Overview
What is Koram Senior Housing Corporation?
Koram Senior Housing Corporation is a nonprofit organization situated in Chicago, Illinois, with a specific focus on providing affordable housing for the elderly and handicapped. They operate and manage a 60-unit apartment building, which is subsidized by HUD. Their mission is to ensure that these vulnerable individuals have access to comfortable living arrangements. With a team of 7 dedicated employees, they strive to maintain the building's facilities and offer a supportive environment for its residents. The corporation's primary objective is to enhance the quality of life for these individuals by providing them with a safe and secure living space.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79%, Three-Star out of Four Stars
Koram Senior Housing Corporation has received a score of 79%, which translates to a Three-Star rating. This score reflects positively on the organization's accountability and finance practices, which are crucial for donor trust and operational integrity. Notably, the organization has a fully independent board, showcasing strong governance with 100% of board members being independent.
The financial management indicators are strong, particularly in terms of program expenses, where the charity has achieved a high program expense ratio of 74.42%. This suggests that a significant portion of its funding is directed towards its mission rather than administrative costs. The organization also adheres to essential policies like conflict of interest, whistleblower protection, and document retention, which further supports its accountability.
However, there are some limitations noted in the financial ratios. The liabilities to assets ratio is a concern at 177.45%, indicating that the organization has more liabilities than assets, which could pose risks in financial sustainability. Overall, while Koram Senior Housing Corporation demonstrates effective governance and management practices, attention to its financial health is necessary.
This AI summary has been generated from information found on Charity Navigator.
Is Koram Senior Housing Corporation legitimate?
Koram Senior Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Koram Senior Housing 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: $231,915
For more financial information, click here
What is the mission statement of Koram Senior Housing Corporation?
Koram Senior Housing Corporation is dedicated to managing an apartment building that offers HUD-subsidized housing for the elderly and handicapped. Their primary mission is to operate a 60-unit building, ensuring it provides affordable housing for this specific demographic. The corporation's goal is to make a significant impact on the lives of its residents, offering them a safe and suitable living environment. By managing this housing complex, Koram Senior Housing Corporation contributes to the community by providing essential support for the elderly and handicapped individuals who need it most.
Who is the CEO of Koram Senior Housing Corporation?
Arnie Choi is the President of Koram Senior Housing Corporation.
What is the revenue of Koram Senior Housing Corporation?
Koram Senior Housing Corporation's revenue in 2022 was $883,152.
Who are the executives of Koram Senior Housing Corporation and what are their salaries?
The average compensation at Koram Senior Housing Corporation during 2022 was $33,131. There are 7 employees and 5 volunteers at Koram Senior Housing Corporation.
Here are 6 key members and their salaries:
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Where can I find the form 990 for Koram Senior Housing Corporation?
Koram Senior Housing Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Koram Senior Housing Corporation
Koram Senior Housing Corporation is dedicated to managing an apartment building that offers subsidized housing for the elderly and individuals with disabilities. This nonprofit organization is responsible for overseeing a 60-unit complex, providing a home for those who may otherwise struggle with housing affordability. By offering HUD-subsidized housing, Koram Senior Housing Corporation plays a crucial role in ensuring that the elderly and handicapped population has access to safe and affordable living accommodations. The corporation's mission is to operate and manage this apartment building effectively, ensuring that its residents receive the support they need to live comfortably and independently.
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Impact
October, 2024
Koram Senior Housing Corporation plays a crucial role in providing affordable housing solutions for the elderly and handicapped in Chicago, Illinois. By managing a 60-unit apartment building that offers HUD-subsidized housing, it ensures that vulnerable populations have access to safe and supportive living environments. This facility not only addresses the pressing need for affordable accommodation but also fosters a community where residents can maintain their independence while receiving essential support.
The impact of this organization extends beyond just housing; it enhances the quality of life for its residents by creating an inclusive environment where they can thrive. By offering reliable housing options, Koram Senior Housing Corporation helps alleviate financial burdens typically faced by the elderly and handicapped, allowing them to focus on their well-being and personal growth. Ultimately, the organization contributes significantly to the social fabric of the community, promoting stability and dignity for those it serves.
This information is meant to be a general summary of Koram Senior Housing 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: $199
- Program Service Revenue: $881,759
- Gross Receipts: $883,152
Assets and Liabilities:
- Total Assets: $1,410,194
- Total Liabilities: $2,619,593
- Net Assets: -$1,209,399
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT ASSISTANCE
Revenue
$682,146
RENT, TENANTS
Revenue
$199,613
Organization Details
Founding Year
1982
Phone
(773) 583-5501Principal Officer
Arnie Choi
Main Address
4444 N HARDING AVE, CHICAGO, IL, 60625
NTEE Category
Code: L21 - Housing
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