Overview
What is Ponderosa Apartments Inc?
Ponderosa Apartments Inc is a nonprofit organization situated in Spearfish, South Dakota, specifically at 430 Oriole Drive. Their primary mission is to provide and manage six apartment complexes, housing a total of 420 units, specifically for eligible elderly occupants, as per Rural Development guidelines. These apartments come with subsidized meal services for the elderly residents. The organization's purpose is to offer housing and related facilities for elderly and disabled individuals in the area, providing rental assistance for low and very low-income persons for most of their buildings, thanks to Rural Development. This assistance ensures that affordable housing options are readily available for those in need.
What are the reviews and ratings of this charity?
Rating from Charity Navigator: 71%, Two-Star out of Four Star rating.
Ponderosa Apartments Inc has received a Two-Star rating from Charity Navigator, indicating moderate performance in accountability and finance. The organization's strengths lie in its governance structure, boasting a fully independent board and strong financial oversight with no issues of asset diversion. They also excel in program expense efficiency, with a high percentage of funds directed towards their programs.
However, the organization has notable weaknesses, particularly reflected in its liabilities to assets ratio, which is significantly above the ideal threshold. Additionally, there are concerns regarding the absence of essential policies, such as a conflict of interest and a whistleblower policy. This lack of foundational governance practices indicates areas where the organization could improve to enhance transparency and accountability.
This AI summary has been generated from information found on Charity Navigator.
Is Ponderosa Apartments Inc legitimate?
Ponderosa Apartments Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Ponderosa Apartments 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: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
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What is the mission statement of Ponderosa Apartments Inc?
Ponderosa Apartments Inc is committed to providing housing and related facilities for elderly and disabled individuals within their community. The organization bases its offerings on the income levels of the residents, offering rental assistance for low and very low income individuals for most of its buildings, as facilitated by Rural Development. Ponderosa Apartments Inc operates six apartment complexes, totaling 420 units, designed for eligible elderly occupants, as determined by Rural Development guidelines. Additionally, the organization provides subsidized meal service for the elderly residents. In essence, Ponderosa Apartments Inc aims to ensure affordable housing and essential services for the elderly and disabled population.
What is the revenue of Ponderosa Apartments Inc?
Ponderosa Apartments Inc's revenue in 2024 was $3,037,164.
Who are the executives of Ponderosa Apartments Inc and what are their salaries?
There 4 volunteers at Ponderosa Apartments Inc.
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Ponderosa Apartments Inc?
Ponderosa Apartments Inc's most recent form 990 was submitted in 2024 and can be accessed here.
Mission Statement of Ponderosa Apartments Inc
Ponderosa Apartments Inc, a nonprofit organization, is committed to providing housing and related facilities for the elderly and disabled individuals in the area. The organization's mission is rooted in its responsibility to cater to these populations based on their respective income levels. Rural Development, a supporting entity, extends rental assistance to the low and very low income individuals for most of the buildings operated by Ponderosa Apartments Inc.
In essence, Ponderosa Apartments Inc serves as a beacon of hope for the elderly and disabled, offering them a place to call home. The nonprofit manages six apartment complexes, housing a total of 420 units specifically designed for eligible elderly occupants, in line with Rural Development guidelines. Moreover, the organization provides subsidized meal services for the elderly, ensuring their nutritional needs are met. By offering affordable housing and essential amenities, Ponderosa Apartments Inc contributes significantly to enhancing the quality of life for the elderly and disabled in the community.
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Impact
October, 2024
Ponderosa Apartments Inc plays a critical role in enhancing the quality of life for elderly and disabled residents in Spearfish, SD, by providing essential housing and related facilities tailored to their unique needs. With six apartment complexes totaling 420 units, the organization ensures that eligible occupants have access to safe, affordable housing.
Ponderosa Apartments Inc also addresses financial barriers for low and very low-income individuals through rental assistance programs, enabling these residents to secure stable living conditions. By offering subsidized meal services, the organization further supports the health and well-being of elderly tenants, fostering a sense of community and connection.
Overall, Ponderosa Apartments Inc not only meets the housing needs of vulnerable populations but also contributes to their dignity, independence, and overall quality of life.
This information is meant to be a general summary of Ponderosa Apartments 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 2024.
- Investment Income: $4,345
- Program Service Revenue: $2,703,513
- Gross Receipts: $3,037,164
Assets and Liabilities:
- Total Assets: $17,012,312
- Total Liabilities: $18,111,228
- Net Assets: -$1,098,916
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENT REVENUE
Revenue
$2,654,170
LAUNDRY & VENDING
Revenue
$43,978
MEALS
Revenue
$3,697
OTHER TENANT CHARGES
Revenue
$1,668
Organization Details
Founding Year
1972
Principal Officer
Jeff Christenson
NTEE Category
Code: L21 - Housing
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