Overview
What is Bright Community Trust Inc?
Bright Community Trust Inc, based in Port Richey, Florida, is a dedicated nonprofit organization that focuses on revitalizing distressed and foreclosed homes. Their primary goal is to make these properties accessible for the workforce and lower-income families, ensuring their affordability for future generations. They achieve this through the use of community land trusts. As a certified HUD counseling agency, Bright Community Trust provides educational resources and ongoing mentorship, preparing residents for the transition to homeownership. Utilizing land trusts as a vehicle, their mission is to facilitate the development and ownership of affordable housing projects within Florida. The organization currently employs a team of four individuals.
Official website here: www.thebrightway.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 80% (Three-Star out of Four Stars)
Bright Community Trust Inc has earned a Three-Star rating from Charity Navigator, reflecting a strong performance in accountability and finance. The score is based solely on a beacon score, indicating that the organization has demonstrated effective financial management and transparency. This rating signifies that potential donors can trust the organization to utilize funds responsibly.
The nonprofit shows exemplary governance with a fully independent board, consisting of seven members, which earned top marks in board independence. Additionally, the organization has implemented essential policies such as conflict of interest and whistleblower policies, further showcasing its commitment to ethical practices. Their financial indicators are strong, with a low liabilities-to-assets ratio and a healthy working capital ratio, suggesting robust financial health and operational sustainability.
However, the rating does not provide insights into the organization’s programmatic impact or beneficiary outcomes, which are crucial for understanding the full scope of its effectiveness. While Bright Community Trust Inc appears to be well-managed financially, prospective supporters may want to seek additional information regarding its specific programs and the effectiveness of its initiatives in the community.
This AI summary has been generated from information found on Charity Navigator.
Is Bright Community Trust Inc legitimate?
Bright Community Trust Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Bright Community Trust 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: $291,161
Professional Fundraising Fees: $0
Other Salaries and Wages: $139,749
For more financial information, click here
Official website here: www.thebrightway.org
What is the mission statement of Bright Community Trust Inc?
Bright Community Trust Inc's mission is centered around utilizing land trusts as a means to facilitate the ownership and development of affordable housing projects. More specifically, their mission is to apply this approach within the state of Florida. The organization focuses on the development and rehabilitation of distressed and foreclosed homes, making them available for rent or resale to working-class and lower-income families. By using a community land trust, the properties remain affordable and accessible for future generations. As a certified HUD counseling agency, Bright Community Trust provides education and ongoing mentorship to residents, preparing them for potential homeownership.
Official website here: www.thebrightway.org
Who is the CEO of Bright Community Trust Inc?
Francis Wells is the CEO of Bright Community Trust Inc The CEO's salary of Bright Community Trust Inc is $185,822 and their total compensation is $203,742.
Official website here: www.thebrightway.org
What is the revenue of Bright Community Trust Inc?
Bright Community Trust Inc's revenue in 2023 was $2,078,755.
Official website here: www.thebrightway.org
Who are the executives of Bright Community Trust Inc and what are their salaries?
The average compensation at Bright Community Trust Inc during 2023 was $71,818. There are 6 employees and 7 volunteers at Bright Community Trust Inc.
Here are 7 key members and their salaries (Bright Community Trust Inc's CEO's salary is $185,822 and their total compensation is $203,742):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $185,822
- Related: $0
- Other: $17,920
- Compensation: $105,339
- Related: $0
- Other: $14,176
Official website here: www.thebrightway.org
Where can I find the form 990 for Bright Community Trust Inc?
Bright Community Trust Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.thebrightway.org
Learn more at the official website: www.thebrightway.org
Mission Statement of Bright Community Trust Inc
Bright Community Trust Inc, a nonprofit organization, aims to utilize land trusts as a means to facilitate the ownership and development of affordable housing projects within the state of Florida. Their mission is to ensure that distressed and foreclosed homes, specifically for workforce and lower-income families, remain accessible for generations. By employing a community land trust, the properties under Bright Community Trust's care remain affordable and sustainable. As a HUD-certified counseling agency, Bright Community Trust provides education and ongoing mentorship to its residents, preparing them for potential homeownership.
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Impact
October, 2024
Bright Community Trust Inc significantly advances the availability of affordable housing by developing and rehabilitating distressed and foreclosed homes. Focused on serving workforce and lower-income families, the organization employs a community land trust model, ensuring that these homes remain attainable for future generations. By facilitating ownership and promoting sustainable development, Bright Community Trust helps to stabilize communities and combat housing insecurity.
In addition, as a certified HUD counseling agency, Bright Community Trust provides vital education and ongoing mentorship, equipping residents with the knowledge and skills necessary for successful homeownership. This comprehensive support system not only prepares individuals for financial responsibility but also fosters a sense of community and belonging among residents. Through its efforts, Bright Community Trust is creating lasting positive impacts in Port Richey, Florida, and beyond.
This information is meant to be a general summary of Bright Community Trust 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 2023.
- Investment Income: $10,860
- Program Service Revenue: $703,987
- Gross Receipts: $9,820,432
Assets and Liabilities:
- Total Assets: $16,706,810
- Total Liabilities: $3,479,596
- Net Assets: $13,227,214
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENT REVENUE
Revenue
$462,712
MANAGEMENT AGREEMENT
Revenue
$170,056
LAND LEASE INCOME
Revenue
$50,907
FEES FOR SERVICES
Revenue
$20,312
Organization Details
Founding Year
2008
Principal Officer
Francis Wells
Website
www.thebrightway.orgNTEE Category
Code: L11 - Housing
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