Overview
What is Ridge Residences Inc?
Ridge Residences Inc is a nonprofit organization situated in Westminster, Maryland, specifically at 101 Timber Ridge Drive. Their primary mission is to offer housing facilities for the low-income elderly, adhering to Section 202 of the National Housing Act. The organization operates within the framework of the Section 8 Housing Assistance Payment Program. The residences they manage are subject to regulation by the U.S. Department of Housing and Urban Development (HUD), with regards to rent charges and operational methods. With a workforce of nine individuals, Ridge Residences Inc is committed to providing a suitable living environment for this underserved population.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 75% (Three-Star out of Four Star Rating)
Ridge Residences Inc has received a Three-Star rating from Charity Navigator, reflecting a solid 75% score primarily focused on its accountability and finance metrics. This rating indicates a commendable level of transparency and effective management of resources, which is essential for donor confidence. The score highlights that the organization has an entirely independent board, demonstrating a commitment to governance and oversight.
The organization excels in several areas of accountability, such as maintaining a strong financial oversight committee and having a comprehensive conflict of interest policy. Additionally, it has an impressively high program expense ratio of 81.87%, indicating that a significant portion of its funds is directed toward its mission-related activities. These strengths contribute positively to its overall performance rating.
However, a notable concern is reflected in the liabilities to assets ratio, which is reported at 113.75%. This suggests that the organization may have more liabilities than assets, potentially raising questions about its financial health. While Ridge Residences Inc shows strong governance practices, prospective donors might want to consider this financial aspect when evaluating their support.
This AI summary has been generated from information found on Charity Navigator.
Is Ridge Residences Inc legitimate?
Ridge Residences Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Ridge Residences 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: $178,102
For more financial information, click here
What is the mission statement of Ridge Residences Inc?
Ridge Residences Inc is committed to providing housing facilities for the low-income elderly. Their mission is clearly reflected in the operation of their apartment complex, which comprises 80 units. Operating under Section 202 of the National Housing Act and participating in the Section 8 Housing Assistance Payment Program, the organization ensures that these facilities are regulated by HUD, with rent charges and operating methods being strictly monitored to ensure affordability for the elderly population. The organization's primary objective is to offer a secure and affordable living environment for this vulnerable group, promoting their well-being and independence.
Who is the CEO of Ridge Residences Inc?
Frances Rock is the President of Ridge Residences Inc.
What is the revenue of Ridge Residences Inc?
Ridge Residences Inc's revenue in 2022 was $1,046,680.
Who are the executives of Ridge Residences Inc and what are their salaries?
The average compensation at Ridge Residences Inc during 2022 was $19,789. There are 9 employees and 23 volunteers at Ridge Residences Inc.
Here are 23 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- 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 Ridge Residences Inc?
Ridge Residences Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Ridge Residences Inc
Ridge Residences Inc, a nonprofit organization, is dedicated to providing housing facilities for the low-income elderly. This mission is carried out through the operation of an apartment complex, housing 80 units. The complex operates under Section 202 of the National Housing Act and participates in the Section 8 Housing Assistance Payment Program. The facilities are regulated by HUD, ensuring that rent charges and operating methods adhere to specific standards. By providing affordable housing, Ridge Residences Inc contributes to the well-being and independence of the elderly population, enabling them to maintain a dignified living standard.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
Ridge Residences Inc's impact lies in its provision of vital housing facilities for low-income elderly individuals. Through its ownership and operation of an apartment complex with 80 units in Westminster, MD, the organization plays a crucial role in addressing the housing needs of this vulnerable population. By participating in programs such as Section 202 of the National Housing Act and the Section 8 Housing Assistance Payment Program, Ridge Residences Inc ensures that the elderly residents have access to affordable and regulated housing options. This directly contributes to enhancing the quality of life and well-being of the low-income elderly in the community, fulfilling a critical need for safe and suitable housing.
This information is meant to be a general summary of Ridge Residences 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: $100
- Program Service Revenue: $322,689
- Gross Receipts: $1,046,680
Assets and Liabilities:
- Total Assets: $2,608,349
- Total Liabilities: $3,061,577
- Net Assets: -$453,228
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
APARTMENT RENTALS
Revenue
$321,592
TENANT CHARGES
Revenue
$1,097
Organization Details
Founding Year
1984
Phone
(410) 873-3433Principal Officer
Frances Rock
Main Address
101 TIMBER RIDGE DRIVE, WESTMINSTER, MD, 21157
NTEE Category
Code: L22 - Housing
If you are a representative of Ridge Residences Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.