Overview
What is Mosaic Development Group?
Mosaic Development Group is a nonprofit organization based in Charlotte, North Carolina, with a focus on enhancing communities and improving lives through diverse housing and economic development solutions. They believe that high-quality housing for various income levels serves as a catalyst for vibrant, healthy communities, with the vision that everyone should have access to such housing in thriving communities offering a variety of job opportunities and services. Recently, they achieved 100% occupancy at Carolina Avenue Apartments in New Bern and were awarded Low Income Housing Tax Credits for Fernhill Apartments in Conover in 2021. Unfortunately, rising costs and COVID-19 delays led to an additional award of Workforce Housing Loan Program (WHLP) funding from NCHFA, with a commitment to exchange 2021 credits for 2023 credits. Mosaic holds significant influence over the operational and development activities of these projects, employing a team of 7 individuals.
Official website here: www.mosaicdevelopmentgroup.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Stars)
Mosaic Development Group has received an impressive Four-Star rating from Charity Navigator due to its outstanding accountability and financial management. With a perfect score in most categories, the organization demonstrates transparency and responsibility in its operations, which is a significant strength for potential donors and stakeholders.
The charity boasts a fully independent board, ensuring unbiased oversight and governance. Their financial health is reflected in a low liabilities-to-assets ratio and a high program expense ratio, indicating that a substantial portion of their funds directly supports their mission. This reinforces their commitment to effective use of resources.
Despite the strong performance in accountability and finance, the summary does not provide insights into program effectiveness or impact, which are also essential for a comprehensive evaluation of a nonprofit's overall performance. Nonetheless, Mosaic Development Group's high ratings suggest a solid foundation of trustworthiness and responsible management.
This AI summary has been generated from information found on Charity Navigator.
Is Mosaic Development Group legitimate?
Mosaic Development Group is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mosaic Development Group 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: $188,553
Professional Fundraising Fees: $0
Other Salaries and Wages: $395,973
For more financial information, click here
Official website here: www.mosaicdevelopmentgroup.org
What is the mission statement of Mosaic Development Group?
Mosaic Development Group's mission is centered around enhancing communities and improving lives through diverse housing and economic development solutions. They believe that high-quality housing for various income levels serves as a catalyst for vibrant, healthy communities. Their vision encompasses a future where everyone has access to such housing, situated in thriving communities that offer a variety of job opportunities and services. The organization strives to achieve this mission by playing a significant role in the operational and development activities of housing projects, ensuring their success and long-term sustainability.
Official website here: www.mosaicdevelopmentgroup.org
Who is the CEO of Mosaic Development Group?
William Bolstad is the Board Chair of Mosaic Development Group.
Official website here: www.mosaicdevelopmentgroup.org
What is the revenue of Mosaic Development Group?
Mosaic Development Group's revenue in 2022 was $3,157,936.
Official website here: www.mosaicdevelopmentgroup.org
Who are the executives of Mosaic Development Group and what are their salaries?
The average compensation at Mosaic Development Group during 2022 was $83,504. There are 7 employees and 12 volunteers at Mosaic Development Group.
Here are 16 key members and their salaries:
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- Compensation: $150,220
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- Compensation: $38,333
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- Compensation: $110,176
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- Other: $18,405
- Compensation: $114,404
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- Other: $12,295
Official website here: www.mosaicdevelopmentgroup.org
Where can I find the form 990 for Mosaic Development Group?
Mosaic Development Group's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mosaicdevelopmentgroup.org
Learn more at the official website: www.mosaicdevelopmentgroup.org
Mission Statement of Mosaic Development Group
Mosaic Development Group, as a community enhancement organization, strives to improve lives and foster vibrant communities through diverse housing and economic development solutions. The group believes that providing high-quality housing for various income levels acts as a catalyst for healthy communities, offering a wide range of job opportunities and services. Their ultimate vision is to ensure that everyone has access to quality housing, situated within thriving communities. Mosaic Development Group's mission is rooted in the conviction that high-quality housing can significantly contribute to the overall well-being of communities.
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Impact
July, 2024
Mosaic Development Group's impact lies in enhancing communities and improving lives through diverse housing and economic development solutions. They believe that high-quality housing for a variety of incomes acts as a catalyst for vibrant, healthy communities. Their vision is centered around ensuring everyone has access to high-quality housing within thriving communities that also offer a variety of jobs and services. Through initiatives like the Carolina Avenue Apartments and Fernhill, they have demonstrated their commitment to providing affordable housing options and have achieved remarkable milestones such as full occupancy and securing funding allocations. Mosaic's work goes beyond just providing housing, as they actively influence operational and development activities to ensure lasting positive effects on the communities they serve.
This information is meant to be a general summary of Mosaic Development Group. 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: $66,101
- Program Service Revenue: $2,419,917
- Gross Receipts: $3,157,936
Assets and Liabilities:
- Total Assets: $17,811,638
- Total Liabilities: $8,159,813
- Net Assets: $9,651,825
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$1,265,719
DEVELOPMENT FEES
Revenue
$879,613
CONSULTING
Revenue
$274,585
Organization Details
Founding Year
1966
Phone
(704) 342-3316Principal Officer
William Bolstad
Main Address
4600 PARK ROAD SUITE 390, CHARLOTTE, NC, 28209
NTEE Category
Code: L21 - Housing
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