Overview
What is Nicollet Meadows Housing Group?
Nicollet Meadows Housing Group is a nonprofit organization situated in Slayton, Minnesota. Their primary mission is to provide affordable housing opportunities for individuals and families with moderate and low incomes. They manage a 136-unit housing project, dedicating their efforts to this cause. The organization's purpose is to ensure that residents have access to comfortable and budget-friendly housing solutions, thereby contributing to a stronger and more inclusive community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 56%, One-Star out of Four Stars
Nicollet Meadows Housing Group has received a low rating of 56%, reflecting challenges in its accountability and financial practices. A significant concern is the lack of independent board members, with only 33% independence, which can impact governance and oversight. Additionally, the organization does not provide its website on its tax form, nor does it have a whistleblower policy or a document retention policy, raising transparency issues.
On a positive note, the organization excels in maintaining financial integrity, evidenced by a perfect score on its audit and oversight committee, and it has reported no material diversion of assets. Its program expense ratio is also strong at 86.06%, indicating that a substantial portion of its funds is directed towards its programs. However, the liabilities to assets ratio of 118.45% suggests potential financial instability.
Overall, while Nicollet Meadows Housing Group demonstrates a commitment to program spending, its governance and transparency practices require significant improvement. The low rating highlights these areas as critical for potential donors to consider before contributing.
This AI summary has been generated from information found on Charity Navigator.
Is Nicollet Meadows Housing Group legitimate?
Nicollet Meadows Housing Group is a legitimate nonprofit organization registered as a 501(c)(3) entity. Nicollet Meadows Housing Group 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 Nicollet Meadows Housing Group?
The Nicollet Meadows Housing Group is committed to providing a mission that focuses on affordability. Specifically, their objective is to offer housing opportunities for individuals with low and moderate income levels. They accomplish this mission by operating a 136-unit housing project, which serves as a platform for providing affordable accommodation for these tenants. The group's primary focus is to make housing accessible and affordable for individuals who might otherwise struggle to secure suitable housing.
Who is the CEO of Nicollet Meadows Housing Group?
Chad Adams is the Secretary/Treasurer of Nicollet Meadows Housing Group.
What is the revenue of Nicollet Meadows Housing Group?
Nicollet Meadows Housing Group's revenue in 2022 was $1,019,249.
Who are the executives of Nicollet Meadows Housing Group and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $114,732
- Other: $22,281
- Compensation: $0
- Related: $161,434
- Other: $23,316
- Compensation: $0
- Related: $200
- Other: $0
Where can I find the form 990 for Nicollet Meadows Housing Group?
Nicollet Meadows Housing Group's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Nicollet Meadows Housing Group
Nicollet Meadows Housing Group is dedicated to providing affordable housing solutions for individuals and families with low and moderate incomes. Their mission is to ensure that these individuals have access to suitable living arrangements, thereby contributing to their overall well-being and stability. The organization operates a housing project comprising 136 units, specifically designed to accommodate tenants who fall under the low and moderate income bracket. By providing affordable housing, Nicollet Meadows Housing Group strives to make a positive impact on the community, ensuring that everyone, regardless of their financial circumstances, has a place to call home.
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Impact
July, 2024
Nicollet Meadows Housing Group has a significant impact by providing affordable housing for low and moderate-income residents in Slayton, MN. Through their operation of a 136-unit housing project, they offer a vital resource for individuals and families in need of affordable housing options. Their mission to provide this essential service helps address housing insecurity and contributes to the well-being of the community.
This information is meant to be a general summary of Nicollet Meadows Housing Group. 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: $9,560
- Program Service Revenue: $1,009,689
- Gross Receipts: $1,019,249
Assets and Liabilities:
- Total Assets: $7,785,673
- Total Liabilities: $9,222,543
- Net Assets: -$1,436,870
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOW INCOME HOUSING REN
Revenue
$884,828
INTEREST SUBSIDY
Revenue
$92,388
TENANT CHARGES
Revenue
$16,378
LAUNDRY
Revenue
$12,162
OTHER PROGRAM SERVICE
Revenue
$3,933
Organization Details
Founding Year
2001
Phone
(507) 836-8547Principal Officer
Chad Adams
Main Address
2401 BROADWAY AVE, SLAYTON, MN, 56172
NTEE Category
Code: L21 - Housing
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