Overview
What is Bangor Housing Development Corporation?
Bangor Housing Development Corporation is a nonprofit organization situated in Bangor, Maine, specifically at 161 DAVIS ROAD. Its primary mission is to advocate for lower-income individuals and families. To accomplish this, the corporation owns several housing projects in Maine, including four low-income projects and two affordable market-rate projects. These projects are Autumn Park West, Crestwood Place, Greenfield Apartments, Griffin Square, The Lofts at Freeze, and Davis Road Senior Housing. By providing affordable housing options, Bangor Housing Development Corporation aims to contribute positively to the community and improve the living conditions of lower-income families in Maine.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Bangor Housing Development Corporation received a Two-Star out of Four Star rating from Charity Navigator, indicating a need for improvement in certain financial accountability measures. The overall score of 60% reflects well on some governance practices, such as having a fully independent board and a solid program expense ratio of 94.50%, which shows a strong commitment to its mission-related activities.
However, the organization faces challenges that hinder its overall rating. Notably, the high liabilities to assets ratio of 86.44% raises concerns about financial stability. Additionally, the absence of critical documents on their website, including financial statements and tax forms, could affect transparency and trust with stakeholders.
While the presence of conflict of interest and whistleblower policies suggests a commitment to ethical governance, the gaps in financial reporting and documentation need addressing. Improving these areas could enhance accountability and potentially increase donor confidence in the organization's sustainability and effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Bangor Housing Development Corporation legitimate?
Bangor Housing Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Bangor Housing 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $210,636
For more financial information, click here
What is the mission statement of Bangor Housing Development Corporation?
The Bangor Housing Development Corporation was established with a mission to advocate for the needs of lower-income individuals and families. This non-profit organization has taken action by owning and managing several housing projects, including four low-income projects and two affordable market-rate projects, situated in Maine. These properties provide vital living spaces for those in need, with examples such as Autumn Park West, Crestwood Place, Greenfield Apartments, Griffin Square, The Lofts at Freeze and Davis Road Senior Housing. The corporation's mission is geared towards ensuring that lower-income individuals and families have access to affordable housing options.
Who is the CEO of Bangor Housing Development Corporation?
Michael Myatt is the President of Bangor Housing Development Corporation.
What is the revenue of Bangor Housing Development Corporation?
Bangor Housing Development Corporation's revenue in 2022 was $2,631,454.
Who are the executives of Bangor Housing Development Corporation and what are their salaries?
There 7 volunteers at Bangor Housing Development Corporation.
Here are 8 key members and their salaries:
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- Other: $0
- Compensation: $41,500
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- Other: $0
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Where can I find the form 990 for Bangor Housing Development Corporation?
Bangor Housing Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Bangor Housing Development Corporation
Bangor Housing Development Corporation, established with a mission, serves as an advocate for lower-income individuals and families. Their primary objective is to advocate on their behalf, ensuring they have access to necessary resources and opportunities. The organization demonstrates this commitment by overseeing four low-income housing projects and two affordable market-rate properties located within Maine. These projects, such as Autumn Park West, Crestwood Place, Greenfield Apartments, Griffin Square, The Lofts at Freese and Davis Road Senior Housing, provide accommodations tailored to the needs of their target population. By managing these properties, Bangor Housing Development Corporation plays a vital role in promoting affordable housing options for those who require them.
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Impact
October, 2024
The Bangor Housing Development Corporation plays a pivotal role in enhancing the lives of lower-income individuals and families in Maine. By owning and managing four low-income housing projects—Autumn Park West, Crestwood Place, Greenfield Apartments, and Griffin Square—as well as two affordable market-rate projects, including The Lofts at Freese and Davis Road Senior Housing, the Corporation provides vital housing solutions that address the needs of vulnerable populations.
Their impact extends beyond providing shelter; it encompasses fostering community stability, reducing homelessness, and offering support for families striving for better living conditions. By advocating for affordable housing, the Bangor Housing Development Corporation ensures that individuals have access to safe, decent, and affordable living environments, thus enabling them to build stronger futures. This commitment to housing solidarity not only benefits residents but also contributes to the overall health and vibrancy of the Bangor community.
This information is meant to be a general summary of Bangor Housing 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: $2,261
- Program Service Revenue: $2,629,193
- Gross Receipts: $2,631,454
Assets and Liabilities:
- Total Assets: $11,209,624
- Total Liabilities: $8,372,713
- Net Assets: $2,836,911
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENT
Revenue
$2,128,356
HOUSING ASSISTANCE
Revenue
$483,835
MISCELLANEOUS
Revenue
$17,002
Organization Details
Founding Year
1987
Phone
(207) 942-6365Principal Officer
Michael Myatt
Main Address
161 DAVIS ROAD, BANGOR, ME, 04401
NTEE Category
Code: L22 - Housing
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