Overview
What is Marygrove Non-Profit Housing Corp Ii?
Marygrove Non-Profit Housing Corp II, often referred to as Marygrove, is a nonprofit organization based in Farmington Hills, Michigan. Their primary mission is to provide affordable housing for low-income elderly and handicapped individuals. They operate and manage an 80-unit apartment complex located in Detroit, Michigan, under Section 202 of the National Housing Act. The federal government provides rent supplements to Marygrove under the same act. Regulated by the U.S. Department of Housing and Urban Development, Marygrove ensures that its rental charges and operating methods adhere to government standards. The organization's major program involves a Section 202 Capital Advance, dedicated to improving housing conditions for its residents.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94% (Four-Star out of Four Star rating)
Marygrove Non-Profit Housing Corp II has achieved an impressive 94% rating from Charity Navigator, reflecting its strong performance in accountability and finance. This high score indicates that the organization is effectively managing its resources and maintaining transparency in its operations. The charity has scored perfectly on a variety of metrics, including independent board member composition, financial audits, and the presence of essential policies such as conflict of interest and whistleblower protections.
The organization demonstrates a commitment to fiscal responsibility, with a program expense ratio of 77.70%, meaning a significant portion of its expenses goes directly towards its programs. This is complemented by a low liabilities to assets ratio of 37.82%, which suggests that Marygrove is well-positioned financially. Furthermore, the board is entirely composed of independent members, which enhances governance and minimizes potential conflicts of interest.
There are no notable limitations or areas of concern found in the data, highlighting the organization's robust operational framework and effective oversight practices. Overall, Marygrove Non-Profit Housing Corp II stands out as a well-managed nonprofit dedicated to its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Marygrove Non-Profit Housing Corp Ii legitimate?
Marygrove Non-Profit Housing Corp Ii is a legitimate nonprofit organization registered as a 501(c)(3) entity. Marygrove Non-Profit Housing Corp Ii 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 Ii?
Marygrove Non-Profit Housing Corp II is dedicated to providing affordable housing for elderly and handicapped individuals. Their primary mission is achieved through managing an 80-unit apartment complex under Section 202 of the National Housing Act. The organization receives rental subsidies from the federal government under the same act and is regulated by the U.S. Department of Housing and Urban Development. The major program of Marygrove is its Section 202 Capital Advance, which aims to offer housing solutions for those in need.
Who is the CEO of Marygrove Non-Profit Housing Corp Ii?
Mary Downey is the Director; President of Marygrove Non-Profit Housing Corp Ii.
What is the revenue of Marygrove Non-Profit Housing Corp Ii?
Marygrove Non-Profit Housing Corp Ii's revenue in 2022 was $633,479.
Who are the executives of Marygrove Non-Profit Housing Corp Ii and what are their salaries?
There 8 volunteers at Marygrove Non-Profit Housing Corp Ii.
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Where can I find the form 990 for Marygrove Non-Profit Housing Corp Ii?
Marygrove Non-Profit Housing Corp Ii's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Marygrove Non-Profit Housing Corp Ii
Marygrove Non-Profit Housing Corp II is dedicated to providing affordable housing solutions for elderly and handicapped individuals. Their primary mission is to manage an 80-unit apartment complex specifically designed for this demographic. The organization receives financial support from the federal government under Section 202 of the National Housing Act, ensuring that rental costs remain within reach for the intended residents. Regulated by the U.S. Department of Housing and Urban Development, Marygrove adheres to strict guidelines regarding rental charges and operational methods. Their major program, the Section 202 Capital Advance, further strengthens their commitment to offering affordable housing options for this vulnerable population.
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Impact
July, 2024
Marygrove Non-Profit Housing Corp II provides essential housing for low-income elderly and handicapped individuals in Detroit, Michigan. The organization owns, operates, and manages an 80-unit multi-family apartment complex under Section 202 of the National Housing Act. By receiving rent supplements from the federal government and adhering to regulations set by the U.S. Department of Housing and Urban Development, Marygrove ensures that vulnerable individuals have a safe and affordable place to call home. This impacts the community by addressing the pressing need for housing assistance among marginalized populations, ultimately improving their quality of life and fostering a sense of security and stability.
This information is meant to be a general summary of Marygrove Non-Profit Housing Corp Ii. 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: $25
- Program Service Revenue: $624,798
- Gross Receipts: $633,479
Assets and Liabilities:
- Total Assets: $2,246,406
- Total Liabilities: $849,786
- Net Assets: $1,396,620
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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
$624,798
Organization Details
Founding Year
1992
Phone
(734) 343-6600Principal Officer
Mary Downey
Main Address
PO BOX 9184, FARMINGTON HILLS, MI, 483339184
NTEE Category
Code: L220 - Housing
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