Overview
What is Georgetown Apartments Inc?
Georgetown Apartments Inc is a nonprofit organization situated in Frederick, Maryland. Their primary mission is to provide affordable housing to individuals living with chronic mental disabilities, in line with Section 811 of the National Affordable Housing Act. They strive to ensure that these individuals have access to suitable housing, contributing to their overall well-being and quality of life. The organization's activities are focused on this exempt purpose, offering housing solutions to those in need.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 55%, One-Star out of Four Star rating.
Georgetown Apartments Inc has received a low score of 55%, indicating challenges in its accountability and finance practices. While it holds a perfect score for having a majority of independent board members and no material diversion of assets, the organization falls short in several areas related to transparency and governance. Key policies, such as conflict of interest and whistleblower policies, are missing, which could affect stakeholder trust.
The organization demonstrates a strong commitment to program expenses, with an impressive program expense ratio of 81.97%. This indicates that a significant portion of its resources is directed towards its mission-related activities. However, the high liabilities to assets ratio of 170.56% raises concerns about financial sustainability and management practices, suggesting that the organization may be over-leveraged.
Overall, while Georgetown Apartments Inc shows a strong focus on its programmatic work, the lack of essential governance policies and financial management issues warrant caution for potential donors and stakeholders. Improvements in transparency and accountability could enhance its standing and effectiveness in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Georgetown Apartments Inc legitimate?
Georgetown Apartments Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Georgetown 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
For more financial information, click here
What is the mission statement of Georgetown Apartments Inc?
Georgetown Apartments Inc, as part of its mission, is dedicated to providing affordable housing options for individuals who have been chronically mentally disabled. This commitment is in line with Section 811 of the National Affordable Housing Act. The organization's objective is to ensure that these individuals have access to housing that caters to their unique needs, thereby promoting their overall well-being. They operate with an exempt purpose, focusing on providing a suitable living environment that respects and supports their tenants' rights and needs. Their activities are geared towards making affordable housing a reality for this vulnerable group, thereby enhancing their quality of life.
Who is the CEO of Georgetown Apartments Inc?
Sarah Norman is the Treasurer of Georgetown Apartments Inc.
What is the revenue of Georgetown Apartments Inc?
Georgetown Apartments Inc's revenue in 2022 was $66,242.
Who are the executives of Georgetown Apartments Inc and what are their salaries?
There 5 volunteers at Georgetown Apartments Inc.
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $451,063
- Other: $25,617
- Compensation: $0
- Related: $172,288
- Other: $21,000
- 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 Georgetown Apartments Inc?
Georgetown Apartments Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Georgetown Apartments Inc
Georgetown Apartments Inc, a nonprofit organization, is dedicated to providing affordable housing for individuals who have been chronically mentally disabled. Aligned with Section 811 of the National Affordable Housing Act, this mission seeks to offer a living space that caters to this specific group's unique needs. By adhering to an exempt purpose, Georgetown Apartments Inc ensures that suitable housing is accessible and affordable for those who require it most, thereby contributing to their overall well-being.
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Impact
August, 2024
Georgetown Apartments Inc's impact lies in providing accessible and affordable housing opportunities for the chronically mentally disabled in accordance with the National Affordable Housing Act. By offering stable and supportive living environments, Georgetown Apartments Inc contributes to improving the quality of life for this vulnerable population in Frederick, MD. Through their focus on housing, they play a crucial role in addressing the housing needs of the chronically mentally disabled community and promoting their well-being and independence.
This information is meant to be a general summary of Georgetown 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: $4
- Program Service Revenue: $66,238
- Gross Receipts: $66,242
Assets and Liabilities:
- Total Assets: $396,376
- Total Liabilities: $629,413
- Net Assets: -$233,037
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$66,238
Organization Details
Founding Year
1996
Phone
(301) 662-0099Principal Officer
Sarah Norman
Main Address
PO BOX 3734, FREDERICK, MD, 21705
NTEE Category
Code: L20Z - Housing
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