Overview
What is Merrimack Housing Corporation?
Merrimack Housing Corporation is a dedicated nonprofit organization situated in Cambridge, Massachusetts, with an address at 950 Cambridge Street, 02141. Their primary mission is to provide housing for low-income individuals with disabilities in a specially designed environment to cater to their unique needs. By doing so, they aim to promote health, happiness, and security for these individuals. The corporation operates on a non-profit basis, ensuring they have the necessary funds to maintain and run the facility effectively.
Official website here: www.vinfen.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 72% (Two-Star out of Four Stars)
Merrimack Housing Corporation has received a Two-Star rating from Charity Navigator, indicating a moderate level of accountability and finance management. The overall rating is primarily based on the Accountability & Finance score, which stands at 72%. This score reflects the organization’s strong governance practices and financial transparency, with an independent board and a comprehensive conflict of interest policy in place.
The organization excels in several areas, earning full points for having a majority of independent board members, material diversion of assets, and various policies regarding whistleblower protections and document retention. Additionally, Merrimack Housing Corporation demonstrates a solid program expense ratio of 74.31%, suggesting that a significant portion of its funds is allocated directly to its mission-related activities.
However, the nonprofit faces challenges with its liabilities to assets ratio, which is reported at 104.73%. This figure indicates that the organization's liabilities exceed its assets, reflecting potential financial strain. Overall, while the organization showcases strengths in accountability and transparency, the financial health indicated by its liabilities may warrant closer scrutiny.
This AI summary has been generated from information found on Charity Navigator.
Is Merrimack Housing Corporation legitimate?
Merrimack Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Merrimack 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: $0
For more financial information, click here
Official website here: www.vinfen.org
What is the mission statement of Merrimack Housing Corporation?
The Merrimack Housing Corporation is dedicated to providing housing for low-income individuals with disabilities in a specially designed environment. This environment is designed to cater to their unique needs, promoting their health, happiness, and security. The corporation operates on a non-profit basis, ensuring that funds are sufficient to maintain and operate the homes. Their mission aims to provide a safe and supportive living space for these individuals, enhancing their quality of life.
Official website here: www.vinfen.org
What is the revenue of Merrimack Housing Corporation?
Merrimack Housing Corporation's revenue in 2023 was $143,623.
Official website here: www.vinfen.org
Who are the executives of Merrimack Housing Corporation and what are their salaries?
There 2 volunteers at Merrimack Housing Corporation.
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $279,915
- Other: $11,649
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $189,086
- Other: $2,702
- Compensation: $0
- Related: $279,103
- Other: $43,373
- Compensation: $0
- Related: $236,799
- Other: $21,978
Official website here: www.vinfen.org
Where can I find the form 990 for Merrimack Housing Corporation?
Merrimack Housing Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.vinfen.org
Learn more at the official website: www.vinfen.org
Mission Statement of Merrimack Housing Corporation
Merrimack Housing Corporation, a non-profit organization, is dedicated to providing a nurturing environment for low-income individuals with disabilities. Their mission is to ensure that these individuals have access to suitable housing that caters to their specific needs, thereby promoting their health, happiness, and security. The corporation operates on a non-profit basis, raising sufficient funds to maintain and manage the homes, ensuring a comfortable and secure living space for its residents.
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Impact
October, 2024
Merrimack Housing Corporation plays a crucial role in addressing the housing needs of low-income disabled individuals by providing them with access to specially designed living environments. These homes are tailored to meet the unique requirements of residents, fostering a sense of security and support. By creating spaces that promote health and happiness, the organization positively impacts the well-being of individuals who might otherwise struggle to find suitable accommodations. The corporation's efforts help to enhance the quality of life for its residents, ensuring they have a safe and nurturing place to call home. Ultimately, Merrimack Housing Corporation serves as a vital resource for the community, promoting inclusivity and accessibility for some of the most vulnerable members of society in Cambridge, MA.
This information is meant to be a general summary of Merrimack 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 2023.
- Investment Income: $494
- Program Service Revenue: $143,129
- Gross Receipts: $143,623
Assets and Liabilities:
- Total Assets: $1,530,662
- Total Liabilities: $1,584,528
- Net Assets: -$53,866
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT ASSISTANCE PAYM
Revenue
$83,639
RENT REVENUE
Revenue
$43,676
RENT REVENUE - UNSUBSI
Revenue
$15,814
Organization Details
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