Overview
What is Scottish Rite Tower Dev Corp?
Scottish Rite Tower Dev Corp, located at 1530 Fitzwater Street, Philadelphia, PA 19146, is a dedicated nonprofit organization. It specializes in providing affordable housing for low to moderate income senior citizens and individuals with disabilities, catering to 107 units. The project operates under Section 202 of the National Housing Act and is regulated by the U.S. Department of Housing and Urban Development. With a team of six employees, Scottish Rite Tower Dev Corp plays an essential role in offering affordable living options to its residents.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 82% (Three-Star out of Four Star rating)
Scottish Rite Tower Dev Corp has received an 82% score from Charity Navigator, which translates to a Three-Star rating. This score is derived entirely from its Accountability & Finance metrics, indicating a strong emphasis on financial integrity and transparency. The organization has successfully demonstrated a commendable commitment to ethical governance and responsible financial management.
One of the notable strengths of Scottish Rite Tower Dev Corp is its board governance structure, with 100% of board members being independent. This is reflected in their perfect score for majority independent board members and independent board size. Additionally, the organization has robust financial oversight practices, with a well-functioning Audit and Oversight Committee contributing to the overall accountability of financial statements.
Despite the strong rating, it is important to remain aware of the factors that influence the score. While the organization excels in financial management and governance, potential donors or stakeholders might want to look for more detailed information about its programmatic impact and outreach efforts, as these aspects are not reflected in the current rating.
This AI summary has been generated from information found on Charity Navigator.
Is Scottish Rite Tower Dev Corp legitimate?
Scottish Rite Tower Dev Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Scottish Rite Tower Dev 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: $391,497
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What is the mission statement of Scottish Rite Tower Dev Corp?
Scottish Rite Tower Development Corporation is dedicated to providing affordable housing for low and moderate-income senior citizens and individuals with disabilities. They operate a 107-unit apartment project under Section 202 of the National Housing Act, overseeing its operations in compliance with regulations set by the U.S. Department of Housing and Urban Development. This organization's mission is centered around ensuring that these vulnerable groups have access to suitable living spaces, contributing positively to their daily lives.
Who is the CEO of Scottish Rite Tower Dev Corp?
Roland K Lee Sr is the Chairman & C of Scottish Rite Tower Dev Corp.
What is the revenue of Scottish Rite Tower Dev Corp?
Scottish Rite Tower Dev Corp's revenue in 2023 was $1,172,344.
Who are the executives of Scottish Rite Tower Dev Corp and what are their salaries?
The average compensation at Scottish Rite Tower Dev Corp during 2023 was $65,250. There are 6 employees at Scottish Rite Tower Dev Corp.
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Where can I find the form 990 for Scottish Rite Tower Dev Corp?
Scottish Rite Tower Dev Corp's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Scottish Rite Tower Dev Corp
Scottish Rite Tower Development Corporation is dedicated to providing affordable housing for low and moderate-income senior citizens and individuals with disabilities. Operating under Section 202 of the National Housing Act, this organization is regulated by the U.S. Department of Housing and Urban Development. The corporation manages a 107-unit apartment project, offering a living space for these vulnerable groups. By doing so, Scottish Rite Tower Development Corporation plays a significant role in ensuring that these individuals have access to safe and affordable housing, contributing positively to their overall well-being.
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Impact
October, 2024
Scottish Rite Tower Development Corporation significantly enhances the quality of life for low to moderate-income senior citizens and handicapped individuals in Philadelphia by providing affordable housing. With its 107-unit apartment project, it creates a vital community resource that not only meets the housing needs of its residents but also fosters a supportive living environment. By operating under Section 202 of the National Housing Act and adhering to regulations set by the U.S. Department of Housing and Urban Development, the corporation ensures that these apartments are accessible and maintain standards that promote the well-being of its residents. Thus, its impact goes beyond mere provision of shelter; it contributes to the stability and dignity of a vulnerable population, facilitating a sense of community and belonging.
This information is meant to be a general summary of Scottish Rite Tower Dev 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 2023.
- Investment Income: $3,418
- Program Service Revenue: $1,168,032
- Gross Receipts: $1,172,344
Assets and Liabilities:
- Total Assets: $3,985,705
- Total Liabilities: $235,028
- Net Assets: $3,750,677
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT ASSISTANCE PAYMENTS
Revenue
$782,869
RENT REVENUE - GROSS POTENTIA
Revenue
$435,741
VACANCIES
Revenue
-$50,578
Organization Details
Founding Year
1996
Phone
(215) 545-0460Principal Officer
Roland K Lee Sr
Main Address
1530 FITZWATER STREET, PHILADELPHIA, PA, 19146
NTEE Category
Code: L21 - Housing
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