Overview
What is Bright Hope Non-Profit Corporation?
Bright Hope Non-Profit Corporation, situated in Philadelphia, Pennsylvania, is a dedicated organization that focuses on providing affordable housing options for individuals with low income. Subsidized by the United States Department of Housing and Urban Development, it manages a total of 130 apartments, ensuring that these crucial living spaces are accessible to those who require them most. The organization's mission revolves around making a significant impact on the housing landscape, thereby contributing to the well-being and stability of its community members.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67%
Bright Hope Non-Profit Corporation holds a Two-Star out of Four Star rating, indicating some challenges in its financial accountability and transparency practices. While the organization excels in having a fully independent board and strong financial statements, the overall score reflects significant concerns regarding its liabilities compared to assets, which stands at 218.84%. This high ratio could imply financial instability, which is critical for potential donors to consider.
The nonprofit has demonstrated strengths in several areas, achieving a perfect score in program expense ratio, which suggests that all its expenses are directed towards its programs. Additionally, the organization maintains comprehensive documentation of board meeting minutes and has no recorded material diversion of assets, signifying responsible governance in those aspects.
However, the organization faces limitations due to missing key policies such as conflict of interest, whistleblower, and document retention policies, which are essential for ensuring ethical operations and transparency. Additionally, the absence of its tax form on the website raises concerns about its commitment to financial openness. These factors contribute to the nonprofit's overall low rating and suggest a need for improvement in financial management and policy implementation.
This AI summary has been generated from information found on Charity Navigator.
Is Bright Hope Non-Profit Corporation legitimate?
Bright Hope Non-Profit Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Bright Hope Non-Profit 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: $286,879
For more financial information, click here
What is the mission statement of Bright Hope Non-Profit Corporation?
The Bright Hope Non-Profit Corporation's mission is centered around providing affordable housing solutions for individuals with low income. This mission is carried out through a partnership with the United States Department of Housing and Urban Development. The organization manages and subsidizes 130 units of apartments, ensuring that these living spaces are within the reach of those who need them most. By offering this service, Bright Hope Non-Profit Corporation contributes to the stable housing needs of its community.
Who is the CEO of Bright Hope Non-Profit Corporation?
Vivian S Buchanon is the President of Bright Hope Non-Profit Corporation.
What is the revenue of Bright Hope Non-Profit Corporation?
Bright Hope Non-Profit Corporation's revenue in 2023 was $1,360,886.
Who are the executives of Bright Hope Non-Profit Corporation and what are their salaries?
Here are 7 key members and their salaries:
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Where can I find the form 990 for Bright Hope Non-Profit Corporation?
Bright Hope Non-Profit Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Bright Hope Non-Profit Corporation
Bright Hope Non-Profit Corporation is dedicated to providing affordable housing solutions for individuals with limited income. Leveraging funding from the United States Department of Housing and Urban Development, this organization offers 130 units of subsidized apartments. Their mission is centered around enhancing living conditions for those in need, providing a stable and secure environment for them to call home.
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Impact
October, 2024
Bright Hope Non-Profit Corporation significantly contributes to the availability of affordable housing in Philadelphia by offering 130 units of low-income apartments. These housing units are subsidized by the United States Department of Housing and Urban Development, ensuring that individuals and families with limited financial resources have access to safe and stable living conditions. This initiative not only promotes housing security but also positively impacts the community by fostering a stable environment where residents can thrive. By addressing the critical need for affordable housing, Bright Hope plays a vital role in enhancing the quality of life for those facing economic challenges.
This information is meant to be a general summary of Bright Hope Non-Profit 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: $104
- Program Service Revenue: $1,348,891
- Gross Receipts: $1,360,886
Assets and Liabilities:
- Total Assets: $1,673,312
- Total Liabilities: $3,661,925
- Net Assets: -$1,988,613
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$440,946
FEES & CONTRACTS FROM GOVERNMENT AGENCIES
Revenue
$897,532
LAUNDRY/VENDING
Revenue
$6,755
TENANT CHARGES
Revenue
$3,658
Organization Details
Founding Year
1981
Phone
(215) 232-4902Principal Officer
Vivian S Buchanon
Main Address
1600 NORTH 8TH STREET, PHILADELPHIA, PA, 19122
NTEE Category
Code: L21 - Housing
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