Inc is helping to create a more equitable housing landscape in the region.
This information is meant to be a general summary of Webster Development Fund Inc Webster Development Fund 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.
Assets and Liabilities:
- Total Assets: $1,208,231
- Total Liabilities: $1,099,785
- Net Assets: $108,446
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Organization Details
Founding Year
2006
Phone
(318) 539-2122Principal Officer
Charles L Payne
Main Address
PO Box 155, Springhill, LA, 71075
Website
www.fullercenterwebster.orgNTEE Category
Code: L20 - Housing
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