Overview
What is Foundation For Affordable Housing Inc?
The Foundation For Affordable Housing Inc, situated in downtown Lexington, Kentucky, is a dedicated nonprofit organization. Its primary mission is to establish and maintain affordable housing for low and moderate-income families and veterans. The foundation provides a sanctuary, ensuring safety and affordability for the working homeless and recovering veterans. The organization's goal is to create comfortable, high-quality, and affordable homes, catering to individuals with very low to moderate incomes. With a small yet dedicated workforce of one individual, the Foundation For Affordable Housing Inc is committed to making a positive impact in the community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Two-Star out of Four Stars
Foundation For Affordable Housing Inc has received a rating of "Needs Improvement" with an overall score of 73%. While the organization demonstrates strong performance in certain areas, such as a high program expense ratio of 91.85%, indicating effective use of funds for its mission, its overall accountability and finance score of 71 suggests there are areas that require attention to enhance transparency and governance.
The organization boasts an impressive culture and community score of 100, reflecting its strong engagement with stakeholders and effective practices in collecting and utilizing feedback. However, it faces challenges in consistently gathering responses to feedback requests. Additionally, while the majority of the board members are independent, there are some gaps in critical governance policies, specifically the absence of a whistleblower policy and a document retention policy, which can be a concern for potential donors and supporters.
Overall, Foundation For Affordable Housing Inc shows potential through its strong community engagement and effective program spending, but it must address its governance shortcomings to improve its rating and build greater trust among supporters and stakeholders.
This AI summary has been generated from information found on Charity Navigator.
Is Foundation For Affordable Housing Inc legitimate?
Foundation For Affordable Housing Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Foundation For Affordable Housing 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: $133,625
For more financial information, click here
What is the mission statement of Foundation For Affordable Housing Inc?
The Foundation for Affordable Housing Inc., as a non-profit organization, is committed to providing a mission that focuses on creating safe, comfortable, high-quality, and affordable homes for individuals with very low to moderate income. Their primary goal is to establish and maintain affordable housing, catering specifically to families and veterans who fall under this income bracket. The organization's mission is geared towards addressing the housing needs of those who may be struggling financially, offering them a secure and affordable living environment.
What is the revenue of Foundation For Affordable Housing Inc?
Foundation For Affordable Housing Inc's revenue in 2023 was $1,265,361.
Who are the executives of Foundation For Affordable Housing Inc and what are their salaries?
The average compensation at Foundation For Affordable Housing Inc during 2023 was $19,089. There are 7 employees at Foundation For Affordable Housing Inc.
Here are 10 key members and their salaries:
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Where can I find the form 990 for Foundation For Affordable Housing Inc?
Foundation For Affordable Housing Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Foundation For Affordable Housing Inc
The Foundation for Affordable Housing Inc, a non-profit organization, is dedicated to creating safe, comfortable, and high-quality affordable housing solutions for individuals and families falling under the very low to moderate income bracket. The organization's primary mission is to establish and maintain such housing, providing a viable living solution for those who may otherwise struggle with housing affordability. By offering affordable housing, the Foundation for Affordable Housing Inc aims to contribute positively to the lives of its residents, helping them secure a stable and secure living environment.
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Impact
July, 2024
Foundation For Affordable Housing Inc's impact can be seen in the significant positive change it brings to the lives of the working homeless and recovering homeless veterans in downtown Lexington, Kentucky. By providing safe, clean, and affordable housing, this organization plays a vital role in offering a stable environment for those in need. Through its mission to create safe, comfortable, and high-quality homes for very low to moderate-income individuals and veterans, Foundation For Affordable Housing Inc contributes to the well-being and stability of the community.
This information is meant to be a general summary of Foundation For Affordable Housing 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: $10,208
- Program Service Revenue: $501,252
- Gross Receipts: $1,265,361
Assets and Liabilities:
- Total Assets: $2,889,245
- Total Liabilities: $514,063
- Net Assets: $2,375,182
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME-MAYWICK
Revenue
$480,553
MANAGEMENT FEE INCOME
Revenue
$13,631
TENANT ACTIVITY INCOME
Revenue
$1,500
Organization Details
Founding Year
1988
Principal Officer
Phillip N Gray
NTEE Category
Code: L80 - Housing
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