Overview
What is The Well Community Development Corporation?
The Well Community Development Corporation, based in Akron, Ohio, is a nonprofit organization dedicated to improving housing within its Middlebury community. Nearly a fourth of homes in the area are vacant, and homeownership rates are significantly lower than average. To address this, The Well CDC focuses on creating a healthy housing pipeline, providing residents with options that align with their current and future needs, including rehabs and "missing middle" housing. The organization aims to influence the housing market by owning 15% of rentals in the neighborhood and plans to acquire and rehab 270 houses over the next decade, along with building 125 new units. The Well CDC also supports resident stability through property management, workforce development, local school support, and mental health services. To further promote homeownership, they offer holistic services, a community tool library, and home maintenance classes. The organization's mission is to invest in people through the built environment.
Official website here: www.thewellakron.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 96% (Four-Star out of Four Star Rating)
The Well Community Development Corporation has achieved a commendable Four-Star rating from Charity Navigator, reflecting its strong commitment to accountability and financial health. With a perfect score in various categories including board independence and financial oversight, the organization demonstrates a high level of transparency and governance. This rating signifies that the nonprofit effectively manages its resources, ensuring that a significant portion of its funds is directed towards its programs.
The organization shows an impressive program expense ratio of 75.70%, indicating that most of its expenditures are allocated to its mission-driven activities. Furthermore, it boasts a working capital ratio of 3.66 years, suggesting a solid financial footing that allows for sustainability and future growth. The absence of any material diversion of assets and the implementation of comprehensive policies like conflict of interest and whistleblower protections highlight its ethical standards.
However, while the overall financial indicators are strong, there may be areas for improvement in fundraising efficiency, as indicated by the ratio of $0.0625. This suggests that while the nonprofit is successful in its mission, enhancing its fundraising strategies could further strengthen its financial health and capacity to serve its community. Overall, The Well Community Development Corporation is positioned as a reliable and effective organization in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
What do the Facebook reviews say about The Well Community Development Corporation?
96% of 9 reviewers on Facebook recommend The Well Community Development Corporation. Here is a summary of their reviews:
Many users express positive sentiments about the organization's focus on health and wellness, highlighting experiences with community events like the Akron YOGA Summit. They appreciate the venue, noting its suitability for classes, while also suggesting that an expansion of offerings could enhance experiences further.
Overall, The Well Community Development Corporation appears to be making a meaningful impact within its community, particularly in promoting healthy lifestyles through organized activities. The general consensus seems to favor their initiatives, indicating a strong level of satisfaction among participants.
This AI summary has been generated from reviews found on Facebook.
Is The Well Community Development Corporation legitimate?
The Well Community Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. The Well Community Development 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: $99,008
Professional Fundraising Fees: $0
Other Salaries and Wages: $576,368
For more financial information, click here
Official website here: www.thewellakron.com
What is the mission statement of The Well Community Development Corporation?
The Well Community Development Corporation invests in people through the built environment, focusing on addressing housing needs within a community. Their mission is to support the full spectrum of housing requirements, including rehabs and 'missing middle' housing like duplexes and triplexes. The organization aims to maintain long-term affordability and influence the housing market by owning a significant percentage of rentals in the neighborhood. Over the next decade, The Well plans to acquire and rehabilitate 270 homes and construct 125 new build units. To facilitate a pathway to homeownership, they have established a resident services department that provides holistic services, encouraging resident stability through property management, workforce development, local school support, and mental health services. Moreover, The Well offers an accessible community tool library and home maintenance classes to enhance homeownership skills, with the goal of increasing homeownership rates from the current 22% to 78%.
Official website here: www.thewellakron.com
Who is the CEO of The Well Community Development Corporation?
Zachary Kohl is the Executive Director of The Well Community Development Corporation.
Official website here: www.thewellakron.com
What is the revenue of The Well Community Development Corporation?
The Well Community Development Corporation's revenue in 2022 was $2,471,563.
Official website here: www.thewellakron.com
Who are the executives of The Well Community Development Corporation and what are their salaries?
The average compensation at The Well Community Development Corporation during 2022 was $22,513. There are 30 employees and 542 volunteers at The Well Community Development Corporation.
Here are 13 key members and their salaries:
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Official website here: www.thewellakron.com
Where can I find the form 990 for The Well Community Development Corporation?
The Well Community Development Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.thewellakron.com
Learn more at the official website: www.thewellakron.com
Mission Statement of The Well Community Development Corporation
The Well Community Development Corporation invests in people through the built environment. Their mission, in essence, is to enhance the neighborhood by addressing housing issues. The organization focuses on restoring vacant homes, as nearly a fourth of all homes in the area are vacant. With a goal to support the full spectrum of housing needs within the community, The Well aims to develop a healthy housing pipeline that empowers residents to choose housing that suits their current context and future aspirations. This includes both rehabs and what they refer to as "missing middle" housing, such as duplexes, triplexes, and quads.
To ensure long-term affordability and influence the housing market, The Well aims to own 15% of rentals in the neighborhood. Over the next ten years, they plan to acquire 270 houses and rehabilitate them, in addition to building 125 new units. As of now, The Well owns 112 properties, and their first new build duplex at 764 Excelsior Street was put into service in March 2023.
To enable a pathway to homeownership, The Well has established a Resident Services Department that offers holistic services to encourage resident stability. These services include property management, workforce development, local school support, and mental health services. The organization also has an accessible community tool library and home maintenance classes to enhance homeownership skills. The aim is to increase homeownership from its current 22% to an eventual 78%.
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Impact
July, 2024
The Well Community Development Corporation in Akron, Ohio, is making a significant impact by investing in the community through the built environment. Their Restoring Housing initiative is addressing the issue of vacancies and low homeownership rates in the Middlebury neighborhood. By rehabilitating existing homes and constructing new units, The Well CDC aims to provide residents with a range of housing options that fit their needs and aspirations. They plan to acquire and improve hundreds of properties over the next decade, with a goal of increasing homeownership from 22% to 78% in the neighborhood.
In addition to their housing initiatives, The Well CDC's Resident Services Department offers holistic support services to promote resident stability through property management, workforce development, school support, and mental health services. They also provide resources such as a community tool library and home maintenance classes to enhance homeownership skills. Through these comprehensive efforts, The Well CDC is creating a pathway to homeownership and empowering the Middlebury community to thrive.
This information is meant to be a general summary of The Well Community Development 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: $10,076
- Program Service Revenue: $593,592
- Gross Receipts: $2,519,500
Assets and Liabilities:
- Total Assets: $7,736,422
- Total Liabilities: $2,616,829
- Net Assets: $5,119,593
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RESTORING HOUSING
Revenue
$533,047
CREATING ECONOMY
Revenue
$38,079
OPERATIONS
Revenue
$21,882
SUPPORTING PLACE
Revenue
$584
Organization Details
Founding Year
2016
Phone
(330) 815-1062Principal Officer
Zachary Kohl
Main Address
647 E MARKET STREET, AKRON, OH, 44304
Website
www.thewellakron.comNTEE Category
Code: S30 - Community improvement
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