Overview
What is Cogic Memorial Home For The Elderly?
Cogic Memorial Home for the Elderly is a nonprofit organization situated in Norfolk, Virginia. Their primary mission is to provide affordable housing for the disabled and elderly individuals, aligning with their charitable purposes. In 2020, they sold their 150-unit apartment complex to Cogic Home for the Elderly Preservation LP, retaining a 54% interest in the general partnership. The LP intends to renovate the property using Low Income Housing Tax Credits. Despite selling the property, Cogic Memorial Home for the Elderly continues to oversee the operations to ensure their mission remains a priority. The organization employs a staff of seven individuals to carry out their mission.
Official website here: www.cogichighrise.com
Is Cogic Memorial Home For The Elderly legitimate?
Cogic Memorial Home For The Elderly is a legitimate nonprofit organization registered as a 501(c)(3) entity. Cogic Memorial Home For The Elderly 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: $180,658
Professional Fundraising Fees: $0
Other Salaries and Wages: $4,478
For more financial information, click here
Official website here: www.cogichighrise.com
What is the mission statement of Cogic Memorial Home For The Elderly?
Cogic Memorial Home for the Elderly is committed to providing affordable housing for the handicapped and elderly. This mission is reflected in their operations, as they sold their apartment complex to an entity with the intention of rehabilitating the property using low-income housing tax credits. The organization maintains a significant interest in the partnership overseeing the property, ensuring that charitable purposes continue to be upheld. Through their management oversight, they ensure that the affordable housing remains accessible to those who need it most, contributing to their mission of service and support for the elderly and handicapped population.
Official website here: www.cogichighrise.com
Who is the CEO of Cogic Memorial Home For The Elderly?
Joseph Williams is the President of Cogic Memorial Home For The Elderly.
Official website here: www.cogichighrise.com
What is the revenue of Cogic Memorial Home For The Elderly?
Cogic Memorial Home For The Elderly's revenue in 2021 was $224,289.
Official website here: www.cogichighrise.com
Who are the executives of Cogic Memorial Home For The Elderly and what are their salaries?
The average compensation at Cogic Memorial Home For The Elderly during 2021 was $26,448. There are 7 employees and 6 volunteers at Cogic Memorial Home For The Elderly.
Here are 8 key members and their salaries:
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- Compensation: $133,651
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- Other: $47,006
Official website here: www.cogichighrise.com
Where can I find the form 990 for Cogic Memorial Home For The Elderly?
Cogic Memorial Home For The Elderly's most recent form 990 was submitted in 2021 and can be accessed here.
Official website here: www.cogichighrise.com
Learn more at the official website: www.cogichighrise.com
Mission Statement of Cogic Memorial Home For The Elderly
Cogic Memorial Home for the Elderly, a nonprofit organization, is dedicated to providing affordable housing for the handicapped and elderly individuals. In line with its mission, the home sells its apartment complex to Cogic Home for the Elderly Preservation LP, intending to rehabilitate the property using Low Income Housing Tax Credits. The organization maintains a 54% interest in Cogic Memorial Preservation, LLC, which serves as the general partner for the LP. Although the primary operations of the apartment complex are now managed by the LP, Cogic Memorial Home for the Elderly continues to oversee the operations to ensure that its charitable purposes are being upheld. The nonprofit's mission is to provide a safe and affordable living environment for those who require it, with a focus on the handicapped and elderly population.
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Impact
October, 2024
Cogic Memorial Home For The Elderly has made a significant impact by providing affordable housing tailored specifically for the handicapped and elderly populations. By transitioning its 150-unit apartment complex to a partnership aimed at rehabilitation and utilizing low-income housing tax credits, it has ensured the continuation of vital housing services to low-to-moderate-income individuals in the Norfolk, VA area.
The organization maintains a critical role in overseeing operations, ensuring that the mission of affordable and accessible housing is upheld. This dual approach not only addresses the pressing need for safe and secure living environments for vulnerable populations but also promotes sustainable community development through partnerships. The ongoing management allows for a focus on enhancing the quality of life for residents, enabling them to maintain independence and dignity in their later years. Through its efforts, Cogic Memorial Home For The Elderly fosters a supportive community atmosphere that is essential for the well-being of its residents.
This information is meant to be a general summary of Cogic Memorial Home For The Elderly. 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: $6
- Program Service Revenue: $224,283
- Gross Receipts: $224,289
Assets and Liabilities:
- Total Assets: $15,068,340
- Total Liabilities: $1,663,883
- Net Assets: $13,404,457
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PROGRAM LOAN INTEREST
Revenue
$149,187
MANAGEMENT FEE
Revenue
$75,096
Organization Details
Founding Year
1974
Phone
(757) 622-2513Principal Officer
Joseph Williams
Main Address
2412 EAST VA BEACH BLVD, NORFOLK, VA, 23504
Website
www.cogichighrise.comNTEE Category
Code: L22 - Housing
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