Dragonfly Dreams Housing Inc

The information for Dragonfly Dreams Housing Inc is as of the organization's most recent filing in December '21. This organization is located in Lancaster, OH. It has been in existence for 4 years, following its founding in 2017.

Organization Classification

The IRS classifies organizations according to the National Taxonomy of Exempt Entities (NTEE) system. The NTEE system helps the IRS assign a 3-character code to each organization to describe the organization's activities.

Dragonfly Dreams Housing Inc is a nonprofit organization classified under the NTEE code L21, which signifies its involvement in Housing & Shelter. Specifically, Dragonfly Dreams Housing Inc focuses on providing low-income and subsidized rental housing for individuals who qualify based on income, age, or disability. As a 501(c)(3) organization, it falls under the Religious, Educational, Charitable, Scientific, Literary, Testing for Public Safety, to Foster National or International Amateur Sports Competition, or Prevention of Cruelty to Children or Animals Organizations category. The mission of Dragonfly Dreams Housing Inc is to assist low-income families, including the elderly and disabled, in finding safe, adequate, and affordable housing opportunities as they strive for self-sufficiency and improve their quality of life.

Program Areas

Within the general fund, the organization reports all revenues, support, and functional expenses that are not specifically reported by another fund or program. In this particular program area, an average of 87.33 low-income families were housed each month. These tenants signed a one-year lease and pay 30% of their income towards rent, with the rest being covered by a housing assistance payment contract with Fairfield Metropolitan Housing Authority. The occupancy rate for the 96 units is currently at 90.97%, which is below the goal of 98%. However, the goal of funding the capital replacement reserve on a monthly basis has been successfully met during the specified time period. This reserve is based on a 20-year physical needs study.

Board Governance

Dragonfly Dreams Housing Inc appears to be well-governed based on the information provided. The organization has a small board consisting of 5 voting members, all of whom are independent. This ensures that decisions made by the board are unbiased and in the best interest of the organization and its mission. The absence of potential conflicts of interest further strengthens the organization's governance, as it minimizes the risk of personal interests influencing decision-making. Furthermore, Dragonfly Dreams Housing Inc has delegated management to an outside firm. This can be seen as a positive aspect of governance as it allows for professional expertise and specialized knowledge to be brought into the organization. It also helps in ensuring transparency and accountability in the management of the organization's operations. The organization demonstrates a commitment to transparency and accountability through its documentation practices. Both board meetings and committee meetings are documented, indicating that decisions and discussions are recorded for future reference. Additionally, Dragonfly Dreams Housing Inc has implemented various policies that contribute to effective governance. These include a conflict of interest policy, a whistleblower policy, and a document retention policy. These policies ensure that potential conflicts are disclosed, misconduct is reported, and important documents are retained appropriately. However, it is worth noting that Dragonfly Dreams Housing Inc does not substantiate and review leadership or officer's salaries. While this may not necessarily indicate poor governance, it is a practice that could be improved upon to ensure transparency and fairness in compensation practices. Overall, Dragonfly Dreams Housing Inc appears to have a strong governance structure in place, with various policies and practices that promote transparency, accountability, and ethical decision-making.

Organization Growth

Dragonfly Dreams Housing Inc has experienced growth over the given time period. The program service revenue increased from $632.2K in 2016 to $659.1K in 2021, indicating an upward trend. Similarly, the investment income also grew from $286 in 2016 to $487 in 2021. The total revenue of the organization also saw an increase from $632.5K in 2016 to $659.6K in 2021. However, it is important to note that the total expenses also increased from $880.2K in 2016 to $916.5K in 2021, which could impact the overall growth of the organization.