Overview
What is Mccormick County Housing For Aginginc?
Mccormick County Housing For Aginginc is a South Carolina-based, tax-exempt organization, established on April 1, 1974, under Section 501(C)(3) of the Internal Revenue Code. The primary purpose of this nonprofit corporation is to construct, own, and operate apartment communities in accordance with Sections 515(B) and 521(A) of the National Housing Act. Currently, they operate three complexes: Cherry Valley (24 units), Cherry Manor (20 units), and Westowne (40 units), all located in McCormick, South Carolina. Financial assistance in the form of mortgage loans is provided by the Rural Development, Department of Agriculture, and the organization has entered into Housing Assistance Payment Contracts (HAP) with the Department of Housing and Urban Development. In essence, Mccormick County Housing For Aginginc is committed to providing affordable housing solutions for the elderly population in McCormick County.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 82% (Three-Star out of Four Stars)
Mccormick County Housing For Aginginc has received a solid Three-Star rating, indicating a good level of accountability and transparency in its operations. The organization scores 82% overall, reflecting its commitment to effective financial management practices. The presence of a fully independent board and a strong program expense ratio suggests that the charity prioritizes its mission and uses a significant portion of its funds for direct program services.
The charity excels in various aspects of financial oversight, earning full points for having an independent board and for its financial statements' audit and oversight committee. Its liabilities to assets ratio of 47.95% indicates a reasonable level of financial health, which can help bolster confidence among donors and stakeholders. The organization's ability to document board meeting minutes also contributes positively to its transparency.
Despite these strengths, the overall rating of Three Stars suggests there may be areas for improvement as the organization continues to grow. While the current performance is commendable, ongoing efforts in refining practices and enhancing service delivery could elevate its standing in the nonprofit sector further.
This AI summary has been generated from information found on Charity Navigator.
Is Mccormick County Housing For Aginginc legitimate?
Mccormick County Housing For Aginginc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mccormick County Housing For Aginginc 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 Mccormick County Housing For Aginginc?
Mccormick County Housing For Aginginc, a South Carolina-based non-profit organization, was established in 1974 with a tax-exempt status under Section 501(C)(3) of the Internal Revenue Code. Its primary mission is to construct, own, and operate apartment communities in compliance with Sections 515(B) and 521(A) of the National Housing Act. The organization's objectives include managing Cherry Valley (24 units), Cherry Manor (20 units), and Westowne (40 units), all situated in McCormick, South Carolina. It obtains mortgage loans from the Rural Development Department of Agriculture under the same Act sections. Furthermore, Mccormick County Housing For Aginginc has entered into Housing Assistance Payment Contracts (HAP) with the Department of Housing and Urban Development to support its operations.
Who is the CEO of Mccormick County Housing For Aginginc?
Oscar New is the President of Mccormick County Housing For Aginginc.
What is the revenue of Mccormick County Housing For Aginginc?
Mccormick County Housing For Aginginc's revenue in 2022 was $804,445.
Who are the executives of Mccormick County Housing For Aginginc and what are their salaries?
Here are 11 key members and their salaries:
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Where can I find the form 990 for Mccormick County Housing For Aginginc?
Mccormick County Housing For Aginginc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Mccormick County Housing For Aginginc
Mccormick County Housing For Aginginc, a South Carolina-based non-profit organization, was established in 1974 with a mission to construct, own, and operate apartment communities. This mission is aligned with Sections 515(B) and 521(A) of the National Housing Act, aimed at providing housing for elderly individuals. The corporation operates three complexes - Cherry Valley, Cherry Manor, and Westowne - all located in McCormick, South Carolina. These complexes provide affordable housing options for the elderly.
Mccormick County Housing For Aginginc secures mortgage loans from the Rural Development, Department of Agriculture, under the same sections of the National Housing Act. Additionally, the corporation has entered into Housing Assistance Payment Contracts (HAP) with the Department of Housing and Urban Development. These contracts further support the organization's mission to provide affordable housing for the elderly. The corporation's commitment to this mission has made a significant impact, contributing to the well-being and housing security of many elderly individuals in the community.
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Impact
October, 2024
Mccormick County Housing For Aginginc plays a vital role in addressing the housing needs of senior citizens in McCormick, South Carolina. By constructing, owning, and operating affordable apartment communities like Cherry Valley, Cherry Manor, and Westowne, it provides essential housing options specifically tailored for aging individuals.
These communities not only offer safe and comfortable living environments but also enhance the quality of life for residents, promoting independence and community engagement among seniors. The organization ensures accessibility by partnering with Rural Development and the Department of Housing and Urban Development, making use of federal resources to deliver housing assistance and support.
Through its efforts, Mccormick County Housing For Aginginc impacts the local economy by creating jobs and encouraging community cohesion. Ultimately, it helps to alleviate the housing insecurity that many seniors face, allowing them to age with dignity and in the familiarity of their community.
This information is meant to be a general summary of Mccormick County Housing For Aginginc. 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: $653
- Program Service Revenue: $145,620
- Gross Receipts: $804,445
Assets and Liabilities:
- Total Assets: $1,420,210
- Total Liabilities: $681,012
- Net Assets: $739,198
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$145,620
Organization Details
Founding Year
1973
Phone
(336) 375-1552Principal Officer
Oscar New
Main Address
21 WRIGHT STREET, MCCORMICK, SC, 29835
NTEE Category
Code: L22 - Housing
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