Overview
What is Ovid Area Nonprofit Housing Corporation Inc?
Ovid Area Nonprofit Housing Corporation Inc is a dedicated organization based in Ovid, Michigan. Their primary focus is on the development, ownership, and management of a 12-unit low-income senior housing project situated within the village. This project aims to provide affordable living solutions for senior citizens, contributing positively to the local community. The corporation's mission is deeply rooted in enhancing the living conditions of senior citizens by offering them a safe and comfortable place to call home.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 33%, Zero-Star out of Four Star rating.
Ovid Area Nonprofit Housing Corporation Inc has received a low rating of 33% from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. The organization has a fully independent board, which is a positive aspect, but it lacks essential policies such as conflict of interest, whistleblower, and document retention policies, all of which contributed to its low score. Additionally, the absence of a website listed on its tax form raises transparency issues.
Financially, the organization shows a high liability to asset ratio of 98.20%, which is a red flag concerning its fiscal health. Furthermore, the program expense ratio stands at only 48.86%, suggesting that less than half of the organization's funds are being directed toward its primary mission. This could imply inefficiencies in program spending or a need for more effective fundraising strategies.
Overall, while Ovid Area Nonprofit Housing Corporation Inc has a fully independent board, the lack of foundational governance policies and the concerning financial ratios point to potential areas of improvement needed to enhance its accountability and service delivery.
This AI summary has been generated from information found on Charity Navigator.
Is Ovid Area Nonprofit Housing Corporation Inc legitimate?
Ovid Area Nonprofit Housing Corporation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Ovid Area Nonprofit Housing Corporation 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: $19,600
For more financial information, click here
What is the mission statement of Ovid Area Nonprofit Housing Corporation Inc?
The Ovid Area Nonprofit Housing Corporation Inc is dedicated to the development and management of a 12-unit low-income senior housing project. Their mission is centered around providing housing solutions for senior individuals with limited income. This organization is committed to overseeing the entire process, from development to ownership and management, ensuring the project's successful completion. By offering affordable housing, they aim to support the well-being and independence of senior residents.
What is the revenue of Ovid Area Nonprofit Housing Corporation Inc?
Ovid Area Nonprofit Housing Corporation Inc's revenue in 2023 was $151,901.
Who are the executives of Ovid Area Nonprofit Housing Corporation Inc and what are their salaries?
There 9 volunteers at Ovid Area Nonprofit Housing Corporation Inc.
Here are 9 key members and their salaries:
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Where can I find the form 990 for Ovid Area Nonprofit Housing Corporation Inc?
Ovid Area Nonprofit Housing Corporation Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Ovid Area Nonprofit Housing Corporation Inc
The Ovid Area Nonprofit Housing Corporation Inc is dedicated to the development and management of a residential project designed for senior citizens with low income. Situated in an unspecified location, this nonprofit organization takes charge of a 12-unit housing project, providing suitable living arrangements for this specific demographic. Through their ownership and management of this facility, the Ovid Area Nonprofit Housing Corporation Inc strives to create a secure and comfortable environment for these elderly individuals, ensuring they can maintain their independence with minimal financial strain.
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Impact
October, 2024
Ovid Area Nonprofit Housing Corporation Inc significantly enhances the quality of life for seniors in Ovid, MI, through the development and management of a 12-unit low-income housing project specifically designed for seniors. This initiative provides affordable and accessible living options, addressing a critical need for housing that is both safe and supportive for older adults.
By facilitating stable housing, the project fosters community connections among residents, promoting social interaction and reducing isolation often experienced by seniors. The thoughtful management of the facility ensures that tenants have access to necessary resources and support, enhancing their overall well-being.
Additionally, the presence of such a housing development in the village contributes to the local economy by creating jobs during the construction and ongoing management phases, as well as supporting local businesses through resident spending. Overall, this initiative not only fulfills a vital housing need but also strengthens the community fabric of Ovid, enriching the lives of its senior residents and the village as a whole.
This information is meant to be a general summary of Ovid Area Nonprofit Housing Corporation 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 2023.
- Investment Income: $2,611
- Program Service Revenue: $88,195
- Gross Receipts: $188,575
Assets and Liabilities:
- Total Assets: $471,154
- Total Liabilities: $462,716
- Net Assets: $8,438
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$87,583
OTHER TENANT CHARGES
Revenue
$465
LAUNDRY INCOME
Revenue
$147
Organization Details
Founding Year
2001
Principal Officer
Jennifer Martin
NTEE Category
Code: L22 - Housing
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