Overview
What is West Elmwood Housing Development Co?
West Elmwood Housing Development Co is a nonprofit organization established in 1970, situated at 224 Dexter Street, Providence, Rhode Island (RI 02907). Their mission is centered around promoting the development of thriving, sustainable communities by addressing the affordable housing needs of individuals and neighborhoods, primarily in the West End area of Providence and wider Rhode Island. Their key activities encompass fostering home ownership, engaging with communities, and stimulating economic growth. With a team of 20 dedicated employees, West Elmwood Housing Development Co plays an essential role in improving living conditions and fostering community development.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67% (Two-Star out of Four Star rating)
West Elmwood Housing Development Co has received a Two-Star rating from Charity Navigator, reflecting a performance score of 67%. This score is solely derived from the Accountability & Finance category, indicating a significant focus on transparency and financial health. The organization maintains a high level of board independence, with 90% of its board members being independent, which is a positive indicator of governance quality.
The nonprofit demonstrates strong financial practices, achieving a program expense ratio of 85.17%. This shows that the majority of its expenses are directed towards its programs rather than administrative costs. Furthermore, it has a robust audit and oversight mechanism in place, scoring full points in that area. However, the organization faces challenges with its liabilities to assets ratio, which sits at 105.87%, indicating potential financial strain.
Overall, while West Elmwood Housing Development Co showcases strengths in governance and program spending, its financial liabilities may raise concerns regarding long-term sustainability. The high level of accountability and independent oversight is commendable, but future efforts may need to address its financial ratios to improve overall performance and stability.
This AI summary has been generated from information found on Charity Navigator.
Is West Elmwood Housing Development Co legitimate?
West Elmwood Housing Development Co is a legitimate nonprofit organization registered as a 501(c)(3) entity. West Elmwood Housing Development Co 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: $94,231
Professional Fundraising Fees: $0
Other Salaries and Wages: $793,166
For more financial information, click here
What is the mission statement of West Elmwood Housing Development Co?
West Elmwood Housing Development Co, established in 1970, is a private, non-profit organization with a mission focused on three primary areas: fostering home ownership, encouraging community involvement, and promoting economic development. The organization's goal is to enhance the development of healthy, sustainable communities by providing housing services to assist individuals and neighborhoods in meeting their affordable housing needs, not just in the West End Neighborhood, but also in various parts of Providence and Rhode Island.
Who is the CEO of West Elmwood Housing Development Co?
Candace Harper is the Executive Dir. of West Elmwood Housing Development Co.
What is the revenue of West Elmwood Housing Development Co?
West Elmwood Housing Development Co's revenue in 2022 was $1,694,306.
Who are the executives of West Elmwood Housing Development Co and what are their salaries?
The average compensation at West Elmwood Housing Development Co during 2022 was $44,370. There are 20 employees at West Elmwood Housing Development Co.
Here are 10 key members and their salaries:
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Where can I find the form 990 for West Elmwood Housing Development Co?
West Elmwood Housing Development Co's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of West Elmwood Housing Development Co
West Elmwood Housing Development Corporation, established in 1970 as a private, not-for-profit organization, is dedicated to promoting the growth of healthy and sustainable communities. The organization's mission encompasses three primary aspects: fostering home ownership, encouraging community involvement, and stimulating economic development. By offering housing services, West Elmwood Housing Development Co aims to assist individuals and neighborhoods in addressing their affordable housing needs, not just in the West End Neighborhood but also in various parts of Providence and Rhode Island. This mission seeks to contribute to the overall well-being and development of these communities, striving for a future where everyone has access to affordable and sustainable housing options.
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Impact
October, 2024
West Elmwood Housing Development Co plays a crucial role in fostering sustainable and vibrant communities in the West End Neighborhood and beyond in Providence, Rhode Island. By focusing on enabling home ownership, it empowers individuals and families to achieve stability through affordable housing solutions. This organization not only addresses housing needs but also actively engages the community, promoting collaboration and involvement among residents.
Through its economic development initiatives, West Elmwood Housing Development Co contributes to the local economy by creating job opportunities and enhancing the overall quality of life within neighborhoods. Its comprehensive approach ensures that the benefits of housing services extend beyond mere shelter, facilitating a sense of belonging and community pride. In essence, the impact of West Elmwood Housing Development Co resonates through improved living conditions, community cohesion, and enhanced economic prospects for residents in the region.
This information is meant to be a general summary of West Elmwood Housing Development Co. 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: $13,263
- Program Service Revenue: $70,345
- Gross Receipts: $1,694,306
Assets and Liabilities:
- Total Assets: $1,687,799
- Total Liabilities: $180,932
- Net Assets: $1,506,867
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Asset Management Fee
Revenue
$25,216
Fees for Service
Revenue
$1,716
Sankofa Market Income
Revenue
$43,413
Organization Details
Founding Year
1970
Phone
(401) 453-3220Principal Officer
Candace Harper
Main Address
224 Dexter Street, Providence, RI, 02907
NTEE Category
Code: L20Z - Housing
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