Overview
What is Montana Development Corporation?
Montana Development Corporation is a nonprofit organization situated in Pittsburgh, Pennsylvania, specifically at 113 North Pacific Avenue. Its primary mission is to provide affordable housing for individuals with low incomes, falling below the 50% median household income threshold in the Pittsburgh region. To accomplish this, the organization manages a 16-unit apartment complex located at 5456 Penn Avenue. This building, known as Montana Apartments, serves as a safe and affordable living space for its residents. Montana Development Corporation focuses solely on this housing project, and does not own or operate any other properties or engage in additional activities.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 1 Star (59%)
Montana Development Corporation has received a One-Star out of Four Star rating from Charity Navigator, reflecting a score of 59%. This rating indicates significant concerns regarding the organization's accountability and financial practices. Notably, the organization lacks independent board members, which is a critical element in ensuring governance and oversight. Additionally, the organization has a high liabilities to assets ratio of 276.56%, raising red flags about its financial stability.
On a positive note, Montana Development Corporation demonstrates strengths in its program expense ratio, allocating 96.01% of its expenses directly to its programs. The organization also has established policies for conflict of interest, whistleblower protections, and document retention, showing commitment to operational integrity. Furthermore, there have been no material diversions of assets reported, indicating a degree of financial discipline.
However, the absence of a listed website on the tax form and the lack of independent board members reflect areas needing improvement. These factors contribute to the organization's low rating and suggest that potential donors should carefully consider these aspects before supporting the nonprofit.
This AI summary has been generated from information found on Charity Navigator.
Is Montana Development Corporation legitimate?
Montana Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Montana Development Corporation 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: $0
For more financial information, click here
What is the mission statement of Montana Development Corporation?
Montana Development Corporation's mission is centered around providing affordable rental housing for individuals with low income. This organization achieves this objective by managing a 16-unit apartment building, specifically intended for individuals earning half or less than the median household income in their region. The Montana Development Corporation's mission is fulfilled through this apartment complex, as it caters to individuals who may not have access to such housing through the private market. It is important to note that this organization only focuses on this housing project, as they do not own any other properties or engage in any other activities.
Who is the CEO of Montana Development Corporation?
Rick Swartz is the Assistant Secretary of Montana Development Corporation.
What is the revenue of Montana Development Corporation?
Montana Development Corporation's revenue in 2022 was $47,769.
Who are the executives of Montana Development Corporation and what are their salaries?
There 7 volunteers at Montana Development Corporation.
Here are 7 key members and their salaries:
- Compensation: $0
- Related: $60,992
- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Montana Development Corporation?
Montana Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Montana Development Corporation
Montana Development Corporation, a nonprofit organization, is committed to serving the housing needs of low-income individuals. In line with its mission, the corporation owns and manages a 16-unit apartment building, situated at 5456 Penn Avenue in Pittsburgh, specifically catering to people whose income is 50% or less than the median household income for the region. The primary objective of Montana Development Corporation is to provide affordable housing options for this underserved segment of the population, as they may not be able to secure such accommodations through the private housing market. The organization's activities are centered around the management of this 16-unit apartment complex, ensuring it remains an accessible and affordable housing solution for its residents.
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Impact
August, 2024
Montana Development Corporation's impact is providing permanently affordable rental housing for very low-income individuals in Pittsburgh, Pennsylvania. Through the ownership and management of a 16-unit apartment building at 5456 Penn Avenue, the organization serves those earning 50% or less of the median household income for the Pittsburgh region. By exclusively leasing to low-income individuals, Montana Development Corporation fulfills its mission of operating housing for those who are not served by the private housing market, ultimately helping address the critical need for affordable housing in the community.
This information is meant to be a general summary of Montana 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 2022.
- Gross Receipts: $112,136
Assets and Liabilities:
- Total Assets: $483,435
- Total Liabilities: $1,229,488
- Net Assets: -$746,053
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Organization Details
Founding Year
1991
Phone
(412) 441-6950Principal Officer
Rick Swartz
Main Address
113 North Pacific Avenue, Pittsburgh, PA, 15224
NTEE Category
Code: L20Z - Housing
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