Overview
What is Torrington Affordable Housing Inc?
Torrington Affordable Housing Inc is a nonprofit organization based in Torrington, Connecticut. Their primary mission is to manage and maintain affordable housing facilities, ensuring common areas and providing insurance coverage. They also screen candidates to purchase homes on their land, specifically targeting individuals with low income. This nonprofit's efforts aim to make housing affordable and accessible for those who need it most. With a small team of one employee, Torrington Affordable Housing Inc plays a significant role in the community, offering an essential service for low-income families seeking home ownership opportunities.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 97%, Four-Star out of Four Star rating.
Torrington Affordable Housing Inc has achieved an impressive score of 97%, reflecting its strong commitment to accountability and financial transparency. This rating is based entirely on a robust Accountability & Finance beacon, showcasing the organization's dedication to responsible management practices. The fiscal year 2022 performance further illustrates its financial stability and operational effectiveness.
The organization excels in several key areas, including maintaining a fully independent board, with 10 out of 10 board members being independent. It also scored perfectly in conflict of interest and whistleblower policies, along with effective document retention and transparency in board meeting documentation. Notably, its liabilities to assets ratio is exceptionally low at 0.11%, indicating sound financial health.
Despite these strengths, specific limitations or areas for improvement were not noted in the available data. Overall, Torrington Affordable Housing Inc's high rating demonstrates its effectiveness and integrity in fulfilling its mission to provide affordable housing solutions.
This AI summary has been generated from information found on Charity Navigator.
Is Torrington Affordable Housing Inc legitimate?
Torrington Affordable Housing Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Torrington Affordable 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: $22,292
For more financial information, click here
What is the mission statement of Torrington Affordable Housing Inc?
Torrington Affordable Housing Inc's mission involves administering land leases, maintaining and insuring common areas, and qualifying individuals with low income for the purchase of homes already present on the leased land. The organization's primary goal is to make affordable housing accessible to low-income individuals, thereby providing them with an opportunity to own a home. This is achieved through the administration of land leases and the screening of eligible candidates for home ownership. The organization is also responsible for maintaining and insuring the common areas of the housing complex.
Who is the CEO of Torrington Affordable Housing Inc?
Alice Lapierre is the President of Torrington Affordable Housing Inc.
What is the revenue of Torrington Affordable Housing Inc?
Torrington Affordable Housing Inc's revenue in 2022 was $38,596.
Who are the executives of Torrington Affordable Housing Inc and what are their salaries?
The average compensation at Torrington Affordable Housing Inc during 2022 was $22,292. There is 1 employee at Torrington Affordable Housing Inc.
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Torrington Affordable Housing Inc?
Torrington Affordable Housing Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Torrington Affordable Housing Inc
Torrington Affordable Housing Inc is dedicated to managing and maintaining affordable housing land leases, ensuring the common areas, and qualifying individuals with low income for the purchase of homes on these lands, which already have homes present. The organization's mission is multifaceted, encompassing the administrative tasks associated with land leases and the upkeep of common areas, as well as the selection process for prospective homeowners with limited financial means. By offering this opportunity, Torrington Affordable Housing Inc contributes to the larger goal of providing affordable housing solutions for those in need.
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Impact
August, 2024
Torrington Affordable Housing Inc impacts the community by providing affordable housing options for low-income individuals. They administer land leases, maintain and insure common areas, and help qualify people with low incomes to purchase homes on their land. This organization plays a critical role in addressing the housing needs of low-income individuals in Torrington, CT, by facilitating homeownership opportunities and ensuring the availability of affordable housing options in the area. Through their work, Torrington Affordable Housing Inc contributes to creating a more sustainable and inclusive community where individuals from all income levels have access to safe and stable housing.
This information is meant to be a general summary of Torrington Affordable 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: $104
- Program Service Revenue: $38,492
- Gross Receipts: $38,596
Assets and Liabilities:
- Total Assets: $1,561,154
- Total Liabilities: $1,850
- Net Assets: $1,559,304
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LAND LEASE
Revenue
$37,619
APPLICATION
Revenue
$873
Organization Details
Founding Year
1987
Principal Officer
Alice Lapierre
Main Address
P O BOX 1172, TORRINGTON, CT, 06790
NTEE Category
Code: L20Z - Housing
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