Overview
What is Sparks Way Commons Inc?
Sparks Way Commons Inc is a nonprofit organization situated in Hayward, California. Established with the mission to create and maintain a limited equity housing cooperative for individuals with low and moderate incomes, the organization operates a 45-unit complex consisting of townhouses and apartments. This cooperative housing project is regulated by the California Department of Housing and Community Development, ensuring fair rent charges and operating methods. The organization's operations fall under the Rental Housing Construction Program (RHCP) regulatory agreement. Recently, on December 1, 2022, the underlying property was sold to Eden Sparks Way Commons, LLC, a disregarded entity owned by Eden Investments, Inc., a 501(c)(3) organization.
Official website here: www.edenhousing.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Sparks Way Commons Inc has received a Two-Star out of Four Star rating from Charity Navigator with an overall score of 73%. The organization demonstrates strength in its governance, with 100% independent board members and effective financial oversight, indicated by a perfect score in the audit and oversight committee. Moreover, the organization allocates a significant portion of its budget to programs, achieving an impressive program expense ratio of 94.16%.
However, there are notable areas for improvement concerning accountability and transparency. The charity lacks critical policies such as a whistleblower policy and a document retention and destruction policy, which are essential for fostering trust and accountability. Additionally, the organization has not posted its tax form on its website, which may hinder the public's ability to access important financial information.
Another concerning aspect is the liabilities to assets ratio, which stands at 188.43%, indicating potential financial strain. While the board's independence is commendable, the overall financial health and transparency practices of Sparks Way Commons Inc require significant attention to enhance its rating and public trust.
This AI summary has been generated from information found on Charity Navigator.
Is Sparks Way Commons Inc legitimate?
Sparks Way Commons Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Sparks Way Commons 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: $0
For more financial information, click here
Official website here: www.edenhousing.org
What is the mission statement of Sparks Way Commons Inc?
Sparks Way Commons Inc is dedicated to establishing and managing a Limited Equity Housing Cooperative for individuals with moderate and low income levels. The organization's primary objective is to create and maintain such a cooperative, aiming to provide affordable housing solutions. The corporation operates a 45-unit housing complex, which includes townhouses and apartments, in Hayward, California. This project adheres to the regulations of the Rental Housing Construction Program (RHCP) administered by the California Department of Housing and Community Development, overseeing rent charges and operational methods. In December 2022, the underlying property was sold to Eden Sparks Way Commons, LLC, a disregarded entity owned solely by Eden Investments, Inc., a 501(c)(3) organization. Although the sale occurred, Sparks Way Commons Inc continues to fulfill its mission by providing affordable housing options for low- and moderate-income individuals.
Official website here: www.edenhousing.org
Who is the CEO of Sparks Way Commons Inc?
Marilyn Martin is the Director of Sparks Way Commons Inc.
Official website here: www.edenhousing.org
What is the revenue of Sparks Way Commons Inc?
Sparks Way Commons Inc's revenue in 2022 was $3,027,086.
Official website here: www.edenhousing.org
Who are the executives of Sparks Way Commons Inc and what are their salaries?
There 5 volunteers at Sparks Way Commons Inc.
Here are 5 key members and their salaries:
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Official website here: www.edenhousing.org
Where can I find the form 990 for Sparks Way Commons Inc?
Sparks Way Commons Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.edenhousing.org
Learn more at the official website: www.edenhousing.org
Mission Statement of Sparks Way Commons Inc
Sparks Way Commons Inc, as a nonprofit organization, was established with a mission to create and maintain a Limited Equity Housing Cooperative for individuals with low and moderate income levels. This mission is centered around providing affordable housing options for those who may not otherwise have access to such resources. The organization operates under a Rental Housing Construction Program (RHCP) Regulatory Agreement, which regulates the rent charges and operating methods of the project.
The heart of Sparks Way Commons Inc's mission lies in its commitment to creating and maintaining a cooperative housing complex. This complex, consisting of townhouses and apartments, serves as a vital residence for individuals falling into the low and moderate income brackets. The organization's work is guided by the California Department of Housing and Community Development, ensuring that the rent charges and operational methods adhere to the necessary regulations.
In essence, Sparks Way Commons Inc is dedicated to providing affordable housing solutions for individuals who may struggle with the high cost of living. By establishing and maintaining a Limited Equity Housing Cooperative, the organization aims to offer a stable living environment for those who may not have had this opportunity otherwise. This mission is a testament to Sparks Way Commons Inc's commitment to social equity and affordable housing, serving as a beacon of hope for many individuals in need.
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Impact
July, 2024
Sparks Way Commons Inc's impact lies in creating and maintaining a limited equity housing cooperative for low- and moderate-income individuals in Hayward, California. The organization operates a 45-unit cooperative housing complex consisting of townhouses and apartments, providing affordable housing options in a region where housing costs can be prohibitive for many. By offering regulated rent charges and operating methods, Sparks Way Commons Inc contributes to addressing housing affordability issues and supporting the community's low- and moderate-income residents.
This information is meant to be a general summary of Sparks Way Commons 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: $2,492,340
- Program Service Revenue: $325,811
- Gross Receipts: $4,063,596
Assets and Liabilities:
- Total Assets: $31,351
- Total Liabilities: $59,076
- Net Assets: -$27,725
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$325,811
Organization Details
Founding Year
1983
Phone
(510) 582-1460Principal Officer
Marilyn Martin
Main Address
22645 GRAND STREET, HAYWARD, CA, 94541
Website
www.edenhousing.orgNTEE Category
Code: L20 - Housing
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