Overview
What is Common Wealth Development Inc?
Common Wealth Development Inc, based in Madison, Wisconsin, is a nonprofit organization dedicated to supporting and preserving the vitality of neighborhoods in the Madison metropolitan area. They achieve this mission by providing affordable rental housing opportunities to low and moderate-income households. The organization manages a total of 160 apartments, with 100 located in the Williamson-Marquette neighborhood on Madison's east side and 60 in the Meadowood neighborhood on the southwest side. Additionally, Common Wealth Development Inc also administers 20 units of affordable home ownership. Their approach is centered on racial equity and community-level health improvement, aiming to improve the housing and business climate of their neighborhoods through a people-first approach.
Official website here: www.cwd.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star rating)
Common Wealth Development Inc has received an 81% rating from Charity Navigator, indicating a solid performance in terms of accountability and finance. This rating is based entirely on their fiscal management practices, showcasing a strong commitment to transparency and ethical governance. The organization boasts a fully independent board, and all financial statements are well-audited, which underscores their accountability to stakeholders.
The charity received high marks in various metrics, including having no material diversion of assets and having clear policies in place regarding conflicts of interest and whistleblowing. Their program expense ratio is commendable at 82.73%, suggesting that a significant portion of their budget is directed towards their programs rather than administrative costs.
However, the organization did face a challenge with their liabilities to assets ratio, scoring 0 out of 15 points in this area. This may indicate potential financial vulnerabilities that could be a concern for donors looking for fiscal stability. Overall, Common Wealth Development Inc demonstrates a solid commitment to financial accountability, but attention may be needed to balance their liabilities.
This AI summary has been generated from information found on Charity Navigator.
Is Common Wealth Development Inc legitimate?
Common Wealth Development Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Common Wealth Development 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: $198,155
Professional Fundraising Fees: $0
Other Salaries and Wages: $969,189
For more financial information, click here
Official website here: www.cwd.org
What is the mission statement of Common Wealth Development Inc?
Commonwealth Development Inc's mission is centered around supporting and preserving the vitality of neighborhoods. Their work serves as a foundation for community and economic development. They carry out projects aimed at improving the housing and business climate in these neighborhoods, employing a people-first approach that prioritizes racial equity and community-level health improvement. Their mission is to create a positive impact on the community, focusing on enhancing the living conditions and economic opportunities for its residents.
Official website here: www.cwd.org
Who is the CEO of Common Wealth Development Inc?
Justice Castaneda is the President of Common Wealth Development Inc.
Official website here: www.cwd.org
What is the revenue of Common Wealth Development Inc?
Common Wealth Development Inc's revenue in 2022 was $3,797,574.
Official website here: www.cwd.org
Who are the executives of Common Wealth Development Inc and what are their salaries?
There 35 volunteers at Common Wealth Development Inc.
Here are 11 key members and their salaries:
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- Compensation: $106,649
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- Other: $7,001
- Compensation: $77,350
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- Other: $7,155
Official website here: www.cwd.org
Where can I find the form 990 for Common Wealth Development Inc?
Common Wealth Development Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.cwd.org
Learn more at the official website: www.cwd.org
Mission Statement of Common Wealth Development Inc
Common Wealth Development Inc is dedicated to supporting and preserving the vitality of neighborhoods in their local metropolitan area. Their mission is twofold: firstly, they serve as the foundation for healthy community and economic development. Secondly, their projects aim to enhance the housing and business climate of these neighborhoods through a people-first approach that prioritizes racial equity and community-level health improvement. Their work is centered around improving the living conditions and opportunities for the people in these neighborhoods, ultimately contributing to a stronger and more vibrant community.
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Impact
July, 2024
Common Wealth Development Inc's impact is evident in its support and preservation of the vitality of neighborhoods in the Madison metropolitan area. By providing affordable rental housing opportunities to low and moderate-income households through the ownership and management of 160 apartments, including units scattered throughout the Williamson-Marquette and Meadowood neighborhoods, as well as administering 20 units of affordable homeownership, Common Wealth Development Inc is actively contributing to improving the housing and business climate of these neighborhoods. Their people-first approach, centered on racial equity and community-level health improvement, serves as the foundational bedrock of healthy community and economic development, ultimately enhancing the overall well-being of the residents and fostering community improvement.
This information is meant to be a general summary of Common Wealth Development 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: $2,480
- Program Service Revenue: $2,567,088
- Gross Receipts: $3,839,695
Assets and Liabilities:
- Total Assets: $17,793,475
- Total Liabilities: $13,870,923
- Net Assets: $3,922,552
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$2,492,503
ECONOMIC DEVELOPMENT R
Revenue
$63,862
HOUSING REVENUE
Revenue
$10,723
Organization Details
Founding Year
1979
Phone
(608) 256-3527Principal Officer
Justice Castaneda
Main Address
1501 WILLIAMSON ST, MADISON, WI, 537033728
Website
www.cwd.orgNTEE Category
Code: S31Z - Community improvement
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