Overview
What is Telacu Housing-Rialto Iii Inc?
Telacu Housing-Rialto III Inc. is a California-based nonprofit organization, specifically formed according to the state's not-for-profit regulations. Its primary mission is to construct, own, and manage a 75-unit apartment complex named Telacu Rio Alto Apartments in Rialto, California. This project falls under Section 202 of the National Housing Act of 1959, aiming to provide affordable housing solutions. The organization's purpose aligns with enhancing community living by offering a comfortable residential space.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (64%, Two-Star out of Four Star rating)
Telacu Housing-Rialto III Inc has been rated as needing improvement with a score of 64%, which places it in the Two-Star category. The accountability and finance aspects of the organization are strong, as evidenced by a perfect score of 100% in this area. This indicates responsible financial management and oversight, particularly in terms of the audit and oversight committee and the absence of material diversion of assets.
However, the organization shows significant weaknesses in governance, particularly in relation to its board composition. None of the board members are independent, which can raise concerns about potential conflicts of interest and the overall governance structure. Furthermore, the organization does not publish its tax form on its website, which negatively impacts transparency. The lack of independent board members and a small board size may hinder diverse perspectives and effective oversight, suggesting a need for improvement in these areas.
This AI summary has been generated from information found on Charity Navigator.
Is Telacu Housing-Rialto Iii Inc legitimate?
Telacu Housing-Rialto Iii Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Telacu Housing-Rialto Iii 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 Telacu Housing-Rialto Iii Inc?
Telacu Housing-Rialto III Inc. is a not-for-profit corporation established in accordance with California's not-for-profit laws. Its primary objective is to construct, own, and manage a 75-unit apartment complex, named Telacu Rio Alto Apartments, in compliance with Section 202 of the National Housing Act of 1959, as amended. The corporation's mission is centered around providing housing solutions, with a focus on constructing, maintaining, and operating the apartment community to cater to its residents.
What is the revenue of Telacu Housing-Rialto Iii Inc?
Telacu Housing-Rialto Iii Inc's revenue in 2023 was $737,052.
Who are the executives of Telacu Housing-Rialto Iii Inc and what are their salaries?
Here are 6 key members and their salaries:
- Compensation: $0
- Related: $2,093,190
- Other: $36,963
- Compensation: $0
- Related: $259,729
- Other: $16,626
- Compensation: $0
- Related: $992,373
- Other: $35,139
- Compensation: $0
- Related: $25,640
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $36,000
- Other: $0
Where can I find the form 990 for Telacu Housing-Rialto Iii Inc?
Telacu Housing-Rialto Iii Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Telacu Housing-Rialto Iii Inc
Telacu Housing-Rialto III Inc, a California-based not-for-profit corporation, was established with a specific purpose. Its mission is centered around constructing, owning, and operating a 75-unit apartment community, named Telacu Rio Alto Apartments. This endeavor is carried out in accordance with Section 202 of the National Housing Act of 1959, as amended. The organization's goal is to provide affordable housing solutions, contributing to the overall well-being of its community. Telacu Housing-Rialto III Inc is dedicated to making a difference by facilitating the creation of a residential space that caters to the needs of its residents, thereby enhancing their living standards.
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Impact
October, 2024
Telacu Housing-Rialto III Inc significantly impacts the community by addressing the critical need for affordable housing in Rialto, California. By constructing and operating the Telacu Rio Alto Apartments, this initiative provides 75 housing units designed to offer residents a stable living environment. This development not only alleviates housing shortages but also promotes community stability and economic growth.
The affordable living arrangements enable residents to allocate more resources towards education, healthcare, and other essential services, ultimately contributing to enhanced quality of life. Furthermore, the project fosters a sense of community among residents, encouraging social interaction and support networks that reinforce neighborhood bonds.
Overall, Telacu Housing-Rialto III Inc plays a crucial role in advancing housing accessibility, supporting local economies, and contributing to the well-being of the population in Rialto.
This information is meant to be a general summary of Telacu Housing-Rialto Iii 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: $1,274
- Program Service Revenue: $292,324
- Gross Receipts: $737,052
Assets and Liabilities:
- Total Assets: $11,972,458
- Total Liabilities: $15,119,901
- Net Assets: -$3,147,443
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$292,324
Organization Details
Founding Year
2010
Principal Officer
Michael Lizarraga
NTEE Category
Code: L20 - Housing
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