Overview
What is Thi-8 Inc?
Thi-8 Inc, based in Chicago, Illinois, is a nonprofit social service agency dedicated to supporting individuals recovering from severe and persistent mental illness. They provide housing facilities and services tailored to meet the physical, social, and psychological needs of these individuals. The agency owns and operates a 15-unit apartment building named Carroll Street Apartments, which is regulated by the U.S. Department of Housing and Urban Development (HUD) for rent and operating methods. Funding for certain capital costs not approved by HUD has been provided by an advance from The Thresholds, a related nonprofit organization that also offers rehabilitative services to former mental patients and provides management, accounting, and administrative services to Thi-8 Inc. The Thresholds charge a management fee for these services. Thi-8 Inc's activities are controlled by The Thresholds' Board of Directors, and they receive operating advances from The Thresholds.
Official website here: www.thresholds.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 82% (Three-Star out of Four Stars)
Thi-8 Inc has received a three-star rating from Charity Navigator, signifying a strong emphasis on accountability and finance within its operations. The organization achieved an overall score of 82%, reflecting a solid performance in financial transparency and governance. The high accountability score indicates that Thi-8 Inc is effectively managing its resources and adhering to best practices in nonprofit management.
Among its strengths, Thi-8 Inc boasts a fully independent board, with 100% of its board members being independent, which contributes to its robust governance framework. The organization has also demonstrated excellent program efficiency, with a program expense ratio of 89.26%, indicating that a significant portion of its funds is directed toward its mission-related activities. Additionally, the presence of comprehensive policies regarding conflicts of interest, whistleblower protection, and document retention further underscores its commitment to ethical practices.
While the financial management aspects are commendable, the salaries of its key executives raise potential questions regarding compensation levels within the nonprofit sector. The CEO's salary, at $403,882, may be perceived as high relative to industry standards, which could be a point of concern among some donors or stakeholders who prioritize cost-effectiveness in nonprofit operations. Overall, Thi-8 Inc appears to maintain a strong focus on accountability, even as it navigates the complexities of executive compensation.
This AI summary has been generated from information found on Charity Navigator.
Is Thi-8 Inc legitimate?
Thi-8 Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Thi-8 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: $57,254
For more financial information, click here
Official website here: www.thresholds.org
What is the mission statement of Thi-8 Inc?
Thi-8 Inc is a non-profit social service agency dedicated to providing housing facilities and services tailored to meet the physical, social, and psychological needs of individuals facing the challenge of recovery from severe and persistent mental illness. The organization specializes in offering a 15-unit apartment building, subject to a first mortgage capital advance obtained under Section 811 of the National Housing Act, to individuals requiring long-term mental health support. The apartments are regulated by the U.S. Department of Housing and Urban Development, with lease terms typically lasting a year. The agency's activities, including funding capital costs not approved by HUD, are controlled by the board of directors of a related non-profit organization, The Thresholds, which also provides rehabilitative services to former mental patients and offers management, accounting, and administrative services to Thi-8 Inc for a management fee.
Official website here: www.thresholds.org
Who is the CEO of Thi-8 Inc?
Al Shoreibah is the President of Thi-8 Inc. The CEO's salary of Thi-8 Inc is $0 and their total compensation is $451,372.
Official website here: www.thresholds.org
What is the revenue of Thi-8 Inc?
Thi-8 Inc's revenue in 2022 was $185,312.
Official website here: www.thresholds.org
Who are the executives of Thi-8 Inc and what are their salaries?
There 50 volunteers at Thi-8 Inc.
Here are 61 key members and their salaries (Thi-8 Inc's CEO's salary is $0 and their total compensation is $451,372):
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- Related: $34,768
- Other: $0
Official website here: www.thresholds.org
Where can I find the form 990 for Thi-8 Inc?
Thi-8 Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.thresholds.org
Learn more at the official website: www.thresholds.org
Mission Statement of Thi-8 Inc
Thi-8 Inc, a nonprofit social service agency, is dedicated to providing housing facilities and services specifically designed to meet the physical, social, and psychological needs of individuals recovering from severe and persistent mental illness. The organization's mission, known as Project THI-08, is geared toward offering a supportive environment that caters to the unique challenges faced by these individuals during their recovery journey.
The agency manages a 15-unit apartment building, called Carroll Street Apartments, in Chicago, Illinois. This housing complex is subject to a first mortgage capital advance obtained under Section 811 of the National Housing Act. The terms of the leases are regulated by the U.S. Department of Housing and Urban Development (HUD), ensuring fair rents and operating methods. The project also received a capital cost funding of $614,141 from an organization called The Thresholds, which will be recorded as a capital contribution and will not be repaid for at least forty years.
The Thresholds, a related nonprofit organization, provides rehabilitative services to former mental patients and offers certain management, accounting, and administrative services to THI-8 Inc for a management fee. Furthermore, The Thresholds also offers operating advances to the project. THI-8 Inc's activities are controlled by the Board of Directors of The Thresholds, demonstrating a collaborative effort between the two organizations to support individuals in recovery from severe mental illness.
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Impact
June, 2024
Thi-8 Inc's impact is profound in providing housing facilities and services specifically tailored to support individuals recovering from severe and persistent mental illness. Through their Carroll Street Apartments in Chicago, Illinois, Thi-8 Inc offers a crucial resource for those in need, helping them address their physical, social, and psychological needs as they work towards recovery. By offering regulated leases and essential support services, Thi-8 Inc plays a vital role in assisting individuals facing the challenges of mental illness, ultimately contributing to their well-being and quality of life.
This information is meant to be a general summary of Thi-8 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.
- Investment Income: $108
- Program Service Revenue: $185,204
- Gross Receipts: $185,312
Assets and Liabilities:
- Total Assets: $704,472
- Total Liabilities: $2,281,784
- Net Assets: -$1,577,312
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENT SUBSIDY
Revenue
$128,615
RESIDENTIAL FEES
Revenue
$53,853
RENT REVENUE
Revenue
$2,736
Organization Details
Founding Year
1991
Phone
(773) 572-5500Principal Officer
Al Shoreibah
Main Address
4101 N RAVENSWOOD, CHICAGO, IL, 60613
Website
www.thresholds.orgNTEE Category
Code: F33 - Mental health
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