Overview
What is Merritt Community Capital Corporation?
Merritt Community Capital Corporation is a California-based nonprofit organization, specifically located at 1901 Harrison Street 1650, Oakland, CA 94612. Its primary mission is to support and raise capital for the development of low to moderate-income housing within the state. To accomplish this, the corporation serves as the general partner in partnerships that invest in local initiatives that build or rehabilitate affordable housing units under the provisions of IRS Section 42. Merritt Community Capital Corporation continually provides ongoing supportive services to these partnerships. With a team of 17 dedicated employees, the corporation is committed to providing affordable housing opportunities for low-income individuals.
Official website here: www.merrittcap.org
What are the reviews and ratings of this charity?
**Charity Navigator Rating: 96% - Four-Star out of Four Star Rating**
Merritt Community Capital Corporation has received a commendable Four-Star rating from Charity Navigator, reflecting a robust accountability and finance score of 96%. This rating underscores the organization's commitment to sound financial practices, as indicated by significantly high scores in areas such as board independence and financial oversight. The charity demonstrates a healthy liabilities-to-assets ratio and allocates a significant portion of its expenses towards programs, indicating effective utilization of funds.
The organization operates with a fully independent board and maintains transparency through policies such as conflict of interest and whistleblower protections. These strengths contribute to its positive assessment in the realm of financial integrity and governance. However, it’s important to note that areas like Impact & Measurement, Culture & Community, and Leadership & Adaptability have not been scored, which may limit a fuller understanding of the charity's overall effectiveness and community engagement.
User feedback from GreatNonprofits is currently unavailable, limiting insights from the community about their experiences with Merritt Community Capital Corporation. Overall, the nonprofit is positioned well within its financial management, though further details on its operational impact and community connection remain to be explored.
This AI summary has been generated from information found on Charity Navigator.
Is Merritt Community Capital Corporation legitimate?
Merritt Community Capital Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Merritt Community Capital 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,776,043
For more financial information, click here
Official website here: www.merrittcap.org
What is the mission statement of Merritt Community Capital Corporation?
Merritt Community Capital Corporation is committed to supporting and raising capital for the development of affordable housing options for low-income individuals in California. Their primary mission is to provide affordable housing solutions for this demographic. The corporation functions as the general partner in partnerships that invest in local projects, which subsequently build or rehabilitate units of affordable housing under the provisions of IRS Section 42. Merritt Community Capital Corporation offers ongoing support services to these partnerships to ensure the success of their affordable housing initiatives.
Official website here: www.merrittcap.org
Who is the CEO of Merritt Community Capital Corporation?
Paul Carney is the Vice Chairperson of Merritt Community Capital Corporation. The CEO's salary of Merritt Community Capital Corporation is $370,103 and their total compensation is $416,259.
Official website here: www.merrittcap.org
What is the revenue of Merritt Community Capital Corporation?
Merritt Community Capital Corporation's revenue in 2022 was $10,552,423.
Official website here: www.merrittcap.org
Who are the executives of Merritt Community Capital Corporation and what are their salaries?
The average compensation at Merritt Community Capital Corporation during 2022 was $163,297. There are 17 employees at Merritt Community Capital Corporation.
Here are 21 key members and their salaries (Merritt Community Capital Corporation's CEO's salary is $370,103 and their total compensation is $416,259):
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- Compensation: $185,001
- Related: $0
- Other: $19,673
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- Compensation: $215,000
- Related: $0
- Other: $17,412
- Compensation: $370,103
- Related: $0
- Other: $46,156
- Compensation: $63,724
- Related: $0
- Other: $3,816
- Compensation: $225,000
- Related: $0
- Other: $31,522
- Compensation: $240,000
- Related: $0
- Other: $18,206
- Compensation: $305,000
- Related: $0
- Other: $22,004
- Compensation: $206,500
- Related: $0
- Other: $23,673
- Compensation: $185,667
- Related: $0
- Other: $13,318
Official website here: www.merrittcap.org
Where can I find the form 990 for Merritt Community Capital Corporation?
Merritt Community Capital Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.merrittcap.org
Learn more at the official website: www.merrittcap.org
Mission Statement of Merritt Community Capital Corporation
Merritt Community Capital Corporation, as a mission-driven organization, is committed to supporting and raising capital for the development of affordable housing for low to moderate-income individuals in California. The corporation serves as the general partner in partnerships that invest in local projects, which either construct new units or rehabilitate existing ones, adhering to the provisions of IRS Section 42. In this role, Merritt Community Capital Corporation provides ongoing support to these partnerships, ensuring the successful completion and maintenance of these affordable housing units. By doing so, the corporation plays a crucial role in addressing the housing needs of low-income populations, contributing to a more equitable and inclusive community.
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Impact
July, 2024
Merritt Community Capital Corporation's impact is seen in the creation and support of affordable housing for low to moderate-income individuals in California. Through acting as a general partner in partnerships that invest in the development of affordable housing units, Merritt Community Capital Corporation plays a vital role in addressing the housing needs of underserved communities. By partnering with local entities and providing ongoing support services, the corporation helps to ensure that more individuals have access to safe and affordable housing options.
This information is meant to be a general summary of Merritt Community Capital 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 2022.
- Investment Income: $47,089
- Program Service Revenue: $9,961,782
- Gross Receipts: $10,552,423
Assets and Liabilities:
- Total Assets: $31,748,169
- Total Liabilities: $3,982,238
- Net Assets: $27,765,931
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PARTNERSHIP FEES
Revenue
$9,195,598
MANAGEMENT FEES
Revenue
$766,184
Organization Details
Founding Year
1989
Phone
(510) 444-7870Principal Officer
Paul Carney
Main Address
1901 HARRISON STREET 1650, OAKLAND, CA, 94612
Website
www.merrittcap.orgNTEE Category
Code: L99Z - Housing
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