Overview
What is Buchanan Housing Inc?
Buchanan Housing Inc is a nonprofit organization based in various locations in Iowa. Its primary mission is to offer affordable housing for individuals with mental disabilities. The organization owns several duplexes in Independence, Winthrop, Jesup, and Fairbank, each containing two apartments with two bedrooms. The duplexes in Independence, Winthrop, and Jesup were funded with loans from the USDA and local financial institutions, while the Fairbank duplex was constructed using existing cash balances and a loan from Fairbank State Bank. The Independence duplex acquired in 2011 was funded through grants and a loan from BankIowa. Each tenant in these duplexes receives HUD assistance to help pay their rent. The County Mental Health Advocate conducts screenings to identify potential tenants with mental impairments, and the housing serves as an alternative to group home settings, providing more freedom and personalized care for the individuals living there. The main expenses for the organization are interest on loans, depreciation, and occupancy costs.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement, Overall Score: 70%, Two-Star out of Four Star rating
Buchanan Housing Inc has received a Two-Star rating from Charity Navigator, indicating a need for improvement in its accountability and financial practices. While the organization has achieved a score of 70%, it excels in certain areas such as having 100% independent board members and no material diversion of assets, which reflects strong governance in some aspects.
However, several critical policies and practices are lacking, which has impacted the overall score negatively. The absence of a website listed on the tax form, conflict of interest policy, whistleblower policy, and document retention policy raises concerns about transparency and adherence to best practices. Furthermore, the organization has not made its board meeting minutes publicly available, which hinders accountability.
Despite these limitations, Buchanan Housing Inc demonstrates a strong program expense ratio of 100%, indicating that all expenses are directed toward its programs. Addressing the identified deficiencies in governance and transparency will be essential for the organization to improve its standing and effectiveness in serving its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Buchanan Housing Inc legitimate?
Buchanan Housing Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Buchanan Housing 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: $0
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What is the mission statement of Buchanan Housing Inc?
Buchanan Housing Inc's mission is centered around providing affordable housing for individuals with mental disabilities. The organization owns several duplexes in various locations, each offering multiple apartments with two bedrooms each. The primary aim is to offer a low-cost living solution to these individuals, providing them with more freedom and the ability to choose services tailored to their unique needs, serving as an alternative to a group home setting. Buchanan Housing Inc acquires funding for its properties through loans and grants, with some duplexes financed by the USDA and local financial institutions. The tenants receive assistance from the HUD to help cover their rent, and the County Mental Health Advocate conducts screenings to identify eligible individuals and make referrals to the organization.
Who is the CEO of Buchanan Housing Inc?
Greg Becker is the Vice President of Buchanan Housing Inc.
What is the revenue of Buchanan Housing Inc?
Buchanan Housing Inc's revenue in 2021 was $139,882.
Who are the executives of Buchanan Housing Inc and what are their salaries?
Where can I find the form 990 for Buchanan Housing Inc?
Buchanan Housing Inc's most recent form 990 was submitted in 2021 and can be accessed here.
Mission Statement of Buchanan Housing Inc
Buchanan Housing Inc, a nonprofit organization, is dedicated to providing affordable housing for individuals with mental disabilities. With a mission to offer a home environment that promotes independence and self-sufficiency, the organization owns several duplexes across various locations in Iowa. These duplexes, each containing two apartments with two bedrooms each, are currently housing a total of 20 tenants.
The homes were primarily funded through loans from the USDA and local financial institutions, with the Fairbank, Iowa duplex being an exception, which was built using existing cash balances and a loan from Fairbank State Bank. The Independence, Iowa duplex purchased in 2011 was financed with existing cash balances, grants, and a loan from BankIowa, a local financial institution. Each tenant in these housing units receives HUD assistance, helping them cover their portion of the rent.
The tenants of Buchanan Housing Inc have been diagnosed with mental disabilities and are offered an alternative to group home settings. They gain more freedom and autonomy to choose services that better cater to their individual needs. The primary expenses associated with the organization's mission are primarily interest expenses on the USDA and bank loans, depreciation expenses of the duplexes, and occupancy expenses (including maintenance, upkeep, and utilities) for the properties. The County Mental Health Advocate performs screenings for potential tenants who meet the criteria for mental impairment, and they are then referred to Buchanan Housing Inc for consideration.
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Impact
October, 2024
Buchanan Housing Inc has made a significant impact by providing low-cost housing specifically tailored for individuals with mental disabilities. The organization owns several duplexes spread across Iowa—specifically in Independence, Winthrop, Jesup, and Fairbank—offering a total of 28 apartments designed to accommodate tenants with specific needs. Each apartment is equipped with two bedrooms, ensuring that residents have enough space to live comfortably.
By offering this housing arrangement, Buchanan Housing Inc creates an alternative to traditional group home settings, empowering individuals with greater independence. Tenants can choose services that align with their personal preferences, enhancing their quality of life. The homes are supported by rental income, which is supplemented by HUD assistance, making them affordable for residents who might otherwise struggle to find suitable housing.
The organization's efforts not only help to address the pressing need for accessible housing for individuals with mental disabilities but also foster a sense of community and belonging among the tenants. By providing a stable living environment, Buchanan Housing Inc enables residents to focus on their personal development and well-being while contributing to a more inclusive society.
This information is meant to be a general summary of Buchanan Housing 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 2021.
- Investment Income: $5,135
- Program Service Revenue: $113,192
- Gross Receipts: $139,882
Assets and Liabilities:
- Total Assets: $713,750
- Total Liabilities: $273,383
- Net Assets: $440,367
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
SEVEN RENTAL DUPLEXES
Revenue
$113,192
Organization Details
Phone
(319) 334-3719Principal Officer
Greg Becker
Main Address
320 1ST STREET EAST, INDEPENDENCE, IA, 50644
NTEE Category
Code: L21 - Housing
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