Overview
What is Wellesley Housing Development Corporation?
Wellesley Housing Development Corporation (WHDC) is a nonprofit organization established in Wellesley, Massachusetts, with a mission to sponsor and assist in the development and preservation of affordable housing opportunities for individuals and families with income below 80% of the region's median income. The corporation acts as an advisor to the Town of Wellesley Planning Board in the development of inclusionary zoning provisions and to the Town of Wellesley Selectmen in preserving rental assistance subsidies at existing affordable housing projects. WHDC monitors and maintains such housing, working actively to increase and preserve affordable housing in Wellesley through partnerships and its own initiatives.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 40% (Zero-Star out of Four Star rating)
The Wellesley Housing Development Corporation has received a low rating of 40%, indicating significant concerns regarding its overall accountability and financial health. While the organization excels in certain governance aspects, such as having a fully independent board and a conflict of interest policy, these strengths are overshadowed by poor financial performance.
The main areas of concern include a very low program expense ratio of only 6.79%, which suggests that a minimal portion of its resources is being directed towards its core mission. Additionally, the organization shows a liabilities to assets ratio of 0.00%, raising questions about its financial management and sustainability.
While the governance structure of the organization appears solid, the overall financial metrics highlight critical issues that may hinder its ability to effectively carry out its objectives. Stakeholders and potential donors should carefully consider these factors when evaluating the Wellesley Housing Development Corporation's impact and effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Wellesley Housing Development Corporation legitimate?
Wellesley Housing Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Wellesley Housing Development Corporation 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 Wellesley Housing Development Corporation?
The Wellesley Housing Development Corporation, established as a non-profit organization, is dedicated to sponsoring and aiding in the development and preservation of affordable housing opportunities for individuals and families with income below 80% of the region's median income. Their mission is to focus on innovative strategies to increase and maintain affordable housing within the community, primarily through collaborations and its own initiatives. The corporation was formed with the specific purpose of addressing the need for affordable housing in Wellesley, Massachusetts, through creative solutions.
Who is the CEO of Wellesley Housing Development Corporation?
Meghan C Jop is the Co Chairman & Directo of Wellesley Housing Development Corporation.
What is the revenue of Wellesley Housing Development Corporation?
Wellesley Housing Development Corporation's revenue in 2022 was $3,883.
Who are the executives of Wellesley Housing Development Corporation and what are their salaries?
Here are 5 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
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Wellesley Housing Development Corporation?
Wellesley Housing Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Wellesley Housing Development Corporation
The Wellesley Housing Development Corporation, established through special legislation in 1998, is a non-profit organization with a mission to sponsor and assist in the development and preservation of affordable housing opportunities for individuals and families with income less than 80% of the region's median income. This mission is carried out through creative partnerships and the corporation's own initiatives, aiming to increase and preserve affordable housing in Wellesley, Massachusetts. The organization was formed with the goal of focusing on innovative ways to address the need for affordable housing in the town.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
October, 2024
Wellesley Housing Development Corporation significantly impacts the availability of affordable housing for individuals and families with low and moderate incomes in Wellesley, Massachusetts. By sponsoring and assisting in the development and preservation of affordable housing opportunities, the organization directly addresses the critical need for accessible housing in the community.
The corporation plays a vital role in providing strategic analysis and guidance to local governing bodies, including the Town of Wellesley Planning Board and the Selectmen. This collaboration focuses on the development of inclusionary zoning provisions and the preservation of rental assistance subsidies for existing affordable housing projects. Such efforts help to ensure that affordable housing remains a priority in local planning and policy decisions.
Additionally, the monitoring and maintenance of existing affordable housing units lead to the creation of sustainable living environments, fostering community stability and diversity. Through innovative partnerships and a commitment to affordable housing solutions, the Wellesley Housing Development Corporation enhances the quality of life for many residents while contributing to the overall economic health of the area.
This information is meant to be a general summary of Wellesley Housing Development Corporation. 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: $2,134
- Gross Receipts: $3,883
Assets and Liabilities:
- Total Assets: $461,816
- Total Liabilities: $0
- Net Assets: $461,816
Want to help this charity, for free? You can click here to learn more about Give Freely
Organization Details
Founding Year
1998
Phone
(781) 431-1019Principal Officer
Meghan C Jop
Main Address
WELLESLEY TOWN HALL525 WASHINGTON, WELLESLEY, MA, 02482
NTEE Category
Code: L20 - Housing
If you are a representative of Wellesley Housing Development Corporation and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.