Overview
What is Norwood Affordable Housing Corporation?
Norwood Affordable Housing Corporation is a nonprofit organization situated in Norwood, Massachusetts, with a focus on providing affordable housing opportunities for local citizens. Currently, the organization manages a building containing three apartments, all of which are occupied. Their primary mission extends beyond Norwood, aiming to offer affordable housing solutions in other communities within Norfolk County, Massachusetts. The organization plays a crucial role in addressing housing affordability, contributing to the well-being of its community members.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 50%, One-Star out of Four Star rating.
Norwood Affordable Housing Corporation has received a low rating of 50%, indicating significant concerns regarding its governance and accountability practices. The organization has a complete lack of independent board members, which raises questions about its oversight and decision-making processes. Furthermore, it has several missing policies, including conflict of interest and whistleblower policies, which are essential for transparency and ethical operations.
Despite these governance issues, the organization performs well in financial aspects, maintaining a high program expense ratio of 94.27%, which suggests that a significant portion of its funds is directed towards its programs. Additionally, the liabilities to assets ratio of 24.00% demonstrates a solid financial footing; however, the absence of necessary governance policies and independent oversight could undermine stakeholder confidence.
Overall, while Norwood Affordable Housing Corporation appears to be effectively utilizing its funds for its intended purpose, the lack of transparency in governance and missing policy frameworks highlight areas for improvement. Stakeholders may want to consider these factors when evaluating their support for the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Norwood Affordable Housing Corporation legitimate?
Norwood Affordable Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Norwood Affordable Housing Corporation 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 Norwood Affordable Housing Corporation?
The Norwood Affordable Housing Corporation's primary mission is centered around providing affordable housing. This mission extends beyond Norwood, Massachusetts, encompassing other communities within Norfolk County. The organization's main objective is to make housing affordable for its citizens, striving to make a positive impact on their lives. Currently, the corporation owns a building with three apartments, all of which are occupied. Their work is instrumental in ensuring affordable housing options are available to those in need.
Who is the CEO of Norwood Affordable Housing Corporation?
Patricia Starr is the President of Norwood Affordable Housing Corporation.
What is the revenue of Norwood Affordable Housing Corporation?
Norwood Affordable Housing Corporation's revenue in 2022 was $36,293.
Who are the executives of Norwood Affordable Housing Corporation and what are their salaries?
Here are 8 key members and their salaries:
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Where can I find the form 990 for Norwood Affordable Housing Corporation?
Norwood Affordable Housing Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Norwood Affordable Housing Corporation
Norwood Affordable Housing Corporation, as a nonprofit organization, is dedicated to providing affordable housing options for its community members. Its primary mission is geared towards serving the residents of Norfolk County, Massachusetts, beyond just Norwood. With a focus on affordability, the organization strives to make housing accessible for all citizens, ensuring that everyone can reside in a suitable living environment. Currently, Norwood Affordable Housing Corporation manages a building with a total of three apartments, all of which are currently occupied. This demonstrates the organization's commitment to putting its mission into practice, ensuring that affordable housing is not just an idea, but a tangible reality for its community members.
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Impact
August, 2024
Norwood Affordable Housing Corporation's impact revolves around providing affordable housing to the citizens of Norwood, MA, and other communities in Norfolk County, MA. Currently, the organization owns a building with a total of three apartments, all of which are occupied. Their primary exempt purpose is to address the housing needs of individuals and families in the region, ensuring that they have access to safe and affordable housing options. Through their efforts, Norwood Affordable Housing Corporation contributes to creating stable and thriving communities by supporting individuals in securing suitable living arrangements.
This information is meant to be a general summary of Norwood Affordable Housing Corporation. 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.
- Program Service Revenue: $36,293
- Gross Receipts: $36,293
Assets and Liabilities:
- Total Assets: $726,288
- Total Liabilities: $174,331
- Net Assets: $551,957
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$36,293
Organization Details
Founding Year
2004
Phone
(781) 762-8115Principal Officer
Patricia Starr
Main Address
40 WILLIAM SHYNE CIRCLE, NORWOOD, MA, 02062
NTEE Category
Code: L21 - Housing
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