Overview
What is Korner Homes Inc?
Korner Homes Inc, with its operational address at 2585 W Clemmonsville Rd Suite 102, Winston-Salem, NC 27127, is a dedicated nonprofit organization. Their primary mission is to own and operate an 80-unit apartment complex specifically designed for the elderly, adhering to Section 207/223(F) of the National Housing Act. This commitment extends beyond just providing housing, as they aim to develop and operate HUD Section 202 housing for the elderly, further demonstrating their dedication to senior care. Their Doing Business As name is Korner Place.
Official website here: www.nchsm.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Two-Star out of Four Star rating, 73%
Korner Homes Inc has received a two-star rating, indicating that the organization needs improvement in certain areas. While it has achieved a commendable program expense ratio of 97.90%, reflecting a strong focus on programmatic spending, the organization faces significant challenges with its liabilities to assets ratio, which stands at 152.78%. This suggests that the organization may be over-leveraged, impacting its financial stability.
On the accountability front, the organization boasts a fully independent board and has successfully implemented an audit and oversight committee. However, it falls short in critical governance policies, lacking both a conflict of interest policy and a whistleblower policy, which are essential for transparency and ethical operations. Additionally, the nonprofit's failure to post its tax form on its website may hinder public access to important financial information.
Overall, Korner Homes Inc has strengths in its program expenditure but must address its financial liabilities and governance practices to improve its standing and ensure long-term sustainability. The organization’s commitment to transparency and accountability is crucial for building trust with donors and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Korner Homes Inc legitimate?
Korner Homes Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Korner Homes 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.nchsm.org
What is the mission statement of Korner Homes Inc?
Korner Homes Inc's mission is centered around developing and operating housing for the elderly, specifically under HUD Section 202. Their primary goal is to provide a living space for the elderly with low income, demonstrating a commitment to supporting this vulnerable population. The company currently operates an 80-unit apartment complex, further emphasizing their dedication to this cause. Their activities are in line with Section 207/223(F) of the National Housing Act, indicating a strong adherence to government regulations in their operations.
Official website here: www.nchsm.org
Who is the CEO of Korner Homes Inc?
Tammy Vernon is the Secretary of Korner Homes Inc.
Official website here: www.nchsm.org
What is the revenue of Korner Homes Inc?
Korner Homes Inc's revenue in 2022 was $757,095.
Official website here: www.nchsm.org
Who are the executives of Korner Homes Inc and what are their salaries?
There 4 volunteers at Korner Homes Inc.
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.nchsm.org
Where can I find the form 990 for Korner Homes Inc?
Korner Homes Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.nchsm.org
Learn more at the official website: www.nchsm.org
Mission Statement of Korner Homes Inc
Korner Homes Inc, a nonprofit organization, is dedicated to developing and operating housing facilities for the elderly under the provisions of Section 202 of the National Housing Act. Their mission is to provide suitable living spaces for the elderly who fall into the low-income bracket. Specifically, they manage an 80-unit apartment complex that caters to this demographic, ensuring they live in secure and comfortable environments. By carrying out these initiatives, Korner Homes Inc plays a significant role in addressing the housing needs of the elderly population, thereby contributing to their overall well-being and quality of life.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
July, 2024
Korner Homes Inc's impact lies in providing affordable and safe housing for low-income elderly individuals through the operation of an 80-unit apartment complex in Winston-Salem, NC. By offering HUD Section 202 housing, the organization plays a crucial role in addressing the housing needs of this vulnerable population, thus contributing to their overall well-being and quality of life. The provision of stable and secure housing is essential in ensuring that elderly residents can age with dignity and comfort, making Korner Homes Inc's work vital to the community it serves.
This information is meant to be a general summary of Korner Homes 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: $337
- Program Service Revenue: $230,811
- Gross Receipts: $757,095
Assets and Liabilities:
- Total Assets: $1,445,536
- Total Liabilities: $2,295,575
- Net Assets: -$850,039
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENTAL PAYMENTS
Revenue
$230,205
TENANT CHARGES
Revenue
$363
LAUNDRY AND VENDING RE
Revenue
$243
Organization Details
Founding Year
1980
Phone
(336) 765-3906Principal Officer
Tammy Vernon
Main Address
2585 W CLEMMONSVILLE RD SUITE 102, WINSTONSALEM, NC, 27127
Website
www.nchsm.orgNTEE Category
Code: L22Z - Housing
If you are a representative of Korner Homes Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.