Overview
What is Nova-Ro Corporation?
Nova-Ro Corporation is a nonprofit organization situated in Novato, California. With a focus on supporting low-income elderly individuals, their primary mission is to provide suitable rental facilities. They cater specifically to this demographic, ensuring that the elderly population with modest incomes has access to comfortable housing. With a small team of five dedicated employees, Nova-Ro Corporation works tirelessly to provide low to moderate income rental facilities for eligible senior citizens aged 62 and above.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67%, Two-Star out of Four Star Rating.
Nova-Ro Corporation has received a Two-Star rating from Charity Navigator, indicating a performance that meets some but not all of the expectations set for effective nonprofit organizations. With an Accountability & Finance score of 67%, the organization demonstrates solid financial health and transparency in its operations. The charity has a fully independent board, which is a positive sign for governance, as all nine board members meet the criteria for independence.
The organization excels in several financial metrics, showcasing a high program expense ratio of 97.04%, which suggests that a significant portion of its budget is directed towards its programs rather than administrative costs. Additionally, Nova-Ro Corporation has reported no material diversion of assets, indicating responsible management of resources. However, the overall rating reflects some areas for improvement, as a score of 67% indicates that there may be aspects of governance or financial management that could be strengthened to enhance trust and effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Nova-Ro Corporation legitimate?
Nova-Ro Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Nova-Ro 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: $108,000
Professional Fundraising Fees: $0
Other Salaries and Wages: $28,200
For more financial information, click here
What is the mission statement of Nova-Ro Corporation?
Nova-Ro Corporation's mission is centered around providing residential facilities for elderly individuals with low to moderate income. Specifically, they aim to serve qualified elderly individuals aged 62 and above, ensuring they have access to suitable housing options within their income bracket. The corporation's goal is to contribute positively to this demographic's living situation, providing them with a stable and comfortable environment.
Who is the CEO of Nova-Ro Corporation?
Burt Hoffmann is the President of Nova-Ro Corporation.
What is the revenue of Nova-Ro Corporation?
Nova-Ro Corporation's revenue in 2023 was $1,302,386.
Who are the executives of Nova-Ro Corporation and what are their salaries?
The average compensation at Nova-Ro Corporation during 2023 was $27,240. There are 5 employees at Nova-Ro Corporation.
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- Compensation: $54,000
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Where can I find the form 990 for Nova-Ro Corporation?
Nova-Ro Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Nova-Ro Corporation
Nova-Ro Corporation, as a nonprofit organization, is dedicated to providing affordable housing solutions for low-income elderly individuals. Their primary mission is to offer low to moderate income rental facilities for qualified individuals over the age of 62. By doing so, Nova-Ro Corporation aims to make housing accessible and affordable for this vulnerable population, ensuring they can live with dignity and independence in their later years.
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Impact
July, 2024
Nova-Ro Corporation's impact lies in providing low-income rental facilities for low-income elderly people in Novato, California. Their mission of offering affordable housing options for qualified individuals over the age of 62 directly addresses the pressing need for accessible and safe housing for this vulnerable population. By providing a supportive living environment, Nova-Ro Corporation contributes to enhancing the quality of life and well-being of elderly individuals who may otherwise struggle to find affordable housing options. This impact extends beyond just providing shelter, as it enables elderly individuals to maintain independence, dignity, and a sense of community as they age.
This information is meant to be a general summary of Nova-Ro 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: $68,578
- Program Service Revenue: $1,233,808
- Gross Receipts: $2,891,726
Assets and Liabilities:
- Total Assets: $7,577,873
- Total Liabilities: $54,950
- Net Assets: $7,522,923
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTS AND LAUNDRY
Revenue
$1,233,808
Organization Details
Founding Year
1975
Phone
(415) 899-1500Principal Officer
Burt Hoffmann
Main Address
PO BOX 1195, NOVATO, CA, 94948
NTEE Category
Code: L220 - Housing
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