Overview
What is Somaltow Housing Company Inc?
Somaltow Housing Company Inc, located in Albany, New York, is a nonprofit organization dedicated to addressing the housing needs of elderly individuals with limited income. With a mission to plan, acquire, construct, own, maintain, and operate housing and auxiliary facilities, they aim to provide a suitable living environment for this group. Their workforce comprises 22 dedicated individuals, who strive to make a difference in the lives of those in need. The company's primary focus is on catering to the housing needs of this specific demographic, ensuring they can live comfortably and safely.
What are the reviews and ratings of this charity?
Charity Navigator rates Somaltow Housing Company Inc with a score of 79%, earning a Three-Star out of Four Star rating. This rating is derived solely from the charity's Accountability & Finance score, indicating that it meets certain standards in these areas. The score reflects the charity's commitment to transparency and effective financial management.
The organization demonstrates strong governance with 100% of its board members being independent, ensuring impartial decision-making. Additionally, it has policies in place for conflict of interest, whistleblower protection, and document retention, which are crucial for maintaining integrity and public trust. The charity's financial practices are solid, with a low liabilities-to-assets ratio and a high program expense ratio, indicating that a significant portion of its resources is directed towards its mission.
However, the overall score is limited to financial accountability, and there is no information available regarding the charity's program effectiveness or impact. While the financial metrics are impressive, potential donors may want to seek additional insights into the organization's operational outcomes and community impact before making contributions.
This AI summary has been generated from information found on Charity Navigator.
Is Somaltow Housing Company Inc legitimate?
Somaltow Housing Company Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Somaltow Housing Company 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $560,636
For more financial information, click here
What is the mission statement of Somaltow Housing Company Inc?
Somaltow Housing Company Inc's mission is centered around providing housing and auxiliary facilities for elderly individuals with low income. The company aims to achieve this by engaging in various activities such as planning, acquiring, constructing, owning, maintaining, and operating these facilities. Their primary objective is to ensure that elderly people in need have a suitable living space, thereby enhancing their quality of life.
Who is the CEO of Somaltow Housing Company Inc?
Gary Hallock is the President of Somaltow Housing Company Inc.
What is the revenue of Somaltow Housing Company Inc?
Somaltow Housing Company Inc's revenue in 2022 was $3,136,255.
Who are the executives of Somaltow Housing Company Inc and what are their salaries?
The average compensation at Somaltow Housing Company Inc during 2022 was $25,483. There are 22 employees and 7 volunteers at Somaltow Housing Company Inc.
Here are 8 key members and their salaries:
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- Compensation: $97,774
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Where can I find the form 990 for Somaltow Housing Company Inc?
Somaltow Housing Company Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Somaltow Housing Company Inc
Somaltow Housing Company Inc is committed to providing housing and auxiliary facilities for individuals who are of advanced age and have limited income. This nonprofit organization takes on the task of planning, acquiring, constructing, owning, maintaining, and operating such housing and facilities. By doing so, it aims to ensure that elderly people with financial constraints have access to suitable living spaces and necessary amenities. The mission of Somaltow Housing Company Inc is centered around enhancing the living conditions of this vulnerable population, thereby contributing to their overall well-being.
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Impact
October, 2024
Somaltow Housing Company Inc plays a vital role in addressing the housing needs of low-income elderly individuals in Albany, NY. By planning, acquiring, constructing, owning, maintaining, and operating housing and auxiliary facilities specifically designed for this demographic, the organization significantly enhances the quality of life for aged persons who may otherwise struggle to find secure and affordable living arrangements.
The impact of Somaltow Housing extends beyond just providing shelter. It fosters a sense of community and belonging among residents, which is critical for emotional well-being, especially for the elderly. Access to appropriate housing can lead to improved health outcomes, as stable living conditions reduce stress and the risk of homelessness. Furthermore, by offering auxiliary facilities, Somaltow provides essential services that support daily living, enabling residents to maintain their independence for as long as possible.
Overall, Somaltow Housing Company Inc is a cornerstone in the support system for vulnerable elderly populations, ensuring they have access to safe, affordable, and supportive living environments.
This information is meant to be a general summary of Somaltow Housing Company 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 2022.
- Investment Income: $185,909
- Program Service Revenue: $2,950,346
- Gross Receipts: $4,322,225
Assets and Liabilities:
- Total Assets: $18,904,526
- Total Liabilities: $5,016,411
- Net Assets: $13,888,115
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$2,881,054
LAUNDRY & VENDING FEES
Revenue
$16,756
AIR CONDITIONERS
Revenue
$13,352
SECURITY DEPOSITS FORFEITED
Revenue
$12,856
MANAGEMENT FEES
Revenue
$11,229
Organization Details
Founding Year
1971
Principal Officer
Gary Hallock
Main Address
101 SOUTH PEARL STREET, ALBANY, NY, 12207
NTEE Category
Code: L20Z - Housing
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