Overview
What is Rainbow Village Apts Inc?
Rainbow Village Apts Inc is a nonprofit organization situated in Springfield, Oregon, primarily focused on providing low-income housing under Section 236 of the National Housing Act. Overseeing its operations are the regulations set by the U.S. Department of Housing and Urban Development (HUD). The complex consists of 80 residential units, serving as a vital resource for individuals with limited financial means. This initiative is a collaboration between local Presbyterian churches, demonstrating their commitment to community service and social welfare.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 82% (Three-Star out of Four Star rating)
Rainbow Village Apts Inc has received an 82% rating from Charity Navigator, signifying a commendable level of accountability and financial health. The rating is derived entirely from its Accountability & Finance score, reflecting the charity's strong governance and oversight practices. This score indicates that the organization is effectively managing its resources and adhering to best practices in financial transparency.
The nonprofit boasts a fully independent board, with 100% of its members meeting this criterion, which is a positive indicator of its governance structure. Additionally, it scores high marks across various accountability measures, including the absence of material diversion of assets and maintaining a favorable liabilities-to-assets ratio. The organization also demonstrates robust financial reporting, as evidenced by the thorough review of its financial statements.
While the organization excels in financial management, the summary does not provide insights into its programmatic impact or effectiveness, which could offer a more comprehensive view of its operations. Nonetheless, the strong financial scores highlight Rainbow Village Apts Inc's commitment to responsible stewardship of its resources.
This AI summary has been generated from information found on Charity Navigator.
Is Rainbow Village Apts Inc legitimate?
Rainbow Village Apts Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Rainbow Village Apts 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.
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What is the mission statement of Rainbow Village Apts Inc?
Rainbow Village Apts Inc, a non-profit organization, is run by local Presbyterian churches with a primary mission to provide low-income housing. Operating under Section 236 of the National Housing Act, the corporation offers housing solutions for those in need, adhering to the regulations set by HUD. With 80 units available, Rainbow Village Apts Inc is committed to offering affordable housing options, contributing to the well-being of its residents.
Who is the CEO of Rainbow Village Apts Inc?
Jerry Kalina is the President of Rainbow Village Apts Inc.
What is the revenue of Rainbow Village Apts Inc?
Rainbow Village Apts Inc's revenue in 2022 was $897,465.
Who are the executives of Rainbow Village Apts Inc and what are their salaries?
There 7 volunteers at Rainbow Village Apts Inc.
Here are 7 key members and their salaries:
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Where can I find the form 990 for Rainbow Village Apts Inc?
Rainbow Village Apts Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Rainbow Village Apts Inc
Rainbow Village Apts Inc, a non-profit entity, is driven by a mission to provide low-income housing. This mission is carried out by a collaboration of local Presbyterian churches, demonstrating their commitment to social welfare. The complex operates under Section 236 of the National Housing Act, adhering to the regulations set by the Department of Housing and Urban Development (HUD). With 80 units at its disposal, Rainbow Village Apts Inc plays a crucial role in offering affordable housing solutions for those in need. The corporation's mission is to contribute to a more equitable living environment, ensuring that individuals and families who may not have the means to secure housing can find a home within the Rainbow Village Apts Inc community.
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Impact
October, 2024
Rainbow Village Apts Inc significantly impacts the community by providing vital low-income housing options for residents in Springfield, Oregon. With 80 units available, it serves individuals and families who are struggling to find affordable living accommodations. This housing initiative not only addresses immediate shelter needs but also contributes to community stability and well-being by offering a secure and supportive environment.
By operating under Section 236 of the National Housing Act, and adhering to the guidelines set by HUD, Rainbow Village ensures that its residents benefit from affordability in a regulated framework. The involvement of local Presbyterian churches demonstrates a commitment to social responsibility and community outreach, enhancing the support network for residents. This initiative helps alleviate housing insecurity and fosters a sense of belonging within the community, ultimately promoting a healthier and more resilient Springfield.
This information is meant to be a general summary of Rainbow Village Apts 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.
- Program Service Revenue: $491,450
- Gross Receipts: $897,465
Assets and Liabilities:
- Total Assets: $1,744,489
- Total Liabilities: $58,246
- Net Assets: $1,686,243
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENTS
Revenue
$479,780
LAUNDRY AND VENDING INCOME
Revenue
$9,782
TENANT CHARGES
Revenue
$1,888
Organization Details
Founding Year
1976
Phone
(541) 344-6444Principal Officer
Jerry Kalina
Main Address
1250 RAINBOW DRIVE, SPRINGFIELD, OR, 97477
NTEE Category
Code: L21 - Housing
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