Overview
What is Hrc Cottages Inc?
Hrc Cottages Inc is a nonprofit organization based in Missoula, Montana, with a focus on providing affordable housing for individuals of lower income. With a total of 269 units, they have properties spread across various locations, including Hamilton, Corvallis, Superior, Stevensville, Victor, Missoula, St. Regis, and Darby. Their properties include Burnt Fork Apartments, Willow Creek Apartments, Edna Court Cottages, and more. Hrc Cottages Inc's primary mission is to own, operate, and maintain these low-income housing units, ensuring that they are kept in good condition and rented at below-market rates to eligible tenants. With a team of 7 employees, Hrc Cottages Inc plays a vital role in providing sustainable housing solutions to those in need, improving their quality of life.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 68% (Two-Star out of Four Star Rating)
Hrc Cottages Inc has received a Two-Star rating from Charity Navigator, indicating a moderate level of accountability and financial health. The organization has a strong program expense ratio of 78.69%, demonstrating a commitment to using the majority of its resources for its charitable programs. Additionally, it boasts an independent board composition with 66% independent members and has effectively established a conflict of interest policy.
However, there are significant areas that require improvement. The organization lacks an adequate number of independent board members, which could impact governance effectiveness. Furthermore, several key policies and disclosures, including a whistleblower policy and the posting of its tax form on its website, are missing, which raises concerns about transparency and compliance.
Financially, Hrc Cottages Inc faces challenges, as indicated by a liabilities to assets ratio of 94.60%, suggesting that the organization may be heavily leveraged. While it has a solid audit and oversight committee in place, the overall rating reflects the need for enhanced financial practices and governance reforms to increase its accountability and transparency.
This AI summary has been generated from information found on Charity Navigator.
Is Hrc Cottages Inc legitimate?
Hrc Cottages Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hrc Cottages 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: $5,484
Professional Fundraising Fees: $0
Other Salaries and Wages: $17,718
For more financial information, click here
What is the mission statement of Hrc Cottages Inc?
Hrc Cottages Inc is committed to owning, operating, and maintaining housing for individuals with lower income levels. Their mission is to provide affordable housing options, with a total of 269 units spread across various locations in Montana. These properties, such as Burnt Fork Apartments and Mountain View, are rented at below-market rates to accommodate lower income tenants. The organization's activities include managing and maintaining these properties, ensuring they serve as reliable and affordable housing solutions for those in need.
Who is the CEO of Hrc Cottages Inc?
Jim Morton is the President of Hrc Cottages Inc.
What is the revenue of Hrc Cottages Inc?
Hrc Cottages Inc's revenue in 2022 was $718,941.
Who are the executives of Hrc Cottages Inc and what are their salaries?
The average compensation at Hrc Cottages Inc during 2022 was $3,315. There are 7 employees and 2 volunteers at Hrc Cottages Inc.
Here are 3 key members and their salaries:
- Compensation: $5,484
- Related: $168,390
- Other: $25,811
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Hrc Cottages Inc?
Hrc Cottages Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Hrc Cottages Inc
Hrc Cottages Inc is committed to owning, operating, and maintaining housing for individuals with lower income levels. This nonprofit organization's mission is to provide affordable living spaces, ensuring that those in need have access to housing at rates below market value. Hrc Cottages Inc manages a total of 269 units of low-income housing across various locations in Montana, including Hamilton, Corvallis, Superior, Stevensville, Victor, Missoula, St. Regis, and Darby. The properties under their management, such as Burnt Fork Apartments, Willow Creek Apartments, Edna Court Cottages, and others, cater specifically to lower income tenants. By offering these housing solutions, Hrc Cottages Inc plays a crucial role in providing a stable living environment for individuals who may otherwise face housing insecurity.
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Impact
July, 2024
Hrc Cottages Inc's impact lies in providing essential housing solutions for lower-income individuals in various communities across Montana, such as Hamilton, Corvallis, Superior, Stevensville, Victor, Missoula, St. Regis, and Darby. Through a total of 269 units of low-income housing, including apartments and cottages, Hrc Cottages Inc offers a vital lifeline to those who may struggle to afford market-rate housing options. By renting out these properties at below-market rates, Hrc Cottages Inc directly contributes to addressing the housing needs of the lower-income population in the region. Their commitment to owning, operating, and maintaining these properties demonstrates a dedication to providing stable and affordable housing solutions for those in need.
This information is meant to be a general summary of Hrc Cottages 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 2022.
- Investment Income: $7,778
- Program Service Revenue: $721,181
- Gross Receipts: $718,941
Assets and Liabilities:
- Total Assets: $5,484,993
- Total Liabilities: $5,188,908
- Net Assets: $296,085
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOW INCOME RENTAL
Revenue
$634,378
ASSET MANAGEMENT FEES
Revenue
$86,803
Organization Details
Founding Year
1998
Phone
(406) 728-3710Principal Officer
Jim Morton
Main Address
1801 S HIGGINS, MISSOULA, MT, 598015763
NTEE Category
Code: L20 - Housing
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