Overview
What is Mount Olive Gardens No 1 Inc?
Mount Olive Gardens No 1 Inc is a nonprofit organization situated in Alvin, Texas, with a postal address of PO Box 165, 77512. Its primary mission is to promote and enhance community welfare, as evidenced by its establishment for the construction, maintenance, and operation of a multifamily government-assisted housing project. This project, located under Section 221(D)(3) of the National Housing Act, is designed for low-to-moderate income residents. Mount Olive Gardens No 1 Inc. also holds a Section 8 Housing Assistance Payment Contract, which lasts for a ten-year period beginning in June 2017. This contract provides funds based on the availability of sufficient appropriations, ensuring that the project expenses are covered. The HUD-assisted program for Mount Olive Gardens mainly consists of below-market interest loan assistance under Section 221, which involves rent restrictions and other requirements.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94% (Four-Star out of Four Star Rating)
Mount Olive Gardens No 1 Inc has received a commendable Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. This high score indicates robust governance practices and effective financial management, which are critical for donor confidence and organizational sustainability. The charity's score is based entirely on its accountability and finance metrics, showcasing its commitment to transparency in operations.
The organization has demonstrated excellent oversight with 100% of its board members being independent, which helps to ensure impartial decision-making. Additionally, it has robust policies in place for conflict of interest, whistleblower protections, and document retention, all contributing to a strong ethical framework. The charity also reported no material diversion of assets, signaling integrity in handling funds.
Financially, Mount Olive Gardens No 1 Inc excels with a program expense ratio of nearly 93%, meaning a significant portion of its funding directly supports its programs. The liabilities to assets ratio of 25.27% further indicates a solid financial position, assuring stakeholders of its sustainability and operational effectiveness. Overall, the organization appears to be well-managed, though specific user feedback was not available to provide further insights into community impact.
This AI summary has been generated from information found on Charity Navigator.
Is Mount Olive Gardens No 1 Inc legitimate?
Mount Olive Gardens No 1 Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mount Olive Gardens No 1 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: $138,791
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What is the mission statement of Mount Olive Gardens No 1 Inc?
Mount Olive Gardens No 1 Inc was established with the mission to enhance the well-being of the community. The organization was primarily formed to construct, maintain, and operate a multi-family housing project of 60 units, specifically designed for low-to-moderate income residents. This project was initiated under Section 221(D)(3) of the National Housing Act. The primary goal of Mount Olive Gardens No 1 Inc is to promote and advance the welfare of its residents by providing them with affordable housing options. To achieve this, the organization has a Section 8 Housing Assistance Payment Contract for 59 units, which is a ten-year agreement starting from June 1, 2017. This contract provides funds based on the availability of sufficient appropriations, as determined by the HUD, to cover the project expenses. The organization also benefits from the Below-Market Rate Interest Loan Assistance under Section 221, which imposes rent restrictions and other requirements.
Who is the CEO of Mount Olive Gardens No 1 Inc?
Avolene Change is the Director of Mount Olive Gardens No 1 Inc.
What is the revenue of Mount Olive Gardens No 1 Inc?
Mount Olive Gardens No 1 Inc's revenue in 2023 was $846,878.
Who are the executives of Mount Olive Gardens No 1 Inc and what are their salaries?
Here are 3 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Mount Olive Gardens No 1 Inc?
Mount Olive Gardens No 1 Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Mount Olive Gardens No 1 Inc
Mount Olive Gardens No 1 Inc, as a nonprofit organization, was established with the mission to enhance the well-being of the community. Specifically, the organization was founded to construct, maintain, and operate a multifamily government-assisted housing project, comprising 60 units, under Section 221(D)(3) of the National Housing Act. This initiative aims to provide affordable housing options for low-to-moderate income residents.
The primary objective of Mount Olive Gardens No 1 Inc is to promote and advance the welfare of the community by offering housing solutions. The organization secured a Section 8 Housing Assistance Payment Contract (HAP Contract) for 59 units, which is a ten-year agreement commencing from June 1, 2017. This contract provides funds based on the availability of sufficient appropriations determined by the U.S. Department of Housing and Urban Development (HUD), sufficient to cover the project expenses.
Mount Olive Gardens No 1 Inc's housing project is supported by the Below-Market Rate Interest Loan Assistance under Section 221 of the National Housing Act. This program imposes rent restrictions and other requirements to ensure that the housing remains affordable for the intended residents. The Section 221 program is a significant part of Mount Olive Gardens No 1 Inc's mission, as it allows the organization to contribute to the community by providing affordable housing options.
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Impact
July, 2024
Mount Olive Gardens No 1 Inc's impact is primarily focused on providing stable and affordable housing for low-to-moderate income residents in Alvin, Texas. By constructing, maintaining, and operating a multifamily government-assisted housing project, this organization plays a vital role in addressing the housing needs of the community. Through its Section 8 Housing Assistance Payment contract and participation in HUD-assisted programs, Mount Olive Gardens No 1 Inc ensures that individuals and families have access to below-market rate housing options, promoting stability and economic security for residents in need. This initiative contributes significantly to the welfare of the community by offering a crucial service that supports the overall well-being of its residents.
This information is meant to be a general summary of Mount Olive Gardens No 1 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 2023.
- Investment Income: $8,206
- Program Service Revenue: $838,672
- Gross Receipts: $846,878
Assets and Liabilities:
- Total Assets: $1,530,592
- Total Liabilities: $386,881
- Net Assets: $1,143,711
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL REVENUE
Revenue
$838,672
Organization Details
Founding Year
1969
Phone
(954) 410-5217Principal Officer
Avolene Change
Main Address
PO BOX 165, ALVIN, TX, 775120165
NTEE Category
Code: L21 - Housing
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