Overview
What is Central Minnesota Housing Partnership Inc?
Central Minnesota Housing Partnership Inc, based in St. Augusta, Minnesota, is a dedicated nonprofit organization with a mission to support underserved communities by preserving, improving, and increasing affordable housing options. They manage a portfolio of 871 affordable housing units, taking responsibility for their long-term health and welfare. Their asset management duties include monitoring programs, funding requirements, and property management activities to ensure compliance. The organization frequently communicates with property managers, investors, and funders, and continues to expand its portfolio by developing new or acquiring and rehabilitating existing rental properties. In 2022, they completed construction on Heritage Court Apartments, further increasing their affordable housing offerings.
Official website here: www.cmhp.net
What are the reviews and ratings of this charity?
Charity Navigator Rating: 85% (Three-Star out of Four Stars)
Central Minnesota Housing Partnership Inc has received a Three-Star rating from Charity Navigator, reflecting a strong performance in Accountability and Finance. The organization scored 85%, indicating that it adheres to several best practices regarding financial health and transparency. Specifically, it boasts a fully independent board and a high program expense ratio of nearly 90%, which suggests that a significant portion of its resources is directed toward its mission.
The scores highlight the nonprofit's commitment to governance and oversight, evidenced by its robust conflict of interest and whistleblower policies. Additionally, all financial statements are audited, contributing to a clear picture of its operations to donors and stakeholders. The organization also has documented board meeting minutes and maintains transparency by posting its tax forms online.
However, the nonprofit did face a challenge with its liabilities to assets ratio, scoring 0 out of 15 in this area. This indicates that while the organization is performing well in various governance aspects, it may have financial liabilities that could be a concern for potential donors. Overall, Central Minnesota Housing Partnership Inc demonstrates strong accountability practices, but stakeholders may wish to consider its financial liabilities when assessing the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Central Minnesota Housing Partnership Inc legitimate?
Central Minnesota Housing Partnership Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Central Minnesota Housing Partnership 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: $239,505
Professional Fundraising Fees: $0
Other Salaries and Wages: $989,688
For more financial information, click here
Official website here: www.cmhp.net
What is the mission statement of Central Minnesota Housing Partnership Inc?
Central Minnesota Housing Partnership Inc, as a non-profit community housing development corporation, is dedicated to assisting underserved communities in preserving, improving, and increasing affordable housing for low and moderate-income families and individuals. The organization's mission is to ensure the long-term health and welfare of these communities by managing its rental properties and adhering to funding requirements and program guidelines. This involves monitoring programs, property management activities, and reporting to funders, among other responsibilities. By developing new properties or acquiring and rehabilitating existing ones, Central Minnesota Housing Partnership Inc aims to continually add affordable rental units to its portfolio, with a recent example being the completion of Heritage Court Apartments in 2022.
Official website here: www.cmhp.net
What is the revenue of Central Minnesota Housing Partnership Inc?
Central Minnesota Housing Partnership Inc's revenue in 2023 was $4,465,977.
Official website here: www.cmhp.net
Who are the executives of Central Minnesota Housing Partnership Inc and what are their salaries?
The average compensation at Central Minnesota Housing Partnership Inc during 2023 was $31,518. There are 39 employees and 5 volunteers at Central Minnesota Housing Partnership Inc.
Here are 11 key members and their salaries:
- Compensation: $0
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- Other: $0
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- Other: $0
- Compensation: $315
- Related: $0
- Other: $0
- Compensation: $342
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- Other: $0
- Compensation: $1,100
- Related: $0
- Other: $0
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- Other: $0
- Compensation: $341
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- Other: $0
- Compensation: $110,782
- Related: $0
- Other: $12,332
- Compensation: $106,049
- Related: $0
- Other: $8,244
Official website here: www.cmhp.net
Where can I find the form 990 for Central Minnesota Housing Partnership Inc?
Central Minnesota Housing Partnership Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.cmhp.net
Learn more at the official website: www.cmhp.net
Mission Statement of Central Minnesota Housing Partnership Inc
Central Minnesota Housing Partnership Inc, a non-profit community housing development corporation (CHDO), is committed to assisting underserved communities in preserving, improving, and increasing affordable housing for low and moderate-income families and individuals. Their mission is to enhance the living conditions of these communities by managing and maintaining affordable housing units, ensuring compliance with program requirements, and fostering long-term health and welfare for all projects.
The organization takes pride in its ownership and interest in rental properties, assuming responsibility for their upkeep and well-being. Central Minnesota Housing Partnership Inc performs various functions associated with asset management, such as monitoring programs, funders, and financing requirements to ensure compliance and timely reporting. They oversee property management activities, conduct site visits, review monthly financial reports, approve annual budgets, plan for capital improvements, and conduct tenant surveys. The organization maintains regular communication with property managers, investors, and funders, and as it expands its portfolio by developing new properties or acquiring and rehabilitating existing ones, it continues to add affordable rental units to its asset management portfolio. In 2022, Central Minnesota Housing Partnership Inc finalized the construction of Heritage Court Apartments, further expanding its commitment to providing affordable housing solutions in the community.
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Impact
July, 2024
Central Minnesota Housing Partnership Inc's impact is significant in providing affordable housing for low and moderate-income families and individuals in underserved communities. With asset management of 871 units of affordable housing, CMHP ensures the long-term health and welfare of these projects by monitoring programs, funders, and financing requirements. By adding more affordable rental units to its portfolio, such as the recently completed Heritage Court Apartments, CMHP continues to address the crucial need for affordable housing in St Augusta, MN, and beyond.
This information is meant to be a general summary of Central Minnesota Housing Partnership 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: $78,666
- Program Service Revenue: $3,833,210
- Gross Receipts: $4,466,954
Assets and Liabilities:
- Total Assets: $21,873,694
- Total Liabilities: $17,881,078
- Net Assets: $3,992,616
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$3,284,986
FEES FOR SERVICE
Revenue
$485,594
DEBT SUBSIDY INCOME
Revenue
$35,947
LAUNDRY INCOME
Revenue
$13,180
GARAGE INCOME
Revenue
$13,173
Organization Details
Founding Year
1993
Principal Officer
Deanna Hemmesch
Website
www.cmhp.netNTEE Category
Code: Z99Z - Unknown
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