Overview
What is First Church In Malden Homes Inc?
First Church In Malden Homes Inc, located at 195 Pleasant Street, Malden, Massachusetts 02148, is a nonprofit organization primarily dedicated to the acquisition, construction, and operation of affordable housing projects. This mission extends to Malden, Massachusetts, where they aim to provide financing and own, operate, and develop low-to-moderate income housing projects. With a team of seven employees, this organization contributes to addressing housing needs within the community. The completed project is known as The Heritage Apartments.
Official website here: www.heritage195.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 44%, Zero-Star out of Four Stars
First Church In Malden Homes Inc has received a low rating of 44%, which translates to a Zero-Star designation. This score primarily reflects the organization's performance in the Accountability & Finance category, where it fell short in several key areas. While it boasts a fully independent board and has no reported issues with asset diversion, it lacks essential policies that would enhance its accountability.
The organization scored well in certain metrics, such as having an independent board and maintaining thorough financial oversight. However, significant gaps exist in governance practices, with missing conflict of interest and whistleblower policies, as well as a failure to post its tax form on its website. These deficiencies contribute to its overall low score in the accountability framework.
Moreover, the financial metrics reveal that only 32.56% of expenses are dedicated to programs, which raises concerns about the effective use of donor funds. The liabilities to assets ratio of 0.13% also indicates potential financial instability. Addressing these shortcomings could enhance the organization’s transparency and effectiveness in serving its mission.
This AI summary has been generated from information found on Charity Navigator.
Is First Church In Malden Homes Inc legitimate?
First Church In Malden Homes Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. First Church In Malden Homes Inc 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: $48,322
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.heritage195.com
What is the mission statement of First Church In Malden Homes Inc?
The organization, First Church In Malden Homes Inc, is committed to providing financing for housing projects catering to individuals with low to moderate incomes. Beyond financial support, the entity also engages in the ownership, operation, and development of such affordable housing projects. This mission aims to contribute to the provision of decent living spaces for a section of the population who may otherwise struggle with housing affordability.
Official website here: www.heritage195.com
What is the revenue of First Church In Malden Homes Inc?
First Church In Malden Homes Inc's revenue in 2023 was $1,093,463.
Official website here: www.heritage195.com
Who are the executives of First Church In Malden Homes Inc and what are their salaries?
The average compensation at First Church In Malden Homes Inc during 2023 was $8,054. There are 6 employees and 11 volunteers at First Church In Malden Homes Inc.
Here are 10 key members and their salaries:
- Compensation: $0
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- Other: $0
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- Other: $0
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- Compensation: $212,890
- Related: $0
- Other: $46,604
- Compensation: $109,194
- Related: $0
- Other: $10,919
- Compensation: $105,783
- Related: $0
- Other: $31,763
Official website here: www.heritage195.com
Where can I find the form 990 for First Church In Malden Homes Inc?
First Church In Malden Homes Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.heritage195.com
Learn more at the official website: www.heritage195.com
Mission Statement of First Church In Malden Homes Inc
First Church In Malden Homes Inc, as a nonprofit organization, is committed to achieving its mission. This mission involves securing financing for housing projects that cater to individuals with low to moderate incomes. The organization goes beyond just providing financial support; it also owns, operates, and develops low to moderate income housing projects. By doing so, it ensures that affordable housing is readily available to those who need it most. In essence, First Church In Malden Homes Inc is dedicated to making a tangible impact in the lives of individuals by providing them with sustainable and affordable housing solutions.
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Impact
October, 2024
First Church In Malden Homes Inc impacts the community by actively acquiring, constructing, and operating affordable housing options in Malden, Massachusetts. By focusing on low to moderate income housing, the organization plays a crucial role in addressing housing accessibility and affordability issues within the area. Their mission emphasizes providing necessary financing for housing projects, which contributes to the development of safe and sustainable living spaces for those in need. Through their efforts, they help to enhance the quality of life for residents, promote stability, and foster inclusive community growth.
This information is meant to be a general summary of First Church In Malden Homes Inc. 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: $73,851
- Program Service Revenue: $977,924
- Gross Receipts: $1,181,359
Assets and Liabilities:
- Total Assets: $15,071,972
- Total Liabilities: $20,869
- Net Assets: $15,051,103
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TAX CREDIT COMPLIANCE
Revenue
$419,555
INCENTIVE MANAGEMENT F
Revenue
$419,555
PSP DISTRIBUTION INCOM
Revenue
$134,647
INTEREST INCOME ON NOT
Revenue
$4,167
Organization Details
Founding Year
1968
Principal Officer
Stephen Frazier
Website
www.heritage195.comNTEE Category
Code: L22 - Housing
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