Overview
What is Sullivan Mckinney Elder Housing Inc?
Sullivan Mckinney Elder Housing Inc is a nonprofit organization situated in Fairfield, Connecticut, dedicated to providing affordable housing for the elderly and eligible occupants. Under the National Housing Act and its regulations, they lease, renovate, and manage an apartment complex of 40 units. The project is regulated by the Department of Housing and Urban Development (HUD) regarding rent charges and operating methods. The organization receives mortgage financing under Section 202, and around 75% of its apartment rental income comes from Section 8 subsidies provided by HUD. This subsidized housing helps ensure that the elderly can maintain a comfortable living situation.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79% (Three-Star out of Four Stars)
Sullivan McKinney Elder Housing Inc has received a favorable rating of 79% from Charity Navigator, indicating a solid level of accountability and financial management. The organization demonstrates strong governance through its fully independent board and has received full points in multiple oversight categories, including audits and conflict of interest policies. This reflects a commitment to transparency and ethical practices.
The nonprofit excels in its program expense ratio, allocating a significant 86.11% of its expenses directly to its programs. This efficient use of funds shows a clear focus on delivering services to the community it serves, which is a strong point for potential donors and supporters. The organization also maintains policies related to whistleblower protections and document retention, further enhancing its credibility.
While the overall rating is positive, potential donors may want to consider the organization's specific programs and their impact when deciding to contribute. The rating signals that while Sullivan McKinney Elder Housing Inc is performing well in terms of governance and financial responsibility, understanding the effectiveness of its programs could provide a more comprehensive view of its overall success.
This AI summary has been generated from information found on Charity Navigator.
Is Sullivan Mckinney Elder Housing Inc legitimate?
Sullivan Mckinney Elder Housing Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Sullivan Mckinney Elder Housing 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: $120,820
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What is the mission statement of Sullivan Mckinney Elder Housing Inc?
Sullivan Mckinney Elder Housing Inc's primary mission is to provide housing for the elderly and eligible occupants, adhering to Section 202 of the National Housing Act and its regulations. The organization has renovated and operates an apartment complex of 40 units, located in an undisclosed location. This project is regulated by the Department of Housing and Urban Development (HUD) in terms of rent charges and operating methods. The agency secures mortgage financing under Section 202 and receives approximately 75% of its apartment rental income from Section 8 subsidies provided by HUD.
Who is the CEO of Sullivan Mckinney Elder Housing Inc?
David Becker is the President of Sullivan Mckinney Elder Housing Inc.
What is the revenue of Sullivan Mckinney Elder Housing Inc?
Sullivan Mckinney Elder Housing Inc's revenue in 2022 was $839,175.
Who are the executives of Sullivan Mckinney Elder Housing Inc and what are their salaries?
Here are 6 key members and their salaries:
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Where can I find the form 990 for Sullivan Mckinney Elder Housing Inc?
Sullivan Mckinney Elder Housing Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Sullivan Mckinney Elder Housing Inc
Sullivan Mckinney Elder Housing Inc, a nonprofit organization, is committed to providing housing for the elderly and eligible occupants, in accordance with Section 202 of the National Housing Act and its regulations. The organization has taken on this mission by leasing, renovating, and operating an apartment complex consisting of 40 units. This project is subject to regulation by the Department of Housing and Urban Development (HUD), overseeing both rent charges and operating methods. The agency receives financial support through mortgage financing under Section 202 and derives approximately 75% of its apartment rental income from Section 8 subsidies, provided by HUD. In essence, Sullivan Mckinney Elder Housing Inc's mission is to create a secure living environment for senior citizens and other eligible residents, ensuring they receive the necessary housing assistance to maintain a comfortable and sustainable lifestyle.
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Impact
October, 2024
Sullivan McKinney Elder Housing Inc. significantly impacts the community by providing affordable housing specifically tailored for elderly and eligible residents. Operating a 40-unit apartment complex in Fairfield, Connecticut, it addresses a critical need for low-income elderly housing in the area. By leasing, renovating, and managing the complex, the organization ensures safe and supportive living conditions for its residents.
The project operates in accordance with the regulations of the Department of Housing and Urban Development (HUD), which helps maintain fair rent charges and effective management practices. A substantial portion of its rental income—approximately 75%—is supported by Section 8 subsidies, making it financially accessible for low-income individuals. This support not only alleviates housing insecurity among the elderly but also fosters a sense of community and belonging for residents, contributing positively to their quality of life.
This information is meant to be a general summary of Sullivan Mckinney Elder Housing 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: $175
- Program Service Revenue: $816,500
- Gross Receipts: $839,175
Assets and Liabilities:
- Total Assets: $2,771,360
- Total Liabilities: $2,675,662
- Net Assets: $95,698
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$816,500
Organization Details
Founding Year
1984
Phone
(203) 259-1991Principal Officer
David Becker
Main Address
224 MEADOWBROOK ROAD, FAIRFIELD, CT, 06824
NTEE Category
Code: L200 - Housing
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