Overview
What is Elderly Housing Corporation?
Elderly Housing Corporation is a nonprofit organization situated in Faribault, Minnesota, specifically at 208 NW 1st Ave. Their primary mission is to offer affordable housing options for the elderly and disabled community, aligning with Section B of the National Housing Act. They operate a 51-unit apartment complex that caters to this demographic, dedicated to enhancing their living conditions and promoting a secure and comfortable environment.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 86% (Three-Star out of Four Star Rating)
Elderly Housing Corporation has achieved a strong overall score of 86%, reflecting its commitment to accountability and financial integrity. The organization boasts a fully independent board, with all eight members meeting the criteria for independence, which enhances its governance structure. Key financial metrics, such as a low liabilities to assets ratio of 3.26% and a program expense ratio of 79.56%, indicate that a significant portion of its funding is directed toward programs rather than administrative costs.
The organization also demonstrates robust financial oversight, having received top scores for its audit and oversight committee as well as sound practices for document retention and board meeting minutes. These factors contribute to the organization's credibility and transparency, assuring donors and stakeholders of its responsible management of resources.
While the rating reflects many strengths, potential donors should consider the organization's overall impact and effectiveness in fulfilling its mission. A comprehensive understanding of its programs and outcomes would provide a clearer picture of the value delivered to the community served.
This AI summary has been generated from information found on Charity Navigator.
Is Elderly Housing Corporation legitimate?
Elderly Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Elderly Housing Corporation 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
What is the mission statement of Elderly Housing Corporation?
The Elderly Housing Corporation's mission is centered around providing affordable housing solutions. In particular, they focus on serving the elderly and disabled population. Their primary activity is the rental of an apartment complex, adhering to Section B of the National Housing Act. This organization is dedicated to ensuring that these vulnerable groups have access to suitable and affordable living spaces.
Who is the CEO of Elderly Housing Corporation?
Patricia Gustafson is the President of Elderly Housing Corporation.
What is the revenue of Elderly Housing Corporation?
Elderly Housing Corporation's revenue in 2022 was $512,429.
Who are the executives of Elderly Housing Corporation and what are their salaries?
There 4 volunteers at Elderly Housing Corporation.
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Elderly Housing Corporation?
Elderly Housing Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Elderly Housing Corporation
The Elderly Housing Corporation, as its name suggests, is dedicated to providing a vital service. Its mission is centered around supplying affordable housing options for the elderly and disabled individuals. By operating a 51-unit apartment complex, this nonprofit organization is instrumental in catering to the housing needs of this particular demographic, in line with Section B of the National Housing Act. The corporation's primary objective is to ensure that the elderly and disabled population have access to suitable and affordable housing, thereby enhancing their quality of life.
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Impact
July, 2024
Elderly Housing Corporation provides crucial affordable housing options to elderly and disabled individuals in Faribault, Minnesota. By offering a 51-unit apartment complex, this organization ensures that those in need have a safe and comfortable place to live. This impact directly addresses the housing challenges faced by vulnerable populations in the community, contributing to their overall well-being and quality of life.
This information is meant to be a general summary of Elderly Housing Corporation. 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: $15,360
- Program Service Revenue: $194,620
- Gross Receipts: $512,429
Assets and Liabilities:
- Total Assets: $1,661,755
- Total Liabilities: $54,330
- Net Assets: $1,607,425
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENT
Revenue
$194,620
Organization Details
Founding Year
1977
Phone
(507) 334-0100Principal Officer
Patricia Gustafson
Main Address
208 NW 1ST AVE, FARIBAULT, MN, 55021
NTEE Category
Code: L20Z - Housing
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