Overview
What is Elevate Housing Foundation?
Elevate Housing Foundation is a charitable organization based in Lincolnwood, Illinois, with a mission to alleviate poverty and distress by providing safe, decent, and sanitary housing for low to moderate-income seniors and families. They offer subsidized housing, which may also be subsidized by HUD or other governmental programs, ensuring that housing remains affordable. The organization adheres to the standards set forth for nonprofit affordable housing in Rev. Proc 96-32. Elevate Housing Foundation strives to make a difference in the community by addressing the housing needs of those in need.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 43% (Zero-Star out of Four Star rating)
Elevate Housing Foundation has received a Zero-Star rating from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. The organization scored poorly in several key areas, including having no independent board members and missing financial statements, which raises questions about governance and transparency.
Despite these shortcomings, the nonprofit has demonstrated a strong commitment to its mission, with an impressive program expense ratio of 99.17%. This suggests that the majority of its funding is directed towards fulfilling its charitable objectives, rather than administrative costs. Additionally, the foundation has established policies for conflict of interest and whistleblower protection, which are positive indicators of ethical governance.
However, the lack of independent oversight and missing essential documentation, such as board meeting minutes and tax forms on their website, highlights serious limitations in the organization’s operational practices. To improve its rating and strengthen trust among supporters, Elevate Housing Foundation will need to address these governance issues and enhance its financial accountability measures.
This AI summary has been generated from information found on Charity Navigator.
Is Elevate Housing Foundation legitimate?
Elevate Housing Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Elevate Housing Foundation 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: $13,592,990
For more financial information, click here
What is the mission statement of Elevate Housing Foundation?
The Elevate Housing Foundation is a charitable organization dedicated to providing safe, decent, and sanitary housing for seniors and families in need of affordable accommodations. The foundation may offer subsidized housing through collaborations with governmental programs like HUD. Regardless of subsidies, occupancy in Elevate's housing is subject to the standards established for nonprofit affordable housing as outlined in Rev. Proc 96-32. The foundation's primary objective is to alleviate poverty and distress by ensuring access to secure housing for those in need.
Who is the CEO of Elevate Housing Foundation?
Ilya Shulman is the President of Elevate Housing Foundation.
What is the revenue of Elevate Housing Foundation?
Elevate Housing Foundation's revenue in 2022 was $24,527,753.
Who are the executives of Elevate Housing Foundation and what are their salaries?
The average compensation at Elevate Housing Foundation during 2022 was $24,715. There are 550 employees and 10 volunteers at Elevate Housing Foundation.
Here are 3 key members and their salaries:
- 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 Elevate Housing Foundation?
Elevate Housing Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Elevate Housing Foundation
Elevate Housing Foundation, a charitable organization, is dedicated to making a difference in the lives of seniors and families in need by providing them with safe, decent, and sanitary housing that is affordable. The foundation goes beyond just offering subsidized housing through programs like HUD or other governmental initiatives, but ensures that occupancy in its housing remains in line with the standards set for nonprofit affordable housing as outlined in Rev. Proc 96-32.
In simple terms, Elevate Housing Foundation exists to alleviate the struggles of the less fortunate by offering them a stable and secure place to call home. Its mission is geared towards providing relief to the poor and distressed, offering them a chance to live in safe and sanitary conditions, free from the burdens of exorbitant housing costs. Through its charitable efforts, the foundation is able to extend a helping hand to those in need, making a significant impact on their lives.
The organization's ultimate goal is to provide affordable housing, ensuring that every individual and family who comes to it for help is able to find a place that is not only secure but also a place they can call their own. With a focus on relieving poverty and distress, Elevate Housing Foundation stands as a beacon of hope for those seeking a fresh start, offering them the opportunity to rebuild their lives in a safe and supportive environment.
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Impact
October, 2024
Elevate Housing Foundation significantly impacts the community by providing safe, decent, and sanitary housing for seniors and families in need of affordable housing. By focusing on low to moderate-income individuals, Elevate addresses a critical need in Lincolnwood, IL, ensuring that vulnerable populations have access to quality living conditions. The foundation may utilize subsidies from HUD and other governmental programs to enhance accessibility, though it adheres to strict occupancy standards to maintain affordability.
The foundation's commitment to charitable objectives not only relieves the challenges faced by those in financial distress but also fosters a sense of stability and security for its residents. By prioritizing affordable nursing home care and supportive housing options, Elevate contributes to the well-being of individuals and families, helping them thrive in a community environment that promotes health and dignity.
This information is meant to be a general summary of Elevate Housing Foundation. 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.
- Program Service Revenue: $24,527,753
- Gross Receipts: $24,527,753
Assets and Liabilities:
- Total Assets: $32,604,403
- Total Liabilities: $60,552,413
- Net Assets: -$27,948,010
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Senior Living Facility
Revenue
$24,527,753
Organization Details
Founding Year
2017
Phone
(708) 596-3050Principal Officer
Ilya Shulman
Main Address
7101 N CICERO AVE 200, LINCOLNWOOD, IL, 60712
NTEE Category
Code: L20 - Housing
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