Overview
What is Chestnut Neighborhood Revitalizatio Corporation?
The Chestnut Neighborhood Revitalization Corporation is a dedicated nonprofit organization situated in Chestnut Neighborhood. Their primary aim is to preserve the area's rich history and culture, with a focus on offering affordable housing development projects and business opportunities to low to moderate income residents. Additionally, they work towards reducing crime rates and fostering community engagement by creating pedestrian-friendly spaces. The organization accomplishes this through various programs, such as managing development projects with provided developer fees.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 47%, Zero-Star out of Four Star rating.
Chestnut Neighborhood Revitalization Corporation has received a low score of 47%, indicating significant concerns in its financial practices and accountability measures. The organization has shown strength in governance, maintaining a fully independent board and demonstrating compliance with policies such as whistleblower protections and document retention. However, these strengths are overshadowed by critical weaknesses in financial management, particularly a high liabilities to assets ratio and a low program expense ratio.
The organization’s liabilities to assets ratio stands at 183.33%, raising red flags about its financial stability and sustainability. Additionally, with a program expense ratio of just 25.76%, a significant portion of its funds may not be directed toward its mission-driven programs. These financial issues suggest that while the organization has good governance practices, it may struggle to effectively utilize its funds for community impact. Overall, the findings highlight a need for improvement in financial operations to enhance the charity's effectiveness and trustworthiness in serving its community.
This AI summary has been generated from information found on Charity Navigator.
Is Chestnut Neighborhood Revitalizatio Corporation legitimate?
Chestnut Neighborhood Revitalizatio Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Chestnut Neighborhood Revitalizatio 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.
Heare are some key statistics you may want to consider:
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What is the mission statement of Chestnut Neighborhood Revitalizatio Corporation?
The Chestnut Neighborhood Revitalization Corporation is dedicated to preserving the historic culture of its namesake neighborhood. They accomplish this by offering affordable housing development projects and business opportunities to individuals with low to moderate incomes. The corporation also actively works towards reducing crime and enhancing community connectivity by creating pedestrian-friendly streets and implementing various revitalization efforts. Additionally, they generate funds for managing development projects by collecting developer fees.
Who is the CEO of Chestnut Neighborhood Revitalizatio Corporation?
Sean Garretson is the Board Member of Chestnut Neighborhood Revitalizatio Corporation.
What is the revenue of Chestnut Neighborhood Revitalizatio Corporation?
Chestnut Neighborhood Revitalizatio Corporation's revenue in 2021 was $20,020.
Who are the executives of Chestnut Neighborhood Revitalizatio Corporation and what are their salaries?
There 15 volunteers at Chestnut Neighborhood Revitalizatio Corporation.
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Where can I find the form 990 for Chestnut Neighborhood Revitalizatio Corporation?
Chestnut Neighborhood Revitalizatio Corporation's most recent form 990 was submitted in 2021 and can be accessed here.
Mission Statement of Chestnut Neighborhood Revitalizatio Corporation
The Chestnut Neighborhood Revitalization Corporation is committed to preserving the rich, historic culture of Chestnut Neighborhood. They achieve this by undertaking affordable housing development projects specifically tailored for low to moderate income residents. In addition to providing homes, the corporation also fosters business opportunities within the community.
Beyond housing and entrepreneurship, Chestnut Neighborhood Revitalization Corporation takes a proactive role in addressing crime within the neighborhood. They accomplish this through various programs that aim to reduce criminal activities. Further, they strive to create pedestrian-friendly streets, enhancing the overall livability and appeal of the area.
In order to manage these projects, the corporation collects developer fees, ensuring that the development process is efficiently and effectively handled. In essence, the Chestnut Neighborhood Revitalization Corporation serves as a catalyst for growth and improvement in the Chestnut Neighborhood, preserving its unique heritage while improving the quality of life for its residents.
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Impact
August, 2024
Chestnut Neighborhood Revitalization Corporation's impact is profound in preserving the rich, historic culture of Chestnut Neighborhood in Austin, TX. They achieve this through providing affordable housing development projects for low to moderate income residents, offering business opportunities, facilitating crime reduction, creating pedestrian-friendly streets, and executing various revitalization efforts. Their mission focuses on ensuring that the neighborhood thrives economically and socially, making a significant contribution to the community.
This information is meant to be a general summary of Chestnut Neighborhood Revitalizatio 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 2021.
- Gross Receipts: $20,020
Assets and Liabilities:
- Total Assets: $1,179,775
- Total Liabilities: $2,385,565
- Net Assets: -$1,205,790
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Organization Details
Founding Year
1998
Phone
(512) 698-3369Principal Officer
Sean Garretson
Main Address
3522 EAST MLK JR BLVD, AUSTIN, TX, 78721
NTEE Category
Code: L99 - Housing
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