Better Business Bureau Report for
Village of Oak Park Residence Corporation

Better Business Bureau Report issued May 2010
Better Business Bureau Report expires May 2012


Does not meet one or more standards
This charity does not meet one or more of the 20 standards for Charity Accountability. Find out more...


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Charity Contact Information

Name: Village of Oak Park Residence Corporation
Address: 21 South Boulevard
  Oak Park, IL 60302
Phone: 708-386-6061
Web Address: www.oakparkrc.com
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Better Business Bureau Comments

Year, State Incorporated: 1966, Illinois
Affiliates: None
Stated Purpose: Exclusively for charitable and educational purposes including but not limited to: 1. To provide elderly persons and handicapped persons with housing facilities and services specially designed to meet their physical, social and psychological needs, and to promote their health, security, happiness and usefulness in longer living, the charges for such facilities and services to be predicated upon the provision, maintenance and operation thereof on a nonprofit basis, where no adequate housing exists for such groups, pursuant to Section 231 of the National Housing Act, as amended and Section 202 of the National Housing Act. 2. To promote the progress and general welfare of the residents of the Village of Oak Park, Illinois, by: a. Improving, or causing to be improved, substandard Oak Park area housing stock and development projects and activities for the prevention and elimination of blight and blighting influences, all in cooperation or coordination with governmental and civic bodies and all for the primary purpose of combating community deterioration and securing adequate housing, community services and conditions, economically and otherwise condusive to the progress and general welfare of the community. b. Assisting in the development of projects and activities in cooperation or coordination with governmental and civic bodies for the prevention and elimination of racial and ethnic prejudice and discrimination, as well as the lessening of neighborhood tension by assisting the local government in implementing its Fair Housing Ordinance and by assisting all persons in effecting stable, integrated residential facilities in all parts of the Village of Oak Park and neighboring communities. c. Instructing and counseling individuals and groups, public and private, on housing management standards, housing rehabilitation techniques and improvement of residential properties. d. Fostering the development, acquisition, financing, operation and management of decent, safe, affordable housing in all parts of the Village of Oak Park and neighboring communities, directly or indirectly.

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Evaluation Conclusions

              

Village of Oak Park Residence Corporation does not meet the following 6 Standards for Charity Accountability.

Standard 7: Board Approval of Written Report on Effectiveness - Submit to the organization's governing body, for its approval, a written report that outlines the results of the aforementioned performance and effectiveness assessment and recommendations for future actions.

Village of Oak Park Residence Corporation does not meet this Standard because:

  • It did not produce a written report outlining the results of its most recent effectiveness assessment.

Standard 8: Program Service Expense Ratio - Spend at least 65% of its total expenses on program activities.

Village of Oak Park Residence Corporation does not meet this Standard because:

  • According to the its audited financial statements for the fiscal year ended December 31, 2009, the organization spent $3,095,861 or 50% of its total expenses ($6,204,662) on program service activities.

Standard 13: Accuracy of Expenses in Financial Statements - Accurately report the charity's expenses, including any joint cost allocations, in its financial statements. For example, audited or unaudited statements which inaccurately claim zero fund raising expenses or otherwise understate the amount a charity spends on fund raising, and/or overstate the amount it spends on programs will not meet this standard.

Village of Oak Park Residence Corporation does not meet this Standard because its audited financial statements for the fiscal year ended December 31, 2009:

  • Reports the organization had no fund raising expenses.

Standard 14: Budget - Have a board-approved annual budget for its current fiscal year, outlining projected expenses for major program activities, fund raising, and administration.

Village of Oak Park Residence Corporation does not meet this Standard because, when the organization provided budget information, it indicated that the budget:

  • Did not identify total projected fund raising expenses.

Standard 16: Annual Report - Have an annual report available to all, on request, that includes: (a) the organization's mission statement, (b) a summary of the past year's program service accomplishments, (c) a roster of the officers and members of the board of directors, (d) financial information that includes (i) total income in the past fiscal year, (ii) expenses in the same program, fund raising and administrative categories as in the financial statements, and (iii) ending net assets.

Village of Oak Park Residence Corporation does not meet this standard because:

  • The organization states it does not have an annual report covering activities conducted in the past year.

