Overview
What is Lakes Senior Housing Inc?
Lakes Senior Housing Inc is a nonprofit organization situated in Akron, Ohio, specifically at 730 West Market Street. Their primary focus is on providing affordable housing options for the elderly and individuals with disabilities. The organization manages a facility consisting of 45 units, which is regulated by the HUD. The mission of Lakes Senior Housing Inc is to offer accommodations for those in need, ensuring they have a safe and comfortable living environment.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67%, earning it a Two-Star out of Four Star rating. This rating indicates that Lakes Senior Housing Inc faces some challenges in certain accountability and financial practices, despite strong performance in other areas. The organization has achieved a high program expense ratio, ensuring that a significant portion of its funds is directed towards its mission.
Strengths include full independence among board members, which is crucial for unbiased oversight, and a perfect score for the auditing of financial statements. Additionally, the organization has no reported material diversion of assets and maintains documentation of board meeting minutes, reflecting a level of transparency in operations.
However, there are notable limitations, particularly concerning missing policies on conflict of interest, whistleblower procedures, and document retention. Furthermore, the organization's liabilities to assets ratio is concerningly high, indicating potential financial instability. These factors contribute to the overall rating and suggest areas for improvement in governance and financial management.
This AI summary has been generated from information found on Charity Navigator.
Is Lakes Senior Housing Inc legitimate?
Lakes Senior Housing Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lakes Senior Housing 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 Lakes Senior Housing Inc?
Lakes Senior Housing Inc is dedicated to providing low-income housing for the elderly and handicapped individuals. The organization's primary mission is to offer suitable living spaces for these vulnerable groups. The facility, which consists of 45 units, is regulated by HUD. By providing affordable housing, Lakes Senior Housing Inc contributes to ensuring that elderly and handicapped individuals have access to safe and comfortable living spaces, thereby enhancing their quality of life. The organization's efforts aim to foster a sense of community and support within the residence, promoting a positive living experience for its residents.
What is the revenue of Lakes Senior Housing Inc?
Lakes Senior Housing Inc's revenue in 2023 was $660,390.
Who are the executives of Lakes Senior Housing Inc and what are their salaries?
Here are 9 key members and their salaries:
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Where can I find the form 990 for Lakes Senior Housing Inc?
Lakes Senior Housing Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Lakes Senior Housing Inc
Lakes Senior Housing Inc is dedicated to providing affordable housing solutions for the elderly and handicapped individuals. Their mission, as stated, revolves around operating low-income housing units specifically designed for this demographic. This organization ensures that the elderly and disabled have access to secure and comfortable living spaces, thereby contributing to their overall well-being and independence. The facility, regulated by the HUD, houses 45 units, providing a home for those who may otherwise struggle with housing affordability. The organization's commitment to this mission is instrumental in upholding the dignity and independence of its residents, offering them a sense of security and stability in their later years.
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Impact
July, 2024
Lakes Senior Housing Inc provides essential low-income housing for elderly and handicapped individuals in Akron, Ohio. Their impact can be seen in the 45 units they operate, offering a safe and affordable living option for those in need. By providing this housing, they contribute to the well-being and quality of life of vulnerable populations in their community.
This information is meant to be a general summary of Lakes Senior Housing 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: $162
- Program Service Revenue: $658,892
- Gross Receipts: $660,390
Assets and Liabilities:
- Total Assets: $858,663
- Total Liabilities: $1,785,891
- Net Assets: -$927,228
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$655,371
TENANT CHARGES
Revenue
$1,951
LAUNDRY AND VENDING
Revenue
$1,570
Organization Details
Founding Year
1979
Principal Officer
James Davis
NTEE Category
Code: L22Z - Housing
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