Overview
What is Naperville Elderly Homes Inc?
Naperville Elderly Homes Inc, also known as Martin Avenue Apartments, is a nonprofit organization situated in Naperville, Illinois. Established with a mission to develop, construct, maintain, and operate senior housing, the organization provides an affordable living space for lower-income seniors and individuals with disabilities. The community, named Martin Avenue Apartments, consists of 190 units, including 81 studio units, 107 one-bedroom units, and 2 two-bedroom units. The organization adheres to agreements with HUD, ensuring regulations on rental charges and eligibility. Naperville Elderly Homes Inc offers more than just housing, fostering an active community lifestyle for its residents.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Two-Star out of Four Stars, 67%
Naperville Elderly Homes Inc has received a rating of "Needs Improvement" with a score of 67%. This rating indicates that while the organization demonstrates some strengths, there are significant areas for improvement, particularly in accountability and financial transparency. The organization's independent board structure is commendable, with 100% independent members, and it has a strong program expense ratio of 69.67%, suggesting effective allocation of funds toward its mission.
However, the organization faces notable shortcomings in critical governance practices. It has not provided financial statements, which is a significant deficit in transparency and accountability. Additionally, key policies such as conflict of interest, whistleblower protection, and document retention are absent, which raises concerns about organizational oversight and ethical practices.
Despite having a low liabilities to assets ratio of 0.02%, indicating a solid financial position, the lack of accessible information and transparency measures may deter potential donors. Addressing these governance issues could enhance trust and improve the overall effectiveness of Naperville Elderly Homes Inc in fulfilling its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Naperville Elderly Homes Inc legitimate?
Naperville Elderly Homes Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Naperville Elderly Homes 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: $87,372
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Naperville Elderly Homes Inc?
Naperville Elderly Homes Inc's mission is centered around providing affordable housing and an active community lifestyle for lower-income seniors and individuals with disabilities. This organization strives to achieve this mission by developing, constructing, owning, maintaining, and operating senior housing communities. Their current project includes a mid-rise housing community with over 200 residents, offering a mix of studio, one-bedroom, and two-bedroom units. The organization's activities are regulated through agreements with HUD, which control rental charges and eligibility criteria.
What is the revenue of Naperville Elderly Homes Inc?
Naperville Elderly Homes Inc's revenue in 2023 was $198,028.
Who are the executives of Naperville Elderly Homes Inc and what are their salaries?
The average compensation at Naperville Elderly Homes Inc during 2023 was $87,372. There is 1 employee and 50 volunteers at Naperville Elderly Homes Inc.
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- Compensation: $87,372
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Where can I find the form 990 for Naperville Elderly Homes Inc?
Naperville Elderly Homes Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Naperville Elderly Homes Inc
Naperville Elderly Homes Inc is dedicated to providing affordable housing and an active community lifestyle for lower-income seniors and individuals with disabilities. Their mission, as outlined, involves developing, constructing, owning, maintaining, and operating senior housing communities. This organization strives to cater to the housing needs of older adults and individuals with special requirements, offering them a suitable living environment along with opportunities for an engaging community lifestyle. To accomplish this, they manage a 190-unit mid-rise housing community, accommodating over 200 residents, comprising studio units, one-bedroom units, and a few two-bedroom units. The organization's agreements with the HUD enforce regulations for rental charges and eligibility, ensuring fairness and accessibility for its residents.
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Impact
July, 2024
Naperville Elderly Homes Inc provides a crucial service by offering affordable housing and a vibrant community atmosphere for lower-income seniors and individuals with disabilities. Through their operation of a 190-unit mid-rise housing community with over 200 residents, including a variety of studio, one-bedroom, and two-bedroom units, they address an important need within the community. By partnering with HUD to regulate rental charges and eligibility, they ensure that those in need can access safe and comfortable living spaces. In doing so, Naperville Elderly Homes Inc significantly impacts the lives of its residents by providing them with a supportive environment where they can thrive and age with dignity.
This information is meant to be a general summary of Naperville Elderly Homes 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: $154,929
- Gross Receipts: $298,104
Assets and Liabilities:
- Total Assets: $14,196,774
- Total Liabilities: $3,738
- Net Assets: $14,193,036
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Organization Details
Founding Year
1971
Principal Officer
John Schillerstrom
NTEE Category
Code: L22Z - Housing
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