Overview
What is Plainsboro Nonprofit Housing Corporation?
Plainsboro Nonprofit Housing Corporation is a dedicated organization located in Princeton, New Jersey. Their primary mission is to provide low-income and moderate-income housing options within Plainsboro Township. The corporation has played a significant role in constructing a 126-unit rental complex, all of which are reserved for those who fall under these income categories. Beyond housing, the organization also monitors affordable housing and provides consultative services for Plainsboro Township on related matters. In 2012, the township transferred funds to the corporation for the administration of various grants. These grants have been utilized for installing energy-efficient systems, offering down payment assistance, maintaining affordability restrictions, and purchasing market homes to refurbish and resell as affordable housing units. The corporation's commitment to affordable housing in Plainsboro Township continues to make a substantial impact on the local community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
The Plainsboro Nonprofit Housing Corporation has received a two-star rating from Charity Navigator, indicating that while there are several strengths in its operations, there are significant areas that require improvement. The organization boasts a 100% independent board composition and demonstrates strong financial oversight, evidenced by a perfect score in its audit and oversight committee. Furthermore, it maintains a high program expense ratio, suggesting that the majority of its funds are directed towards its mission-related activities.
However, the organization has notable limitations in its accountability practices. It lacks essential policies such as a whistleblower policy and document retention and destruction policy, which are critical for ensuring transparency and governance. Additionally, the absence of the nonprofit's tax form on its website raises concerns about its commitment to openness with stakeholders.
Financially, the organization faces challenges, particularly with a high liabilities to assets ratio of 94.66%, which could suggest potential financial instability. This aspect, combined with the missing policies, highlights the need for the Plainsboro Nonprofit Housing Corporation to strengthen its governance and financial management practices to improve its overall rating and reputation.
This AI summary has been generated from information found on Charity Navigator.
Is Plainsboro Nonprofit Housing Corporation legitimate?
Plainsboro Nonprofit Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Plainsboro Nonprofit Housing 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $226,956
For more financial information, click here
What is the mission statement of Plainsboro Nonprofit Housing Corporation?
The Plainsboro Nonprofit Housing Corporation's primary mission is to provide low and moderate income housing options. This organization strives to make a significant impact in the housing sector by constructing and managing affordable housing units. In addition to this, the corporation also consults and provides expertise on affordable housing issues within the community. In 2012, the organization received funds to enhance energy efficiency in affordable homes, offer down payment assistance, maintain affordability restrictions during foreclosures, and purchase and refurbish market homes to resell as affordable housing options with restrictions.
Who is the CEO of Plainsboro Nonprofit Housing Corporation?
Bobbie Schott is the Vice Chair of Plainsboro Nonprofit Housing Corporation.
What is the revenue of Plainsboro Nonprofit Housing Corporation?
Plainsboro Nonprofit Housing Corporation's revenue in 2022 was $1,679,954.
Who are the executives of Plainsboro Nonprofit Housing Corporation 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 Plainsboro Nonprofit Housing Corporation?
Plainsboro Nonprofit Housing Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Plainsboro Nonprofit Housing Corporation
Plainsboro Nonprofit Housing Corporation is an organization dedicated to providing affordable housing solutions for individuals with low and moderate incomes. Their primary mission is to construct and manage housing units that cater to this demographic, ensuring that they have access to comfortable living spaces within their means. The corporation has successfully built a 126-unit rental complex, all of which are reserved for low and moderate income residents.
Beyond just housing, Plainsboro Nonprofit Housing Corporation also plays a significant role in monitoring and consulting on affordable housing issues within Plainsboro Township, New Jersey. In 2012, the township transferred funds to the corporation for the administration of grants, which were primarily used for installing energy-efficient HVAC systems and hot water tanks in affordable homes, offering down payment assistance grants for purchasing affordable homes, maintaining affordability restrictions when an affordable home is being foreclosed upon, and purchasing market homes, refurbishing them, and reselling them as affordable homes with restrictions. This multifaceted approach by the corporation reflects its commitment to not only providing housing but also ensuring that these homes remain affordable in the long term.
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Impact
October, 2024
Plainsboro Nonprofit Housing Corporation plays a crucial role in enhancing the quality of life for residents by providing essential low and moderate-income housing in Plainsboro Township. The organization has successfully developed a 126-unit rental complex entirely dedicated to affordable housing, ensuring that these homes are accessible to those who need them most.
Beyond residential development, the organization actively monitors and consults on affordable housing issues within the township, fostering a sustainable community. In partnership with the Township of Plainsboro, it administers grants aimed at improving living conditions through the installation of energy-efficient HVAC systems and hot water tanks in affordable homes, as well as offering down payment assistance for prospective homeowners.
Additionally, it plays a vital role in maintaining the affordability of homes during financial hardships such as foreclosure, and it invests in the community by purchasing market homes, refurbishing them, and reselling them with affordability restrictions. This multifaceted approach not only addresses immediate housing needs but also ensures long-term sustainability and stability for low-income families in the region, fostering an inclusive and thriving community.
This information is meant to be a general summary of Plainsboro Nonprofit Housing 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: $1,590
- Program Service Revenue: $1,678,364
- Gross Receipts: $1,679,954
Assets and Liabilities:
- Total Assets: $7,522,674
- Total Liabilities: $7,121,475
- Net Assets: $401,199
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$1,626,702
TOWNSHIP SERVICE FEES
Revenue
$29,914
OTHER RENTAL INCOME
Revenue
$15,690
RESTRICTED REVENUE
Revenue
$6,058
Organization Details
Founding Year
1987
Phone
(609) 786-1101Principal Officer
Bobbie Schott
Main Address
216 ROCKINGHAM ROW, PRINCETON, NJ, 085405758
NTEE Category
Code: L21 - Housing
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