Overview
What is Westminsterhoopes Residence Corp?
Westminsterhoopes Residence Corp is a nonprofit organization situated in Philadelphia, Pennsylvania. Their primary mission lies in providing low-income housing, specifically four townhouses, which are subsidized by the United States Department of Housing and Urban Development. With a small workforce of three individuals, this organization plays a significant role in making affordable housing options available to those in need.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 58% (One-Star out of Four Stars)
Westminsterhoopes Residence Corp has received a One-Star rating from Charity Navigator, indicating significant concerns regarding its financial accountability and transparency. While the organization excels in certain areas, such as having a fully independent board and a high program expense ratio, it has notable weaknesses, particularly in its governance and financial reporting practices.
The organization scored well in aspects like the majority of independent board members and documentation of board meeting minutes, which reflects a commitment to governance. However, it lacks essential policies, such as a conflict of interest policy and a whistleblower policy, which are critical for ensuring ethical standards and protecting the organization from potential misconduct. The presence of these deficiencies has resulted in a low overall rating.
Furthermore, Westminsterhoopes Residence Corp has a concerning liabilities to assets ratio of 148.24%, suggesting financial instability. This high ratio indicates potential risks in managing its financial obligations compared to its assets, which could affect its long-term sustainability and ability to deliver programs effectively. Overall, the organization needs to improve its governance practices and financial health to enhance its accountability and better serve its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Westminsterhoopes Residence Corp legitimate?
Westminsterhoopes Residence Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Westminsterhoopes Residence Corp 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: $4,186
For more financial information, click here
What is the mission statement of Westminsterhoopes Residence Corp?
Westminsterhoopes Residence Corp's primary mission is to provide low-income housing. They accomplish this by offering four townhouses, which are subsidized by the United States Department of Housing and Urban Development. This initiative aims to provide affordable living solutions for individuals who may otherwise struggle with housing expenses. The corporation's activities are centered around this mission, ensuring that the four subsidized townhouses are well-maintained and accessible to those in need. By offering this service, Westminsterhoopes Residence Corp contributes to the larger goal of promoting housing equity and accessibility for all.
Who is the CEO of Westminsterhoopes Residence Corp?
Co Organization is the Principal Officer of Westminsterhoopes Residence Corp.
What is the revenue of Westminsterhoopes Residence Corp?
Westminsterhoopes Residence Corp's revenue in 2023 was $70,897.
Who are the executives of Westminsterhoopes Residence Corp and what are their salaries?
The average compensation at Westminsterhoopes Residence Corp during 2023 was $1,395. There are 3 employees and 5 volunteers at Westminsterhoopes Residence Corp.
Here are 6 key members and their salaries:
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- Other: $0
Where can I find the form 990 for Westminsterhoopes Residence Corp?
Westminsterhoopes Residence Corp's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Westminsterhoopes Residence Corp
WestminsterHoopes Residence Corp, as a nonprofit organization, is dedicated to providing low-income housing. Specifically, it offers four townhouses that are subsidized by the United States Department of Housing and Urban Development. This mission is crucial in addressing the housing needs of individuals and families who may struggle financially, ensuring they have a stable living environment. By providing subsidized housing, WestminsterHoopes Residence Corp contributes to the betterment of the community, offering a vital service that can significantly impact the lives of its residents.
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Impact
August, 2024
Westminsterhoopes Residence Corp's impact is evident in its provision of low-income housing to the community. By offering four townhouses subsidized by the United States Department of Housing and Urban Development, the organization plays a crucial role in addressing the housing needs of individuals and families in Philadelphia, PA. Their dedication to providing affordable housing contributes to the stability and well-being of those who may not have access to suitable housing options otherwise. This impact aligns with the organization's mission to support low-income individuals and families in securing safe and affordable housing. Through their efforts, Westminsterhoopes Residence Corp positively influences the lives of many in need of housing assistance.
This information is meant to be a general summary of Westminsterhoopes Residence Corp. 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: $4
- Program Service Revenue: $70,893
- Gross Receipts: $70,897
Assets and Liabilities:
- Total Assets: $467,268
- Total Liabilities: $692,696
- Net Assets: -$225,428
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$15,954
TENANT ASSISTANCE PAYMENTS
Revenue
$54,510
TENANT CHARGES
Revenue
$429
Organization Details
Founding Year
1997
Phone
(215) 386-1808Principal Officer
Co Organization
Main Address
3827 POWELTON AVENUE, PHILADELPHIA, PA, 19104
NTEE Category
Code: L20Z - Housing
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