Overview
What is Commonwealth Multifamily Housing Corporation?
Commonwealth Multifamily Housing Corporation is a nonprofit organization based in Temple, Texas, with a US address at 1610 S 31st ST 200. Their primary mission is to provide affordable housing for people in need, specifically targeting those making 80% or less of the area median income in the metropolitan areas where their apartment properties are located. The organization preserves, develops, constructs, and operates affordable multifamily housing, and offers educational and self-improvement services to the middle, low, and very-low income residents in these communities. They currently employ a team of seven individuals to carry out these important initiatives.
Official website here: www.w.commonwealth-multifamily.org
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 58% (One-Star out of Four Star rating)
Commonwealth Multifamily Housing Corporation has received a low rating of 58%, indicating significant areas of concern related to accountability and finance. The organization has a notably high program expense ratio of 98.49%, which suggests that a substantial portion of its funds is directed towards its programs rather than administrative costs. However, the overall low rating is primarily influenced by poor governance practices, including a lack of independent board members, with only 33% being independent.
The organization has also been criticized for missing key policies, such as a conflict of interest policy, a whistleblower policy, and a document retention and destruction policy. These oversights contribute to the lack of transparency and accountability expected from nonprofits. While it does have sound financial statements and no material diversion of assets, the limitations in governance practices are a significant concern for stakeholders.
Despite these challenges, the organization has demonstrated compliance in some areas, such as publishing its tax form on its website and maintaining documentation of board meeting minutes. Overall, while Commonwealth Multifamily Housing Corporation shows promise in its program expenses, its governance and financial accountability practices require substantial improvement to enhance its credibility and effectiveness in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Commonwealth Multifamily Housing Corporation legitimate?
Commonwealth Multifamily Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Commonwealth Multifamily 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.w.commonwealth-multifamily.org
What is the mission statement of Commonwealth Multifamily Housing Corporation?
The Commonwealth Multifamily Housing Corporation is dedicated to providing affordable housing for those in need. Their mission goes beyond just housing, as they also offer educational and self-improvement services to residents with middle, low, and very-low income. Through preservation, development, construction, and operation of affordable multifamily housing, they aim to provide relief for poor and distressed individuals. The organization maintains rents for 75% or more of its residential units at a level affordable for those making 80% or less of the area median income.
Official website here: www.w.commonwealth-multifamily.org
Who is the CEO of Commonwealth Multifamily Housing Corporation?
David Cole is the Principal Officer of Commonwealth Multifamily Housing Corporation.
Official website here: www.w.commonwealth-multifamily.org
What is the revenue of Commonwealth Multifamily Housing Corporation?
Commonwealth Multifamily Housing Corporation's revenue in 2022 was $15,668,421.
Official website here: www.w.commonwealth-multifamily.org
Who are the executives of Commonwealth Multifamily Housing Corporation and what are their salaries?
There are 7 employees at Commonwealth Multifamily Housing Corporation.
Here are 6 key members and their salaries:
- Compensation: $150,000
- Related: $0
- Other: $0
- Compensation: $150,000
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.w.commonwealth-multifamily.org
Where can I find the form 990 for Commonwealth Multifamily Housing Corporation?
Commonwealth Multifamily Housing Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.w.commonwealth-multifamily.org
Learn more at the official website: www.w.commonwealth-multifamily.org
Mission Statement of Commonwealth Multifamily Housing Corporation
Commonwealth Multifamily Housing Corporation, a renowned organization, is dedicated to the preservation, development, construction, and operation of affordable multifamily housing. Its primary mission is to provide affordable housing for those in need, especially the poor and distressed. By maintaining rents for three-quarters of its residential units at a level affordable for residents earning 80% or less of the area median income, the corporation ensures that a significant portion of the community has access to safe and affordable living spaces. The organization goes beyond just housing by offering educational and self-improvement services to the middle, low, and very-low income residents in the housing it manages.
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Impact
October, 2024
Commonwealth Multifamily Housing Corporation has a significant impact on affordable housing by focusing on the preservation, development, construction, and operation of multifamily housing units tailored to meet the needs of middle, low, and very-low income residents. By maintaining affordable rent levels for 75% or more of its residential units, it ensures that those earning 80% or less of the area median income (AMI) can access safe and stable housing. This work is crucial in urban areas where rising housing costs often displace vulnerable populations. Additionally, the organization enhances its impact by providing educational and self-improvement services, empowering residents to improve their quality of life and financial stability. Through these efforts, Commonwealth Multifamily Housing Corporation plays a vital role in alleviating poverty and supporting community development in the regions it serves, particularly in Temple, Texas.
This information is meant to be a general summary of Commonwealth Multifamily 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.
- Investment Income: $41,461
- Program Service Revenue: $15,626,960
- Gross Receipts: $15,668,421
Assets and Liabilities:
- Total Assets: $136,139,637
- Total Liabilities: $140,814,492
- Net Assets: -$4,674,855
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$15,066,384
OTHER PROPERTY INCOME
Revenue
$560,576
Organization Details
Founding Year
2000
Phone
(254) 773-7400Principal Officer
David Cole
Main Address
1610 S 31ST ST 200, TEMPLE, TX, 76504
NTEE Category
Code: L80 - Housing
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