Overview
What is Ridge Oak Inc?
Ridge Oak Inc is a nonprofit organization situated in Basking Ridge, New Jersey. With a focus on providing housing and related services, they specifically cater to the elderly population, ensuring affordability through Section 8 subsidies under the US Housing Act of 1937. Their mission is to operate a residential housing project, primarily for low-income elderly individuals, offering a total of 248 units. This nonprofit employs 38 individuals in fulfilling their objectives.
Official website here: www.ridgeoak.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
Ridge Oak Inc has achieved a remarkable Four-Star rating from Charity Navigator, reflecting a strong commitment to accountability and financial management. The organization boasts an impressive score of 96 in this category, showcasing its effective governance, with a fully independent board and robust audit practices in place. The high program expense ratio indicates that a significant portion of expenditures directly supports its mission, aligning with best practices in nonprofit operations.
Strengths noted include the organization's comprehensive policies, such as conflict of interest and whistleblower protections, which are critical for maintaining transparency and trust. Furthermore, the absence of any reported asset diversions and solid fiscal ratios underscore its stability and responsible resource management. However, there are limitations in evaluating the organization's impact, culture, and leadership, as it has not yet been assessed in these areas.
Unfortunately, user reviews from GreatNonprofits were not available, preventing any additional insights from the community regarding firsthand experiences with Ridge Oak Inc. Overall, the financial health and governance of the organization are commendable, but potential donors or supporters may look for further information on its transformational impact in the community.
This AI summary has been generated from information found on Charity Navigator.
Is Ridge Oak Inc legitimate?
Ridge Oak Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Ridge Oak 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: $1,371,241
For more financial information, click here
Official website here: www.ridgeoak.org
What is the mission statement of Ridge Oak Inc?
Ridge Oak Inc's mission is centered around operating a residential housing project, primarily catering to low-income elderly individuals. The organization aims to provide housing and related services for this demographic, ensuring they have a suitable living environment. This effort is in line with Section 8 of the US Housing Act of 1937, which Ridge Oak Inc implements by offering a project-based rent subsidy. The organization's goal is to enhance the living conditions and support system for the elderly, thereby improving their quality of life.
Official website here: www.ridgeoak.org
Who is the CEO of Ridge Oak Inc?
Bonnie Kelly is the Treasurer of Ridge Oak Inc.
Official website here: www.ridgeoak.org
What is the revenue of Ridge Oak Inc?
Ridge Oak Inc's revenue in 2023 was $7,721,748.
Official website here: www.ridgeoak.org
Who are the executives of Ridge Oak Inc and what are their salaries?
The average compensation at Ridge Oak Inc during 2023 was $36,085. There are 38 employees and 10 volunteers at Ridge Oak Inc.
Here are 10 key members and their salaries:
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- Related: $180,233
- Other: $60,113
Official website here: www.ridgeoak.org
Where can I find the form 990 for Ridge Oak Inc?
Ridge Oak Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.ridgeoak.org
Learn more at the official website: www.ridgeoak.org
Mission Statement of Ridge Oak Inc
Ridge Oak Inc, a nonprofit organization, is committed to operating a residential housing project primarily for low-income elderly individuals. Their mission is to provide a safe and supportive living environment for this vulnerable population, offering them 248 units of housing along with related services. This initiative is in line with Section 8 of the US Housing Act of 1937, ensuring that rent subsidies are project-based, making it more affordable for the elderly residents. Ridge Oak Inc's mission aims to improve the quality of life for the elderly, providing them with a sense of security and community.
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Impact
October, 2024
Ridge Oak Inc significantly enhances the quality of life for low-income elderly residents in Basking Ridge, NJ, by offering affordable housing solutions. With 248 units dedicated to residential living, the organization provides secure and stable homes that address a critical need within the community. By facilitating access to housing through the project-based rent subsidy under Section 8 of the US Housing Act of 1937, Ridge Oak Inc ensures that elderly individuals can live with dignity and independence.
In addition to housing, Ridge Oak Inc plays a vital role in promoting social connections and a supportive community for its residents. By creating an environment tailored to the unique needs of elderly individuals, the organization fosters relationships among neighbors and encourages participation in activities designed to enhance physical, mental, and emotional well-being. This holistic approach not only combats loneliness but also contributes to the overall health and happiness of its residents.
Ridge Oak Inc's impact extends beyond housing; it addresses broader societal issues related to aging, economic stability, and community well-being. By prioritizing low-income elderly individuals, the organization helps to alleviate the challenges faced by this vulnerable population, ultimately leading to a more inclusive and compassionate community in Basking Ridge.
This information is meant to be a general summary of Ridge Oak 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 2023.
- Investment Income: $696,116
- Program Service Revenue: $6,760,035
- Gross Receipts: $11,946,849
Assets and Liabilities:
- Total Assets: $32,623,279
- Total Liabilities: $321,976
- Net Assets: $32,301,303
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENT - ASSISTANCE
Revenue
$5,423,302
RENT - TENANTS
Revenue
$1,310,266
TENANT SERVICES
Revenue
$14,034
LAUNDRY REVENUE
Revenue
$12,433
Organization Details
Founding Year
1976
Phone
(908) 221-0266Principal Officer
Bonnie Kelly
Main Address
150 MANCHESTER DRIVE, BASKING RIDGE, NJ, 07920
Website
www.ridgeoak.orgNTEE Category
Code: L210 - Housing
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