Overview
What is The Residences At Wood Street?
The Residences at Wood Street is a Pennsylvania-based nonprofit corporation, established through a collaboration of public and private entities. Their primary objective is to provide housing for a vulnerable population, operating a 16-story building in downtown Pittsburgh, Pennsylvania. This facility encompasses approximately 55,000 square feet of commercial space and 259 units of single room occupancy. The corporation's board of directors consists of various entities involved in this charitable initiative. Their mission is to acquire, own, and manage this building to serve those in need.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 90% - Four-Star out of Four Star Rating
The Residences At Wood Street has achieved a commendable Four-Star rating from Charity Navigator, indicating a high level of accountability and financial health. The overall score is based entirely on the Accountability & Finance beacon, where the organization scored an impressive 90%. This high score reflects the nonprofit's commitment to transparency and effective management of its resources.
The organization demonstrates strong governance, with 100% of its board members being independent, and has a robust oversight framework, including an Audit and Oversight Committee. Additionally, the financial health indicators, such as a low liabilities-to-assets ratio of 28.59% and program expense ratio of 87.26%, suggest that a significant majority of funds are directed toward its programs rather than administrative costs.
While the rating highlights many strengths in governance and financial responsibility, it is important for potential donors and stakeholders to remain informed about the nonprofit’s ongoing efforts and impacts. Overall, The Residences At Wood Street stands out as a trustworthy organization dedicated to fulfilling its mission with a strong focus on accountability.
This AI summary has been generated from information found on Charity Navigator.
Is The Residences At Wood Street legitimate?
The Residences At Wood Street is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Residences At Wood Street 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:
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Other Salaries and Wages: $336,369
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What is the mission statement of The Residences At Wood Street?
The Residences At Wood Street, a Pennsylvania not-for-profit corporation, was established with a mission to acquire, own, and operate a 16-story building providing housing for a vulnerable population. This endeavor is a cooperative effort between public and private entities, each of which is a member of the corporation's board of directors. Their primary goal is to facilitate the charitable purpose of providing suitable accommodation for this vulnerable group. The building includes approximately 55,000 square feet of commercial space and 259 units of single room occupancy.
Who is the CEO of The Residences At Wood Street?
Lawrence A Swanson is the President of The Residences At Wood Street.
What is the revenue of The Residences At Wood Street?
The Residences At Wood Street's revenue in 2022 was $1,205,694.
Who are the executives of The Residences At Wood Street and what are their salaries?
The average compensation at The Residences At Wood Street during 2022 was $18,687. There are 18 employees and 9 volunteers at The Residences At Wood Street.
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Where can I find the form 990 for The Residences At Wood Street?
The Residences At Wood Street's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of The Residences At Wood Street
The Residences at Wood Street, a Pennsylvania not-for-profit corporation, was established with a mission to acquire, own, and operate a 16-story building in a downtown area, encompassing approximately 55,000 square feet of commercial space and 259 units of single room occupancy. This initiative was spearheaded by a collaboration of public and private entities, all of whom are members of The Residences at Wood Street's Board of Directors. The primary charitable purpose behind this endeavor is to provide housing for a vulnerable population.
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Impact
October, 2024
The Residences at Wood Street has a significant impact on the community by providing essential housing solutions in downtown Pittsburgh. This 16-story building offers 259 units of single room occupancy, catering to individuals who may be experiencing housing instability. The project collectively brings together public and private entities, demonstrating a commitment to addressing the needs of a vulnerable population in the area.
In addition to housing, the development includes approximately 55,000 square feet of commercial space, which can foster economic activity and create job opportunities in the neighborhood. By improving access to affordable housing and enhancing the local economy, The Residences at Wood Street plays a crucial role in promoting stability and wellbeing for its residents and the broader community. Its integrated approach not only addresses immediate housing needs but also strives to create a supportive environment that empowers individuals toward greater self-sufficiency.
This information is meant to be a general summary of The Residences At Wood Street. 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: $5,740
- Program Service Revenue: $1,289,145
- Gross Receipts: $2,308,042
Assets and Liabilities:
- Total Assets: $18,062,109
- Total Liabilities: $6,419,190
- Net Assets: $11,642,919
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$1,289,145
Organization Details
Founding Year
2008
Phone
(412) 281-2102Principal Officer
Lawrence A Swanson
Main Address
611 WILLIAM PENN PLACE 800, PITTSBURGH, PA, 152196927
NTEE Category
Code: L21 - Housing
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