Overview
What is St Mary's Housing Corp?
St. Mary's Housing Corp is a nonprofit organization based in Wilmington, North Carolina. Its primary purpose is to own and manage Hadden Hall Apartments, a 39-unit community. The corporation was established in accordance with Section 202 of the National Housing Act and has entered into regulatory agreements with the Federal Housing Administration (FHA) section of HUD. These agreements govern the operation of the Hadden Hall Apartments. The organization operates under a Housing Assistance Payment Contract (HAP Contract), which provides rent assistance for low-income families or individuals, as part of the Section 8 program of the National Housing Act. The nonprofit's mission is to provide affordable housing solutions to its residents.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Two-Star out of Four Stars (Needs Improvement) - Overall Score: 65%
St Mary's Housing Corp has received a two-star rating from Charity Navigator, indicating a need for improvement in its accountability and financial practices. While the organization excels in areas such as having a fully independent board and no material diversion of assets, it struggles with high liabilities relative to its assets, which raises concerns about financial stability.
The organization has a commendable program expense ratio of 77.41%, suggesting that it allocates a significant portion of its funds towards its programs. However, the lack of essential policies like a conflict of interest and whistleblower policy points to gaps in governance that may affect its operational integrity. Additionally, the absence of its website listed on tax documents further detracts from its accountability efforts.
Overall, while St Mary's Housing Corp shows strengths in certain governance aspects, it must address the identified weaknesses to enhance its overall effectiveness and transparency. Improving these areas will be crucial for gaining donor trust and ensuring sustainable operations in the future.
This AI summary has been generated from information found on Charity Navigator.
Is St Mary's Housing Corp legitimate?
St Mary's Housing Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. St Mary's Housing 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 St Mary's Housing Corp?
St. Mary's Housing Corp was established with the objective of managing a 39-unit apartment complex named Hadden Hall Apartments. This was carried out in accordance with Section 202 of the National Housing Act and under the regulation of the Federal Housing Administration (FHA) division of HUD. A Housing Assistance Payment Contract (HAP Contract) is in place, which offers rental assistance to low-income families or individuals, as supported by the Section 8 program of the National Housing Act. The primary mission of St. Mary's Housing Corp is to provide affordable housing solutions for these individuals, ensuring they can maintain a stable living environment.
Who is the CEO of St Mary's Housing Corp?
Donn Garvey Jr is the President of St Mary's Housing Corp.
What is the revenue of St Mary's Housing Corp?
St Mary's Housing Corp's revenue in 2023 was $457,953.
Who are the executives of St Mary's Housing Corp and what are their salaries?
Here are 9 key members and their salaries:
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Where can I find the form 990 for St Mary's Housing Corp?
St Mary's Housing Corp's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of St Mary's Housing Corp
St. Mary's Housing Corp was established with a mission to manage and operate a 39-unit apartment community named Hadden Hall Apartments. The organization was founded under Section 202 of the National Housing Act, amended, and entered into a standard regulatory agreement with the Federal Housing Administration (FHA) section of HUD. This agreement governs the operation of the community.
The primary objective of St. Mary's Housing Corp is to provide rental assistance for low-income families or individuals through a Housing Assistance Payment Contract (HAP Contract). This contract is a part of the Section 8 program of the National Housing Act. The organization's mission is to make affordable housing accessible by offering financial aid, thereby contributing to the well-being of the community.
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Impact
July, 2024
St. Mary's Housing Corp's impact can be seen through its ownership and operation of a 39-unit apartment community in Wilmington, NC, known as Hadden Hall Apartments. Through its nonprofit structure, St. Mary's Housing Corp provides essential housing opportunities for low-income families or individuals in need. By participating in the Section 8 program of the National Housing Act, the organization helps facilitate rent assistance for those who require it, promoting stability and security within the community. This initiative not only addresses the housing needs of vulnerable populations but also contributes to the overall well-being and quality of life for residents in Wilmington, NC.
This information is meant to be a general summary of St Mary's Housing 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 2023.
- Investment Income: $115
- Program Service Revenue: $148,362
- Gross Receipts: $457,953
Assets and Liabilities:
- Total Assets: $1,021,173
- Total Liabilities: $1,193,712
- Net Assets: -$172,539
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$148,362
Organization Details
Founding Year
1990
Phone
(336) 765-0424Principal Officer
Donn Garvey Jr
Main Address
412 ANN STREET, WILMINGTON, NC, 28401
NTEE Category
Code: L20 - Housing
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