Overview
What is Maynard Road Corporation?
Maynard Road Corporation is a nonprofit organization located in Meriden, Connecticut. Their primary mission is to develop affordable housing with energy-efficient improvements in the city of Meriden and surrounding communities within the state. Currently, they are in the predevelopment phase of a low-income housing project. The organization aims to contribute positively to the community by providing sustainable and affordable living solutions.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 90% (Four-Star out of Four Star rating) from Charity Navigator.
Maynard Road Corporation has achieved a commendable Four-Star rating from Charity Navigator, reflecting its strong commitment to accountability and financial transparency. The overall score is entirely derived from its accountability and finance metrics, which also scored 90%. This indicates that the organization adheres to high standards in managing its resources, ensuring that contributions are utilized effectively for its programs.
The organization benefits from a majority independent board, with 83% of its members being independent, demonstrating sound governance practices. Additionally, it has a robust audit and oversight committee in place, which has been recognized for its thoroughness in financial statements. With no material diversion of assets reported, Maynard Road Corporation appears to operate with integrity and ethical responsibility.
One of the standout features of this nonprofit is its impressive program expense ratio of 100%, indicating that all funds are directed towards its charitable activities. The organization also has established policies for conflict of interest, document retention, and meeting minutes, further highlighting its commitment to transparency. Overall, while there are no notable weaknesses in the data, potential donors can feel confident in the organization's operational practices.
This AI summary has been generated from information found on Charity Navigator.
Is Maynard Road Corporation legitimate?
Maynard Road Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Maynard Road 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: $502,023
For more financial information, click here
What is the mission statement of Maynard Road Corporation?
Maynard Road Corporation's mission is centered around the development of affordable housing, incorporating improvements in alternative energy sources, within the City of Meriden and surrounding communities in Connecticut. This organization strives to make a positive impact in these areas by focusing on the creation of affordable housing with energy-efficient upgrades. Currently, Maynard Road Corporation is operating a low-income housing project in the predevelopment phase of redevelopment.
Who is the CEO of Maynard Road Corporation?
Robert V Cappelletti is the Secretary of Maynard Road Corporation.
What is the revenue of Maynard Road Corporation?
Maynard Road Corporation's revenue in 2022 was $4,755,791.
Who are the executives of Maynard Road Corporation and what are their salaries?
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $148,042
- Other: $71,274
- 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
Where can I find the form 990 for Maynard Road Corporation?
Maynard Road Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Maynard Road Corporation
Maynard Road Corporation, a nonprofit organization, is committed to achieving its mission of developing affordable housing in the City of Meriden and surrounding communities across Connecticut. This mission is further enhanced by incorporating improvements in alternative energy sources. By taking on this task, Maynard Road Corporation aims to make a significant impact on the lives of many, ensuring that housing remains an affordable option for all. In the predevelopment phase of redevelopment, the organization is currently operating a low-income housing project. This project signifies Maynard Road Corporation's dedication to improving living conditions and contributing positively to the local community.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Maynard Road Corporation (MRC) is making a significant impact by addressing the pressing need for affordable housing in Meriden and its surrounding communities in Connecticut. By focusing on projects that incorporate alternative energy improvements, MRC is not only providing essential housing solutions but also promoting sustainability and environmental responsibility.
The organization's commitment to operating a low-income housing project during its predevelopment phase reflects its proactive approach to community redevelopment. By integrating energy-efficient technologies within their housing initiatives, MRC aims to create living spaces that are both economically accessible and environmentally conscious. This dual focus helps to mitigate the challenges associated with housing insecurity while fostering a greener community.
Overall, Maynard Road Corporation's efforts contribute to the revitalization of Meriden and its neighborhoods, enhancing the quality of life for residents and encouraging sustainable development practices.
This information is meant to be a general summary of Maynard Road 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 2022.
- Program Service Revenue: $4,755,791
- Gross Receipts: $4,755,791
Assets and Liabilities:
- Total Assets: $10,453,676
- Total Liabilities: $1,522,220
- Net Assets: $8,931,456
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
DEVELOPMENT FEES
Revenue
$4,738,224
MAYNARD ROAD RENTAL INCOME
Revenue
$17,567
Organization Details
Founding Year
2006
Phone
(203) 235-0157Principal Officer
Robert V Cappelletti
Main Address
22 CHURCH ST PO BOX 911, MERIDEN, CT, 06451
NTEE Category
Code: L20 - Housing
If you are a representative of Maynard Road Corporation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.