Overview
What is Griggs Farm Inc?
Griggs Farm Inc is a nonprofit organization located in Princeton, New Jersey, focusing on providing affordable housing for low-income families. Developed through the Federal Low Income Housing Tax Credit Program, Griggs Farm offers 70 affordable rental units, along with 70 ownership units managed by the local municipality and 140 market-rate private ownership units. The organization's operations are financed solely by rental income, with rent set at 30% of each household's gross income. Griggs Farm Inc ensures accessibility through public transportation, allowing residents to travel to nearby jobs and shopping centers. The nonprofit collaborates with Mercer Street Friends to offer a free, twice-monthly food pantry for income-qualified residents and provides a stipend to subsidize summer activities for children under 18. The organization also maintains a community clubhouse for resident use and works closely with the Griggs Farm Condo Association's board for constant communication.
Official website here: www.princetoncommunityhousing.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
Griggs Farm Inc has achieved a notable Four-Star rating from Charity Navigator, reflecting its strong commitment to accountability and finance. The organization scored an impressive 96% in this category, indicating a high level of financial transparency and effective management practices. The high rating is based solely on its Accountability & Finance beacon, showcasing its robust financial health.
Key strengths of Griggs Farm Inc include a fully independent board, complete compliance with various financial oversight policies, and a commitment to transparency in its operations. The organization has a total of 21 independent board members, which enhances its governance structure. Furthermore, it has demonstrated no material diversion of assets and has implemented essential policies related to conflicts of interest and whistleblower protections.
While the financial ratios indicate strong program expense allocations—85.15% directed towards programs—there is no mention of any limitations or challenges within the organization. Overall, Griggs Farm Inc exemplifies effective nonprofit management and financial responsibility, making it a trustworthy choice for potential donors and supporters.
This AI summary has been generated from information found on Charity Navigator.
Is Griggs Farm Inc legitimate?
Griggs Farm Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Griggs Farm 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: $109,091
For more financial information, click here
Official website here: www.princetoncommunityhousing.org
What is the mission statement of Griggs Farm Inc?
Griggs Farm Inc's mission is centered around providing quality housing for families and households with moderate to low incomes. They offer one, two, and three-bedroom homes within a diverse community, aiming to ensure access to essential facilities and opportunities. The organization also focuses on social and supportive services, striving to integrate residents into the broader community. Griggs Farm Inc's operations are self-financed through rental income, with rents set at 30% of each household's gross income. They offer additional assistance through programs like a food pantry, providing eligible households with groceries and a turkey during Thanksgiving, and a summer activity stipend for children under 18. The organization encourages communication and community engagement through partnerships with local entities and a community clubhouse on site.
Official website here: www.princetoncommunityhousing.org
Who is the CEO of Griggs Farm Inc?
Edward Truscelli is the Board Member of Griggs Farm Inc.
Official website here: www.princetoncommunityhousing.org
What is the revenue of Griggs Farm Inc?
Griggs Farm Inc's revenue in 2022 was $640,280.
Official website here: www.princetoncommunityhousing.org
Who are the executives of Griggs Farm Inc and what are their salaries?
There 21 volunteers at Griggs Farm Inc.
Here are 23 key members and their salaries:
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- Related: $130,455
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- Related: $176,470
- Other: $31,249
Official website here: www.princetoncommunityhousing.org
Where can I find the form 990 for Griggs Farm Inc?
Griggs Farm Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.princetoncommunityhousing.org
Learn more at the official website: www.princetoncommunityhousing.org
Mission Statement of Griggs Farm Inc
Griggs Farm Inc, a nonprofit organization, is dedicated to providing quality homes for households whose total gross income falls between 30% and 60% of the area median. The organization's mission is twofold. Firstly, it aims to offer quality one, two, and three-bedroom homes in a diverse community for families and households of low income. Secondly, Griggs Farm Inc ensures that these families have access to social and supportive opportunities. The community, which includes 70 affordable low-income units managed by Griggs Farm Inc, also houses 70 affordable ownership units managed by the Municipality of Princeton and 140 market-rate private ownership units.
Griggs Farm Inc operates solely based on the rental income derived from its 70 units, having redeemed all tax credits in 2005 and no longer receiving any government subsidies. Despite this, the organization manages to keep rents at 30% of each household's gross income through careful management. Located in a place with easy public transportation access, Griggs Farm Inc enables residents to travel to nearby jobs and shopping centers, including downtown Princeton and area malls.
Moreover, Griggs Farm Inc collaborates with Mercer Street Friends to offer a twice-a-month food pantry to eligible residents, free of charge. The food is either purchased from the Griggs Farm Inc operating budget or donated, with food bags distributed to each eligible household during Thanksgiving, along with a turkey and trimming at no cost. Additionally, Griggs Farm Inc provides residents with children under the age of 18 a stipend to subsidize summer activities, administered through various local enrichment programs. The organization's commitment to its residents extends beyond their homes, ensuring constant communication with the Griggs Farm Condo Association and its board. A community clubhouse is also available on site for resident use.
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Impact
July, 2024
Griggs Farm Inc's impact can be seen in the provision of quality homes in a diverse community for households with low incomes. They own and manage 70 affordable low-income units, ensuring that rent is set at 30% of each household's gross income. Through their careful management, they are able to maintain this affordable housing model without government subsidies.
Additionally, Griggs Farm Inc collaborates with organizations like Mercer Street Friends to offer a food pantry twice a month, providing essential food items to income-qualified residents free of charge. They also support families with children under 18 by providing a stipend for summer activities through local enrichment programs.
Furthermore, the organization ensures that residents have access to social and supportive opportunities within the community, fostering a sense of belonging and connection. Griggs Farm Inc's commitment to affordable housing and community support makes a significant impact on improving the quality of life for low-income households in Princeton, NJ.
This information is meant to be a general summary of Griggs Farm 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: $89
- Program Service Revenue: $610,191
- Gross Receipts: $640,280
Assets and Liabilities:
- Total Assets: $973,076
- Total Liabilities: $176,659
- Net Assets: $796,417
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$601,106
TENANT CHARGES
Revenue
$9,085
Organization Details
Founding Year
2007
Phone
(609) 924-3822Principal Officer
Edward Truscelli
Main Address
ONE MONUMENT DRIVE, PRINCETON, NJ, 08540
NTEE Category
Code: L22 - Housing
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