Overview
What is Miami Beach Marian Towers Inc?
Miami Beach Marian Towers Inc is a nonprofit organization dedicated to providing affordable housing for elderly and handicapped individuals. Established by the US Department of Housing and Urban Development (HUD), this project is situated in Lauderdale Lakes, FL. The project offers specially designed rental units to cater to the unique needs of its inhabitants, thereby serving as a sanctuary for this specific demographic.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 54% (One-Star out of Four Stars)
Miami Beach Marian Towers Inc has received a One-Star rating from Charity Navigator, indicating significant concerns regarding its financial management and operational efficiencies. While the organization demonstrates strong governance practices, such as a fully independent board and effective conflict of interest policies, its overall accountability and finance score is low, reflecting serious issues in program expenses and asset management.
The charity scores well in areas such as having an independent board and maintaining essential policies like whistleblower and document retention. These strengths suggest a commitment to ethical standards and good governance. However, the organization faces challenges in financial stewardship, as evidenced by its low program expense ratio of 6.11%, indicating that only a small fraction of its expenditures goes toward its stated programs.
Additionally, the liabilities to assets ratio of 0.05% raises concerns about the organization's financial health, suggesting potential issues with sustainability and resource allocation. Overall, while Miami Beach Marian Towers Inc exhibits some strong governance traits, significant financial management improvements are needed to enhance its rating and operational effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Miami Beach Marian Towers Inc legitimate?
Miami Beach Marian Towers Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Miami Beach Marian Towers 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:
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What is the mission statement of Miami Beach Marian Towers Inc?
Miami Beach Marian Towers Inc. is dedicated to providing low-income housing for the elderly and handicapped community. Established by the US Department of Housing and Urban Development (HUD), the project offers specially designed rental units in Lauderdale Lakes, FL. Its mission is to offer a living environment that caters to the unique needs of its elderly and handicapped residents, ensuring they have a stable and comfortable place to call home. The project aims to promote independence, dignity, and a sense of community for its residents, allowing them to live with dignity and security.
Who is the CEO of Miami Beach Marian Towers Inc?
Rev Marcos Somarriba is the President of Miami Beach Marian Towers Inc.
What is the revenue of Miami Beach Marian Towers Inc?
Miami Beach Marian Towers Inc's revenue in 2023 was $568,052.
Who are the executives of Miami Beach Marian Towers Inc and what are their salaries?
There 6 volunteers at Miami Beach Marian Towers Inc.
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Where can I find the form 990 for Miami Beach Marian Towers Inc?
Miami Beach Marian Towers Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Miami Beach Marian Towers Inc
Miami Beach Marian Towers Inc, as a mission-driven organization, is dedicated to providing affordable housing for elderly and handicapped individuals. Established by the US Department of Housing and Urban Development (HUD), this project offers specially designed rental units, catering to the unique needs of its residents. Situated in Lauderdale Lakes, FL, Miami Beach Marian Towers Inc serves as a safe and supportive living environment for its elderly and handicapped residents, enabling them to maintain their independence and dignity. By providing affordable housing, Miami Beach Marian Towers Inc plays a crucial role in ensuring that elderly individuals have access to adequate living conditions, contributing to their overall well-being and quality of life.
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Impact
July, 2024
Miami Beach Marian Towers Inc's impact is significant in providing low-income elderly individuals with affordable housing options tailored to their specific needs. By offering rental units designed for elderly and handicapped individuals, this organization plays a crucial role in ensuring that vulnerable populations have a safe and accessible place to call home. Through its mission of providing low-income elderly housing, Miami Beach Marian Towers Inc contributes to enhancing the quality of life for seniors in Lauderdale Lakes, FL, and positively impacts the community by addressing the housing needs of this demographic.
This information is meant to be a general summary of Miami Beach Marian Towers 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 2023.
- Investment Income: $568,052
- Gross Receipts: $568,052
Assets and Liabilities:
- Total Assets: $19,291,305
- Total Liabilities: $10,752
- Net Assets: $19,280,553
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Organization Details
Founding Year
1972
Phone
(954) 484-1515Principal Officer
Rev Marcos Somarriba
Main Address
4790 N STATE ROAD 7, LAUDERDALE LAKES, FL, 33319
NTEE Category
Code: L210 - Housing
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