Overview
What is Omni Development Corporation?
Omni Development Corporation is a nonprofit organization, headquartered at 810 Eddy Street, Providence, Rhode Island (RI 02905). Their primary mission is to revitalize neighborhoods by constructing, rehabilitating, and managing affordable housing for low-income individuals, families, senior citizens, and veterans. They operate in underserved communities across Rhode Island, Connecticut, and Massachusetts. The corporation's activities encompass both residential and commercial real estate development, with a focus on providing high-quality, affordable living spaces for individuals and families within their targeted income range. With a workforce of six dedicated employees, Omni Development Corporation contributes to the betterment of local communities by improving their housing infrastructure.
Official website here: www.omnidevelopmentcorp.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96%, Four-Star out of Four Star rating from Charity Navigator.
Omni Development Corporation has received a commendable 96% rating, indicating strong performance particularly in accountability and finance. The organization boasts a fully independent board, which enhances its governance, and has demonstrated transparency through its comprehensive financial oversight and policies. The high program expense ratio of 97.24% suggests that the majority of its funds are directed toward its mission-driven activities rather than administrative costs.
The organization has implemented robust policies, including a conflict of interest policy and a whistleblower policy, both of which contribute to its ethical governance. There are no recorded instances of asset diversion, further reinforcing its reliability and integrity. The auditor oversight and commitment to financial transparency are also noteworthy, ensuring stakeholders can trust the organization's financial practices.
However, while the ratings are exemplary, the availability of user feedback would provide a more holistic view of the organization's impact and effectiveness on the ground. Overall, Omni Development Corporation stands out as a well-managed nonprofit with a solid commitment to its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Omni Development Corporation legitimate?
Omni Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Omni Development 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: $133,557
Professional Fundraising Fees: $0
Other Salaries and Wages: $455,789
For more financial information, click here
Official website here: www.omnidevelopmentcorp.com
What is the mission statement of Omni Development Corporation?
Omni Development Corporation is a community development and planning corporation with a mission to revitalize neighborhoods. They achieve this by constructing affordable housing for low to moderate income families, including seniors and veterans, in underserved communities in Rhode Island, Connecticut, and Massachusetts. The organization is dedicated to providing high-quality housing, focusing on the construction, rehabilitation, development, sale, and management of properties for these specific demographics. Their mission is to contribute positively to these communities, ensuring that individuals and families have access to adequate housing.
Official website here: www.omnidevelopmentcorp.com
Who is the CEO of Omni Development Corporation?
Sharon Morris is the Executive Director of Omni Development Corporation.
Official website here: www.omnidevelopmentcorp.com
What is the revenue of Omni Development Corporation?
Omni Development Corporation's revenue in 2022 was $3,396,747.
Official website here: www.omnidevelopmentcorp.com
Who are the executives of Omni Development Corporation and what are their salaries?
The average compensation at Omni Development Corporation during 2022 was $98,224. There are 6 employees at Omni Development Corporation.
Here are 10 key members and their salaries:
- Compensation: $133,557
- Related: $0
- Other: $43,856
- 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
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.omnidevelopmentcorp.com
Where can I find the form 990 for Omni Development Corporation?
Omni Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.omnidevelopmentcorp.com
Learn more at the official website: www.omnidevelopmentcorp.com
Mission Statement of Omni Development Corporation
Omni Development Corporation, a not-for-profit community development and planning corporation, is dedicated to revitalizing neighborhoods through the construction of affordable residential and commercial real estate. Their mission is centered around providing high-quality housing for low to moderate income families, including senior citizens and veterans, in underserved communities across Rhode Island, Connecticut, and Massachusetts. The organization is committed to constructing, rehabilitating, developing, selling, and managing low-income housing units to cater to the needs of these individuals and families. Omni Development Corporation's mission is rooted in the belief that everyone deserves a safe and affordable living space, regardless of their income level.
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Impact
October, 2024
Omni Development Corporation significantly impacts communities by revitalizing neighborhoods through the construction and rehabilitation of affordable residential and commercial real estate. By focusing on low to moderate-income families, the organization works to ensure access to high-quality housing, particularly for underserved populations, including individuals, families, senior citizens, and veterans.
In regions like Rhode Island, Connecticut, and Massachusetts, Omni's efforts address critical housing needs, contributing to the stability and growth of communities. The development of low-income housing not only provides safe and secure living environments but also fosters economic development and enhances the overall quality of life for residents. Through its initiatives, Omni is actively transforming neighborhoods, promoting community engagement, and supporting residents’ aspirations for stable and prosperous lives.
This information is meant to be a general summary of Omni Development 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.
- Investment Income: $727,619
- Program Service Revenue: $2,618,128
- Gross Receipts: $3,732,639
Assets and Liabilities:
- Total Assets: $46,681,745
- Total Liabilities: $8,683,875
- Net Assets: $37,997,870
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOW INCOME RENTS
Revenue
$1,113,913
HOUSING ASSISTANCE PROGRAM
Revenue
$1,035,915
ASSET MANAGEMENT FEES
Revenue
$221,874
DEVELOPER FEES
Revenue
$191,633
OTHER REVENUE
Revenue
$54,793
Organization Details
Founding Year
1986
Phone
(401) 461-4442Principal Officer
Sharon Morris
Main Address
810 EDDY STREET, PROVIDENCE, RI, 02905
Website
www.omnidevelopmentcorp.comNTEE Category
Code: L20Z - Housing
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