Overview
What is Covenant Community Capital Corporation?
Covenant Community Capital Corporation is a nonprofit organization based in Houston, Texas. Their primary focus is on supporting aspiring working families by providing them with affordable housing options. They accomplished this through a collaboration with PNC Bank, acquiring a distressed apartment community in Baytown and making necessary improvements, lowering rents, and even building a playground. The organization's mission extends beyond housing, aiming to equip families with quality education, risk management skills, and financial savings strategies to ensure long-term resilience. Covenant's team resides on-site and offers after-school, summer, and holiday programs for the families they serve. With a staff of 11 individuals, Covenant Community Capital Corporation is dedicated to fostering a secure future for working families.
What are the reviews and ratings of this charity?
Charity Navigator Rating 94% - Four-Star out of Four Star Rating
Covenant Community Capital Corporation has achieved a Four-Star rating from Charity Navigator, reflecting strong performance in accountability and finance. The organization scored 94% overall, indicating a well-managed financial structure, which is critical for donor trust. This rating is particularly significant as it demonstrates the charity's commitment to transparency and effective use of resources.
The organization excels in several key areas, including having an independent board with 80% of its members being independent. It also received full marks for its audit and oversight processes, highlighting its commitment to financial integrity. Furthermore, the absence of any material diversion of assets and the presence of robust policies, such as conflict of interest and whistleblower protections, indicate a responsible governance framework.
While the organization shows exceptional financial management, it is essential for potential donors to consider the specific programs funded by Covenant Community Capital Corporation. The high program expense ratio of 96.37% suggests that a significant portion of their funding is directed towards mission-related activities, which is a positive indicator. Overall, the charity demonstrates strong governance and fiscal responsibility, making it a reliable choice for donors looking to support impactful initiatives.
This AI summary has been generated from information found on Charity Navigator.
Is Covenant Community Capital Corporation legitimate?
Covenant Community Capital Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Covenant Community Capital 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:
Executive Compensation: $96,541
Professional Fundraising Fees: $0
Other Salaries and Wages: $332,114
For more financial information, click here
What is the mission statement of Covenant Community Capital Corporation?
Covenant Community Capital Corporation's mission is centered around empowering aspirational working families to achieve long-term resilience. They accomplish this by facilitating the acquisition of affordable housing, promoting access to quality education, guiding risk management, and encouraging the building of savings for future needs. The organization's goal is to help these families secure a stable and prosperous future, ensuring intergenerational benefit. They have demonstrated this commitment through initiatives such as renovating and lowering rents for affordable family townhomes, providing on-site staff for family programming, and working with banks to manage distressed properties.
Who is the CEO of Covenant Community Capital Corporation?
Stephan Fairfield is the President & Ceo of Covenant Community Capital Corporation. The CEO's salary of Covenant Community Capital Corporation is $96,541 and their total compensation is $159,360.
What is the revenue of Covenant Community Capital Corporation?
Covenant Community Capital Corporation's revenue in 2022 was $2,093,022.
Who are the executives of Covenant Community Capital Corporation and what are their salaries?
The average compensation at Covenant Community Capital Corporation during 2022 was $38,969. There are 11 employees at Covenant Community Capital Corporation.
Here are 5 key members and their salaries (Covenant Community Capital Corporation's CEO's salary is $96,541 and their total compensation is $159,360):
- Compensation: $96,541
- Related: $0
- Other: $62,819
- Compensation: $0
- Related: $0
- Other: $0
- 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 Covenant Community Capital Corporation?
Covenant Community Capital Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Covenant Community Capital Corporation
Covenant Community Capital Corporation, as a nonprofit organization, is dedicated to empowering aspirational working families to achieve intergenerational resilience. They accomplish this mission by facilitating the acquisition of affordable homes, providing access to quality education, assisting in risk management, and promoting savings for future needs. By doing so, Covenant aims to help these families thrive and secure a stable future for generations to come.
In practice, Covenant demonstrates its commitment by engaging in projects such as acquiring and improving distressed housing communities, like the 128-unit Townhomes of Bay Forest in Baytown. They secured a loan to retire a defaulted mortgage, make necessary improvements, build a playground, and lower rental costs to make them affordable for families earning 50% of the area median income. Furthermore, Covenant staff reside onsite and offer after-school, summer, and holiday programs to enrich the lives of the families living there. This holistic approach, focusing on housing, education, and community engagement, encapsulates Covenant Community Capital Corporation's mission to help working families thrive and build a sustainable future.
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Impact
July, 2024
Covenant Community Capital Corporation equips aspirational working families in Houston, Texas to thrive and secure intergenerational resilience by providing affordable family townhome rentals. They acquired a distressed apartment community in 2010, making it affordable to families earning 50% of the area median income. Covenant staff live onsite and offer after-school, summer, and holiday family programming, creating a supportive environment for residents. Their work not only provides affordable housing but also contributes to community improvement and helps families build savings for life.
This information is meant to be a general summary of Covenant Community Capital 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.
- Investment Income: $57,632
- Program Service Revenue: $1,432,789
- Gross Receipts: $2,093,022
Assets and Liabilities:
- Total Assets: $9,150,132
- Total Liabilities: $3,693,805
- Net Assets: $5,456,327
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Other income
Revenue
$165
Partnership Mgmt Fees
Revenue
$52,943
Rental Income
Revenue
$1,337,170
Social Service Fees
Revenue
$42,511
Organization Details
Founding Year
1998
Phone
(832) 879-2204Principal Officer
Stephan Fairfield
Main Address
PO BOX 15398, HOUSTON, TX, 77220
NTEE Category
Code: S31 - Community improvement
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