Overview
What is Oldetowne Homes Inc?
Oldetowne Homes Inc is a nonprofit organization headquartered in Frederick, Maryland. Their primary mission is to offer affordable housing solutions for individuals with chronic mental disabilities, in line with Section 811 of the National Affordable Housing Act. This act is a crucial part of their activities, enabling them to provide suitable living spaces for this specific group of individuals. Their work aims to enhance the quality of life and promote independence for these individuals, thereby contributing positively to their community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 55%, One-Star out of Four Star rating.
Oldetowne Homes Inc exhibits a low rating of 55%, indicating significant areas for improvement, particularly in accountability and financial transparency. While the organization has achieved a perfect score for independent board composition, certain critical policies and documents, such as conflict of interest and whistleblower policies, are missing, which raises concerns about governance practices.
The charity has a strong program expense ratio of 79.41%, reflecting a commitment to direct services. However, the liabilities to assets ratio of 163.27% suggests financial instability, which could impact its ability to sustain operations. Additionally, the absence of essential documents like board meeting minutes and a tax form on the website further detracts from its transparency and accountability.
Overall, while Oldetowne Homes Inc demonstrates strengths in board independence and program spending, the significant gaps in governance and financial management policies highlight urgent needs for reform to improve its standing and effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Oldetowne Homes Inc legitimate?
Oldetowne Homes Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Oldetowne 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 Oldetowne Homes Inc?
Oldetowne Homes Inc, as a mission, is dedicated to providing affordable housing options for individuals who are chronically mentally disabled. This commitment is in line with Section 811 of the National Affordable Housing Act. The organization's activities are focused on ensuring that these individuals have access to affordable housing, contributing to their overall well-being and quality of life. Oldetowne Homes Inc operates with an exempt purpose, prioritizing the needs of this specific group of individuals in the housing sector.
Who is the CEO of Oldetowne Homes Inc?
Sarah Norman is the Treasurer of Oldetowne Homes Inc.
What is the revenue of Oldetowne Homes Inc?
Oldetowne Homes Inc's revenue in 2022 was $69,086.
Who are the executives of Oldetowne Homes Inc and what are their salaries?
There 5 volunteers at Oldetowne Homes 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 Oldetowne Homes Inc?
Oldetowne Homes Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Oldetowne Homes Inc
Oldetowne Homes Inc, a nonprofit organization, is dedicated to providing affordable housing for the chronically mentally disabled. Aligned with Section 811 of the National Affordable Housing Act, this mission is a crucial part of their exempt purpose. By offering affordable housing, Oldetowne Homes Inc aims to contribute to the well-being and independence of individuals who face unique challenges due to their mental disabilities. The organization's housing solutions are designed to meet the specific needs of this vulnerable population, ensuring they have a safe and stable living environment.
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Impact
August, 2024
Oldetowne Homes Inc's impact lies in its vital mission to provide affordable housing to the chronically mentally disabled in accordance with Section 811 of the National Affordable Housing Act. By offering this essential support, Oldetowne Homes Inc plays a crucial role in ensuring that this vulnerable population has access to safe and stable housing options. Through its dedicated efforts in Frederick, MD, Oldetowne Homes Inc is making a tangible difference in the lives of those who need specialized housing services.
This information is meant to be a general summary of Oldetowne 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 2022.
- Investment Income: $10
- Program Service Revenue: $69,076
- Gross Receipts: $69,086
Assets and Liabilities:
- Total Assets: $446,642
- Total Liabilities: $672,330
- Net Assets: -$225,688
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$69,076
Organization Details
Founding Year
1997
Phone
(301) 662-0099Principal Officer
Sarah Norman
Main Address
PO BOX 3734, FREDERICK, MD, 21705
NTEE Category
Code: L99 - Housing
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