Overview
What is Somerset Villas Inc?
Somerset Villas Inc is a nonprofit organization situated in Philadelphia, Pennsylvania, dedicated to providing affordable housing options for the elderly. With a focus on low-income housing, they offer 100 units specifically designed for this demographic. The Internal Revenue Service has granted them tax-exempt status for their housing program, indicating their commitment to this cause. Somerset Villas plays a significant role in the community by offering secure and comfortable living spaces for the elderly, contributing to their well-being and overall quality of life.
Official website here: www.hacecdc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, Two-Star out of Four Stars
Somerset Villas Inc has received a Two-Star rating from Charity Navigator, reflecting its overall score of 73%, which is based solely on its Accountability & Finance metrics. This score highlights strengths such as a fully independent board and a strong financial audit process, which are indicative of solid governance practices. The organization has also demonstrated responsible financial management, with a high program expense ratio of 94.19%, suggesting that the majority of its funding is directed towards its mission-oriented programs.
However, the organization has some limitations that have impacted its overall rating. Notably, it lacks a whistleblower policy and has not provided a document retention and destruction policy, which can be critical for operational transparency and accountability. Additionally, Somerset Villas Inc shows a concerning liabilities to assets ratio of 191.77%, indicating potential financial risk, as liabilities exceed assets significantly.
Overall, while Somerset Villas Inc exhibits several strong governance practices and directs a substantial portion of its expenses to its programs, the absence of certain policies and the financial liabilities highlight areas that need improvement to enhance its operational effectiveness and transparency.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about Somerset Villas Inc?
68% of 6 reviewers on Facebook recommend Somerset Villas Inc. Here is a summary of their reviews:
Several users appreciate the assistance provided by the Hace family, describing them as helpful and kind. The positive sentiment highlights the dedication and expertise of the team, indicating that they are well-informed about their services.
While the overall recommendation rate is moderately low, those who have had interactions seem satisfied with the support they've received, suggesting that Somerset Villas Inc. has a strong commitment to its customers.
This AI summary has been generated from reviews found on Facebook.
Is Somerset Villas Inc legitimate?
Somerset Villas Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Somerset Villas 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: $180,894
For more financial information, click here
Official website here: www.hacecdc.org
What is the mission statement of Somerset Villas Inc?
Somerset Villas Inc., as an organization, is committed to providing low-income housing solutions for the elderly. This mission is underscored by the provision of 100 housing units specifically designed for the elderly. The Internal Revenue Service has granted Somerset Villas tax-exempt status in recognition of this program. While the location of Somerset Villas is Philadelphia, PA, the focus of its mission remains providing affordable housing options for the elderly, irrespective of location.
Official website here: www.hacecdc.org
Who is the CEO of Somerset Villas Inc?
David Gonzalez is the Chairman of Somerset Villas Inc.
Official website here: www.hacecdc.org
What is the revenue of Somerset Villas Inc?
Somerset Villas Inc's revenue in 2022 was $1,174,531.
Official website here: www.hacecdc.org
Who are the executives of Somerset Villas Inc and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $158,086
- Other: $0
Official website here: www.hacecdc.org
Where can I find the form 990 for Somerset Villas Inc?
Somerset Villas Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.hacecdc.org
Learn more at the official website: www.hacecdc.org
Mission Statement of Somerset Villas Inc
Somerset Villas Inc, a nonprofit organization, is dedicated to providing low-income housing for the elderly. In line with its mission, it offers 100 housing units specifically designed for this demographic. This commitment to affordable housing for the elderly is so significant that Somerset Villas has been granted tax-exempt status by the Internal Revenue Service for this program. While the location of Somerset Villas is Philadelphia, PA, this information is not essential to understanding its primary objective of offering affordable housing options to the elderly.
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Impact
October, 2024
Somerset Villas Inc significantly impacts the community by providing affordable housing specifically designed for low-income elderly individuals. With 100 dedicated units, the organization addresses a critical need for accessible living options among a vulnerable population in Philadelphia. This initiative not only promotes stability and security for senior residents but also fosters a sense of community and belonging. By alleviating the financial burden of housing, Somerset Villas allows elderly individuals to allocate resources toward essential needs such as healthcare, nutrition, and social activities, ultimately enhancing their quality of life. The availability of these housing units plays a crucial role in supporting the independence and well-being of elderly residents in the area.
This information is meant to be a general summary of Somerset Villas 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: $66
- Program Service Revenue: $1,143,483
- Gross Receipts: $1,174,531
Assets and Liabilities:
- Total Assets: $3,126,615
- Total Liabilities: $5,711,633
- Net Assets: -$2,585,018
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$1,143,483
Organization Details
Founding Year
1988
Phone
(215) 426-8025Principal Officer
David Gonzalez
Main Address
167 WEST ALLEGHENY AVE, PHILADELPHIA, PA, 19140
Website
www.hacecdc.orgNTEE Category
Code: L20Z - Housing
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