Overview
What is Mountain Housing Opportunities Loan Fund Inc?
Mountain Housing Opportunities Loan Fund Inc is a nonprofit organization based in Asheville, North Carolina. Their primary mission is to assist low and moderate-income families in Buncombe, Haywood, Henderson, and Madison counties by providing home loans. This nonprofit organization strives to advance homeownership, foster community development, and improve economic opportunities for these income groups through various financial aid and community activities. Their efforts aim to benefit the local community by promoting financial stability and improving living conditions for the less privileged residents.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94% (Four-Star out of Four Star Rating)
Mountain Housing Opportunities Loan Fund Inc has achieved a remarkable Four-Star rating on Charity Navigator, indicating a high level of accountability and financial health. With an impressive overall score of 94%, the organization demonstrates exceptional governance practices, including a board composed entirely of independent members and a strong commitment to ethical financial management.
The organization received perfect scores in several critical areas, such as its conflict of interest policy, whistleblower policy, and the management of financial statements. Additionally, it boasts a low liabilities-to-assets ratio of 11.33%, reflecting sound financial stability. Notably, the program expense ratio is at 100%, signifying that all funds are directed towards its programs.
Despite these strengths, potential donors should consider the organization's operational scale and the broader context of its activities. However, based on the current data, Mountain Housing Opportunities Loan Fund Inc exhibits a strong commitment to transparency, responsible management, and effective program implementation.
This AI summary has been generated from information found on Charity Navigator.
Is Mountain Housing Opportunities Loan Fund Inc legitimate?
Mountain Housing Opportunities Loan Fund Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mountain Housing Opportunities Loan Fund 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: $190,675
For more financial information, click here
What is the mission statement of Mountain Housing Opportunities Loan Fund Inc?
Mountain Housing Opportunities Loan Fund Inc's mission is geared towards enhancing homeownership, fostering community development, and boosting economic opportunities for low and moderate-income individuals. This is achieved through the provision of financial assistance and various other activities designed to benefit this demographic. The organization's primary goal is to advance these objectives, thereby improving the living conditions and prospects of these individuals.
Who is the CEO of Mountain Housing Opportunities Loan Fund Inc?
Scott Dedman is the CEO of Mountain Housing Opportunities Loan Fund Inc The CEO's salary of Mountain Housing Opportunities Loan Fund Inc is $0 and their total compensation is $120,670.
What is the revenue of Mountain Housing Opportunities Loan Fund Inc?
Mountain Housing Opportunities Loan Fund Inc's revenue in 2023 was $440,173.
Who are the executives of Mountain Housing Opportunities Loan Fund Inc and what are their salaries?
Here are 15 key members and their salaries (Mountain Housing Opportunities Loan Fund Inc's CEO's salary is $0 and their total compensation is $120,670):
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- Related: $127,323
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- Related: $120,670
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Where can I find the form 990 for Mountain Housing Opportunities Loan Fund Inc?
Mountain Housing Opportunities Loan Fund Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Mountain Housing Opportunities Loan Fund Inc
Mountain Housing Opportunities Loan Fund Inc is committed to advancing homeownership, fostering community development, and enhancing economic opportunities for low and moderate-income individuals. The organization achieves this mission by providing financial assistance and engaging in various activities that benefit this specific demographic. By doing so, Mountain Housing Opportunities Loan Fund Inc aims to make a significant impact in improving living conditions and prospects for those who may otherwise be underserved in the housing market.
In line with its mission, Mountain Housing Opportunities Loan Fund Inc extends home loans to families with low and moderate incomes residing in Buncombe, Haywood, Henderson, and Madison Counties. By offering affordable financing options, the organization enables these families to secure homes, thereby promoting stability and self-sufficiency. Moreover, Mountain Housing Opportunities Loan Fund Inc contributes to community development by fostering an inclusive and equitable housing market, which in turn can drive broader economic growth and opportunities.
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Impact
July, 2024
Mountain Housing Opportunities Loan Fund Inc's impact lies in advancing homeownership, promoting community development, and improving economic opportunities for low and moderate-income individuals in Buncombe, Haywood, Henderson, and Madison counties. This organization's provision of home loans has enabled many families to achieve the dream of owning a home, thereby enhancing their financial stability and quality of life. Additionally, by focusing on community development, Mountain Housing Opportunities Loan Fund Inc contributes to creating stronger, more vibrant neighborhoods. Overall, their work plays a crucial role in empowering individuals and enhancing the economic well-being of the communities they serve.
This information is meant to be a general summary of Mountain Housing Opportunities Loan Fund 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.
- Program Service Revenue: $385,173
- Gross Receipts: $440,173
Assets and Liabilities:
- Total Assets: $9,168,190
- Total Liabilities: $1,039,568
- Net Assets: $8,128,622
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSIGNMENT OF NOTES RE
Revenue
$300,000
INTEREST EARNED ON NOT
Revenue
$83,173
LOAN & LATE FEES
Revenue
$2,000
Organization Details
Founding Year
2009
Principal Officer
Geoffrey Barton
NTEE Category
Code: L20 - Housing
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