Overview
What is Ric Shelby Apartments Inc?
Ric Shelby Apartments Inc is a nonprofit organization located in Gastonia, North Carolina. Their primary mission is to manage and operate a 15-unit apartment complex, adhering to Section 811 of the National Affordable Housing Act of 1990. This initiative aims to provide affordable housing solutions for eligible individuals and families. The organization's focus is on ensuring that the property meets necessary standards and provides a comfortable living environment while promoting accessibility and affordability for its residents.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 72%, Two-Star out of Four Star rating. The rating indicates that Ric Shelby Apartments Inc has met basic criteria for accountability and transparency but is not performing at the highest level among its peers. The organization's strong points include a fully independent board, effective material diversion of assets, and a high program expense ratio, which suggests that a significant portion of its funds is dedicated directly to its programs.
However, the nonprofit faces challenges reflected in its liabilities to assets ratio, which is notably high at 152.04%. This raises concerns about its financial stability and could impact its ability to sustain operations in the long term. While the organization demonstrates good governance practices, the financial metrics indicate that there may be underlying issues that need to be addressed.
Overall, while Ric Shelby Apartments Inc has established a solid framework for accountability, its financial health presents considerable risks. Stakeholders and potential donors may want to closely monitor these aspects before making commitments.
This AI summary has been generated from information found on Charity Navigator.
Is Ric Shelby Apartments Inc legitimate?
Ric Shelby Apartments Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Ric Shelby Apartments 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 Ric Shelby Apartments Inc?
Ric Shelby Apartments Inc's mission is centered around owning and managing a 15-unit apartment complex, adhering to Section 811 of the National Affordable Housing Act of 1990. This act is aimed at providing affordable housing options for individuals and families with disabilities. The company's mission is to ensure the complex is well-maintained and meets the requirements of this act, thereby providing a safe and comfortable living environment for its residents.
The company's primary focus is on providing affordable housing, which is a crucial need in many communities. By operating under Section 811, Ric Shelby Apartments Inc is able to offer housing to individuals and families who may not otherwise be able to afford it.
The apartment complex is managed with a sense of responsibility and commitment to the needs of its residents. This includes ensuring the property is well-maintained and that necessary repairs are made in a timely manner. The company's mission also includes providing a supportive and inclusive living environment, where residents can feel at home and have access to the resources they need.
In summary, Ric Shelby Apartments Inc's mission is to provide affordable housing for individuals and families with disabilities, while ensuring the property is well-maintained and managed in a responsible and supportive manner. The company's commitment to Section 811 of the National Affordable Housing Act of 1990 allows it to make a positive impact in its community by providing much-needed housing options.
Who is the CEO of Ric Shelby Apartments Inc?
Donyel Barber is the President of Ric Shelby Apartments Inc.
What is the revenue of Ric Shelby Apartments Inc?
Ric Shelby Apartments Inc's revenue in 2022 was $111,633.
Who are the executives of Ric Shelby Apartments Inc and what are their salaries?
There 3 volunteers at Ric Shelby Apartments Inc.
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
Where can I find the form 990 for Ric Shelby Apartments Inc?
Ric Shelby Apartments Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Ric Shelby Apartments Inc
Ric Shelby Apartments Inc is committed to owning and operating a 15-unit apartment complex, adhering to Section 811 of the National Affordable Housing Act of 1990. This mission aims to provide affordable housing solutions, ensuring that eligible individuals have access to suitable living spaces. The organization's activities are centered around managing this specific apartment complex, which falls under the provisions of the aforementioned act. By doing so, Ric Shelby Apartments Inc contributes to making housing more accessible and affordable for those in need.
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Impact
October, 2024
Ric Shelby Apartments Inc significantly contributes to the community by providing affordable housing options through its 15-unit apartment complex in Gastonia, NC. Operating under Section 811 of the National Affordable Housing Act of 1990, the organization ensures accessibility for individuals with disabilities, fostering an inclusive environment. By maintaining quality accommodations, Ric Shelby Apartments Inc plays a vital role in enhancing the living conditions of its residents, promoting stability and independence while addressing the urgent need for affordable housing in the region. This initiative not only improves the quality of life for residents but also positively impacts the broader community by supporting housing stability and encouraging demographic diversity.
This information is meant to be a general summary of Ric Shelby Apartments 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: $58
- Program Service Revenue: $42,962
- Gross Receipts: $111,633
Assets and Liabilities:
- Total Assets: $1,447,669
- Total Liabilities: $2,135,944
- Net Assets: -$688,275
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENTAL PAYMENTS
Revenue
$40,839
OTHER TENANT CHARGES
Revenue
$2,123
Organization Details
Founding Year
2012
Phone
(704) 866-6766Principal Officer
Donyel Barber
Main Address
PO BOX 2466, GASTONIA, NC, 28053
NTEE Category
Code: L20 - Housing
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