Overview
What is State Street Housing Preservation Corp?
State Street Housing Preservation Corp is a nonprofit organization dedicated to providing housing solutions for the elderly. Their primary mission is to develop, manage, and maintain subsidized residential units and facilities that cater to this demographic. By doing so, they aim to contribute positively to the elderly population's living conditions, ensuring they have access to suitable and subsidized housing.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
State Street Housing Preservation Corp has received a Two-Star out of Four Star rating from Charity Navigator, with an overall score of 67%. The organization demonstrates strong accountability and governance practices, featuring a fully independent board and effective oversight of financial statements. The program expense ratio is notable, indicating that all of its expenses are directed towards its programs.
However, the organization faces challenges regarding its financial health, as evidenced by a liabilities to assets ratio of 90.72%, which raises concerns about its sustainability. The compensation for key personnel appears high, particularly for the president positions, potentially drawing attention to the organization's spending priorities. While there are strengths in governance, the financial metrics suggest a need for improvement in operational efficiency and resource management.
This AI summary has been generated from information found on Charity Navigator.
Is State Street Housing Preservation Corp legitimate?
State Street Housing Preservation Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. State Street Housing Preservation Corp 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: $0
For more financial information, click here
What is the mission statement of State Street Housing Preservation Corp?
State Street Housing Preservation Corp's mission lies in the development, ownership, and management of subsidized residential housing units and related facilities, specifically catering to the elderly population. The corporation aims to provide a living space for the elderly with subsidized facilities, ensuring their needs are met in a supportive environment. This mission is carried out through the development, ownership, and management of these housing units and related facilities, ensuring they are well-maintained and meet the specific needs of the elderly population. The corporation's goal is to contribute positively to the lives of the elderly by providing them with suitable housing units and facilities.
Who is the CEO of State Street Housing Preservation Corp?
Brian Frost is the Former Presi of State Street Housing Preservation Corp.
What is the revenue of State Street Housing Preservation Corp?
State Street Housing Preservation Corp's revenue in 2022 was $6,615,826.
Who are the executives of State Street Housing Preservation Corp and what are their salaries?
Here are 9 key members and their salaries:
- Compensation: $0
- Related: $163,013
- Other: $27,002
- Compensation: $0
- Related: $115,563
- Other: $10,608
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for State Street Housing Preservation Corp?
State Street Housing Preservation Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of State Street Housing Preservation Corp
State Street Housing Preservation Corp, as its name suggests, is dedicated to a significant mission. This nonprofit organization focuses on developing, owning, and managing subsidized residential housing units and related facilities, specifically catering to the elderly population. By undertaking this mission, State Street Housing Preservation Corp aims to provide a suitable living environment for the elderly, ensuring they have access to necessary facilities. This commitment to the elderly community underscores the organization's dedication to enhancing the quality of life for this demographic, offering them a secure and comfortable living space.
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Impact
October, 2024
State Street Housing Preservation Corp significantly impacts the community by developing, owning, and managing subsidized residential housing units specifically designed for the elderly population. In Portland, ME, this organization addresses critical housing needs, ensuring that seniors have access to affordable and secure living arrangements. By focusing on subsidized housing, it alleviates financial burdens and enhances the quality of life for elderly residents.
The facilities provided by State Street not only offer shelter but also create a supportive environment tailored to the needs of older adults, promoting independence and well-being. This commitment to housing preservation directly contributes to healthier and more stable communities, enabling seniors to thrive in a comfortable and familiar setting. Overall, State Street Housing Preservation Corp plays a vital role in enhancing the social fabric of Portland by prioritizing the housing challenges faced by the elderly.
This information is meant to be a general summary of State Street Housing Preservation Corp. 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: $3,422,597
- Program Service Revenue: $3,193,229
- Gross Receipts: $6,615,826
Assets and Liabilities:
- Total Assets: $22,823,112
- Total Liabilities: $16,967,342
- Net Assets: $5,855,770
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME - TENANT
Revenue
$3,151,620
MISCELLANEOUS REVENUE
Revenue
$20,984
OTHER TENANT REVENUE
Revenue
$20,625
Organization Details
Founding Year
1991
Phone
(207) 773-4753Principal Officer
Brian Frost
Main Address
14 BAXTER BOULEVARD, PORTLAND, ME, 04101
NTEE Category
Code: L20Z - Housing
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