Overview
What is Hampton Roads Development Corporation?
Hampton Roads Development Corporation is a nonprofit organization situated in the Hampton Roads area. Their primary mission is to offer affordable housing options for individuals with low incomes, making a significant impact on the local community. Through various programs, they strive to provide residences that are within their financial reach, thereby contributing to the well-being and stability of the area's residents. The corporation's commitment to affordable housing is a testament to their dedication to enhancing the living standards of the people in the Hampton Roads area.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement, Two-Star out of Four Stars. Overall Score: 62%.
Hampton Roads Development Corporation has received a two-star rating, indicating that there are areas needing improvement in its operations. The organization excels in board independence and governance, with perfect scores for board member independence, board size, and asset management. However, the low scores for whistleblower and document retention policies highlight significant gaps in transparency and accountability that could affect stakeholder trust.
The program expense ratio stands at 55.67%, which suggests that less than 60% of its expenses are directed toward its programs, reflecting potential inefficiencies in fund allocation. While the organization demonstrates strong fiscal management in some areas, such as maintaining a low liabilities to assets ratio of 24.51%, the overall financial health and operational effectiveness raise concerns due to the lack of critical policies and practices. Stakeholders may want to consider these limitations when evaluating the impact and reliability of the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Hampton Roads Development Corporation legitimate?
Hampton Roads Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hampton Roads Development Corporation 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: $117,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $15,600
For more financial information, click here
What is the mission statement of Hampton Roads Development Corporation?
The Hampton Roads Development Corporation is dedicated to serving its community by providing affordable housing options for low-income residents. Their primary activity and mission revolve around offering suitable living spaces to individuals in need, thereby enhancing their quality of life in the Hampton Roads area. Through various programs, the corporation strives to make housing more accessible and affordable, thereby contributing to a more equitable living environment for its residents.
Who is the CEO of Hampton Roads Development Corporation?
Matthew Hardison is the President of Hampton Roads Development Corporation.
What is the revenue of Hampton Roads Development Corporation?
Hampton Roads Development Corporation's revenue in 2022 was $110,120.
Who are the executives of Hampton Roads Development Corporation and what are their salaries?
The average compensation at Hampton Roads Development Corporation during 2022 was $132,600. There is 1 employee at Hampton Roads Development Corporation.
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $117,000
- Related: $0
- Other: $0
Where can I find the form 990 for Hampton Roads Development Corporation?
Hampton Roads Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Hampton Roads Development Corporation
Hampton Roads Development Corporation, a nonprofit organization, is committed to providing affordable housing solutions for low-income residents in the specified area. Their mission is centered around making housing accessible for individuals who may face financial constraints. Through their programs, the corporation works diligently to address the housing needs of this demographic, ensuring that everyone has a place to call home.
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Impact
October, 2024
Hampton Roads Development Corporation significantly impacts the Hampton Roads area by providing affordable low-income housing to its residents. Through its programs, it addresses the crucial need for accessible housing, helping to stabilize communities and improve the quality of life for those who might otherwise struggle to secure adequate housing. The organization's efforts contribute to economic stability in Chesapeake, Virginia, enabling residents to focus on other essential aspects of life such as education, employment, and family well-being. By prioritizing affordable housing, the Hampton Roads Development Corporation plays a vital role in fostering inclusive communities and ensuring that individuals and families can thrive in a supportive environment.
This information is meant to be a general summary of Hampton Roads Development Corporation. 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: $35,091
- Program Service Revenue: $64,415
- Gross Receipts: $315,404
Assets and Liabilities:
- Total Assets: $1,688,970
- Total Liabilities: $414,019
- Net Assets: $1,274,951
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Organization Details
Founding Year
1988
Phone
(757) 549-2000Principal Officer
Matthew Hardison
Main Address
PO Box 16426, Chesapeake, VA, 233286426
NTEE Category
Code: L20 - Housing
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