Overview
What is Family Nurturing Support Corporation?
Family Nurturing Support Corporation (FNSC) is a nonprofit organization based in Dorchester, Massachusetts, specifically at 200 Bowdoin Street. Its primary mission is to support the Family Nurturing Center of Massachusetts, Inc., by financing and redeveloping its facility. FNSC achieved this by selling the property at 200 Bowdoin Street in 2018 and leasing it back after completing the renovation in January 2020, under a New Markets Tax Credit (NMTC) financing arrangement. The renovated facility, a 12,800-square-foot building, is now leased back to the Family Nurturing Center, allowing it to continue its operations effectively.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (Two-Star out of Four Star rating, 65%). This rating indicates that while Family Nurturing Support Corporation demonstrates some strengths, there are significant areas needing attention, particularly regarding governance and financial practices.
The organization showcases solid governance practices with a fully independent board and no material diversion of assets. Significant scores were achieved in areas such as the number of independent board members and conflict of interest policies. However, the lack of a whistleblower policy and missing document retention and destruction policies reflect governance weaknesses that need to be addressed.
Financially, the program expense ratio is commendable at 72.73%, indicating a strong commitment to delivering programs. However, the liabilities to assets ratio at 104.34% raises concerns about financial health and sustainability. This duality highlights the need for the organization to strengthen its financial oversight and governance practices to improve overall effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Family Nurturing Support Corporation legitimate?
Family Nurturing Support Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Family Nurturing Support 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:
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Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Family Nurturing Support Corporation?
The Family Nurturing Support Corporation's mission is to support the Family Nurturing Center of Massachusetts by financing and redeveloping its facility through a New Markets Tax Credit financing arrangement, and then leasing the renovated property back to the center. The corporation was established specifically for this purpose, and in 2018, they purchased the property at 200 Bowdoin Street in Dorcester, Massachusetts, and later leased it back to the Family Nurturing Center upon completion of the construction in January 2020. The corporation is also committed to supporting the Family Nurturing Center in any other permissible manner.
What is the revenue of Family Nurturing Support Corporation?
Family Nurturing Support Corporation's revenue in 2024 was $137,000.
Who are the executives of Family Nurturing Support Corporation and what are their salaries?
Here are 5 key members and their salaries:
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Where can I find the form 990 for Family Nurturing Support Corporation?
Family Nurturing Support Corporation's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of Family Nurturing Support Corporation
Family Nurturing Support Corporation (FNSC) was established with the primary mission to support the Family Nurturing Center of Massachusetts, Inc. (FNC) by financing and redeveloping its facility. Specifically, FNSC aims to renovate a property located at 200 Bowdoin Street in Dorchester, Massachusetts, into a 12,800 square foot building through a New Markets Tax Credit (NMTC) financing arrangement under Section 45D of the Internal Revenue Code, as amended. In September 2018, FNC sold the property to FNSC in conjunction with the closing of the NMTC transaction. Upon completion of construction in January 2020, FNSC leased the property back to FNC, thereby continuing to support the organization in its mission. FNSC's role is to provide financial backing and facilitate the redevelopment of FNC's facility, thereby enabling the center to carry out its work more efficiently.
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Impact
October, 2024
Family Nurturing Support Corporation significantly impacts the community by facilitating the development and enhancement of vital services focused on family support. By redeveloping a 12,800 square foot facility in Dorchester, it ensures that the Family Nurturing Center of Massachusetts has a modern and effective space to operate, which directly contributes to the well-being of families in the area.
Through financing and overseeing the redevelopment project, Family Nurturing Support Corporation plays a crucial role in helping families access necessary resources and programs. The state-of-the-art facility enables Family Nurturing Center to provide critical services that nurture and strengthen families, fostering healthier communities. This investment reflects a commitment to enhancing human services, ultimately leading to improved outcomes for children and families in Massachusetts.
This information is meant to be a general summary of Family Nurturing Support 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 2024.
- Program Service Revenue: $137,000
- Gross Receipts: $137,000
Assets and Liabilities:
- Total Assets: $5,396,496
- Total Liabilities: $5,630,916
- Net Assets: -$234,420
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$137,000
Organization Details
Founding Year
2017
Principal Officer
Taran T Grigsby
NTEE Category
Code: P80 - Human services
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