Overview
What is Hope Renewed Realty Corp?
Hope Renewed Realty Corp is a nonprofit organization situated in Providence, Rhode Island, specifically at 224 Dexter Street. Their primary mission is to acquire, renovate, and rent out properties to individuals with moderate to low income levels. By providing affordable housing options, this organization aimsto contribute positively to the community. Their activities revolve around enhancing living conditions for these individuals, thereby promoting social equality and sustainability.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 1 Star (58%)
Hope Renewed Realty Corp has received a One-Star out of Four Star rating from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. While the organization boasts a perfect score for its independent board members and has shown no material diversion of assets, other critical areas such as transparency and governance are lacking, as reflected in a low overall score.
The nonprofit's program expense ratio stands at 100%, showing that all of its resources are directed towards its programs. However, the organization struggles with a high liabilities to assets ratio of 194.77%, which raises concerns about its financial stability in the long term. Moreover, key governance policies, including conflict of interest and whistleblower policies, are missing, suggesting a lack of structured oversight and protections for both the organization and its stakeholders.
Overall, while Hope Renewed Realty Corp demonstrates a strong commitment to its mission through its program spending, the absence of vital governance practices and high financial liabilities poses risks that potential donors and supporters should consider. Addressing these weaknesses could enhance the organization’s credibility and effectiveness in serving its community.
This AI summary has been generated from information found on Charity Navigator.
Is Hope Renewed Realty Corp legitimate?
Hope Renewed Realty Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hope Renewed Realty Corp 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.
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What is the mission statement of Hope Renewed Realty Corp?
Hope Renewed Realty Corp's mission is centered around procuring and refurbishing property, with the primary goal of leasing it to individuals who fall within the income bracket categorized as low to moderate. The corporation's activities are driven by this mission, aiming to provide affordable housing solutions for this specific population segment. By purchasing and rehabilitating properties, Hope Renewed Realty Corp contributes to the availability of decent living spaces for those who may otherwise struggle with housing affordability. The corporation's efforts are instrumental in bridging the gap between housing needs and financial capabilities for this demographic.
Who is the CEO of Hope Renewed Realty Corp?
Sean Fontes is the President of Hope Renewed Realty Corp.
What is the revenue of Hope Renewed Realty Corp?
Hope Renewed Realty Corp's revenue in 2022 was $54,274.
Who are the executives of Hope Renewed Realty Corp and what are their salaries?
Here are 7 key members and their salaries:
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Where can I find the form 990 for Hope Renewed Realty Corp?
Hope Renewed Realty Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Hope Renewed Realty Corp
Hope Renewed Realty Corp is dedicated to making a positive impact in the community by purchasing and refurbishing properties. Their primary mission is to lease these renovated properties to individuals and families who fall under the category of low to moderate income earners. By doing so, Hope Renewed Realty Corp aims to contribute to the betterment of these communities, providing them with safe and affordable housing options. Their work is centered around the belief that every individual deserves a decent place to call home, regardless of their financial situation. The corporation's activities are focused on this objective, continuously striving to expand its reach and impact within the real estate sector.
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Impact
August, 2024
Hope Renewed Realty Corp's impact is evident in the transformation of properties that were once neglected into safe and affordable housing options for low to moderate income individuals in Providence, Rhode Island. By purchasing, rehabilitating, and leasing these properties, Hope Renewed Realty Corp is not only revitalizing neighborhoods but also providing much-needed housing opportunities for individuals who may not otherwise be able to afford a decent place to live. Their efforts are helping to address the issue of housing affordability and improve the quality of life for those in need.
This information is meant to be a general summary of Hope Renewed Realty Corp. 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: $15
- Gross Receipts: $54,274
Assets and Liabilities:
- Total Assets: $582,995
- Total Liabilities: $1,233,274
- Net Assets: -$650,279
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Organization Details
Founding Year
2003
Principal Officer
Sean Fontes
Main Address
224 Dexter Street, Providence, RI, 02907
NTEE Category
Code: L20 - Housing
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