Overview
What is Beacon Light Community Housing Development Inc?
Beacon Light Community Housing Development Inc, based in Norfolk, Virginia, is a dedicated nonprofit organization with a mission to assist low to moderate income families interested in first-time homeownership. They bring together potential homebuyers at regular intervals, collaborating with the Norfolk Redevelopment and Housing Authority's Homenet Office to refer interested individuals. The organization's primary goal is to promote community revitalization and encourage good citizenship among the residents of Norfolk. With a small yet dedicated workforce of one employee, Beacon Light Community Housing Development Inc strives to make homeownership a reality for those who qualify, contributing positively to the city's overall development.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 33%
Beacon Light Community Housing Development Inc has received a Zero-Star out of Four Star rating from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. The organization scored particularly low in areas such as the availability of key policies, the posting of essential documents on its website, and financial transparency. Notably, while the organization has a full independent board, it lacks several critical governance policies.
Despite scoring perfectly in some governance aspects, such as having a majority of independent board members, the absence of a conflict of interest policy, whistleblower policy, and other essential documentation raises red flags about its operational integrity. Furthermore, its program expense ratio stands at only 41.62%, suggesting that a significant portion of its funds may not be directed toward its charitable programs.
These shortcomings highlight the need for Beacon Light Community Housing Development Inc to improve its financial accountability and governance practices. Stakeholders may want to consider these factors when evaluating the organization's effectiveness and commitment to transparency.
This AI summary has been generated from information found on Charity Navigator.
Is Beacon Light Community Housing Development Inc legitimate?
Beacon Light Community Housing Development Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Beacon Light Community Housing Development 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: $21,659
For more financial information, click here
What is the mission statement of Beacon Light Community Housing Development Inc?
Beacon Light Community Housing Development Inc's mission is centered around regularly gathering families with moderate income, who are interested in becoming first-time homeowners, and others interested in property rehabilitation. The organization collaborates with the Norfolk Redevelopment and Housing Authority's Homenet Office to refer interested homebuyers. Their primary goal is to revitalize the community and foster good citizenship among its residents. The organization's activities aim to promote homeownership and contribute positively to the community's development.
Who is the CEO of Beacon Light Community Housing Development Inc?
Larry Skyles is the President of Beacon Light Community Housing Development Inc.
What is the revenue of Beacon Light Community Housing Development Inc?
Beacon Light Community Housing Development Inc's revenue in 2022 was $51,561.
Who are the executives of Beacon Light Community Housing Development Inc and what are their salaries?
The average compensation at Beacon Light Community Housing Development Inc during 2022 was $21,659. There is 1 employee and 9 volunteers at Beacon Light Community Housing Development Inc.
Here are 5 key members and their salaries:
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Where can I find the form 990 for Beacon Light Community Housing Development Inc?
Beacon Light Community Housing Development Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Beacon Light Community Housing Development Inc
Beacon Light Community Housing Development Inc is an organization with a mission to foster regular gatherings of families with low to moderate income, who are interested in becoming first-time homebuyers or rehabilitating properties. The primary goal is to revitalize the community and encourage good citizenship among its residents living in the city of Norfolk. To achieve this, Beacon Light collaborates with Norfolk Redevelopment and Housing Authority's Homenet Office, referring interested callers for homebuying opportunities. The organization's activities aim to promote community development and instill a sense of responsibility among its residents.
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Impact
August, 2024
Beacon Light Community Housing Development Inc's impact is focused on assisting low to moderate income families in achieving first-time homeownership. By bringing together families and individuals interested in purchasing properties for rehabilitation, they contribute to the revitalization of the community and promote good citizenship among the residents of Norfolk, VA. Through their collaboration with the Norfolk Redevelopment and Housing Authority Homenet office, they provide valuable resources and support to those seeking to improve their living conditions and quality of life through homeownership opportunities.
This information is meant to be a general summary of Beacon Light Community Housing Development 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.
- Program Service Revenue: $6,000
- Gross Receipts: $51,561
Assets and Liabilities:
- Total Assets: $233,304
- Total Liabilities: $1,644
- Net Assets: $231,660
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$6,000
Organization Details
Founding Year
1987
Phone
(757) 494-1499Principal Officer
Larry Skyles
Main Address
P O BOX 4683, NORFOLK, VA, 235234683
NTEE Category
Code: L20 - Housing
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