Overview
What is Savo Island Cooperative Homes Inc?
Savo Island Cooperative Homes Inc, doing business as Savo Island, is a nonprofit organization situated in Berkeley, California. Their primary objective is to offer cooperative housing opportunities for families with low and moderate incomes. The U.S. Department of Housing and Urban Development oversees their operations and rental charges, ensuring they adhere to specific standards. The 57-unit apartment complex they manage is a vital resource in the community, providing affordable housing options for numerous households.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67%, Two-Star out of Four Star rating from Charity Navigator.
Savo Island Cooperative Homes Inc has received a Two-Star rating due to its overall score of 67%, which is primarily derived from its Accountability & Finance metrics. The organization demonstrates strong governance with 100% independent board members and a comprehensive audit and oversight committee. However, the low score in the liabilities to assets ratio indicates potential financial stability concerns.
The cooperative boasts a high program expense ratio of 83.54%, reflecting a commitment to its mission-oriented activities. This aspect suggests effective allocation of resources towards programs, which is a positive indicator for stakeholders looking for impactful operations.
Despite its strengths, the significant liabilities to assets ratio may raise questions about the long-term financial health of the organization. Continuous monitoring and improvement in this area could help enhance its rating and overall performance in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Savo Island Cooperative Homes Inc legitimate?
Savo Island Cooperative Homes Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Savo Island Cooperative Homes 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $153,430
For more financial information, click here
What is the mission statement of Savo Island Cooperative Homes Inc?
Savo Island Cooperative Homes Inc, operating under the name Savo Island, has a mission to provide cooperative housing for households with low and moderate income levels. This mission is carried out through the operation of a 57-unit cooperative apartment complex, situated in an unspecified location. The corporation, overseen by the U.S. Department of Housing and Urban Development, sets its rent charges and operating methods in accordance with these regulations, ensuring affordable housing solutions for its designated clientele.
Who is the CEO of Savo Island Cooperative Homes Inc?
Stacy Bell is the President of Savo Island Cooperative Homes Inc.
What is the revenue of Savo Island Cooperative Homes Inc?
Savo Island Cooperative Homes Inc's revenue in 2022 was $4,183,960.
Who are the executives of Savo Island Cooperative Homes Inc and what are their salaries?
There 11 volunteers at Savo Island Cooperative Homes Inc.
Here are 10 key members and their salaries:
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Where can I find the form 990 for Savo Island Cooperative Homes Inc?
Savo Island Cooperative Homes Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Savo Island Cooperative Homes Inc
Savo Island Cooperative Homes Inc, commonly known as Savo Island, is dedicated to providing cooperative housing solutions for families and households with moderate to low income levels. Their mission, in essence, is to create an environment where individuals from these income brackets can secure affordable living spaces. This nonprofit organization operates a 57-unit cooperative apartment complex, ensuring that the needs of its residents are met in accordance with regulations set by the U.S. Department of Housing and Urban Development, which oversees rent charges and operational methods. By providing these housing solutions, Savo Island Cooperative Homes Inc contributes to the betterment of its community, enabling individuals and families to focus on other aspects of their lives while having a stable and affordable living situation.
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Impact
July, 2024
Savo Island Cooperative Homes Inc Dba Savo Island's impact lies in its provision of cooperative housing for low and moderate-income households in Berkeley, CA. By operating a 57-unit cooperative apartment complex, Savo Island offers affordable housing options in a city where housing costs can be prohibitive for many individuals and families. Through its mission to provide cooperative housing, Savo Island contributes to addressing the housing needs of the community and helps ensure that low and moderate-income households have access to stable and affordable housing options.
This information is meant to be a general summary of Savo Island Cooperative Homes 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: $451
- Program Service Revenue: $522,656
- Gross Receipts: $4,183,960
Assets and Liabilities:
- Total Assets: $9,594,982
- Total Liabilities: $6,501,000
- Net Assets: $3,093,982
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENTS
Revenue
$522,656
Organization Details
Founding Year
1978
Phone
(510) 841-4595Principal Officer
Stacy Bell
Main Address
2017 STUART STREET, BERKELEY, CA, 947032237
NTEE Category
Code: L21 - Housing
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