Overview
What is Somerset Arc Apartments Inc?
Somerset Arc Apartments Inc is a nonprofit organization situated in Manville, New Jersey. Their primary mission is to offer affordable, community-based, supported housing for individuals with intellectual and developmental disabilities. The property, located in Bridgewater, New Jersey, consists of a total of ten apartments, six of which are two-bedroom units and four are one-bedroom units. The organization's objective is to provide a safe and inclusive living space, fostering a sense of community and supporting the overall well-being of its residents.
Official website here: www.thearcofsomerset.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Three Stars (85%)
Somerset Arc Apartments Inc has received a Three-Star out of Four Star rating from Charity Navigator, reflecting a commendable score of 85%. This rating indicates a solid level of accountability and finance management within the organization. The charity boasts a strong independent board with 66% of its members being independent, which is critical for governance. Additionally, the organization has a high program expense ratio of 79.05%, showing that a substantial portion of its funds is directed towards its programs rather than administrative costs.
Strengths are evident in the charity's robust policies, with its conflict of interest, whistleblower, and document retention policies all receiving perfect scores. The availability of board meeting minutes and tax forms on the nonprofit’s website enhances transparency, allowing stakeholders to access important information easily. These factors contribute positively to its overall trustworthiness and operational integrity.
However, one notable limitation is the high liabilities to assets ratio of 195.24%, which indicates potential financial vulnerability. This may raise concerns among donors regarding the organization's long-term financial stability. While the charity demonstrates good governance and effective financial management, addressing the liabilities issue could further strengthen its position in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Somerset Arc Apartments Inc legitimate?
Somerset Arc Apartments Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Somerset Arc Apartments 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: $26,455
For more financial information, click here
Official website here: www.thearcofsomerset.org
What is the mission statement of Somerset Arc Apartments Inc?
Somerset Arc Apartments Inc is committed to providing affordable, community-based, supported housing for individuals with intellectual and developmental disabilities. Their mission is centered around offering a living environment that caters to the unique needs of these individuals, aiming to enhance their quality of life and promote independence. The organization does not specify any location in its mission statement.
Official website here: www.thearcofsomerset.org
Who is the CEO of Somerset Arc Apartments Inc?
Christopher Corvino is the President of Somerset Arc Apartments Inc.
Official website here: www.thearcofsomerset.org
What is the revenue of Somerset Arc Apartments Inc?
Somerset Arc Apartments Inc's revenue in 2022 was $199,546.
Official website here: www.thearcofsomerset.org
Who are the executives of Somerset Arc Apartments Inc and what are their salaries?
There 4 volunteers at Somerset Arc Apartments Inc.
Here are 6 key members and their salaries:
- 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: $131,859
- Other: $25,424
- Compensation: $0
- Related: $88,391
- Other: $13,213
Official website here: www.thearcofsomerset.org
Where can I find the form 990 for Somerset Arc Apartments Inc?
Somerset Arc Apartments Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.thearcofsomerset.org
Learn more at the official website: www.thearcofsomerset.org
Mission Statement of Somerset Arc Apartments Inc
Somerset Arc Apartments Inc, a nonprofit organization, is committed to providing affordable, community-based, supported housing for individuals with intellectual and developmental disabilities. Their mission is to create an inclusive living environment where individuals with these disabilities can thrive and lead independent lives. The organization aims to provide a sense of community and support, ensuring that each resident feels valued and empowered. By offering affordable housing options, Somerset Arc Apartments Inc is able to make a significant impact in the lives of those who may otherwise face challenges in securing suitable housing. The organization's goal is to foster a supportive community where individuals with intellectual and developmental disabilities can grow, learn, and lead fulfilling lives.
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Impact
October, 2024
Somerset Arc Apartments Inc plays a vital role in enhancing the lives of individuals with intellectual and developmental disabilities by providing affordable, community-based supported housing. Located in Bridgewater, New Jersey, the facility comprises six two-bedroom apartments and four one-bedroom apartments, fostering an inclusive living environment tailored to the needs of its residents.
The impact of Somerset Arc Apartments extends beyond mere housing; it creates a supportive community where individuals can thrive. By offering safe and accessible living spaces, the organization empowers residents to cultivate independence while ensuring they receive the necessary support. This initiative not only improves the quality of life for its residents but also promotes social integration within the wider community, enriching the cultural tapestry of the region.
This information is meant to be a general summary of Somerset Arc Apartments 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: $207
- Program Service Revenue: $66,566
- Gross Receipts: $199,546
Assets and Liabilities:
- Total Assets: $201,870
- Total Liabilities: $447,617
- Net Assets: -$245,747
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENT REVENUE
Revenue
$66,566
Organization Details
Founding Year
1984
Phone
(908) 725-8544Principal Officer
Christopher Corvino
Main Address
141 SOUTH MAIN STREET, MANVILLE, NJ, 08835
Website
www.thearcofsomerset.orgNTEE Category
Code: L20Z - Housing
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