Overview
What is Sandstone Apartments Inc?
Sandstone Apartments Inc is a nonprofit organization situated in Columbia, South Carolina, specifically at 1408 Gregg Street, with a mission to provide housing and related services to low-income individuals with mental disabilities. Established under South Carolina's laws and regulations, the project comprises a 20-unit apartment complex. Operated under Section 811 of the National Housing Act and regulated by the U.S. Department of Housing and Urban Development (HUD), the project receives a substantial portion of its rental income from HUD. The apartment complex is managed by Mental Illness Recovery Center, Inc. (MIRCI), a nonprofit organization that offers social rehabilitation services in the Columbia area for individuals dealing with mental illness and emotional challenges.
Official website here: www.mirci.org/supportivehousing
What are the reviews and ratings of this charity?
Charity Navigator Rating: 82% (Three-Star out of Four Stars)
Sandstone Apartments Inc has received a Three-Star rating from Charity Navigator, reflecting a solid level of accountability and finance management. The rating is based entirely on a single beacon score, with an impressive score of 82 in the Accountability & Finance category for the fiscal year 2023. The organization excels in several areas, including having a fully independent board of directors and no material diversion of assets, indicating strong governance practices.
The nonprofit's program expense ratio stands out at nearly 95%, suggesting that the vast majority of its expenditures are directed towards its programs rather than administrative costs. Additional strengths include the existence of a comprehensive conflict of interest policy, a whistleblower policy, and the proper documentation of meeting minutes, all of which contribute to its transparency and accountability.
However, Sandstone Apartments Inc does face some challenges, particularly indicated by a liabilities to assets ratio of 226.36%. This high ratio implies that the organization carries a significant amount of debt compared to its assets, which may raise concerns regarding its financial stability in the long run. Overall, while the organization demonstrates strong operational practices, potential financial risks warrant attention.
This AI summary has been generated from information found on Charity Navigator.
Is Sandstone Apartments Inc legitimate?
Sandstone Apartments Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Sandstone 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: $17,036
For more financial information, click here
Official website here: www.mirci.org/supportivehousing
What is the mission statement of Sandstone Apartments Inc?
Sandstone Apartments Inc was established as a non-profit organization with the primary aim of providing housing for low-income individuals with disabilities. The project, located in Columbia, South Carolina, operates under Section 811 of the National Housing Act and is regulated by the U.S. Department of Housing and Urban Development (HUD). The project's rental charges and operating methods are subject to HUD regulations, and it receives a significant portion of its rental income from HUD. Sandstone Apartments Inc has a Project Rental Assistance Contract (PRAC) with HUD. The day-to-day operations of the project are managed by Mental Illness Recovery Center, Inc. (MIRCI), a non-profit organization that provides social rehabilitation services for individuals with mental illness and emotional problems in the Columbia area.
Official website here: www.mirci.org/supportivehousing
Who is the CEO of Sandstone Apartments Inc?
Julie Ann Avin is the President of Sandstone Apartments Inc.
Official website here: www.mirci.org/supportivehousing
What is the revenue of Sandstone Apartments Inc?
Sandstone Apartments Inc's revenue in 2022 was $137,069.
Official website here: www.mirci.org/supportivehousing
Who are the executives of Sandstone Apartments Inc and what are their salaries?
Here are 16 key members and their salaries:
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- Related: $162,183
- Other: $8,953
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- Other: $5,988
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- Related: $89,722
- Other: $2,250
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Official website here: www.mirci.org/supportivehousing
Where can I find the form 990 for Sandstone Apartments Inc?
Sandstone Apartments Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mirci.org/supportivehousing
Learn more at the official website: www.mirci.org/supportivehousing
Mission Statement of Sandstone Apartments Inc
Sandstone Apartments Inc, established as a non-profit corporation, was founded with the primary objective of constructing, owning, and operating a 20-unit apartment project for low-income individuals with disabilities. This project is regulated by the U.S. Department of Housing and Urban Development (HUD) under Section 811 of the National Housing Act, ensuring that rental charges and operating methods adhere to specific guidelines. A significant portion of the project's rental income is received from HUD, and the day-to-day operations are managed by Mental Illness Recovery Center, Inc. (MIRCI), a non-profit organization providing social rehabilitation for individuals in the Columbia area dealing with mental illness or emotional problems. The collaboration between Sandstone Apartments Inc and MIRCI aims to offer a supportive living environment for individuals with disabilities, promoting their recovery and integration into society.
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Impact
October, 2024
Sandstone Apartments Inc plays a crucial role in providing stable housing and essential services for low-income individuals with mental disabilities in Columbia, South Carolina. By operating a 20-unit apartment complex, the organization addresses a significant need in the community for accessible housing that fosters independence while offering a supportive environment.
The apartments are constructed and maintained under strict regulations, ensuring the residents benefit from safe and affordable living arrangements. The partnership with the U.S. Department of Housing and Urban Development (HUD) allows Sandstone Apartments Inc to offer reduced rental charges through the Project Rental Assistance Contract (PRAC), making housing financially viable for those who might struggle otherwise.
In addition to housing, Sandstone Apartments Inc collaborates with the Mental Illness Recovery Center, Inc. (MIRCI), which provides social rehabilitation services. This synergy enhances the overall well-being of residents by offering targeted support for mental health challenges, thereby promoting recovery and community integration.
Overall, the impact of Sandstone Apartments Inc extends beyond mere housing; it creates a nurturing community that empowers individuals with mental disabilities to improve their quality of life and fosters a sense of belonging.
This information is meant to be a general summary of Sandstone 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 2022.
- Investment Income: $25
- Program Service Revenue: $60,215
- Gross Receipts: $137,069
Assets and Liabilities:
- Total Assets: $568,484
- Total Liabilities: $1,246,942
- Net Assets: -$678,458
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rental Income
Revenue
$60,215
Organization Details
Founding Year
1996
Phone
(803) 786-1844Principal Officer
Julie Ann Avin
Main Address
1408 GREGG STREET, COLUMBIA, SC, 29201
NTEE Category
Code: P82 - Human services
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