Overview
What is Menlo Development Corporation?
Menlo Development Corporation is a dedicated nonprofit organization based in Algona, Iowa. Their primary mission is to facilitate affordable housing for diverse populations, including the elderly, disabled, and families. They achieve this by setting rents at 30% of an applicant's annual income, with the balance being subsidized by USDA/Rural Development. This innovative approach has enabled 13 families to secure safe and economical accommodations within the community. Menlo Development Corporation's commitment to providing affordable housing plays a significant role in enriching the lives of numerous individuals in Menlo, Iowa.
Is Menlo Development Corporation legitimate?
Menlo Development Corporation is a legitimate nonprofit organization registered as a 501(c)(4) entity. Menlo Development Corporation submitted a form 990EZ, 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: $0
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What is the mission statement of Menlo Development Corporation?
Menlo Development Corporation is committed to providing affordable housing solutions. Specifically, it targets individuals who are elderly, disabled, or part of families in need. The organization bases its rental charges on 30% of the applicant's annual income, with the remaining balance being subsidized by USDA/Rural Development. As a result, Menlo Development Corporation has successfully assisted 13 families in securing safe and reasonably priced accommodations. Operating out of an undisclosed location, this corporation plays a significant role in making housing more accessible for those in need.
What is the revenue of Menlo Development Corporation?
Menlo Development Corporation's revenue in 2024 was $77,450.
Who are the executives of Menlo Development Corporation and what are their salaries?
Here are 3 key members and their salaries:
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Where can I find the form 990EZ for Menlo Development Corporation?
Menlo Development Corporation's most recent form 990EZ was submitted in 2024 and can be accessed here.
Mission Statement of Menlo Development Corporation
Menlo Development Corporation is a dedicated organization with a mission to supply affordable housing options for the elderly, disabled, and families. Situated in Menlo, this nonprofit ensures that rent is set at a manageable 30% of the tenant's yearly income. The remaining balance is subsidized through funding from USDA/Rural Development, enabling 13 households to secure safe and budget-friendly residences. By offering such accommodations, Menlo Development Corporation plays a significant role in promoting social equality and ensuring the well-being of various community members.
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Impact
October, 2024
Menlo Development Corporation significantly impacts the community by providing low-rent housing options in Menlo, Iowa, ensuring that vulnerable populations such as the elderly, disabled, and families can access safe and affordable accommodation. By charging rent based on just 30% of the applicant's yearly income and utilizing subsidies from USDA/Rural Development, the organization alleviates the financial burden on residents. As a result, 13 families have achieved stability and security in their living arrangements, fostering a supportive environment within the community. Operating from Algona, IA, Menlo Development Corporation plays a vital role in enhancing the quality of life for those who might otherwise struggle to find suitable housing.
This information is meant to be a general summary of Menlo Development 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 2024.
- Investment Income: $545
- Program Service Revenue: $75,387
- Gross Receipts: $77,450
Assets and Liabilities:
- Total Assets: $55,231
- Total Liabilities: $24,618
- Net Assets: $30,613
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Organization Details
Principal Officer
Keryl Grasty
NTEE Category
Code: L22 - Housing
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