Overview
What is Waterside Homes Inc?
Waterside Homes Inc. is a Maryland-based nonprofit corporation, established in November 2006, focused on providing affordable housing for individuals dealing with chronic mental illness. Situated in Montgomery County, the organization manages 11 housing units, receiving support under Section 811 of the National Affordable Housing Act. Their mission is to enhance the living conditions of this specific population, ensuring they have a safe and comfortable space to call home. The U.S. Department of Housing and Urban Development regulates the rent charges and operational methods of such projects to uphold fairness and affordability.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 62% (Two-Star out of Four Star rating)
Waterside Homes Inc has received a two-star rating from Charity Navigator, reflecting a moderate level of accountability and finance management. The organization excels in certain areas, such as having a majority independent board and a strong program expense ratio, with 73.59% of its expenses directed towards its programs. These attributes indicate a commitment to its mission and effective resource allocation.
However, the organization faces notable challenges in governance and transparency. Key documents such as conflict of interest policies, whistleblower policies, and board meeting minutes are either missing or not publicly accessible, which raises concerns about its operational transparency and adherence to best practices. Furthermore, the high liabilities to assets ratio suggests potential financial instability.
Overall, while Waterside Homes Inc demonstrates some strengths in independent oversight and program spending, its limitations in governance and accessibility of important documents significantly impact its overall rating and public trust.
This AI summary has been generated from information found on Charity Navigator.
Is Waterside Homes Inc legitimate?
Waterside Homes Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Waterside Homes 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
For more financial information, click here
What is the mission statement of Waterside Homes Inc?
Waterside Homes Inc, as an organization, is committed to providing affordable housing for individuals struggling with chronic mental disabilities. This mission is carried out under Section 811 of the National Affordable Housing Act. The company aims to create housing and related facilities that cater to this specific population. Currently, Waterside Homes Inc operates 11 units in an undisclosed location. Their efforts are supported by provisions from the U.S. Department of Housing and Urban Development, which regulates their rental charges and operating methods.
What is the revenue of Waterside Homes Inc?
Waterside Homes Inc's revenue in 2024 was $59,964.
Who are the executives of Waterside Homes Inc and what are their salaries?
There 5 volunteers at Waterside Homes Inc.
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
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- Other: $0
- 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 Waterside Homes Inc?
Waterside Homes Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of Waterside Homes Inc
Waterside Homes Inc, established in 2006, is committed to providing affordable housing for individuals who suffer from chronic mental illnesses. This mission aligns with Section 811 of the National Affordable Housing Act. The organization operates with the goal of acquiring, developing, and managing housing facilities that cater to this specific population. Waterside Homes Inc receives assistance under this act, and the projects they undertake are subject to regulations by the U.S. Department of Housing and Urban Development, which governs rent charges and operational methods. The organization currently houses 11 units in Montgomery County, Maryland, providing a sanctuary for individuals who require supportive housing due to their mental health challenges.
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Impact
August, 2024
Waterside Homes Inc's impact is significant in providing affordable housing to the chronically mentally disabled under Section 811 of the National Affordable Housing Act. This organization, based in Rockville, Maryland, operates 11 units in Montgomery County specifically designed for individuals suffering from chronic mental illness. By offering housing assistance through the provisions of the Act, Waterside Homes Inc plays a crucial role in ensuring these vulnerable individuals have a safe and supportive living environment.
This information is meant to be a general summary of Waterside Homes 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 2024.
- Investment Income: $240
- Program Service Revenue: $27,444
- Gross Receipts: $59,964
Assets and Liabilities:
- Total Assets: $1,608,273
- Total Liabilities: $1,937,506
- Net Assets: -$329,233
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$27,444
Organization Details
Founding Year
2006
Principal Officer
Cari Guthrie Cho
NTEE Category
Code: L20 - Housing
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