Overview
What is Heritage Corporation Of Loris?
Heritage Corporation of Loris is a nonprofit organization situated in Loris, South Carolina. Their primary mission is to offer housing solutions for the elderly and disabled individuals, ensuring their physical, social, and psychological needs are met. They operate a 28-unit apartment complex, regulated by the United States Department of Housing and Urban Development (HUD), under Section 202 of the National Housing Act of 1959. The project's rental rates and operations are also overseen by HUD. A significant portion of the project's rental income comes from HUD, as the units are covered under a Project Rental Assistance Contract. The organization operates under the name Watson's Place.
What are the reviews and ratings of this charity?
Charity Navigator Rating: One-Star out of Four Stars (58%)
The Heritage Corporation Of Loris has received a One-Star rating from Charity Navigator, indicating significant concerns regarding its financial health and accountability. While the organization has excelled in certain areas, such as having a fully independent board and a high program expense ratio, these strengths are overshadowed by a troubling liabilities to assets ratio of 134.41%, which raises questions about its financial sustainability.
The charity's score reflects strong governance practices, with perfect marks for having independent board members and documenting board meeting minutes. However, the critical issue lies in the organization's financial management, as the high level of liabilities compared to its assets poses a risk to its ongoing operations and effectiveness.
Despite these challenges, Heritage Corporation Of Loris demonstrates a commitment to programmatic spending, with an impressive 97.63% of expenses directed towards its programs. Nonetheless, potential donors and stakeholders should carefully consider these financial risks before engaging with the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Heritage Corporation Of Loris legitimate?
Heritage Corporation Of Loris is a legitimate nonprofit organization registered as a 501(c)(3) entity. Heritage Corporation Of Loris 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
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What is the mission statement of Heritage Corporation Of Loris?
Heritage Corporation of Loris is dedicated to fulfilling the housing needs of the elderly and disabled individuals. Their mission is to provide these individuals with housing facilities and services that cater to their physical, social, and psychological requirements. The organization operates a 28-unit apartment complex, adhering to Section 202 of the National Housing Act of 1959. Regulated by the United States Department of Housing and Urban Development (HUD), the project's rental rates and operating methods are strictly regulated by HUD. Moreover, a significant portion of the project's rental income is derived from HUD, with the project also having a Project Rental Assistance Contract with the department.
Who is the CEO of Heritage Corporation Of Loris?
Maurice Jones is the President of Heritage Corporation Of Loris.
What is the revenue of Heritage Corporation Of Loris?
Heritage Corporation Of Loris's revenue in 2022 was $148,401.
Who are the executives of Heritage Corporation Of Loris and what are their salaries?
There 5 volunteers at Heritage Corporation Of Loris.
Here are 5 key members and their salaries:
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Where can I find the form 990 for Heritage Corporation Of Loris?
Heritage Corporation Of Loris's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Heritage Corporation Of Loris
Heritage Corporation of Loris is committed to providing housing facilities and services tailored to meet the physical, social, and psychological needs of elderly and disabled individuals. The organization operates a 28-unit residential complex, which falls under Section 202 of the National Housing Act of 1959. This project, located in an unspecified location, is regulated by the United States Department of Housing and Urban Development (HUD) regarding rental rates and operational methods. Moreover, a significant portion of the project's rental income is derived from HUD through a Project Rental Assistance Contract. The objective of Heritage Corporation of Loris is to offer a living space that caters to the unique needs of the elderly and disabled, ensuring their overall well-being.
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Impact
October, 2024
Heritage Corporation Of Loris significantly enhances the quality of life for elderly and disabled individuals in Loris, South Carolina, by providing essential housing services tailored to their unique needs. The organization operates a 28-unit apartment complex that adheres to regulations set by the U.S. Department of Housing and Urban Development (HUD), ensuring that rent is affordable and conditions are suitable.
This facility not only addresses the pressing need for accessible housing but also fosters a community environment that supports the physical, social, and psychological well-being of its residents. By offering safe and stable housing, Heritage Corporation Of Loris plays a crucial role in reducing the challenges faced by vulnerable populations, allowing them to lead more fulfilling lives in a supportive environment. The rental assistance contracts with HUD also alleviate financial burdens, making it possible for residents to secure and maintain their homes. Overall, the organization's impact extends beyond just providing shelter; it enriches the lives of its residents and strengthens the community.
This information is meant to be a general summary of Heritage Corporation Of Loris. 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: $20
- Program Service Revenue: $71,922
- Gross Receipts: $148,401
Assets and Liabilities:
- Total Assets: $2,481,514
- Total Liabilities: $3,335,860
- Net Assets: -$854,346
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$71,922
Organization Details
Founding Year
2011
Phone
(336) 760-8100Principal Officer
Maurice Jones
Main Address
4525 CANAL STREET, LORIS, SC, 29569
NTEE Category
Code: L22 - Housing
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