Overview
What is Marygrove Non-Profit Housing Corp?
Marygrove Non-Profit Housing Corp, also known as Theresa Maxis Apartments, is a dedicated nonprofit organization situated in Detroit, Michigan. Their primary focus is on providing affordable housing for elderly and handicapped individuals. They manage an 80-unit complex, which they own and operate under Section 202 of the National Housing Act, overseen by the U.S. Department of Housing and Urban Development (HUD). The organization receives rental subsidies from the federal government through the Section 8 program and is bound by a mortgage from HUD. Their major programs include the Section 202 direct loan and the assistance received from the Section 8 program, ensuring that low-income housing remains an accessible option for the elderly and handicapped population.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79% (Three-Star out of Four Star rating)
Marygrove Non-Profit Housing Corp has earned a Three-Star rating from Charity Navigator, reflecting a solid level of accountability and financial health. With a score of 79%, the organization demonstrates strong governance features, such as a fully independent board with no conflicts of interest and comprehensive policies in place for whistleblower protections and document retention.
The charity excels particularly in its financial statements, having achieved a perfect score for its audit, indicating transparency and reliability in its financial reporting. Additionally, a high program expense ratio of 79.29% suggests that a significant portion of its resources is directed towards its mission-related activities, which is a positive indicator for donors and stakeholders.
However, while the organizational strengths are notable, the rating indicates room for improvement in some areas to enhance overall effectiveness. Continued efforts to maintain and improve transparency and accountability will be essential for Marygrove to strengthen its impact in the community further.
This AI summary has been generated from information found on Charity Navigator.
Is Marygrove Non-Profit Housing Corp legitimate?
Marygrove Non-Profit Housing Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Marygrove Non-Profit Housing Corp 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 Marygrove Non-Profit Housing Corp?
Marygrove Non-Profit Housing Corp is dedicated to providing affordable housing for elderly and handicapped individuals. Their primary mission is achieved through the management of an 80-unit apartment complex, funded by the U.S. Department of Housing and Urban Development (HUD) and the Section 8 program. The organization receives rental supplements from the federal government and is subject to a mortgage from HUD. The major programs at Marygrove include the Section 202 Direct Loan and assistance received from the Section 8 program, aimed at ensuring affordable housing for those in need.
Who is the CEO of Marygrove Non-Profit Housing Corp?
Mary Downey is the Director; President of Marygrove Non-Profit Housing Corp.
What is the revenue of Marygrove Non-Profit Housing Corp?
Marygrove Non-Profit Housing Corp's revenue in 2022 was $860,240.
Who are the executives of Marygrove Non-Profit Housing Corp and what are their salaries?
There 8 volunteers at Marygrove Non-Profit Housing Corp.
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Where can I find the form 990 for Marygrove Non-Profit Housing Corp?
Marygrove Non-Profit Housing Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Marygrove Non-Profit Housing Corp
Marygrove Non-Profit Housing Corp is dedicated to providing affordable housing for elderly and handicapped individuals. This non-profit organization manages an 80-unit apartment complex, serving as a sanctuary for those in need. Marygrove's mission is aligned with Section 202 of the National Housing Act and is regulated by the U.S. Department of Housing and Urban Development (HUD). The organization receives rental supplements from the federal government under the Section 8 program and is subject to a mortgage from HUD. The Project, as Marygrove's apartment complex is referred to, offers major programs such as the Section 202 Direct Loan and assistance received from the Section 8 program. These initiatives ensure that elderly and handicapped individuals have access to safe and affordable housing, allowing them to live with dignity and independence.
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Impact
July, 2024
Marygrove Non-Profit Housing Corp provides essential housing services for elderly and handicapped individuals in Detroit, Michigan. By owning, operating, and managing an 80-unit multi-family apartment complex, Marygrove plays a crucial role in ensuring that vulnerable populations have access to safe and affordable housing. The organization's mission to provide low-income housing for elderly and handicapped individuals directly impacts the lives of those in need, offering a supportive and inclusive living environment. Through its programs, including Section 202 direct loans and assistance from the Section 8 program, Marygrove helps ensure that these individuals have a stable place to call home.
This information is meant to be a general summary of Marygrove Non-Profit Housing Corp. 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: $55
- Program Service Revenue: $854,444
- Gross Receipts: $860,240
Assets and Liabilities:
- Total Assets: $1,539,429
- Total Liabilities: $3,303,411
- Net Assets: -$1,763,982
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
APARTMENT RENTAL REV.
Revenue
$854,444
Organization Details
Founding Year
1989
Phone
(734) 343-6600Principal Officer
Mary Downey
Main Address
PO BOX 9184, FARMINGTON HILLS, MI, 483339184
NTEE Category
Code: L200 - Housing
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