Overview
What is Independence Square Housing Corporation Inc?
Independence Square Housing Corporation Inc is a nonprofit organization situated in Watsonville, California. Their primary mission is to provide affordable housing for qualified handicapped and elderly individuals. They accomplish this by securing mortgage financing from the U.S. Department of Housing and Urban Development (HUD). The organization manages a 100-unit apartment complex, operating under the provisions of Section 202 of the National Housing Act. This complex benefits from the HUD Section 8 Rent Subsidy Program, ensuring that eligible tenants can afford their living arrangements. The corporation employs a team of 13 individuals to oversee and manage the housing complex.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67% (Two-Star out of Four Star rating)
Independence Square Housing Corporation Inc has received a 67% rating from Charity Navigator, indicating a moderate level of accountability and financial health. The organization has demonstrated strengths, such as a fully independent board, a low liabilities to assets ratio, and a high program expense ratio, which suggests that a significant portion of their resources is being directed towards their mission-related programs.
However, there are notable areas of concern that contributed to its lower rating. The organization is missing several essential financial documents and policies, such as a conflict of interest policy and a whistleblower policy, which are critical for maintaining transparency and accountability. Additionally, the absence of financial statements and the nonprofit's website listed on their tax form further detracts from their overall evaluation.
Overall, while Independence Square Housing Corporation has strengths in governance and program spending, improvements in transparency and adherence to best practices in financial reporting are necessary to enhance its credibility and trustworthiness in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Independence Square Housing Corporation Inc legitimate?
Independence Square Housing Corporation Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Independence Square Housing Corporation 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:
Executive Compensation: $93,600
Professional Fundraising Fees: $0
Other Salaries and Wages: $485,343
For more financial information, click here
What is the mission statement of Independence Square Housing Corporation Inc?
Independence Square Housing Corporation Inc's mission is centered around providing housing for qualified handicapped and elderly individuals. This is achieved through mortgage financing from the U.S. Department of Housing and Urban Development (HUD). The corporation operates a 100-unit apartment complex, serving as a home for those in need. They operate under the provisions of Section 202 of the National Housing Act and utilize the HUD Section 8 rent subsidy program for eligible tenants. The organization's primary goal is to provide a comfortable living space for those who may face challenges in securing such housing otherwise.
Who is the CEO of Independence Square Housing Corporation Inc?
David Johnston is the Mgmt Agent of Independence Square Housing Corporation Inc.
What is the revenue of Independence Square Housing Corporation Inc?
Independence Square Housing Corporation Inc's revenue in 2022 was $1,861,949.
Who are the executives of Independence Square Housing Corporation Inc and what are their salaries?
The average compensation at Independence Square Housing Corporation Inc during 2022 was $44,534. There are 13 employees and 7 volunteers at Independence Square Housing Corporation Inc.
Here are 8 key members and their salaries:
- Compensation: $109,406
- Related: $0
- Other: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
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- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Independence Square Housing Corporation Inc?
Independence Square Housing Corporation Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Independence Square Housing Corporation Inc
Independence Square Housing Corporation Inc is dedicated to providing suitable housing for individuals who fall under the categories of the handicapped and elderly. Through mortgage financing from the U.S. Department of Housing and Urban Development (HUD), this organization operates a 100-unit apartment complex. Their mission is to ensure this complex serves as a secure living environment for these qualified tenants, located in Watsonville, California. The apartment complex operates under the provisions of Section 202 of the National Housing Act, utilizing the HUD Section 8 Rent Subsidy Program for eligible tenants. This program ensures that the tenants can afford the living quarters, making it an accessible and affordable housing solution for the handicapped and elderly population.
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Impact
July, 2024
Independence Square Housing Corporation Inc's impact lies in providing essential housing for qualified handicapped and elderly tenants in Watsonville, California. By operating a 100-unit apartment complex with mortgage financing from the U.S. Department of Housing and Urban Development (HUD), the organization ensures that individuals in need have access to safe and affordable housing. Through their utilization of the HUD Section 8 rent subsidy program, Independence Square Housing Corporation Inc plays a crucial role in supporting eligible tenants and promoting community welfare.
This information is meant to be a general summary of Independence Square Housing Corporation 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: $298
- Program Service Revenue: $344,833
- Gross Receipts: $1,861,949
Assets and Liabilities:
- Total Assets: $2,703,836
- Total Liabilities: $121,461
- Net Assets: $2,582,375
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LAUNDRY & MISC REVENUE
Revenue
$7,409
RENTAL REVENUE
Revenue
$337,424
Organization Details
Founding Year
1977
Phone
(831) 724-6396Principal Officer
David Johnston
Main Address
1355 MADISON STREET, WATSONVILLE, CA, 95076
NTEE Category
Code: L20 - Housing
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