Overview
What is Midland Community Development Corp?
Midland Community Development Corp is a nonprofit organization situated in Midland, Texas. Their primary mission is to aid qualified first-time homebuyers in becoming "mortgage ready" for purchasing their first homes. This involves reviewing credit reports, offering counseling, and providing down payment assistance. In collaboration with the City of Midland, they revitalize distressed areas by developing home communities for these low-income families. Additionally, they offer one-on-one credit counseling and help in finding a mortgage lender with competitive market rates. With a staff of four individuals, Midland Community Development Corp plays a significant role in promoting affordable housing opportunities within the community.
Official website here: www.midlandcdc.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96%, Four-Star out of Four Star rating.
Midland Community Development Corp has achieved an impressive overall score of 96%, reflecting its strong commitment to accountability and finance. This score is solely derived from the Accountability & Finance beacon, indicating that the organization has robust financial practices in place. The high rating signifies effective management and transparency, which are essential for building trust with donors and stakeholders.
The organization excels in various metrics, including having a fully independent board, a strong financial oversight committee, and a solid program expense ratio of 72.77%. The absence of material diversion of assets and the presence of comprehensive policies, such as conflict of interest and whistleblower policies, further highlight its dedication to ethical governance and fiscal responsibility.
While the data showcases impressive performance in accountability and financial management, it is important for potential donors to consider the organization's mission and operational impact when making contributions. The focus on financial health is commendable; however, understanding the effectiveness of its programs would provide a comprehensive view of the organization's overall impact.
This AI summary has been generated from information found on Charity Navigator.
Is Midland Community Development Corp legitimate?
Midland Community Development Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Midland Community Development 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $152,494
Professional Fundraising Fees: $0
Other Salaries and Wages: $86,625
For more financial information, click here
Official website here: www.midlandcdc.org
What is the mission statement of Midland Community Development Corp?
The Midland Community Development Corp assists qualified first-time homebuyers by providing credit report review, counseling, and down payment assistance, enabling them to become "mortgage ready." This organization works in partnership with the city of Midland to revitalize distressed areas by developing home communities for these low-income families. Their mission is to support these families in their journey towards homeownership, contributing to the improvement and revitalization of specific neighborhoods.
Official website here: www.midlandcdc.org
Who is the CEO of Midland Community Development Corp?
Brad Bullock is the Chairman of Midland Community Development Corp.
Official website here: www.midlandcdc.org
What is the revenue of Midland Community Development Corp?
Midland Community Development Corp's revenue in 2022 was $884,825.
Official website here: www.midlandcdc.org
Who are the executives of Midland Community Development Corp and what are their salaries?
The average compensation at Midland Community Development Corp during 2022 was $59,780. There are 4 employees and 16 volunteers at Midland Community Development Corp.
Here are 13 key members and their salaries:
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- Compensation: $92,000
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- Other: $14,128
- Compensation: $60,494
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- Other: $12,446
Official website here: www.midlandcdc.org
Where can I find the form 990 for Midland Community Development Corp?
Midland Community Development Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.midlandcdc.org
Learn more at the official website: www.midlandcdc.org
Mission Statement of Midland Community Development Corp
Midland Community Development Corp, as a nonprofit organization, aims to assist qualified first-time homebuyers in becoming "mortgage ready" by providing credit report reviews, counseling, and down payment assistance. This mission is instrumental in enabling these individuals to purchase their first homes. In addition to this, the organization collaborates with the city of Midland to revitalize distressed areas, designated as such, by developing home communities for these low-income families. By doing so, Midland Community Development Corp plays a crucial role in not just providing housing solutions but also contributing to the overall revitalization and improvement of these communities. The organization's mission is therefore twofold, focusing on both the financial preparedness of first-time homebuyers and the revitalization of distressed neighborhoods.
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Impact
July, 2024
Midland Community Development Corp's impact is significant in assisting qualified first-time homebuyers in becoming "mortgage ready" through services like credit report review, counseling, and down payment assistance. The organization works in partnership with the City of Midland to revitalize distressed "target areas" by developing home communities for low-income families. Through its affordable housing program, Midland CDC provides one-on-one credit counseling and helps homebuyers locate mortgage lenders with current market rates, ultimately making homeownership a reality for many in the community. The organization's efforts contribute to improving housing stability and economic empowerment among low-income families in Midland.
This information is meant to be a general summary of Midland Community Development 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 2022.
- Investment Income: $152,268
- Program Service Revenue: $327,543
- Gross Receipts: $944,529
Assets and Liabilities:
- Total Assets: $4,190,846
- Total Liabilities: $265,468
- Net Assets: $3,925,378
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$225,690
DEVELOPER FEES
Revenue
$79,261
RESIDENT SERVICES
Revenue
$21,000
CREDIT REPORTS
Revenue
$1,592
Organization Details
Founding Year
1989
Phone
(432) 682-2520Principal Officer
Brad Bullock
Main Address
208 S MARIENFELD, MIDLAND, TX, 79701
Website
www.midlandcdc.orgNTEE Category
Code: P51 - Human services
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