NEWPORT BEACH, Calif., Dec. 19, 2006 (PRIME NEWSWIRE) -- HomeAid, a leading national non-profit provider of housing for today's homeless, today announced that it has received a 4-star rating from Charity Navigator, America's largest independent evaluator of charities. Receiving four out of a possible four stars indicates that an organization excels, as compared to other charities in America, in successfully managing the finances of its operations in an efficient and effective manner.
Charity Navigator rates charities by evaluating two areas of financial health: organizational efficiency and organizational capacity. The organization uses a set of financial ratios and performance categories to rate each of these areas, and then issues an overall rating that combines a charity's performance in both areas. Charity Navigator's ratings show givers how efficiently it believes a charity will use their support today and the extent to which the charities are growing their programs and services over time.
"A large part of our success in operational efficiency is our model: tapping the generosity of the building industry for companies and individuals to donate their time and resources to building housing facilities for homeless families and individuals," said Genette Eaton, chief executive officer of HomeAid. "Because of this giving by builders and their trade partners, we are able to multiply the effect of each cash dollar that we receive two- to three-fold, generating a high return on investment. With the help of our partners, we are very proud to have received a 4-star rating from Charity Navigator."
According to Eaton, a key element for HomeAid in achieving high marks in organizational efficiency is its 86.6-percent rating in program expenses, which tracks how much of its funding is applied toward program expenditures versus operational expenses. Generally, around seventy percent in program expenses is a loose industry standard for financial efficiency.
"Given the economic challenges many charities have had to face in the last year, achieving a 4-star rating is an exceptional feat," said Jeffrey Stevens, program analyst at Charity Navigator. "We salute HomeAid's charitable efforts."
"HomeAid brings out the very best in our nationwide membership by enabling them to do what they do best: build," said Jerry Howard, executive vice president and chief executive officer of the National Association of Home Builders (NAHB). "Sometimes, a builder or trade partner may not be able to give money, but they can certainly give their time, expertise, and resources. HomeAid has done a terrific job of harnessing the giving spirit in our members and performing the type of work that leads to the type of recognition that the 4-star rating from Charity Navigator represents."
The sharp rise in HomeAid's rating can be attributed to a confluence of two things: 1) a $3 million donation (the organization's largest ever) by Ameriquest Mortgage Company and its affiliates Argent Mortgage Company and AMC Mortgage Services, which created the organization's Gulf Coast Rebuilding Fund to build hurricane-evacuee housing along the Gulf Coast; and 2) HomeAid's lean and highly productive staff that performs special building projects such as the Gulf Coast rebuilding efforts, supports current chapters across the country, opens new chapters and educates the general public about the critical shortage of housing for temporarily homeless families and individuals.
About HomeAid
HomeAid is a leading national non-profit provider of housing for today's homeless. Founded in 1989, the organization has built housing for more than 60,000 men, women and children. Established by the Building Industry Association of Southern California, an affiliate of the National Association of Home Builders (NAHB), HomeAid has completed 138 housing facilities nationwide with another 54 projects currently in development. HomeAid includes a network of 18 chapters in 12 states and four offices in Newport Beach, CA (headquarters); Washington, D.C.; Augusta, GA; and New Orleans, LA (for hurricane-rebuilding efforts). For more information about HomeAid, call 949-258-0850 or visit www.homeaid.org.