Standard 18: Privacy for Written Appeals & Internet Privacy - Address privacy concerns of donors by (a) providing in written appeals, at least annually, a means (e.g., such as a check off box) for both new and continuing donors to inform the charity if they do not want their name and address shared outside the organization, (b) providing a clear, prominent and easily accessible privacy policy on any of its websites that tells visitors (i) what information, if any, is being collected about them by the charity and how this information will be used, (ii) how to contact the charity to review personal information collected and request corrections, (iii) how to inform the charity (e.g., a check off box) that the visitor does not wish his/her personal information to be shared outside the organization, and (iv) what security measures the charity has in place to protect personal information.

Village of Oak Park Residence Corporation does not meet this Standard because the privacy policy on this website, www.oakparkrc.com does not indicate:

  • What personal information is being collected and how it will be used.
  • How to contact the charity to review personal information that is collected and request corrections.
  • How to inform the charity that the visitor does not want his/her information shared with others.
  • What security measures are in place to protect personal information that is collected.
In addition, the BBB of Chicago & Northern Illinois requested but did not receive complete information on the organization’s finances and is unable to verify the organization's compliance with the following Standard for Charity Accountability: 9.
Village of Oak Park Residence Corporation meets the remaining 13 Standards for Charity Accountability.
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Programs

              

Building a strong community requires a long-term view. For more than 40 years, Oak Park Residence Corporation has rehabilitated quality, affordable housing that has helped build and maintain a strong, vibrant community. Working in partnership with the Village of Oak Park, we have promoted racial and economic integration by maintaining quality residences that people want to live in. Our buildings blend seamlessly into the neighborhood, often at critical corners of the community. And in all of our 23 buildings and over 400 units, we provide a high level of service, and most of our buildings have a resident manager on site to assist residents with their needs. Because our tenants are here for the long-term, so are we. For those who are elderly or have special needs, Oak Park Residence Corp. owns two buildings with 95 units of rent-subsidized housing. At Ryan Farrelly Apartments, we have 21 units for persons with significant mobility limitations. The Oaks, with 74 units, is an award-winning conversion. What used to be a run-down residential hotel is today a light-filled, spacious building which features a Community Room for residents and a full-time services coordinator who assists the elderly and those with disabilities on a variety of medical and service issues. The Oaks also has an on-site medical clinic. Not only has The Oaks been recognized by the American Institute of Architects for its design, it is a special place for residents.

For the fiscal year ended December 31, 2009, Village of Oak Park Residence Corporation's program expenses were:

  
Real Estate Taxes 953,025
Debt Service 838,793
Building Maintenance 789,411
Utilities 514,632
Total Program Expenses: $3,095,861
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Governance

              

Chief Executive : Edward Solan, Executive Director
Compensation*: 
$147,890

Chair of the Board: Wayne Pierce
Chair's Profession / Business Affiliation: Managing Director of Melvin & Company

Board Size: 7

Paid Staff Size: 40

*Compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
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Fund Raising

              

Method(s) Used:


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Tax Status

              

This organization is tax-exempt under section 501(c)(3) of the Internal Revenue Code. It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
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Financial

              

The following information is based on Village of Oak Park Residence Corporation's audited financial statements for the fiscal year ended December 31, 2009.

Source of Funds  
Rental Income 4,624,545
HUD subsidy 714,858
Mangement, Maintenance & Admin Fees 181,449
Village of Oak Park subsidy 181,395
Other Income 155,046
Interest Income 97,509
Total Income $5,954,802


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Uses of Funds as a % of Total Expenses

Programs: 50%    Administrative: 28%  Other Expenses: 22%

Total income $5,954,802
Program expenses $3,095,861
Fund raising expenses
Administrative expenses 1,718,964
Other Expenses 1,389,837
Total expenses $6,204,662
Expenses in Excess of Income (249,860)
Beginning net assets 597,820
Other Changes in Net Assets 17,792
Ending net assets 347,960
Total liabilities 28,157,129
Total assets $28,505,089


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An organization may change its practices at any time without notice. A copy of this report has been shared with the organization prior to publication. It is not intended to recommend or deprecate, and is furnished solely to assist you in exercising your own judgment. If the report is about a charity and states the charity meets or does not meet the BBB Standards for Charity Accountability, it reflects the results of an evaluation of information and materials provided voluntarily by the charity. The name Better Business Bureau is a registered service mark of the Council of Better Business Bureaus, Inc.

This report is not to be used for fund raising or promotional purposes.

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