Overview
What is Las Palmas Foundation?
Las Palmas Foundation is a California-based nonprofit corporation that is dedicated to enhancing and improving affordable housing for low and moderate income families and individuals. Established with this mission, the organization actively acquires, develops, rehabilitates, and supports affordable housing projects. As demonstrated through its involvement as a co-managing general partner in the Alegre Fund, Las Palmas Foundation operates and manages an affordable family complex in Irvine, California, consisting of 104 units. The foundation's work aims to increase and improve housing opportunities for those in need, contributing positively to their communities. The organization currently employs a team of 7 individuals.
Official website here: www.laspalmashousing .com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 81% (Three-Star out of Four Stars)
Las Palmas Foundation has received a solid Three-Star rating from Charity Navigator based on its 81% score, indicating a strong performance in accountability and finance. This rating reflects the organization's commitment to transparency and effective governance, which is underscored by the presence of 75% independent board members and comprehensive policies in place, such as conflict of interest and whistleblower protections.
The foundation demonstrates effective financial management, with a program expense ratio of 86.38%, signifying that a significant portion of its funds is directed towards its programs rather than administrative costs. Additionally, the organization maintains a low liabilities to assets ratio of 0.21%, suggesting a stable financial position and prudent management of resources.
While the organization excels in its accountability practices and financial stewardship, the rating is solely based on its financial metrics. There may be limited information on other operational aspects or programmatic effectiveness that could provide a more rounded view of the foundation's impact within the community it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Las Palmas Foundation legitimate?
Las Palmas Foundation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Las Palmas Foundation 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: $674,914
Professional Fundraising Fees: $0
Other Salaries and Wages: $209,780
For more financial information, click here
Official website here: www.laspalmashousing .com
What is the mission statement of Las Palmas Foundation?
The Las Palmas Foundation, as a non-profit corporation, is committed to acquiring, developing, rehabilitating, and supporting affordable housing. Established with the purpose of enhancing and improving housing opportunities for low and moderate-income families and individuals, the foundation's mission focuses on expanding and enhancing affordable housing solutions.
Official website here: www.laspalmashousing .com
Who is the CEO of Las Palmas Foundation?
Joseph M Michaels is the President of Las Palmas Foundation.
Official website here: www.laspalmashousing .com
What is the revenue of Las Palmas Foundation?
Las Palmas Foundation's revenue in 2022 was $1,967,411.
Official website here: www.laspalmashousing .com
Who are the executives of Las Palmas Foundation and what are their salaries?
The average compensation at Las Palmas Foundation during 2022 was $126,385. There are 7 employees at Las Palmas Foundation.
Here are 6 key members and their salaries:
- Compensation: $434,820
- Related: $0
- Other: $0
- Compensation: $125,357
- Related: $67,697
- Other: $0
- Compensation: $114,734
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Official website here: www.laspalmashousing .com
Where can I find the form 990 for Las Palmas Foundation?
Las Palmas Foundation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.laspalmashousing .com
Learn more at the official website: www.laspalmashousing .com
Mission Statement of Las Palmas Foundation
Las Palmas Foundation, a California-based non-profit corporation, is committed to enhancing and improving affordable housing for low and moderate-income families and individuals. The organization's mission is twofold: it aims to acquire, develop, rehabilitate, and support affordable housing. By undertaking these activities, Las Palmas Foundation strives to increase and improve housing options for those who fall within its income bracket, contributing to their overall well-being.
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Impact
October, 2024
Las Palmas Foundation significantly contributes to addressing the affordable housing crisis for low and moderate-income families and individuals in California. By acquiring, developing, and rehabilitating housing, it plays a vital role in increasing the availability of affordable living options. One of the key projects is its co-management of the Alegre Fund, which oversees a 104-unit affordable family complex in Irvine, California.
This initiative not only enhances the quality of housing but also fosters community well-being by providing stable homes to those who may otherwise struggle to find adequate shelter. The foundation's dedicated efforts result in improved living conditions, greater housing security, and, ultimately, a stronger community fabric. Such impacts are essential for promoting economic mobility and quality of life for vulnerable populations in the region.
This information is meant to be a general summary of Las Palmas Foundation. 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: $40,579
- Program Service Revenue: $1,926,832
- Gross Receipts: $1,967,411
Assets and Liabilities:
- Total Assets: $6,856,312
- Total Liabilities: $15,000
- Net Assets: $6,841,312
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
ASSET MANAGEMENT FEES
Revenue
$901,027
PARTNERSHIP INCOME
Revenue
$251,125
ADMINISTRATIVE FEES
Revenue
$330,680
DEVELOPER FEES
Revenue
$444,000
Organization Details
Founding Year
1991
Phone
(760) 944-9050Principal Officer
Joseph M Michaels
Main Address
531 ENCINITAS BLVD STE 206, ENCINITAS, CA, 92024
Website
www.laspalmashousing .comNTEE Category
Code: Z99 - Unknown
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