Overview
What is Lourexis Inc?
Lourexis Inc is a nonprofit organization situated in Cleveland, Ohio, with an address at 5111 Hector Avenue, 44127. Their primary mission is to offer subsidized housing opportunities for low-income senior citizens. They manage a 70-unit apartment complex under Section 202 of the National Housing Act, which is subject to HUD regulations regarding rent charges and operational methods. Lourexis Inc's goal is to provide a secure living environment and essential housing assistance for this specific demographic, contributing to the overall well-being of the elderly community in the area.
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 a need for improvement in accountability and financial practices, despite some strong points in governance. The organization has achieved a perfect score for having an independent board and for its financial statements being audited, showing a commitment to transparency and oversight.
Lourexis Inc demonstrates a commendable program expense ratio of 80.92%, indicating that the majority of its expenses go directly towards its programs, which is a positive sign for potential donors. However, significant concerns arise from its high liabilities to assets ratio of 98.79%, signaling potential financial instability. This could pose risks to its operational sustainability and effectiveness.
Additionally, the nonprofit lacks several essential policies that are critical for governance, such as a conflict of interest policy and a whistleblower policy. The absence of these documents raises questions about its internal controls and commitment to best practices. Overall, while Lourexis Inc shows strengths in some areas, it must address its financial weaknesses and governance policies to improve its overall rating and donor confidence.
This AI summary has been generated from information found on Charity Navigator.
Is Lourexis Inc legitimate?
Lourexis Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lourexis 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: $92,400
For more financial information, click here
What is the mission statement of Lourexis Inc?
Lourexis Inc, as an organization, is committed to providing subsidized housing for low-income senior citizens. This mission is carried out through the operation of a 70-unit apartment complex, which falls under Section 202 of the National Housing Act. The corporation's operations are regulated by the U.S. Department of Housing and Urban Development (HUD), ensuring that rent charges and operating methods adhere to certain standards. The primary goal is to provide affordable living spaces for senior citizens who may be financially challenged, thereby enhancing their quality of life.
Who is the CEO of Lourexis Inc?
James T Guzowski is the President of Lourexis Inc.
What is the revenue of Lourexis Inc?
Lourexis Inc's revenue in 2022 was $933,069.
Who are the executives of Lourexis Inc and what are their salaries?
There 10 volunteers at Lourexis Inc.
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Where can I find the form 990 for Lourexis Inc?
Lourexis Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Lourexis Inc
Lourexis Inc, a nonprofit organization, is dedicated to providing subsidized housing for low-income senior citizens. This mission is encapsulated in the operation of a 70-unit apartment complex, which falls under Section 202 of the National Housing Act. The project is subject to regulations by the HUD, ensuring that rent charges and operating methods adhere to established standards. The corporation's efforts aim to provide a secure living space for elderly individuals who may struggle financially, enabling them to maintain their independence while residing in a supportive environment.
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Impact
October, 2024
Lourexis Inc has a significant impact on the community by addressing the critical housing needs of low-income senior citizens in Cleveland, Ohio. Operating a 70-unit apartment complex under Section 202 of the National Housing Act, the organization ensures affordable living spaces that are regulated by HUD, providing consistent oversight on rent charges and operating methods. This initiative not only offers financial relief to senior citizens but also fosters a supportive living environment that enhances their quality of life.
By focusing on subsidized housing, Lourexis Inc contributes to the stability and well-being of vulnerable populations, helping to alleviate the challenges of housing instability and financial strain often faced by elderly individuals. The organization plays a crucial role in promoting human services within the community, ensuring that seniors have access to safe and dignified living conditions that allow for greater independence and community engagement.
This information is meant to be a general summary of Lourexis 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: $3,942
- Program Service Revenue: $879,164
- Gross Receipts: $933,069
Assets and Liabilities:
- Total Assets: $2,959,412
- Total Liabilities: $2,941,372
- Net Assets: $18,040
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$874,787
TENANT CHARGES
Revenue
$4,377
Organization Details
Founding Year
1983
Phone
(216) 520-1250Principal Officer
James T Guzowski
Main Address
5111 HECTOR AVENUE, CLEVELAND, OH, 44127
NTEE Category
Code: P75Z - Human services
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