Overview
What is Lighthouse Housing Foundation Inc?
Lighthouse Housing Foundation Inc, based in Iowa City, Iowa, is a dedicated nonprofit organization. Its primary mission is to offer affordable housing to individuals and families with low and very-low incomes. The organization achieves this by developing, acquiring, rehabilitating, owning, and operating rental units. These units are designed to cater to those who fall under the income limits established by the U.S. Department of Housing and Urban Development (HUD). The goal of Lighthouse Housing Foundation Inc is to provide decent, safe, and clean housing at an affordable rate, benefiting low to moderate income individuals, families, the elderly, and the handicapped.
Official website here: www.lighthousehousingfoundation.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 1 Star (58%)
Lighthouse Housing Foundation Inc has received a One-Star out of Four Star rating from Charity Navigator, indicating significant concerns regarding its financial accountability and transparency. The organization has a high program expense ratio, which is a positive indicator of its commitment to its mission. However, the absence of financial statements and several missing policies, such as a whistleblower and document retention policy, raise red flags about its operational practices.
The organization is governed by a fully independent board, which is a strength, as this can enhance accountability. Furthermore, the foundation does not have any reported material diversions of assets, suggesting that funds are being used appropriately. Despite these positives, the high liabilities to assets ratio indicates potential financial instability, which could threaten the sustainability of its programs.
Overall, while Lighthouse Housing Foundation Inc demonstrates some strengths in governance and program expenditure, the lack of transparency and incomplete accountability measures significantly detract from its overall rating. Potential donors and supporters may want to exercise caution and seek further information before contributing to this organization.
This AI summary has been generated from information found on Charity Navigator.
Is Lighthouse Housing Foundation Inc legitimate?
Lighthouse Housing Foundation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lighthouse Housing Foundation 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: $381,072
For more financial information, click here
Official website here: www.lighthousehousingfoundation.org
What is the mission statement of Lighthouse Housing Foundation Inc?
Lighthouse Housing Foundation Inc's mission is to provide decent, safe, and clean housing at an affordable rate for low to moderate income individuals, including families, the elderly, and the handicapped, as appropriate. The organization develops, acquires, rehabilitates, owns, and operates rental units intended for individuals and families with low and very-low incomes. These housing units are occupied by residents who qualify as low income and very-low income individuals and families, as defined by the income limits established by the U.S. Department of Housing and Urban Development (HUD). The foundation's goal is to contribute to the housing needs of these vulnerable groups, ensuring they have a secure place to live.
Official website here: www.lighthousehousingfoundation.org
Who is the CEO of Lighthouse Housing Foundation Inc?
Bruce Haupert is the Director of Lighthouse Housing Foundation Inc.
Official website here: www.lighthousehousingfoundation.org
What is the revenue of Lighthouse Housing Foundation Inc?
Lighthouse Housing Foundation Inc's revenue in 2022 was $2,750,321.
Official website here: www.lighthousehousingfoundation.org
Who are the executives of Lighthouse Housing Foundation Inc and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.lighthousehousingfoundation.org
Where can I find the form 990 for Lighthouse Housing Foundation Inc?
Lighthouse Housing Foundation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.lighthousehousingfoundation.org
Learn more at the official website: www.lighthousehousingfoundation.org
Mission Statement of Lighthouse Housing Foundation Inc
Lighthouse Housing Foundation, a nonprofit organization, is committed to providing decent, safe, and clean housing for individuals and families in need, specifically focusing on those with low to moderate income, the elderly, and the handicapped. The foundation's mission is to develop, acquire, rehabilitate, own, and operate affordable housing rental units. These units are intended for individuals and families who fall under the category of low and very-low income, as defined by the income limits established by the U.S. Department of Housing and Urban Development (HUD). By offering affordable housing, Lighthouse Housing Foundation aims to contribute to the well-being of its residents, providing them with a secure living environment.
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Impact
July, 2024
Lighthouse Housing Foundation Inc's impact is significant in providing decent, safe, and clean housing for rent at an affordable rate to low to moderate income individuals, including families, elderly, and the handicapped. The foundation develops, acquires, rehabilitates, owns, and operates affordable housing rental units intended for individuals and families with low and very-low incomes. Their housing units are occupied by residents who qualify as low income and very-low income individuals and families as defined by the income limits established by the U.S. Department of Housing and Urban Development (HUD). This helps in addressing the critical need for affordable housing in Iowa City, IA, and positively impacts the lives of those in need of such support.
This information is meant to be a general summary of Lighthouse Housing Foundation 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: $1,414
- Program Service Revenue: $2,748,907
- Gross Receipts: $2,750,321
Assets and Liabilities:
- Total Assets: $8,514,298
- Total Liabilities: $10,266,859
- Net Assets: -$1,752,561
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$2,748,907
Organization Details
Founding Year
2008
Phone
(319) 541-2426Principal Officer
Bruce Haupert
Main Address
PO BOX 1226, IOWA CITY, IA, 522441226
NTEE Category
Code: L20 - Housing
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