Overview
What is Gihon Unity Apartments Inc?
Gihon Unity Apartments Inc is a nonprofit organization based in Morgantown, West Virginia, specifically at 1369 Stewartstown Road. The primary focus of this organization is to provide financial assistance to thirteen (13) other subsidized housing entities that cater to low-income elderly and disabled individuals. Following the sale of their 50-unit housing complex in January 2009, Gihon Unity Apartments Inc now holds a Residual Receipts Note. Any proceeds from this note are subject to restrictions, only allowing for use in low-income housing with prior approval from the U.S. Department of Housing and Urban Development (HUD).
Official website here: www.hrdewv.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 57%, One-Star out of Four Stars
Gihon Unity Apartments Inc has received a rating of 57%, which translates to a One-Star rating on Charity Navigator. This score indicates significant concerns regarding the nonprofit's accountability and financial practices. While the organization boasts an independent board with 82% of members being independent, it has been penalized for a notably low program expense ratio and a high liabilities to assets ratio.
Strengths of Gihon Unity Apartments include its transparency in governance, as evidenced by its adherence to policies such as conflict of interest and whistleblower protections. Additionally, it has successfully listed all required documents on its website, except for its tax form. However, its program expense ratio is particularly troubling, as it suggests that no funds are being allocated to its programs, raising questions about the efficacy of its operations.
In summary, while Gihon Unity Apartments Inc demonstrates strong governance practices, the low financial score and lack of program spending highlight critical areas for improvement. Stakeholders may want to consider these factors when assessing the organization's overall effectiveness and impact in the community.
This AI summary has been generated from information found on Charity Navigator.
Is Gihon Unity Apartments Inc legitimate?
Gihon Unity Apartments Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Gihon Unity Apartments 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
Official website here: www.hrdewv.org
What is the mission statement of Gihon Unity Apartments Inc?
Gihon Unity Apartments Inc is dedicated to providing financial assistance to subsidized housing entities that cater to low-income elderly and disabled individuals. This mission is carried out by offering financial aid to these entities, thereby contributing to their operations. The organization supports a total of thirteen such housing complexes, all of which have been approved by the U.S. Department of Housing and Urban Development (HUD). This assistance ensures that these housing entities can continue to provide affordable living options for the targeted population. The corporation's resources are subject to restrictions, with any proceeds solely allocated for low-income housing projects, following prior approval from HUD.
Official website here: www.hrdewv.org
What is the revenue of Gihon Unity Apartments Inc?
Gihon Unity Apartments Inc's revenue in 2024 was $515.
Official website here: www.hrdewv.org
Who are the executives of Gihon Unity Apartments Inc and what are their salaries?
There 14 volunteers at Gihon Unity Apartments Inc.
Here are 17 key members and their salaries:
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- Related: $92,855
- Other: $53,483
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- Other: $41,410
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- Related: $82,044
- Other: $30,958
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- Other: $0
Official website here: www.hrdewv.org
Where can I find the form 990 for Gihon Unity Apartments Inc?
Gihon Unity Apartments Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Official website here: www.hrdewv.org
Learn more at the official website: www.hrdewv.org
Mission Statement of Gihon Unity Apartments Inc
Gihon Unity Apartments Inc is committed to providing financial assistance to subsidized housing entities that cater to low-income elderly and disabled individuals. The organization's mission is centered around offering financial support to these entities, enabling them to continue providing safe and affordable housing options for this vulnerable group. The assistance provided by Gihon Unity Apartments Inc is subject to restrictions, with any proceeds from its residual receipts note only allowed for use in low-income housing projects, following prior approval from the U.S. Department of Housing and Urban Development (HUD). Beyond its own operations, Gihon Unity Apartments Inc supports thirteen (13) other commonly controlled entities that operate HUD-approved housing complexes, thereby extending its commitment to housing assistance to a broader community of low-income elderly and disabled individuals.
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Impact
October, 2024
Gihon Unity Apartments Inc plays a crucial role in supporting low-income elderly and disabled individuals by providing financial assistance to housing entities that cater to their needs. Through its operations, the organization aids thirteen other commonly controlled entities that manage HUD-approved housing complexes, ensuring a stable housing environment for a vulnerable demographic.
Though the corporation's original 50-unit housing complex was sold in 2009, it continues to impact the community by holding a residual receipts note, which allows it to channel funds towards furthering low-income housing initiatives with necessary oversight from the U.S. Department of Housing and Urban Development (HUD). This structure ensures that financial resources are utilized effectively and responsibly, thus enhancing the quality of life for those who rely on affordable housing options.
By focusing its efforts on subsidized housing, Gihon Unity Apartments Inc not only addresses immediate housing needs but also contributes to long-term solutions for accessible, stable living conditions for the elderly and disabled populations in Morgantown, WV, ultimately fostering a more inclusive community.
This information is meant to be a general summary of Gihon Unity Apartments 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 2024.
- Investment Income: $15
- Gross Receipts: $515
Assets and Liabilities:
- Total Assets: $1,295,092
- Total Liabilities: $7,754
- Net Assets: $1,287,338
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Organization Details
Founding Year
1983
Phone
(304) 296-8223Principal Officer
Joshua D Sword
Main Address
501 LEON SULLIVAN WAY, CHARLESTON, WV, 25301
Website
www.hrdewv.orgNTEE Category
Code: L21 - Housing
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