Overview
What is Canoga Apartments Corporation?
Canoga Apartments Corporation is a nonprofit organization situated in Glendale, California. Their primary mission is to foster economic growth, primarily benefiting low-income and moderate-income communities. They achieve this by investing in three limited partnerships, which own properties providing affordable housing. Moreover, they earn interest income from a mortgage note stemming from the sale of an earlier-owned apartment complex. In summary, Canoga Apartments Corporation plays a crucial role in promoting affordable housing for those with limited financial resources, contributing to the betterment of their communities.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94%, Four-Star out of Four Star rating.
Canoga Apartments Corporation has achieved a strong 94% rating from Charity Navigator, reflecting its commitment to high standards in accountability and finance. This rating is based entirely on its performance in the Accountability & Finance area, which encompasses various critical indicators of financial health and transparency.
The organization stands out for its governance practices, boasting a fully independent board of directors, with 100% of its members being independent. Additionally, it has no history of material diversion of assets, which speaks to its integrity in managing resources. The presence of documented policies such as conflict of interest, whistleblower protection, and document retention further underscores its commitment to ethical practices.
Despite its strong financial metrics, including an impressive program expense ratio of 97.01%, it is essential for potential donors or supporters to consider continuously monitoring the organization's performance and impact. Overall, Canoga Apartments Corporation demonstrates a robust operational framework, ensuring that funds are directed primarily towards its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Canoga Apartments Corporation legitimate?
Canoga Apartments Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Canoga Apartments 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:
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What is the mission statement of Canoga Apartments Corporation?
Canoga Apartments Corporation's mission is centered around promoting economic growth primarily benefiting low and moderate-income communities. The organization achieves this by investing in partnerships that develop affordable housing for those with limited financial resources. Moreover, Canoga Apartments Corporation earns interest income from a mortgage note stemming from the sale of an apartment complex it previously owned. In essence, the corporation's mission is to contribute to the betterment of economically disadvantaged communities through affordable housing initiatives.
Who is the CEO of Canoga Apartments Corporation?
Christopher Jones is the President of Canoga Apartments Corporation.
What is the revenue of Canoga Apartments Corporation?
Canoga Apartments Corporation's revenue in 2023 was $190,807.
Who are the executives of Canoga Apartments Corporation and what are their salaries?
Here are 8 key members and their salaries:
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Where can I find the form 990 for Canoga Apartments Corporation?
Canoga Apartments Corporation's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Canoga Apartments Corporation
Canoga Apartments Corporation, as a mission-driven organization, is committed to fostering economic growth that predominantly advantages low-income and moderate-income communities. This mission is achieved through the corporation's strategic investments in limited partnerships, which manage projects that provide affordable housing for these income groups. Furthermore, Canoga Apartments Corporation generates interest income from the mortgage note it retained following the sale of an apartment complex it previously owned. This financial strategy allows the organization to continuously support the development of affordable housing, thereby contributing to the well-being and economic opportunities of individuals and families with limited resources.
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Impact
October, 2024
Canoga Apartments Corporation plays a significant role in promoting economic development in low and moderate-income communities. By focusing on the creation of affordable housing, it actively addresses the pressing need for accessible living options for individuals and families facing financial challenges. The organization achieves this through strategic investments in limited partnerships that manage projects dedicated to providing housing for low-income residents.
Additionally, Canoga Apartments Corporation generates revenue through interest income from mortgage notes, bolstering its capacity to support future housing initiatives. Operating in Glendale, CA, the organization is deeply committed to ensuring that economic benefits flow into the communities it serves, ultimately contributing to improved quality of life and financial stability for vulnerable populations. Its focus on housing not only meets immediate needs but also fosters long-term community development, making it a vital player in the region's economic landscape.
This information is meant to be a general summary of Canoga Apartments 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 2023.
- Investment Income: $10,328
- Program Service Revenue: $180,479
- Gross Receipts: $190,807
Assets and Liabilities:
- Total Assets: $5,910,019
- Total Liabilities: $3,250
- Net Assets: $5,906,769
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Interest Income - note
Revenue
$180,479
Organization Details
Founding Year
1961
Phone
(626) 300-2440Principal Officer
Christopher Jones
Main Address
800 N BRAND BLVD FLOOR 19, GLENDALE, CA, 91203
NTEE Category
Code: L210 - Housing
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