Overview
What is Oak Center Towers?
Oak Center Towers (OCT) is a California-based nonprofit organization, established in 1971. Its primary mission is to serve as the general partner for a senior housing project located in West Oakland, California. The project, which houses 196 units for elderly or disabled individuals, aims to provide affordable residential accommodations and associated social services. In 2005, OCT sold its interest in the project to Oak Centers, L.P. as part of a Low-Income Housing Tax Credit transaction, in order to fund a substantial rehabilitation. OCT remains the sole general partner of Oak Centers, L.P., and has contributed financially and committed to a long-term loan to support the project. The organization, with a staff of 11 employees, serves a total of 215 individuals annually.
Official website here: www.covia.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 100%, Four-Star out of Four Star rating from Charity Navigator.
Oak Center Towers has achieved an impressive Four-Star rating from Charity Navigator, reflecting its commitment to accountability and financial transparency. The organization's overall score is a perfect 100% in the Accountability & Finance category, which indicates strong management practices and responsible use of funds. This high score suggests that donors can have confidence in the charity’s financial integrity and operational effectiveness.
The organization boasts a fully independent board, with all eight members meeting the criteria for independence. This independence is crucial for ensuring unbiased decision-making. Furthermore, Oak Center Towers has established robust oversight in its financial practices, as evidenced by the points awarded for its audit and oversight committee. The absence of any material diversion of assets and a low liabilities-to-assets ratio reinforces its financial stability.
While the data showcases numerous strengths, including comprehensive policies related to conflict of interest and whistleblower protections, it is important for potential donors to consider the broader impact of the charity's programs. While financial health is essential, understanding the effectiveness and reach of its services could provide a more complete picture of the nonprofit's overall impact in the community.
This AI summary has been generated from information found on Charity Navigator.
Is Oak Center Towers legitimate?
Oak Center Towers is a legitimate nonprofit organization registered as a 501(c)(3) entity. Oak Center Towers 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: $0
For more financial information, click here
Official website here: www.covia.org
What is the mission statement of Oak Center Towers?
Oak Center Towers serves as the general partner for a senior housing project, providing affordable residential units for elderly or disabled individuals. Their mission is to help finance and manage a 196-unit complex, offering associated social services to its residents. The organization's primary goal is to support Oak Centers, L.P., which operates the complex in Oakland, California, ensuring the well-being and care of its inhabitants. Through this partnership, Oak Center Towers contributes capital and long-term loans, contributing to the substantial rehabilitation of the project, ultimately serving over 200 people annually.
Official website here: www.covia.org
Who is the CEO of Oak Center Towers?
Eduardo Salvador is the Chairman of Oak Center Towers. The CEO's salary of Oak Center Towers is $0 and their total compensation is $223,210.
Official website here: www.covia.org
What is the revenue of Oak Center Towers?
Oak Center Towers's revenue in 2022 was $4,274,558.
Official website here: www.covia.org
Who are the executives of Oak Center Towers and what are their salaries?
There are 11 employees and 27 volunteers at Oak Center Towers.
Here are 18 key members and their salaries (Oak Center Towers's CEO's salary is $0 and their total compensation is $223,210):
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $1,032,702
- Other: $10,267
- Compensation: $0
- Related: $543,764
- Other: $49,111
- Compensation: $0
- Related: $490,744
- Other: $28,922
- Compensation: $0
- Related: $241,150
- Other: $49,252
- Compensation: $0
- Related: $216,226
- Other: $19,099
- Compensation: $0
- Related: $478,264
- Other: $56,639
- Compensation: $0
- Related: $500,719
- Other: $15,679
- Compensation: $0
- Related: $471,771
- Other: $11,719
- Compensation: $0
- Related: $442,942
- Other: $10,980
- Compensation: $0
- Related: $373,068
- Other: $33,370
- Compensation: $0
- Related: $217,139
- Other: $6,071
Official website here: www.covia.org
Where can I find the form 990 for Oak Center Towers?
Oak Center Towers's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.covia.org
Learn more at the official website: www.covia.org
Mission Statement of Oak Center Towers
Oak Center Towers, established under California's state laws, serves as the general partner for a senior housing project. Its mission is to facilitate financing and act as the general partner for Oak Centers, L.P., an entity that operates a 196-unit affordable residential complex for elderly or disabled individuals in Oakland, California. This complex also provides associated supporting social services. In June 2005, Oak Center Towers sold its interest in the project to Oak Centers, L.P., as part of a Low-Income Housing Tax Credit transaction. The main purpose of this transaction was to generate funds for a substantial rehabilitation of the project. Oak Center Towers remains the sole general partner of Oak Centers, L.P., and holds a minimal 0.01% interest. The organization also contributed $1,200,000 in capital and committed to a long-term loan totaling $3,805,437. During the year, Oak Center Towers served a total of 215 individuals.
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Impact
July, 2024
Oak Center Towers has had a significant impact by serving as the general partner for a senior housing project in West Oakland, California. This organization was involved in the operation of a 196-unit affordable residential complex for elderly or disabled persons in Oakland, providing crucial social services to support the residents. The sale of its interest in the project enabled a substantial rehabilitation to be undertaken, enhancing the living conditions for the residents. Additionally, Oak Center Towers' commitment to financing and overseeing this housing project has benefited a total of 215 individuals within the community.
This information is meant to be a general summary of Oak Center Towers. 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: $4,274,517
- Gross Receipts: $4,274,558
Assets and Liabilities:
- Total Assets: $10,732,575
- Total Liabilities: $436,261
- Net Assets: $10,296,314
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
HUD ASSISTANCE INCOME
Revenue
$4,084,245
OCLP HOUSING LOAN INT.
Revenue
$190,272
Organization Details
Founding Year
1972
Phone
(925) 956-7370Principal Officer
Eduardo Salvador
Main Address
2185 N CALIFORNIA BLVD 215, WALNUT CREEK, CA, 94596
Website
www.covia.orgNTEE Category
Code: L22 - Housing
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