Overview
What is Somerset Home Ownership Commission Inc?
Somerset Home Ownership Commission Inc is a nonprofit organization, situated in Somerset, Kentucky. Their primary mission is to offer opportunities for the purchase of affordable single-family housing and the revitalization of neighborhoods. This organization strives to improve living conditions in the community by facilitating the acquisition of affordable houses and enhancing the overall appearance of local neighborhoods.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 1 Star (58%)
The Somerset Home Ownership Commission Inc has received a One-Star out of Four Star rating from Charity Navigator, with an overall score of 58%. This rating reflects concerns in areas of accountability and finance, particularly with a low score in the Liabilities to Assets Ratio, indicating potential financial instability. However, the organization excels in governance, with full marks for having a majority independent board and proper documentation of board meeting minutes.
Strengths of the organization include a high program expense ratio of 90.45%, suggesting that a significant portion of funds is directed towards its programs. The independent board's composition and the absence of material diversion of assets also contribute positively to its governance profile. These elements demonstrate a commitment to responsible oversight and transparency in its operations.
Despite these strengths, the low accountability and finance score raises red flags about the organization's sustainability. Prospective donors and stakeholders may want to closely consider these financial metrics before engaging with or supporting the nonprofit.
This AI summary has been generated from information found on Charity Navigator.
Is Somerset Home Ownership Commission Inc legitimate?
Somerset Home Ownership Commission Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Somerset Home Ownership Commission 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.
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Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Somerset Home Ownership Commission Inc?
The Somerset Home Ownership Commission Inc is dedicated to creating opportunities for the purchase of affordable single-family housing and the revitalization of neighborhoods. Their mission is to contribute positively to the community by facilitating affordable homeownership and improving the overall living conditions of the neighborhoods. They aim to make homeownership an attainable goal for a wider segment of the population while simultaneously enhancing the aesthetic and functional aspects of the surrounding areas. Their activities are focused on promoting affordable housing and neighborhood improvement.
Who is the CEO of Somerset Home Ownership Commission Inc?
Frances Smith is the President of Somerset Home Ownership Commission Inc.
What is the revenue of Somerset Home Ownership Commission Inc?
Somerset Home Ownership Commission Inc's revenue in 2022 was $50.
Who are the executives of Somerset Home Ownership Commission Inc and what are their salaries?
Here are 5 key members and their salaries:
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Where can I find the form 990 for Somerset Home Ownership Commission Inc?
Somerset Home Ownership Commission Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Somerset Home Ownership Commission Inc
Somerset Home Ownership Commission Inc is devoted to creating opportunities for the purchase of affordable single-family housing and the revitalization of neighborhoods. This mission-driven organization works tirelessly to make homeownership attainable for individuals and families with limited financial means, ultimately aiming to improve the overall quality of living in various communities. By focusing on the provision of affordable housing, Somerset Home Ownership Commission Inc contributes to the enhancement of neighborhoods, fostering a sense of community and stability. This nonprofit organization plays a significant role in promoting affordable housing options, thereby empowering individuals and families to build a better future for themselves.
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Impact
October, 2024
Somerset Home Ownership Commission Inc has a significant impact on the community by facilitating opportunities for affordable single-family housing and spearheading neighborhood revitalization efforts. By focusing on affordable housing, the Commission helps to lower barriers for homeownership, allowing more families to become homeowners and foster stability within the community. This contributes to a stronger local economy and improves the overall quality of life for residents.
Additionally, the Commission's commitment to revitalizing neighborhoods enhances the aesthetic and functional aspects of the area, leading to increased property values and attracting new residents and businesses. These efforts not only uplift the community but also create a more cohesive social fabric, fostering communal pride and engagement. Overall, Somerset Home Ownership Commission Inc plays a crucial role in transforming neighborhoods, supporting homeownership, and promoting sustainable community development.
This information is meant to be a general summary of Somerset Home Ownership Commission 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.
- Gross Receipts: $50
Assets and Liabilities:
- Total Assets: $263,148
- Total Liabilities: $215,904
- Net Assets: $47,244
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Organization Details
Phone
(606) 679-1332Principal Officer
Frances Smith
Main Address
PO BOX 449, SOMERSET, KY, 42502
NTEE Category
Code: L20Z - Housing
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