Overview
What is Choctaw Home Finance Corporation?
Choctaw Home Finance Corporation is a nonprofit organization situated in Hugo, Oklahoma. Their primary focus is on providing affordable home financing solutions to Native Americans with low and moderate income levels. Established with a mission to assist this specific demographic, the corporation works diligently to make home ownership accessible and attainable for these individuals. By offering tailored financing options, Choctaw Home Finance Corporation plays a significant role in empowering Native American communities, thereby contributing to their social and economic development.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 54% (One-Star out of Four Stars)
Choctaw Home Finance Corporation received a One-Star rating from Charity Navigator, indicating significant concerns regarding its financial management and accountability. The rating is based entirely on its Accountability & Finance score, which stands at 54%. This score reflects a few strong governance practices, such as the presence of a fully independent board and effective audit oversight, but highlights serious issues in financial efficiency and transparency.
The organization excels in maintaining an independent board, conflict of interest policies, and documented meeting minutes, which are all positive attributes. However, it faces criticism for its low program expense ratio, which is only 26.69%, suggesting that a minimal portion of its expenditures is directed towards its programs. Additionally, its liabilities to assets ratio of 1.98% raises concerns about financial stability.
A significant drawback is the absence of the organization's tax form on its website, which detracts from transparency efforts. Overall, while Choctaw Home Finance Corporation demonstrates some governance strengths, its financial performance indicators signal the need for substantial improvement to build donor confidence and operational effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Choctaw Home Finance Corporation legitimate?
Choctaw Home Finance Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Choctaw Home Finance 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 Choctaw Home Finance Corporation?
Choctaw Home Finance Corporation's primary mission is centered around providing affordable home financing solutions. This mission is specifically directed towards Native Americans who fall under the categories of low and moderate income. The corporation strives to make homeownership more accessible for this demographic, contributing to their overall financial stability and well-being. By providing these financing services, Choctaw Home Finance Corporation seeks to empower Native American communities, fostering a sense of security and stability within these communities.
What is the revenue of Choctaw Home Finance Corporation?
Choctaw Home Finance Corporation's revenue in 2023 was $3,821,789.
Who are the executives of Choctaw Home Finance Corporation and what are their salaries?
There 5 volunteers at Choctaw Home Finance Corporation.
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: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Choctaw Home Finance Corporation?
Choctaw Home Finance Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Choctaw Home Finance Corporation
Choctaw Home Finance Corporation, a notable entity, is committed to a noble mission. This mission revolves around providing affordable home financing options to Native Americans who fall under the categories of low and moderate income. By offering these financing solutions, the corporation aims to contribute significantly to the housing needs of this community, thereby enhancing their living standards. The organization's primary focus is on making homeownership an attainable goal for these individuals, thereby fostering stability and security in their lives.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Choctaw Home Finance Corporation plays a crucial role in enhancing housing opportunities for Native Americans, particularly those with low and moderate incomes. By offering affordable home financing options, the organization empowers individuals and families to secure stable housing, which is essential for building strong communities.
Located in Hugo, Oklahoma, the initiative addresses a significant need for accessible financial resources within Native American populations. Through its mission, it facilitates home ownership, leading to increased economic stability and improved quality of life. The impact of Choctaw Home Finance Corporation extends beyond individual households, as it fosters community development, promotes responsible financial practices, and helps revitalize areas that might otherwise struggle with housing deficiencies.
By increasing access to affordable housing, the organization not only supports the dreams of homeownership among Native Americans but also contributes to the broader social and economic health of the communities it serves. Its focus on low and moderate-income families ensures that even the most vulnerable members of the population have the opportunity to invest in their futures and create lasting legacies.
This information is meant to be a general summary of Choctaw Home Finance 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 2023.
- Investment Income: $37,239
- Program Service Revenue: $1,041,041
- Gross Receipts: $3,821,789
Assets and Liabilities:
- Total Assets: $42,379,923
- Total Liabilities: $840,079
- Net Assets: $41,539,844
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MORTGAGE INTEREST INCOME
Revenue
$982,178
PROGRAM SERVICE REV-FEES
Revenue
$58,863
Organization Details
Founding Year
2002
Principal Officer
Gail Thompson
NTEE Category
Code: L82 - Housing
If you are a representative of Choctaw Home Finance Corporation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.