Overview
What is Mother Theodore Corporation?
Mother Theodore Corporation is a not-for-profit organization established in accordance with Indiana's not-for-profit laws. Its primary purpose is to manage a 150-unit apartment complex named Greenwood II in Terre Haute, Indiana. This facility offers housing to low and moderate-income families, funded through a mortgage insured by the Department of Housing and Urban Development (HUD). The project is regulated by HUD in terms of rental charges and operating methods. Furthermore, Mother Theodore Corporation has entered into a Housing Assistance Payment Contract (HAP Contract) with HUD, which is a rental assistance program for low-income families, as per Section 8 of the National Housing Act. This organization's mission is to provide affordable housing solutions for families in need.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 82%, Three-Star out of Four Star rating.
The Mother Theodore Corporation has received a solid score of 82%, highlighting its strong performance in accountability and finance. The overall rating is derived entirely from this single beacon score, which reflects the organization’s commitment to transparency and efficient use of resources. An independent board is a significant strength, with all members being independent and an adequate board size, which fosters good governance.
The organization excels in its financial management, evidenced by a high program expense ratio of 80.40%, indicating that a substantial portion of its funds is directed towards its programs. Additionally, the audit and oversight committee has received the maximum points, showcasing robust financial oversight practices. The absence of any material diversion of assets further reinforces the integrity of the organization's financial operations.
While the rating is commendable, it is essential to consider that the score is based solely on accountability and finance, which may not encompass other critical aspects of the nonprofit's overall effectiveness and impact. Prospective donors and stakeholders may want to look beyond the financial metrics to evaluate the organization's programs and outcomes fully.
This AI summary has been generated from information found on Charity Navigator.
Is Mother Theodore Corporation legitimate?
Mother Theodore Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mother Theodore 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:
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What is the mission statement of Mother Theodore Corporation?
The Mother Theodore Corporation is a not-for-profit organization, established in accordance with Indiana's not-for-profit statutes. Its primary purpose is to operate a 150-unit apartment complex, known as Greenwood II, which provides housing for low and moderate-income families. The project is financed through a mortgage insured by the Department of Housing and Urban Development (HUD) under Section 223(F) of the National Housing Act, making it subject to HUD's regulations regarding rental charges and operating methods. The corporation has also entered into a Housing Assistance Payment Contract (HAP Contract) with HUD, a rent assistance program for low-income families as per Section 8 of the National Housing Act. In essence, the Mother Theodore Corporation's mission is to provide affordable housing solutions for economically disadvantaged families.
Who is the CEO of Mother Theodore Corporation?
David L Bonnett is the President of Mother Theodore Corporation.
What is the revenue of Mother Theodore Corporation?
Mother Theodore Corporation's revenue in 2022 was $839,370.
Who are the executives of Mother Theodore Corporation and what are their salaries?
Here are 11 key members and their salaries:
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Where can I find the form 990 for Mother Theodore Corporation?
Mother Theodore Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Mother Theodore Corporation
Mother Theodore Corporation, a not-for-profit organization formed in accordance with Indiana's not-for-profit statutes, was established with a mission to operate a 150-unit apartment facility known as Greenwood II. Located in Terre Haute, Indiana, this project provides affordable housing to low and moderate-income families. Financed through a mortgage insured by the Department of Housing and Urban Development (HUD) under Section 223(F) of the National Housing Act, the project falls under HUD's regulation for rental charges and operating methods. Furthermore, the Corporation has entered into a Housing Assistance Payment Contract (HAP Contract) with HUD, which is a Section 8 rent assistance program for low-income families, as per the National Housing Act.
In essence, Mother Theodore Corporation's mission revolves around providing affordable housing options to families in need. By securing funding from HUD and entering into a HAP Contract, the organization ensures that low-income families can access affordable housing through the Greenwood II project. This not-for-profit corporation plays a vital role in addressing housing issues in its community by making housing more accessible to families who might otherwise struggle to secure suitable accommodation.
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Impact
October, 2024
Mother Theodore Corporation operates the Greenwood II apartment facility in Terre Haute, Indiana, providing critical housing opportunities for low and moderate-income families. By offering 150 units, the organization plays a pivotal role in addressing housing needs in the community.
The facility is backed by a mortgage insured by the Department of Housing and Urban Development (HUD), ensuring regulatory oversight of rental charges and operating methods, which enhances affordability and stability for residents. Additionally, the Housing Assistance Payment (HAP) Contract with HUD further supports low-income individuals and families, facilitating access to necessary housing resources.
Through its commitment to providing safe and affordable housing, Mother Theodore Corporation significantly contributes to the well-being of the community. The project not only alleviates housing insecurity but also fosters a sense of community and belonging for its residents, ultimately enriching the social fabric of Terre Haute.
This information is meant to be a general summary of Mother Theodore 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: -$26,558
- Program Service Revenue: $488,697
- Gross Receipts: $866,071
Assets and Liabilities:
- Total Assets: $2,137,486
- Total Liabilities: $831,273
- Net Assets: $1,306,213
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$488,697
Organization Details
Founding Year
1996
Phone
(812) 232-5083Principal Officer
David L Bonnett
Main Address
711 OHIO STREET, TERRE HAUTE, IN, 47807
NTEE Category
Code: L22 - Housing
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