Overview
What is Woodlands Development Group Inc?
Woodlands Development Group Inc, located in Elkins, West Virginia, is a nonprofit organization dedicated to fostering thriving, resilient communities in the region. They specialize in constructing environmentally friendly, budget-friendly housing and promoting local economic growth initiatives. In 2022, they completed a significant project in Elkins, constructing a 16-unit, mixed-income, multi-generational affordable housing development. To finance this project, they utilized New Market Tax Credits and Historic Tax Credits. As part of their mission, they renovated a historic downtown Elkins building to be transformed into a boutique hotel, stimulating further downtown redevelopment investments. Overall, Woodlands Development Group Inc plays a crucial role in shaping and enriching its community through sustainable housing and economic development efforts.
Official website here: www.woodlandswv.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Star Rating)
Woodlands Development Group Inc has received a Three-Star rating from Charity Navigator, indicating a solid level of accountability and finance management. This rating is entirely based on their Accountability & Finance score, which stands at 81%. Such a score suggests that the organization adheres to a standard of financial transparency and governance, which is essential for donor trust.
The organization excels in several areas, achieving full marks in aspects such as having an entirely independent board and maintaining comprehensive financial oversight. Additionally, it has effectively implemented essential policies, including conflict of interest and whistleblower protection, which further enhance its accountability. The majority of its funds are directed toward program expenses, indicating a strong commitment to its mission.
However, one area of concern is its liabilities to assets ratio, which scored 0 out of 15 points. This suggests potential financial risk or instability that merits attention. While the organization demonstrates strong governance practices, addressing its financial leverage may strengthen its overall financial health and trustworthiness in the eyes of donors.
This AI summary has been generated from information found on Charity Navigator.
Is Woodlands Development Group Inc legitimate?
Woodlands Development Group Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Woodlands Development Group 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: $68,139
Professional Fundraising Fees: $0
Other Salaries and Wages: $451,590
For more financial information, click here
Official website here: www.woodlandswv.org
What is the mission statement of Woodlands Development Group Inc?
Woodlands Development Group Inc, in its mission, aims to foster healthy and sustainable communities by constructing affordable housing and promoting economic initiatives. They achieved this in 2022 by completing a 16-unit, mixed-income housing project in Elkins, WV. They also secured financing for historic renovations and transformed a downtown building into a boutique hotel, stimulating further investment in the area. This organization's work contributes to the betterment of communities by providing affordable housing and driving economic growth.
Official website here: www.woodlandswv.org
Who is the CEO of Woodlands Development Group Inc?
Adam Williams is the President of Woodlands Development Group Inc.
Official website here: www.woodlandswv.org
What is the revenue of Woodlands Development Group Inc?
Woodlands Development Group Inc's revenue in 2022 was $1,434,117.
Official website here: www.woodlandswv.org
Who are the executives of Woodlands Development Group Inc and what are their salaries?
The average compensation at Woodlands Development Group Inc during 2022 was $30,572. There are 17 employees at Woodlands Development Group Inc.
Here are 9 key members and their salaries:
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- Compensation: $68,139
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- Other: $2,044
Official website here: www.woodlandswv.org
Where can I find the form 990 for Woodlands Development Group Inc?
Woodlands Development Group Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.woodlandswv.org
Learn more at the official website: www.woodlandswv.org
Mission Statement of Woodlands Development Group Inc
Woodlands Development Group Inc, as a nonprofit organization, is dedicated to fostering the growth of healthy and sustainable communities in the region. They achieve this by engaging in two key initiatives: developing affordable housing and promoting economic development. Their mission is to construct residential spaces that cater to various income levels, ensuring that multi-generational families have access to comfortable living quarters. In addition to housing, Woodlands Development Group also supports local economic growth by investing in initiatives that stimulate economic activity within the community.
In 2022, Woodlands Development Group demonstrated their commitment to this mission by completing a significant project in Elkins, WV. They constructed a 16-unit, mixed-income housing development, providing affordable living options for families from various backgrounds. Furthermore, they secured financing through New Market Tax Credits and Historic Tax Credits to finance this project. Additionally, they undertook historic renovations on a key downtown Elkins building, transforming it into a boutique hotel. This renovation project not only revitalized the building but also served as a catalyst for further investments in the area, contributing to the overall redevelopment of downtown Elkins.
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Impact
July, 2024
Woodlands Development Group Inc's impact is felt in Elkins, WV, through their efforts to build healthy, viable communities by developing sustainable, affordable housing and supporting economic initiatives. In 2022, they completed the construction of a 16-unit, mixed-income, multi-generational affordable housing development project in Elkins. Additionally, Woodlands closed on New Market Tax Credit and Historic Tax Credit financing and began historic renovations on a key downtown building, which will be transformed into a boutique hotel, serving as a catalyst for further downtown redevelopment investments. Their work not only provides much-needed affordable housing but also contributes to the revitalization and economic growth of the community.
This information is meant to be a general summary of Woodlands Development Group 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: $4,608
- Program Service Revenue: $831,914
- Gross Receipts: $1,434,117
Assets and Liabilities:
- Total Assets: $17,746,868
- Total Liabilities: $13,193,908
- Net Assets: $4,552,960
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rental Housing Income
Revenue
$427,002
Development & Construct
Revenue
$6,497,132
Cost of Construction
Revenue
-$6,688,560
Contracted Services
Revenue
$160,703
Development Fee
Revenue
$388,424
Organization Details
Founding Year
1995
Phone
(304) 404-2300Principal Officer
Adam Williams
Main Address
316 Railroad Avenue, Elkins, WV, 26241
Website
www.woodlandswv.orgNTEE Category
Code: L20 - Housing
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