Overview
What is Sherman Oaks Senior Citizen Housing Corp?
Sherman Oaks Senior Citizen Housing Corp is a California-based nonprofit corporation, established with the primary objective of owning and managing an 83-unit rental housing project intended for the very low-income elderly population in Sherman Oaks, California. The project commenced operations on May 1, 1996, and operates under Section 202 of the National Housing Act. Sherman Oaks Senior Citizen Housing Corp has entered into a regulatory agreement with the U.S. Department of Housing and Urban Development, which regulates the project's operations, including rental charges and operating methods, ensuring affordable housing for its intended residents.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 86%, Three-Star out of Four Star rating.
Sherman Oaks Senior Citizen Housing Corp has achieved a solid rating of 86%, indicating a commendable level of accountability and financial health. The organization benefits from a fully independent board of directors, which enhances its governance and decision-making processes. Additionally, it has demonstrated strong oversight with no material diversion of assets and a comprehensive conflict of interest policy, contributing to transparent operations.
The financial performance of the nonprofit is notable, with an impressive program expense ratio of 82.18%, reflecting a commitment to directing funds towards its mission rather than administrative costs. Furthermore, the organization has established effective policies for whistleblower protection, document retention, and meeting minutes, showcasing its dedication to ethical management practices.
However, the liabilities to assets ratio stands at 61.18%, which may indicate some level of financial risk. While this is not uncommon in the nonprofit sector, stakeholders may want to monitor this aspect closely to ensure long-term sustainability. Overall, Sherman Oaks Senior Citizen Housing Corp appears to be a reliable and well-managed organization focused on serving senior citizens.
This AI summary has been generated from information found on Charity Navigator.
Is Sherman Oaks Senior Citizen Housing Corp legitimate?
Sherman Oaks Senior Citizen Housing Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Sherman Oaks Senior Citizen Housing Corp 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:
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Other Salaries and Wages: $0
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What is the mission statement of Sherman Oaks Senior Citizen Housing Corp?
The Sherman Oaks Senior Citizen Housing Corp, established as a California nonprofit, was formed with the purpose of owning and managing an 83-unit rental housing project catering to the very low-income elderly. The project commenced operations on May 1, 1996, and operates under Section 202 of the National Housing Act. The corporation has entered into a regulatory agreement with the U.S. Department of Housing and Urban Development, which regulates the project's rental charges and operating methods. The primary objective of the corporation is to provide affordable housing for the elderly, ensuring they live in a secure environment.
This organization's mission is centered around providing housing solutions for the elderly with limited income, adhering to the regulations set by the National Housing Act and the U.S. Department of Housing and Urban Development. The corporation strives to create a living space where the elderly can maintain their independence and live comfortably.
Who is the CEO of Sherman Oaks Senior Citizen Housing Corp?
Douglas Cope is the Chair of Sherman Oaks Senior Citizen Housing Corp.
What is the revenue of Sherman Oaks Senior Citizen Housing Corp?
Sherman Oaks Senior Citizen Housing Corp's revenue in 2023 was $757,631.
Who are the executives of Sherman Oaks Senior Citizen Housing Corp and what are their salaries?
There 11 volunteers at Sherman Oaks Senior Citizen Housing Corp.
Here are 16 key members and their salaries:
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- Related: $295,646
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- Related: $220,516
- Other: $10,055
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- Related: $142,076
- Other: $21,579
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- Related: $135,576
- Other: $21,323
Where can I find the form 990 for Sherman Oaks Senior Citizen Housing Corp?
Sherman Oaks Senior Citizen Housing Corp's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Sherman Oaks Senior Citizen Housing Corp
Sherman Oaks Senior Citizen Housing Corp was established as a nonprofit organization with a mission to provide affordable housing for the very low-income elderly population. Operating under Section 202 of the National Housing Act, the corporation took charge of an 83-unit rental housing project located in Sherman Oaks, California. The project commenced operations on May 1, 1996, and the corporation agreed to abide by the regulatory regulations set by the U.S. Department of Housing and Urban Development. These regulations govern the project's operating methods and rental charges, ensuring that the elderly population can afford to live comfortably within the community. The corporation's mission is to offer a safe and affordable living space for elderly individuals, providing them with the necessary support to maintain a dignified lifestyle.
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Impact
July, 2024
Sherman Oaks Senior Citizen Housing Corp's impact is focused on providing affordable housing for very low-income elderly individuals in Sherman Oaks, California. By owning and operating an 83-unit rental housing project, the organization ensures that this vulnerable population has access to safe and affordable housing. Through its mission, Sherman Oaks Senior Citizen Housing Corp contributes to addressing the housing needs of the elderly community and plays a vital role in supporting their well-being and quality of life.
This information is meant to be a general summary of Sherman Oaks Senior Citizen Housing Corp. 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: $1,772
- Program Service Revenue: $312,034
- Gross Receipts: $757,631
Assets and Liabilities:
- Total Assets: $3,151,516
- Total Liabilities: $1,928,216
- Net Assets: $1,223,300
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$312,034
Organization Details
Founding Year
1996
Phone
(310) 475-6083Principal Officer
Douglas Cope
Main Address
10991 W PICO BLVD, LOS ANGELES, CA, 90064
NTEE Category
Code: L22Z - Housing
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