Overview
What is Covenant Neighborhoods Inc?
Covenant Neighborhoods Inc is a dedicated nonprofit organization based in Houston, Texas. In 2022, they completed the development of a mixed-income family community, and continued work on an amenity-rich community for youth exiting foster care. They also closed financing for an affordable senior living community with enhanced services. In addition, they provided assistance to The Women's Home for their Family Place residences and service center, and managed 193 affordable rental homes for seniors. Their mission involves fostering strong and stable communities by developing affordable homes, building family assets, increasing amenity access, and mentoring practitioners. (120 words)
What are the reviews and ratings of this charity?
Charity Navigator Rating: 49%, Zero-Star out of Four Star rating.
Covenant Neighborhoods Inc's low score reflects significant challenges in accountability and financial transparency. While the organization has a majority of independent board members, it lacks sufficient independent board size and has not provided financial statements, severely impacting its financial accountability. Additionally, the absence of key policies such as a whistleblower policy and document retention practices raise concerns about governance.
Despite these issues, the organization maintains a strong program expense ratio, allocating nearly 90% of its resources toward program services. This indicates a commitment to its mission, even as financial practices and governance require substantial improvement. The lack of a publicly accessible website and posted tax forms further limits transparency for potential donors and stakeholders.
Overall, while Covenant Neighborhoods Inc demonstrates a focus on programmatic spending, its governance and financial management deficiencies, as highlighted by its Charity Navigator rating, present significant limitations that prospective supporters should consider.
This AI summary has been generated from information found on Charity Navigator.
Is Covenant Neighborhoods Inc legitimate?
Covenant Neighborhoods Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Covenant Neighborhoods 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: $210,569
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Covenant Neighborhoods Inc?
Covenant Neighborhoods Inc is committed to fostering strong and stable communities. They achieve this by engaging in several activities. Primarily, they develop affordable housing units, helping to make homes more accessible for a wide range of income levels. Additionally, they focus on building family assets, providing a sense of financial security for the community. To further enhance community life, Covenant Neighborhoods works on increasing amenity access, ensuring residents have access to essential facilities and services. Lastly, they mentor practitioners, offering guidance and support to professionals working within the community.
Who is the CEO of Covenant Neighborhoods Inc?
Stephan Fairfield is the Executive Direc of Covenant Neighborhoods Inc.
What is the revenue of Covenant Neighborhoods Inc?
Covenant Neighborhoods Inc's revenue in 2022 was $980,586.
Who are the executives of Covenant Neighborhoods Inc and what are their salaries?
The average compensation at Covenant Neighborhoods Inc during 2022 was $210,569. There is 1 employee at Covenant Neighborhoods Inc.
Here are 3 key members and their salaries:
- Compensation: $210,569
- Related: $0
- Other: $26,531
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Covenant Neighborhoods Inc?
Covenant Neighborhoods Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Covenant Neighborhoods Inc
Covenant Neighborhoods, as a nonprofit organization, is committed to fostering strong and stable communities. They achieve this by engaging in several key activities. Firstly, they develop affordable homes, providing individuals and families with a secure living space. Secondly, they focus on building family assets, which could include financial literacy programs or resources to help families accumulate wealth. Thirdly, they work on increasing amenity access, ensuring that communities have access to essential facilities and services. Lastly, Covenant Neighborhoods also dedicates time to mentoring practitioners, sharing their expertise and knowledge to help other organizations in their mission. By carrying out these activities, Covenant Neighborhoods aims to contribute to the betterment of communities, creating environments where individuals and families can thrive.
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Impact
July, 2024
Covenant Neighborhoods Inc fosters strong and stable communities by developing affordable homes, building family assets, increasing amenity access, and mentoring practitioners. In 2022, the organization completed the development of a $27,550,000 120-unit mixed-income family community in a downtown Houston census tract with 0% poverty. They also continued the development of a $26,700,000 93-unit amenity-rich community with job and life skills training for youth exiting foster care in Houston's EADO, which was completed in 2023. Covenant Neighborhoods closed the permanent financing on a $27,496,000 112-unit affordable senior living community with enriched services and a Federally Qualified Health Center in Third Ward for Montrose Center. Additionally, they provided asset management assistance to The Women's Home for their Family Place residences and service center for homeless women and children, and operated 193 affordable rental homes in a high amenity location for seniors primarily earning less than 50% of the area median income. Through these initiatives, Covenant Neighborhoods Inc has made a significant impact on creating affordable housing options and community development in Houston, Texas.
This information is meant to be a general summary of Covenant Neighborhoods 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: $818
- Program Service Revenue: $979,768
- Gross Receipts: $980,586
Assets and Liabilities:
- Total Assets: $18,695,239
- Total Liabilities: $13,061,414
- Net Assets: $5,633,825
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Affordable Hsng Loan Int
Revenue
$90,465
Development Services
Revenue
$888,523
Other income
Revenue
$780
Organization Details
Founding Year
2003
Phone
(713) 223-1864Principal Officer
Stephan Fairfield
Main Address
PO BOX 130858, HOUSTON, TX, 77219
NTEE Category
Code: L20 - Housing
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