Overview
What is Spruce Pine Housing Inc?
Spruce Pine Housing Inc is a nonprofit organization situated in Spruce Pine, North Carolina. Their primary mission is to offer housing facilities and specialized services tailored to the physical and emotional needs of elderly and disabled individuals. They operate a 25-unit apartment complex specifically designed for low-income elderly residents, funded through a Section 202 Direct Loan and subject to Project Rental Assistance Contracts (PRAC) with the U.S. Department of Housing and Urban Development (HUD). Revenue is primarily generated through tenant rental payments and housing assistance payments, which cover the operational expenses of the apartment complex.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement - Overall Score: 73%, earning it a Two-Star out of Four Star rating. This rating reflects that while Spruce Pine Housing Inc demonstrates strong financial practices, it has areas that require significant improvement, particularly in governance and transparency.
The organization has a commendable accountability and finance score, with no material diversion of assets and a perfect program expense ratio, indicating that it directs all of its expenses towards its mission. It also has a fully independent board, which is a positive sign for governance. However, the absence of essential policies, including a conflict of interest policy and a whistleblower policy, raises concerns about its governance framework.
Additionally, the lack of publicly available financial information, such as the tax form on its website, may hinder transparency and accountability in the eyes of potential donors and stakeholders. Addressing these governance shortcomings could enhance Spruce Pine Housing Inc's credibility and effectiveness in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Spruce Pine Housing Inc legitimate?
Spruce Pine Housing Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Spruce Pine Housing 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: $6,610
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What is the mission statement of Spruce Pine Housing Inc?
Spruce Pine Housing Inc is committed to providing housing facilities and specialized services tailored to the physical and emotional needs of elderly and handicapped individuals. The organization owns and manages a 25-unit apartment complex, specifically catering to low-income elderly residents, ensuring they have a suitable living environment. The mission of Spruce Pine Housing Inc is to enhance the quality of life for these individuals by offering them necessary support, with funding for the project sourced through various government programs. The organization's operations are primarily sustained by tenant rental payments and housing assistance payments, which cover the operational expenses of the apartment complex.
Who is the CEO of Spruce Pine Housing Inc?
Salvador Arvizu is the Chairman of Spruce Pine Housing Inc.
What is the revenue of Spruce Pine Housing Inc?
Spruce Pine Housing Inc's revenue in 2023 was $110,978.
Who are the executives of Spruce Pine Housing Inc and what are their salaries?
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Spruce Pine Housing Inc?
Spruce Pine Housing Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Spruce Pine Housing Inc
Spruce Pine Housing Inc is dedicated to providing housing facilities and services tailored to meet the physical and emotional needs of elderly and handicapped individuals. The organization operates a 25-unit apartment complex specifically for low-income elderly residents, ensuring they have a suitable living environment. The mission of Spruce Pine Housing Inc is twofold: firstly, to offer housing facilities designed to cater to the unique needs of the handicapped; and secondly, to provide these individuals with essential services that enhance their quality of life. The organization achieves this through a Section 202 Direct Loan, which funds the project, and Project Rental Assistance Contracts (PRAC) with the U.S. Department of Housing and Urban Development (HUD). Revenue for the project primarily comes from tenant rental payments and Housing Assistance Payments, which help cover the operational expenses of the apartment units.
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Impact
October, 2024
Spruce Pine Housing Inc significantly enhances the quality of life for low-income elderly residents and individuals with disabilities in Mitchell County, North Carolina. By owning and operating a 25-unit apartment complex specifically designed for these populations, the organization provides essential housing that addresses both physical and emotional needs.
The facilities cater to elderly and handicapped individuals, ensuring they have a safe and supportive environment. This focus on accessibility and tailored services creates a sense of community and promotes independence among residents. The funding through a Section 202 Direct Loan, along with Project Rental Assistance Contracts (PRAC) from the U.S. Department of Housing and Urban Development (HUD), allows the organization to maintain affordability for tenants while managing ongoing operational costs.
Overall, Spruce Pine Housing Inc plays a crucial role in alleviating housing insecurity among vulnerable populations, fostering dignity, and improving the overall well-being of its residents.
This information is meant to be a general summary of Spruce Pine Housing 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 2023.
- Investment Income: $56
- Program Service Revenue: $110,922
- Gross Receipts: $110,978
Assets and Liabilities:
- Total Assets: $644,136
- Total Liabilities: $67,201
- Net Assets: $576,935
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL REVENUE
Revenue
$107,338
OTHER TENANT REVENUE
Revenue
$3,584
Organization Details
Founding Year
1995
Phone
(828) 765-9182Principal Officer
Salvador Arvizu
Main Address
PO BOX 645, SPRUCE PINE, NC, 28777
NTEE Category
Code: L30 - Housing
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