Overview
What is Residential Opportunities Inc?
Residential Opportunities Inc is a committed nonprofit organization, dedicated to providing Section 202 housing. They have successfully established the Timberlake Village Apartments project, a rental housing complex that caters to elderly families and individuals, in alignment with the provisions of the National Housing Act of 1959. This project offers a secure living environment, adhering to the Section 202 guidelines, thereby enhancing the quality of life for its residents.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 57%, One-Star out of Four Star rating. This rating reflects concerns primarily in the area of accountability and finance, despite a strong performance in several governance metrics. The organization has achieved full marks for board independence, indicating a well-structured governance model.
Residential Opportunities Inc shows strengths in board composition, with 100% independent board members and effective documentation of board meeting minutes. The program expense ratio is also commendable at 69.50%, suggesting a significant portion of funds is directed towards program services.
However, the organization faces challenges with its liabilities to assets ratio, which stands at a concerning 201.87%. This indicates potential financial stability issues, which may warrant further scrutiny from stakeholders and donors. Overall, while there are governance strengths, financial concerns contribute to the low overall rating.
This AI summary has been generated from information found on Charity Navigator.
Is Residential Opportunities Inc legitimate?
Residential Opportunities Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Residential Opportunities 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: $21,833
For more financial information, click here
What is the mission statement of Residential Opportunities Inc?
Residential Opportunities Inc., as part of its mission, focuses on providing Section 202 housing. To achieve this, they have established the Timberlake Village Apartments project, which serves as a rental housing facility, catering to the needs of elderly families and individuals, in accordance with the provisions of Section 202 of the National Housing Act of 1959. This initiative aims to offer suitable living arrangements, promoting independence and comfort for its residents.
Who is the CEO of Residential Opportunities Inc?
Lidia Williams is the President of Residential Opportunities Inc.
What is the revenue of Residential Opportunities Inc?
Residential Opportunities Inc's revenue in 2023 was $170,226.
Who are the executives of Residential Opportunities Inc and what are their salaries?
There 7 volunteers at Residential Opportunities Inc.
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Where can I find the form 990 for Residential Opportunities Inc?
Residential Opportunities Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Residential Opportunities Inc
Residential Opportunities, an organization with a focused mission, is dedicated to providing Section 202 housing. This commitment is materialized through the development of the Timberlake Village Apartments project, a rental housing initiative designed specifically for the elderly and their families. In line with Section 202 of the National Housing Act of 1959, this project offers suitable living accommodations that cater to the unique needs of the elderly population. By establishing and managing such a project, Residential Opportunities aims to contribute significantly to the well-being of its target demographic, ensuring a secure and comfortable living environment for them.
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Impact
October, 2024
Residential Opportunities Inc significantly enhances the quality of life for elderly families and individuals in Farmville, VA, by providing secure and affordable housing through its Timberlake Village Apartments project. This initiative focuses on Section 202 housing, ensuring that those who qualify can access a safe and supportive living environment. By meeting the needs of its residents in alignment with the National Housing Act of 1959, Residential Opportunities fosters community, stability, and independence for some of the most vulnerable members of society, helping them to thrive in their later years. The impact of this organization extends beyond merely providing shelter; it enriches lives by creating a welcoming community atmosphere where individuals can connect, share experiences, and enjoy a sense of belonging.
This information is meant to be a general summary of Residential Opportunities 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 2023.
- Investment Income: $10
- Program Service Revenue: $62,668
- Gross Receipts: $170,226
Assets and Liabilities:
- Total Assets: $180,552
- Total Liabilities: $364,497
- Net Assets: -$183,945
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT ASSISTANCE PAYM
Revenue
$62,668
Organization Details
Founding Year
1985
Phone
(434) 392-7049Principal Officer
Lidia Williams
Main Address
PO DRAWER 248, FARMVILLE, VA, 239010248
NTEE Category
Code: L22Z - Housing
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