Overview
What is Stones River Development Corporation?
Stones River Development Corporation is a nonprofit organization situated in Murfreesboro, Tennessee. Its primary mission is to provide affordable housing solutions for low-income residents in the Rutherford County area. To accomplish this, the corporation engages in various activities, such as financing, constructing, leasing, operating, and developing affordable housing units. Additionally, they offer supportive services and engage in community development activities to benefit those with limited financial means. The organization's goal is to help low-income individuals and families secure adequate housing that they would not be able to afford without assistance.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94% (Four-Star out of Four Stars)
Stones River Development Corporation has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong performance in accountability and finance. The overall score is derived entirely from the Accountability & Finance metric, where it scored 94%. This high rating indicates that the organization effectively manages its resources and maintains transparency in its financial practices.
The organization has demonstrated exemplary governance with 100% of its board members being independent. This independence is crucial for ensuring unbiased decision-making and accountability. Additionally, the charity scores perfectly on several financial practices, including its audit process and policies regarding conflict of interest and whistleblower protections, which enhance its credibility and trustworthiness.
One of the notable strengths of Stones River Development Corporation is its program expense ratio of 97.19%, indicating that a significant majority of its expenses directly support its programs. Furthermore, it maintains minimal liabilities compared to assets at a ratio of 0.09%, showcasing financial stability. Overall, the data presents a positive view of the nonprofit’s operations, with no significant limitations reported.
This AI summary has been generated from information found on Charity Navigator.
Is Stones River Development Corporation legitimate?
Stones River Development Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Stones River 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $18,271
For more financial information, click here
What is the mission statement of Stones River Development Corporation?
The Stones River Development Corporation is committed to assisting low-income individuals and their families in securing adequate housing that they wouldn't be able to afford without assistance or support. They accomplish this by financing, constructing, leasing, operating, and acting as the developer of affordable housing. In addition to this, they provide supportive services and engage in community development activities to benefit these individuals and families. The corporation's mission aims to improve the living conditions and prospects of those in need, ensuring housing affordability and offering essential community support.
Who is the CEO of Stones River Development Corporation?
Charlie L Teasley is the Chairman of Stones River Development Corporation.
What is the revenue of Stones River Development Corporation?
Stones River Development Corporation's revenue in 2023 was $1,798,597.
Who are the executives of Stones River Development Corporation and what are their salaries?
Here are 6 key members and their salaries:
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- Related: $174,586
- Other: $34,082
Where can I find the form 990 for Stones River Development Corporation?
Stones River Development Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Stones River Development Corporation
Stones River Development Corporation, in its mission, aims to assist low-income individuals and their families in securing adequate housing that they would otherwise struggle to afford without assistance or support. The corporation takes on various roles in this process, including financing, constructing, leasing, operating, and acting as the developer of affordable housing units. Beyond providing housing solutions, Stones River Development Corporation also offers supportive services and engages in community development activities to benefit these low-income individuals and families. The organization's mission is essential in ensuring that vulnerable populations have access to safe and affordable housing, thereby improving their overall quality of life.
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Impact
July, 2024
Stones River Development Corporation's impact lies in its commitment to providing housing solutions for low and moderate-income individuals and families in the Rutherford County, Tennessee area. By securing resources to develop affordable housing, the organization plays a vital role in addressing the housing needs of those who would otherwise struggle to afford adequate housing without support. Through financing, constructing, leasing, and operating affordable housing units, as well as offering supportive services and community development activities, Stones River Development Corporation makes a tangible difference in the lives of individuals and families in need.
This information is meant to be a general summary of Stones River 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 2023.
- Investment Income: $250,315
- Program Service Revenue: $95,569
- Gross Receipts: $1,798,597
Assets and Liabilities:
- Total Assets: $17,629,806
- Total Liabilities: $15,969
- Net Assets: $17,613,837
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL REVENUE
Revenue
$95,569
Organization Details
Founding Year
2017
Phone
(615) 893-9414Principal Officer
Charlie L Teasley
Main Address
415 N MAPLE STREET, MURFREESBORO, TN, 37130
NTEE Category
Code: L80 - Housing
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