Overview
What is Affordable Communities Inc?
Affordable Communities Inc is a nonprofit corporation located in Broomfield, Colorado, with an address at 4385 San Luis Way. Their primary mission is to provide affordable housing options for low-income families and individuals, extending beyond the Denver metro area and reaching Lamar, Colorado. The organization has achieved this goal by acquiring, rehabilitating, and managing a 50-unit housing project named Normandy Gardens. This project serves as a resource for those in need, contributing to the overall objective of Affordable Communities Inc to improve housing accessibility in their designated areas.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (72%, Two-Star out of Four Star rating)
Affordable Communities Inc has received a two-star rating from Charity Navigator, indicating that the organization demonstrates some strengths but also faces significant challenges. The organization excels in accountability and finance, achieving a perfect score of 100% in this category. It has a majority of independent board members, ensuring a level of governance that is free from potential conflicts of interest. Furthermore, Affordable Communities Inc has policies in place regarding conflict of interest, whistleblower protections, and document retention, which are positive indicators of its commitment to transparency.
Despite these strengths, the organization struggles with its liabilities to assets ratio, scoring 0 out of 15 points in that area, suggesting potential financial stability concerns. Additionally, the size of the independent board received a low score, which may affect governance and oversight. Although the program expense ratio is high at 80.26%, reflecting a significant portion of funds directed towards its programs, the overall two-star rating signals the need for improvement in financial management and board structure.
Overall, while Affordable Communities Inc shows a strong commitment to accountability and has established essential governance policies, it must address its financial ratios and board structure to enhance its overall performance and effectiveness in serving its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Affordable Communities Inc legitimate?
Affordable Communities Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Affordable Communities 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $159,453
For more financial information, click here
What is the mission statement of Affordable Communities Inc?
Affordable Communities Inc, as a non-profit organization, is dedicated to providing affordable housing solutions for low and moderate income families and individuals. Their primary mission is to acquire, own, rehabilitate, manage, and operate housing projects, demonstrating their commitment to this cause. In specific terms, they have successfully established and operate Normandy Gardens, a 50-unit affordable housing project, catering to low-income individuals. This organization's work aims to contribute positively to the housing needs of those with limited financial resources.
Who is the CEO of Affordable Communities Inc?
Ed Biga is the President of Affordable Communities Inc.
What is the revenue of Affordable Communities Inc?
Affordable Communities Inc's revenue in 2022 was $1,257,302.
Who are the executives of Affordable Communities Inc and what are their salaries?
Here are 2 key members and their salaries:
- Compensation: $75,000
- Related: $0
- Other: $0
- Compensation: $75,000
- Related: $0
- Other: $0
Where can I find the form 990 for Affordable Communities Inc?
Affordable Communities Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Affordable Communities Inc
Affordable Communities Inc, as a non-profit housing corporation, is dedicated to providing affordable housing solutions for low and moderate income families and individuals. Its primary mission is to acquire, own, rehabilitate, and manage affordable housing projects, demonstrating a commitment to addressing the housing needs of those who may not otherwise have access to such resources. In pursuit of this goal, Affordable Communities Inc has successfully established and managed Normandy Gardens, a 50-unit affordable housing project in Lamar, Colorado, catering to low-income individuals. By offering affordable housing options, this organization contributes to promoting social equity and stability, enabling families and individuals to focus on other essential aspects of their lives.
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Impact
July, 2024
Affordable Communities Inc provides affordable housing to low and moderate-income families and individuals in the Denver metro area and Lamar, Colorado. They have made a tangible impact by acquiring, owning, rehabilitating, leasing, managing, and operating Normandy Gardens, a 50-unit affordable housing project for low-income residents in Lamar, Colorado. This initiative directly addresses the pressing need for affordable housing in these communities, ensuring that individuals and families have a safe and stable place to call home.
This information is meant to be a general summary of Affordable Communities 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: $7,964
- Program Service Revenue: $555,405
- Gross Receipts: $1,257,302
Assets and Liabilities:
- Total Assets: $4,479,492
- Total Liabilities: $3,449,912
- Net Assets: $1,029,580
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rental Income
Revenue
$526,685
Tenant Charges
Revenue
$28,720
Organization Details
Founding Year
2001
Phone
(303) 403-5420Principal Officer
Ed Biga
Main Address
4385 San Luis Way, Broomfield, CO, 80023
NTEE Category
Code: L20 - Housing
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