Overview
What is Mof - Preservation Of Affordability Corp?
Mof - Preservation of Affordability Corp is a nonprofit organization based in Cordova, Tennessee, with an address at 65 Germantown CT 409. The primary mission of this organization is to develop and operate low-moderate income housing projects as part of its charitable outreach and social services plan. Specifically, they oversee 10 such housing projects across the nation. Their work aims to provide affordable housing solutions for individuals and families in need. Their activities are centered around the development and operation of these housing projects, which form a crucial component of their philanthropic endeavors.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 72%, earning it a Two-Star out of Four Star rating.
Mof - Preservation Of Affordability Corp has received a 72% rating from Charity Navigator, indicating a need for improvement in various aspects of accountability and financial management. The organization boasts a strong program expense ratio of 98.82%, demonstrating a commitment to directing funds toward its mission. However, the liabilities to assets ratio stands at 104.30%, suggesting potential financial risks that could impact its sustainability.
The organization excels in governance, with a majority of its board being independent and having established policies like conflict of interest and whistleblower protections. However, the board size is notably small, which could limit diversity in perspectives and oversight. Additionally, while the organization has a solid audit and oversight process, the absence of its financial statements on its website raises transparency concerns.
Despite these challenges, Mof - Preservation Of Affordability Corp has shown positive practices in maintaining key governance policies and ensuring no material diversion of assets. The significant salary paid to the president may prompt scrutiny regarding executive compensation in relation to the organization's overall financial health.
This AI summary has been generated from information found on Charity Navigator.
Is Mof - Preservation Of Affordability Corp legitimate?
Mof - Preservation Of Affordability Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mof - Preservation Of Affordability 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $1,842,105
For more financial information, click here
What is the mission statement of Mof - Preservation Of Affordability Corp?
Mof - Preservation of Affordability Corp is dedicated to expanding charitable outreach and social services by developing and managing low-moderate income housing projects across the nation. Their mission revolves around providing affordable living solutions, contributing to the betterment of communities. The organization's work includes the development and operation of ten multi-family housing projects. By offering affordable housing, they aim to create stable living environments for individuals and families in need, ultimately contributing to the overall well-being of the communities they serve.
Who is the CEO of Mof - Preservation Of Affordability Corp?
Richard Hamlet is the President of Mof - Preservation Of Affordability Corp.
What is the revenue of Mof - Preservation Of Affordability Corp?
Mof - Preservation Of Affordability Corp's revenue in 2022 was $59,402,793.
Who are the executives of Mof - Preservation Of Affordability Corp and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $397,000
- Other: $65,000
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Mof - Preservation Of Affordability Corp?
Mof - Preservation Of Affordability Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Mof - Preservation Of Affordability Corp
Mof - Preservation of Affordability Corp, a charitable organization, is dedicated to developing and operating low-moderate income housing nationwide as a part of its outreach and social services plan. In simpler terms, this nonprofit corporation is committed to making a difference by providing affordable living solutions for individuals and families across the country. The organization's mission is twofold: it develops new housing projects and manages the day-to-day operations of ten low income multifamily housing projects. By doing so, Mof - Preservation of Affordability Corp aims to contribute to the well-being of communities and improve the living conditions of numerous families in need. The corporation's initiatives allow individuals to focus on their personal growth and stability, rather than worrying about their housing situation. Through its dedication to affordable housing, Mof - Preservation of Affordability Corp plays a vital role in promoting economic and social development.
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Impact
October, 2024
Mof - Preservation Of Affordability Corp plays a critical role in enhancing access to affordable housing for low to moderate-income individuals and families across the nation. By developing and operating multifamily housing projects, the organization addresses a pressing need for safe and affordable living options, particularly in underserved communities.
With a focus on maintaining affordability, Mof directly impacts the lives of residents by providing stable housing solutions that promote well-being and economic stability. The organization operates ten low-income multifamily housing projects in various locations, including Cordova, TN. This initiative not only helps to alleviate the housing crisis but also fosters community growth and cohesion. Through its efforts, Mof contributes to a broader social services plan that aims to uplift communities by ensuring that accessible and affordable housing is available for those who need it most.
This information is meant to be a general summary of Mof - Preservation Of Affordability 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: $35,039,490
- Program Service Revenue: $19,535,303
- Gross Receipts: $107,736,000
Assets and Liabilities:
- Total Assets: $52,907,364
- Total Liabilities: $55,182,393
- Net Assets: -$2,275,029
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
GAIN ON EXTINGUISHMENT OF DEBT
Revenue
$13,998,980
RENTAL INCOME
Revenue
$10,127,531
LOSS ON INVOLUNTARY CONVERSION
Revenue
-$4,591,208
Organization Details
Founding Year
2004
Phone
(901) 684-5556Principal Officer
Richard Hamlet
Main Address
65 GERMANTOWN CT 409, CORDOVA, TN, 38018
NTEE Category
Code: L20 - Housing
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