Overview
What is Madison Residential Services Inc?
Madison Residential Services Inc, a nonprofit corporation based in South Bend, Indiana, was established with the mission to cater to the physical, social, and psychological needs of individuals struggling with chronic mental illness. They achieved this by constructing and managing a 21-unit apartment community, known as Uhrig Apartments. This community, in compliance with Section 811 of the National Affordable Housing Act, is specifically designed to provide a supportive living environment for these individuals. Madison Residential Services Inc operates under a regulatory agreement with HUD and provides rent assistance through a Project Rental Assistance Contract (PRAC Contract), ensuring affordable housing for low-income families or individuals.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 82% (Three-Star out of Four Stars)
Madison Residential Services Inc has received an 82% rating from Charity Navigator, which translates to a Three-Star rating. This score reflects the organization’s commitment to accountability and finance, showcasing strengths such as having a fully independent board of directors and a solid whistleblower policy. The absence of material diversion of assets is also a positive indicator of financial integrity.
In terms of governance, the charity boasts 14 independent board members, ensuring a diverse and unbiased decision-making body. However, while the organization has strong points in governance and accountability, its program expense ratio stands at 60.45%, which may suggest that less than two-thirds of its expenses are allocated directly to programs. This could be an area for improvement to enhance its service delivery.
Overall, Madison Residential Services Inc demonstrates a good level of transparency and effective governance, as evidenced by its comprehensive policies and independent oversight. Continued focus on increasing the program expense ratio could further strengthen its impact and efficiency in serving its community.
This AI summary has been generated from information found on Charity Navigator.
Is Madison Residential Services Inc legitimate?
Madison Residential Services Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Madison Residential Services 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 Madison Residential Services Inc?
Madison Residential Services Inc, a non-profit organization in Indiana, was established with the purpose of constructing, owning, and operating a 21-unit apartment complex. This community was specifically designed to cater to the physical, social, and psychological needs of individuals who are disabled due to chronic mental illness. The organization operates under Section 811 of the National Affordable Housing Act and has a regulatory agreement with HUD, governed by the Federal Housing Administration (FHA) section of HUD. Furthermore, Madison Residential Services Inc has entered into a Project Rental Assistance Contract (PRAC Contract) with HUD, providing rent assistance to low-income families or individuals as part of the Section 8 program of the National Housing Act. In essence, the mission of Madison Residential Services Inc is to provide housing and support for individuals with chronic mental illness, ensuring they have access to a safe and comfortable living environment.
Who is the CEO of Madison Residential Services Inc?
Laurie N Nafziger is the CEO of Madison Residential Services Inc The CEO's salary of Madison Residential Services Inc is $0 and their total compensation is $341,621.
What is the revenue of Madison Residential Services Inc?
Madison Residential Services Inc's revenue in 2024 was $142,838.
Who are the executives of Madison Residential Services Inc and what are their salaries?
There 17 volunteers at Madison Residential Services Inc.
Here are 24 key members and their salaries (Madison Residential Services Inc's CEO's salary is $0 and their total compensation is $341,621):
- Compensation: $0
- Related: $289,212
- Other: $52,409
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- Related: $146,267
- Other: $33,592
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- Related: $320,345
- Other: $65,911
- Compensation: $0
- Related: $277,438
- Other: $51,563
- Compensation: $0
- Related: $276,731
- Other: $57,388
- Compensation: $0
- Related: $268,521
- Other: $49,847
- Compensation: $0
- Related: $235,994
- Other: $47,209
Where can I find the form 990 for Madison Residential Services Inc?
Madison Residential Services Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of Madison Residential Services Inc
Madison Residential Services Inc, a not-for-profit organization, was established with a mission to cater to the unique needs of individuals struggling with chronic mental illness. The organization constructed and operates a 21-unit apartment community, specifically designed to address the physical, social, and psychological needs of its residents. Located under Section 811 of the National Affordable Housing Act, Madison Residential Services Inc provides a safe and supportive living environment for its residents.
The organization, known as Uhrig Apartments, has entered into a Project Rental Assistance Contract (PRAC Contract) with HUD, which provides rent assistance to low-income families or individuals. This contract is part of the Section 8 program under the National Housing Act. By doing so, Madison Residential Services Inc ensures that its residents have access to affordable housing, a crucial aspect of their overall well-being. The organization's mission is to create a living space that caters to the specific needs of individuals with chronic mental illness, providing them with the support they need to live independently and improve their quality of life.
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Impact
October, 2024
Madison Residential Services Inc. has a significant impact on the community by providing essential housing for individuals with disabilities resulting from chronic mental illness. Located in South Bend, Indiana, the organization operates Uhrig Apartments, a 21-unit apartment community specially designed to cater to the physical, social, and psychological needs of its residents.
The apartments not only offer a safe and stable living environment but also play a crucial role in promoting the well-being and independence of residents. By focusing on the unique challenges faced by individuals with chronic mental illnesses, Madison Residential Services fosters a sense of community and belonging. This is vital for reducing isolation and improving overall mental health.
Additionally, the organization collaborates with the U.S. Department of Housing and Urban Development (HUD) to provide affordable housing options through regulatory agreements and rental assistance programs. Through these partnerships, Madison Residential Services is able to ensure that low-income families and individuals have access to the housing they need to thrive.
In summary, Madison Residential Services Inc. makes a meaningful contribution to the quality of life for individuals with disabilities in the region, while advancing social equity and community support.
This information is meant to be a general summary of Madison Residential Services 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: $5
- Program Service Revenue: $77,940
- Gross Receipts: $142,838
Assets and Liabilities:
- Total Assets: $401,451
- Total Liabilities: $59,852
- Net Assets: $341,599
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$77,940
Organization Details
Founding Year
1985
Principal Officer
Laurie N Nafziger
NTEE Category
Code: L30 - Housing
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