Overview
What is Magnolia Housing Inc?
Magnolia Housing Inc, located at 11810 Grand Park Avenue 600, North Bethesda, Maryland 20852, is a dedicated nonprofit organization aimed at providing affordable housing solutions for low-income individuals and their families. Their primary mission revolves around ensuring that people with limited financial resources can secure suitable living spaces, thereby contributing to a more equitable living environment. The organization's activities and mission remain firmly focused on this essential goal.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 72%, earning it a Two-Star out of Four Star rating. Magnolia Housing Inc has a mixed performance in key accountability and finance metrics. While it boasts a perfect score for having a majority of independent board members and maintains a strong program expense ratio of over 98%, it struggles with transparency issues, such as missing tax forms on its website.
The organization has demonstrated responsible financial oversight, with no material diversion of assets reported and a solid audit and oversight committee. However, it faces challenges in demonstrating overall financial health, indicated by a liabilities to assets ratio of 108.51%, which raises concerns about its financial stability.
Despite these challenges, Magnolia Housing Inc has established policies for conflict of interest, whistleblower protection, and document retention, which contribute to its governance strengths. Overall, while the organization effectively directs its funding towards programs, it must address transparency and financial management issues to improve its overall rating.
This AI summary has been generated from information found on Charity Navigator.
Is Magnolia Housing Inc legitimate?
Magnolia Housing Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Magnolia Housing 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: $111,635
For more financial information, click here
What is the mission statement of Magnolia Housing Inc?
Magnolia Housing Inc, as an organization, is committed to providing affordable housing solutions for low-income individuals and their families. Their mission is to ensure that everyone, regardless of their financial status, has access to suitable living spaces. They strive to make a significant impact by addressing the housing needs of those who are economically disadvantaged. The organization's activities are primarily focused on offering affordable housing options, aiming to provide a stable living environment for those in need.
Who is the CEO of Magnolia Housing Inc?
Todd Travis is the Director of Magnolia Housing Inc.
What is the revenue of Magnolia Housing Inc?
Magnolia Housing Inc's revenue in 2021 was $1,178,678.
Who are the executives of Magnolia Housing Inc and what are their salaries?
There 2 volunteers at Magnolia Housing 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 Magnolia Housing Inc?
Magnolia Housing Inc's most recent form 990 was submitted in 2021 and can be accessed here.
Mission Statement of Magnolia Housing Inc
Magnolia Housing Inc, a nonprofit organization, is dedicated to providing an essential service to low-income individuals and their families. At its core, Magnolia Housing's mission is to address the critical need for affordable housing. This mission is carried out by offering housing solutions that are within the reach of individuals who might otherwise struggle to find affordable living arrangements. By doing so, Magnolia Housing Inc plays a vital role in ensuring that these individuals and their families can maintain stable living conditions, which is essential for their overall well-being and quality of life.
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Impact
July, 2024
Magnolia Housing Inc provides affordable housing to low-income individuals and their families in North Bethesda, MD. Through its mission of offering affordable housing opportunities, Magnolia Housing Inc positively impacts the community by addressing housing insecurity and improving the quality of life for those in need. By ensuring that low-income individuals have access to stable and affordable housing, Magnolia Housing Inc contributes to creating a more inclusive and supportive environment for vulnerable populations.
This information is meant to be a general summary of Magnolia Housing 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 2021.
- Investment Income: $18
- Program Service Revenue: $343,430
- Gross Receipts: $1,178,678
Assets and Liabilities:
- Total Assets: $6,233,975
- Total Liabilities: $6,765,079
- Net Assets: -$531,104
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$263,541
OTHER INCOME
Revenue
$79,889
Organization Details
Founding Year
1992
Phone
(301) 998-0400Principal Officer
Todd Travis
Main Address
11810 GRAND PARK AVENUE 600, NORTH BETHESDA, MD, 20852
NTEE Category
Code: L99 - Housing
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