Overview
What is Memphis Land Bank Inc?
Memphis Land Bank Inc is a nonprofit organization situated in Memphis, Tennessee, specifically at 5050 Poplar Ave STE 1714. Their primary focus is on constructing, developing, and managing low-income single-family and duplex housing properties. They collaborate with the local housing authority to provide affordable housing options for low and very low-income families and individuals within the city of Memphis. Their mission is multifaceted, encompassing the acquisition, construction, development, lease, management, operation, sale, and overall dealing with safe and decent housing units. With a team of 37 dedicated employees, Memphis Land Bank Inc works diligently to improve housing accessibility in the community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94%, Four-Star out of Four Star rating.
Memphis Land Bank Inc has achieved a high rating of 94%, indicating strong performance in terms of accountability and finance. This score is based entirely on a singular beacon score that reflects the organization's commitment to transparent and responsible financial management practices. The charity's efforts are underscored by a significant proportion of independent board members and robust policies, showcasing its dedication to governance.
The organization excelled in various metrics, including a perfect score for financial statements audit and absence of material diversion of assets. Its program expense ratio is commendable at 70.69%, suggesting that the majority of its expenses are directed towards its programs rather than administrative costs. Additionally, the presence of documented policies on conflict of interest and whistleblowing reinforces its commitment to ethical standards.
Despite the strong financial indicators, the summary does not provide specific details about the organization's programmatic impact or community engagement. While the high rating reflects solid financial health and governance, potential donors may want more context regarding Memphis Land Bank Inc's effectiveness in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Memphis Land Bank Inc legitimate?
Memphis Land Bank Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Memphis Land Bank Inc 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:
Executive Compensation: $252,645
Professional Fundraising Fees: $0
Other Salaries and Wages: $2,146
For more financial information, click here
What is the mission statement of Memphis Land Bank Inc?
Memphis Land Bank Inc's mission is centered around providing safe, decent, and affordable housing. The organization actively engages in acquiring, constructing, developing, leasing, managing, operating, selling, and dealing with housing, with a particular focus on assisting low and very low-income families and individuals. This mission aligns with supporting the local housing authority in its mission to provide housing in Memphis, Tennessee. The organization is also involved in the construction, development, and management of single-family and duplex low-income housing properties through the Low Income Housing Tax Credit program.
Who is the CEO of Memphis Land Bank Inc?
J Martin Regan Jr is the President of Memphis Land Bank Inc.
What is the revenue of Memphis Land Bank Inc?
Memphis Land Bank Inc's revenue in 2022 was $655,642.
Who are the executives of Memphis Land Bank Inc and what are their salaries?
The average compensation at Memphis Land Bank Inc during 2022 was $6,886. There are 37 employees at Memphis Land Bank Inc.
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $153,213
- Related: $0
- Other: $3,016
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $99,432
- Related: $0
- Other: $5,232
Where can I find the form 990 for Memphis Land Bank Inc?
Memphis Land Bank Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Memphis Land Bank Inc
Memphis Land Bank Inc, as a nonprofit organization, is dedicated to procuring, constructing, developing, leasing, managing, operating, selling, and dealing with safe, decent, and affordable housing. Its primary focus is on assisting the local housing authority in providing housing to low and very low-income families and individuals within its operational capacity. This mission is crucial in ensuring that individuals and families in need have access to suitable living spaces. The organization engages in the construction, development, and management of single-family and duplex low-income housing tax credit properties, further expanding its reach and impact in the housing sector. Through its various initiatives, Memphis Land Bank Inc contributes significantly to the provision of affordable housing and improves living conditions for those in need.
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Impact
July, 2024
Memphis Land Bank Inc plays a crucial role in providing safe, decent, and affordable housing options for low and very low-income families and individuals in the city of Memphis, Tennessee. By acquiring, constructing, developing, managing, and selling housing properties, the organization directly contributes to improving the living conditions of those in need. Its focus on single-family and duplex low-income housing tax credit properties demonstrates a commitment to addressing the housing challenges faced by vulnerable populations in the community. Through its efforts, Memphis Land Bank Inc positively impacts the local housing landscape and helps in creating a more inclusive and supportive environment for those facing housing insecurities.
This information is meant to be a general summary of Memphis Land Bank Inc. 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 2022.
- Investment Income: $234,203
- Program Service Revenue: $391,655
- Gross Receipts: $655,642
Assets and Liabilities:
- Total Assets: $19,099,718
- Total Liabilities: $8,854,014
- Net Assets: $10,245,704
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MANAGEMENT FEES
Revenue
$387,615
GROUND LEASE
Revenue
$4,040
Organization Details
Founding Year
2000
Phone
(901) 590-4821Principal Officer
J Martin Regan Jr
Main Address
5050 POPLAR AVE STE 1714, MEMPHIS, TN, 381571714
NTEE Category
Code: S12 - Community improvement
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