Overview
What is Centennial Housing Inc?
Centennial Housing Inc, established in February 2009, is a Maryland corporation headquartered in Gaithersburg. Its primary mission is to ensure affordable housing for individuals with disabilities, in adherence to Section 811 of the National Affordable Housing Act. The organization, with a specific focus on ten units located in Gaithersburg, receives assistance from this act's provisions. Centennial Housing Inc is regulated by the U.S. Department of Housing and Urban Development, overseeing rent charges and operational methods, to ensure the provision of suitable living spaces for its residents.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 58%, One-Star out of Four Stars
Centennial Housing Inc has received a rating of 58%, resulting in a One-Star designation. This rating indicates significant concerns regarding the organization’s financial health, particularly reflected in its liabilities to assets ratio, which is notably high at 123.49%. However, the organization shows strengths in governance, achieving full points for having a majority independent board and effectively documenting board meeting minutes.
The nonprofit demonstrates a solid commitment to its programs, with a program expense ratio of 72.11%, indicating that a substantial portion of its expenses is directed towards its mission-related activities. Despite these positives, the high salaries of key personnel raise questions about financial prudence and transparency, which may affect donor confidence and overall sustainability.
Overall, while Centennial Housing Inc exhibits some strengths in governance and programming, its financial challenges and high executive salaries highlight areas needing improvement. Potential donors may want to consider these factors carefully before contributing.
This AI summary has been generated from information found on Charity Navigator.
Is Centennial Housing Inc legitimate?
Centennial Housing Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Centennial Housing 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: $0
For more financial information, click here
What is the mission statement of Centennial Housing Inc?
Centennial Housing Inc, as an organization, is committed to providing affordable housing for individuals with disabilities, adhering to Section 811 of the National Affordable Housing Act. Their mission is to acquire, develop, and operate housing facilities that cater specifically to this demographic. Centennial Housing Inc receives assistance under this act, and their projects, which include 10 units in Gaithersburg, Maryland, are regulated by the U.S. Department of Housing and Urban Development in terms of rent charges and operational methods. The objective is to ensure that people with disabilities have access to suitable and affordable housing, thereby enhancing their quality of life.
Who is the CEO of Centennial Housing Inc?
Sarah Norman is the Vice President of Centennial Housing Inc.
What is the revenue of Centennial Housing Inc?
Centennial Housing Inc's revenue in 2022 was $57,246.
Who are the executives of Centennial Housing Inc and what are their salaries?
There 5 volunteers at Centennial Housing Inc.
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $172,288
- Other: $21,000
- Compensation: $0
- Related: $451,063
- Other: $25,617
Where can I find the form 990 for Centennial Housing Inc?
Centennial Housing Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Centennial Housing Inc
Centennial Housing Inc, established in 2009, is committed to providing affordable housing for individuals with disabilities. This mission is in line with Section 811 of the National Affordable Housing Act. The nonprofit organization acquires, develops, and operates housing facilities, specifically focusing on ten units located in Gaithersburg, Maryland. Centennial Housing Inc receives assistance under the provisions of this act, ensuring that the rent charges and operating methods are regulated by the U.S. Department of Housing and Urban Development. This regulatory framework ensures that the housing provided by Centennial Housing Inc is both affordable and accessible to those who need it most. The organization's mission is crucial in addressing the housing needs of individuals with disabilities, providing them with a safe and supportive living environment.
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Impact
August, 2024
Centennial Housing Inc's impact is significant in providing affordable housing to persons with disabilities under Section 811 of the National Affordable Housing Act. The organization, based in Gaithersburg, Maryland, operates housing and related facilities consisting of 10 units specifically designed for persons with disabilities. By receiving assistance under Section 811, Centennial Housing Inc contributes to ensuring that individuals with disabilities have access to safe and affordable housing options. Their work aligns with their mission to address the housing needs of this vulnerable population.
This information is meant to be a general summary of Centennial Housing 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: $181
- Program Service Revenue: $30,827
- Gross Receipts: $57,246
Assets and Liabilities:
- Total Assets: $1,247,783
- Total Liabilities: $1,500,269
- Net Assets: -$252,486
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$30,827
Organization Details
Founding Year
2009
Phone
(301) 840-2000Principal Officer
Sarah Norman
Main Address
610 EAST DIAMOND AVE 100, GAITHERSBURG, MD, 20877
NTEE Category
Code: L20 - Housing
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