Overview
What is Bangor Homes Non-Profit Housing Corporation?
Bangor Homes Non-Profit Housing Corporation is a charitable organization situated in Bangor Township, Bay County, Michigan. Their primary mission is to make housing accessible for individuals with low and moderate income levels through the operation of subsidized facilities. They achieve this by participating in HUD-backed rental property programs, thereby offering affordable living options in the community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 86%, Three-Star out of Four Star rating.
Bangor Homes Non-Profit Housing Corporation has achieved a solid score of 86%, reflecting strong accountability and financial practices. The rating is derived entirely from the Accountability & Finance beacon, indicating a strong focus on these critical areas. Their fiscal management shows no material diversion of assets, and they maintain an effective independent board, with 100% of its members being independent.
The organization demonstrates a commendable program expense ratio of 86.24%, which indicates that a significant portion of its expenses go directly to its programs. Furthermore, it has a very low liabilities to assets ratio of 7.74%, suggesting financial stability. However, while the organization shows strengths in governance and financial oversight, further details on its programmatic impact or community outcomes would provide a more comprehensive view of its effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Bangor Homes Non-Profit Housing Corporation legitimate?
Bangor Homes Non-Profit Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Bangor Homes Non-Profit 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: $261,238
For more financial information, click here
What is the mission statement of Bangor Homes Non-Profit Housing Corporation?
The mission of Bangor Homes Non-Profit Housing Corporation revolves around providing housing solutions for individuals with low and moderate income levels. This non-profit organization operates with the primary goal of making housing accessible for this demographic. Located in an unspecified location, their activities are centered around operating subsidized housing facilities, primarily utilizing HUD-subsidized programs. The corporation's mission is to ensure affordable housing remains a viable option for those in need, contributing to a more equitable living standard for such individuals.
Who is the CEO of Bangor Homes Non-Profit Housing Corporation?
Douglas Rise is the Director of Bangor Homes Non-Profit Housing Corporation.
What is the revenue of Bangor Homes Non-Profit Housing Corporation?
Bangor Homes Non-Profit Housing Corporation's revenue in 2022 was $1,707,872.
Who are the executives of Bangor Homes Non-Profit Housing Corporation and what are their salaries?
The average compensation at Bangor Homes Non-Profit Housing Corporation during 2022 was $21,770. There are 12 employees at Bangor Homes Non-Profit Housing Corporation.
Here are 5 key members and their salaries:
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- Other: $0
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- Other: $0
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- Other: $0
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Where can I find the form 990 for Bangor Homes Non-Profit Housing Corporation?
Bangor Homes Non-Profit Housing Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Bangor Homes Non-Profit Housing Corporation
Bangor Homes Non-Profit Housing Corporation is dedicated to providing housing solutions for individuals and families with low and moderate income levels. This nonprofit organization's mission is to operate subsidized housing facilities, utilizing programs from the U.S. Department of Housing and Urban Development (HUD). By doing so, Bangor Homes Non-Profit Housing Corporation aims to make housing more affordable and accessible, thereby contributing to the well-being of its community members. This mission is instrumental in addressing the housing needs of those who may otherwise struggle to secure suitable and affordable housing, thereby promoting stability and improving overall quality of life.
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Impact
October, 2024
Bangor Homes Non-Profit Housing Corporation has a significant impact on the community by providing essential housing solutions for individuals and families of low and moderate income levels in Bangor Township, Bay County, Michigan. By operating subsidized housing facilities, the organization plays a crucial role in enhancing the quality of life for residents who otherwise might face challenges in accessing affordable housing.
The presence of HUD-subsidized low-income rental property programs helps alleviate housing insecurity, allowing tenants to invest more in their education, health, and overall well-being. Furthermore, by creating stable living environments, Bangor Homes contributes to community growth and resilience, fostering a sense of belonging and stability among its residents. The organization not only addresses immediate housing needs but also promotes long-term economic stability and social equity within the community.
This information is meant to be a general summary of Bangor Homes Non-Profit 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 2022.
- Investment Income: $534
- Program Service Revenue: $1,701,587
- Gross Receipts: $1,707,872
Assets and Liabilities:
- Total Assets: $4,094,195
- Total Liabilities: $126,075
- Net Assets: $3,968,120
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT ASSISTANCE PMTS
Revenue
$1,101,558
RENTAL INCOME
Revenue
$600,029
Organization Details
Founding Year
1969
Phone
(989) 686-4130Principal Officer
Douglas Rise
Main Address
3325 ALARIE DRIVE, BAY CITY, MI, 48706
NTEE Category
Code: L20 - Housing
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