Overview
What is New Horizons Non-Profit Apartments Inc?
New Horizons Non-Profit Apartments Inc is a Michigan-based nonprofit housing corporation, established in 1983 through Cooperative Services, Inc., another Michigan nonprofit cooperative. The primary mission of this organization is to provide affordable housing facilities for low-income senior citizens. It was initially formed to acquire property in Madison Heights, Michigan, and construct an apartment project with 126 units. This initiative was carried out in collaboration with the US Department of Housing and Urban Development. New Horizons continues its mission by offering safe and suitable living spaces for elderly individuals with limited income.
Official website here: www.csi.coop
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81%, Three-Star out of Four Star Rating
New Horizons Non-Profit Apartments Inc has received a rating of 81%, which reflects a solid level of performance in terms of accountability and finance. The rating is based on a comprehensive analysis of various financial metrics, with a notable focus on effective governance, as evidenced by the organization's 100% independent board members. This strong governance structure is complemented by robust financial oversight, with the organization receiving full points for its audit and oversight committee.
The nonprofit demonstrates a high program expense ratio of 79.58%, indicating that a significant portion of its funding is directed toward its programs rather than administrative costs. This efficiency in utilizing funds for its mission is a positive point for potential donors looking for effective charities. However, it should be noted that the organization has a liabilities to assets ratio of 137.22%, which raises some concerns about its financial health and ability to manage debt.
Overall, New Horizons Non-Profit Apartments Inc showcases strengths in governance and program efficiency, making it a commendable organization in the nonprofit sector. Nonetheless, the high liabilities to assets ratio signals a need for careful financial management moving forward.
This AI summary has been generated from information found on Charity Navigator.
Is New Horizons Non-Profit Apartments Inc legitimate?
New Horizons Non-Profit Apartments Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. New Horizons Non-Profit Apartments 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: $0
For more financial information, click here
Official website here: www.csi.coop
What is the mission statement of New Horizons Non-Profit Apartments Inc?
New Horizons Non-Profit Apartments Inc is dedicated to providing housing facilities for low-income senior citizens. As a mission, the organization strives to fulfill this commitment by collaborating with the U.S. Department of Housing and Urban Development. The corporation was established in 1983 and is responsible for constructing and managing an apartment project housing 126 units, specifically designed for senior citizens with limited income. The goal is to offer a suitable living environment for this demographic, ensuring they have access to affordable housing options.
Official website here: www.csi.coop
Who is the CEO of New Horizons Non-Profit Apartments Inc?
Cindy Lamb is the President of New Horizons Non-Profit Apartments Inc.
Official website here: www.csi.coop
What is the revenue of New Horizons Non-Profit Apartments Inc?
New Horizons Non-Profit Apartments Inc's revenue in 2022 was $1,332,378.
Official website here: www.csi.coop
Who are the executives of New Horizons Non-Profit Apartments Inc and what are their salaries?
There 25 volunteers at New Horizons Non-Profit Apartments Inc.
Here are 19 key members and their salaries:
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- Related: $182,532
- Other: $32,442
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- Related: $295,265
- Other: $63,472
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- Related: $153,401
- Other: $34,172
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- Related: $162,992
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- Related: $175,150
- Other: $45,954
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- Related: $182,210
- Other: $47,091
- Compensation: $0
- Related: $177,736
- Other: $54,448
Official website here: www.csi.coop
Where can I find the form 990 for New Horizons Non-Profit Apartments Inc?
New Horizons Non-Profit Apartments Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.csi.coop
Learn more at the official website: www.csi.coop
Mission Statement of New Horizons Non-Profit Apartments Inc
New Horizons Non-Profit Apartments Inc is committed to providing housing facilities for low-income senior citizens. Established in 1983, this Michigan-based non-profit housing corporation seeks to address the housing needs of this demographic, working in collaboration with the U.S. Department of Housing and Urban Development. The organization's mission is to acquire, construct, and operate apartment projects, offering a safe and affordable living environment for elderly individuals with limited financial resources. By providing such housing, New Horizons Non-Profit Apartments Inc aims to contribute to the well-being and independence of senior citizens, providing them with a stable and comfortable living situation.
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Impact
July, 2024
New Horizons Non-Profit Apartments Inc impacts the community by providing housing facilities for low-income senior citizens in Warren, Michigan. By offering affordable housing options, they help improve the quality of life for seniors with limited financial resources. This organization plays a vital role in supporting the well-being and security of senior citizens in need, ensuring they have a safe and comfortable place to call home.
This information is meant to be a general summary of New Horizons Non-Profit Apartments 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: $410
- Program Service Revenue: $316,003
- Gross Receipts: $1,332,378
Assets and Liabilities:
- Total Assets: $3,685,207
- Total Liabilities: $5,342,309
- Net Assets: -$1,657,102
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$316,003
Organization Details
Founding Year
1983
Phone
(586) 753-9002Principal Officer
Cindy Lamb
Main Address
8425 E TWELVE MILE ROAD, WARREN, MI, 48093
Website
www.csi.coopNTEE Category
Code: L21 - Housing
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