Overview
What is Ahepa 501 Inc?
Ahepa 501 Inc is a not-for-profit corporation established in New Mexico, adhering to the state's not-for-profit regulations. The primary purpose of this organization is to construct, manage, and run an affordable housing complex, named Ahepa 501 Apartments, in Albuquerque, New Mexico. This endeavor is carried out in accordance with Section 202 of the National Affordable Housing Act. The organization was initiated and sponsored by Ahepa National Housing Corporation.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, earning it a Two-Star out of Four Star rating. This rating highlights that Ahepa 501 Inc has a solid accountability and finance score, reflecting effective management of its resources. With a program expense ratio of 91.41%, the organization directs a significant portion of its funds towards its mission-driven programs, which is a positive indicator of its operational focus.
Strengths of Ahepa 501 Inc include a fully independent board with 100% independent members and a well-sized board structure, demonstrating a commitment to governance and oversight. Additionally, there are no material diversions of assets reported, which signifies strong financial integrity. The organization also maintains transparency by documenting its board meeting minutes, further reinforcing its accountability.
However, the overall rating reflects some areas for improvement. While the financial metrics are strong, the two-star rating suggests that there might be concerns regarding other operational aspects or effectiveness that could be addressed to enhance the organization's standing in the nonprofit sector. Continued focus on these areas could help improve its overall impact and reputation.
This AI summary has been generated from information found on Charity Navigator.
Is Ahepa 501 Inc legitimate?
Ahepa 501 Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Ahepa 501 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:
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Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Ahepa 501 Inc?
Ahepa 501 Inc, a not-for-profit organization, was established with the primary objective of constructing, owning, and managing an affordable housing apartment community. This initiative aims to provide affordable living solutions, catering to the housing needs of various individuals. The corporation, in accordance with the National Affordable Housing Act, is responsible for overseeing the development and operation of the Ahepa 501 Apartments in Albuquerque, New Mexico. The sponsor of this project is Ahepa National Housing Corporation.
Who is the CEO of Ahepa 501 Inc?
Nicholas Bakas is the Principal Officer of Ahepa 501 Inc.
What is the revenue of Ahepa 501 Inc?
Ahepa 501 Inc's revenue in 2022 was $486,936.
Who are the executives of Ahepa 501 Inc and what are their salaries?
There 9 volunteers at Ahepa 501 Inc.
Here are 9 key members and their salaries:
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Where can I find the form 990 for Ahepa 501 Inc?
Ahepa 501 Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Ahepa 501 Inc
Ahepa 501 Inc, a not-for-profit corporation, was established with a mission to construct, own, and operate an affordable housing apartment community. This organization was organized in accordance with the not-for-profit statutes of New Mexico, with the primary objective of providing affordable housing solutions. The corporation's focus is on the development and management of a 48-unit apartment community, known as Ahepa 501 Apartments, in Albuquerque, New Mexico. This endeavor is carried out under Section 202 of the National Affordable Housing Act, which is a significant legislation aimed at promoting affordable housing opportunities. The sponsor of this corporation is Ahepa National Housing Corporation, further emphasizing its commitment to providing affordable housing solutions.
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Impact
July, 2024
Ahepa 501 Inc's impact lies in providing affordable housing options to the community in Albuquerque, New Mexico. By owning and operating a 48-unit apartment community known as Ahepa 501 apartments, the organization addresses the critical need for affordable housing in the area. Through their mission to construct and maintain this housing community, Ahepa 501 Inc positively impacts the lives of individuals and families by offering a stable and affordable place to call home.
This information is meant to be a general summary of Ahepa 501 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: $39
- Program Service Revenue: $485,265
- Gross Receipts: $486,936
Assets and Liabilities:
- Total Assets: $1,936,589
- Total Liabilities: $41,946
- Net Assets: $1,894,643
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT ASSISTANCE
Revenue
$346,985
RENTAL INCOME
Revenue
$138,280
Organization Details
Founding Year
1995
Phone
(505) 833-3139Principal Officer
Nicholas Bakas
Main Address
6800 LOS VOLCANES ROAD NW, ALBUQUERQUE, NM, 87121
NTEE Category
Code: L22 - Housing
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