Overview
What is Kenmore Plaza Tenants Association?
The Kenmore Plaza Tenants Association is a nonprofit organization based in Chicago, Illinois. They are primarily responsible for managing a 324-unit apartment complex, which was acquired with a HUD grant under the Low-Income Housing Preservation and Homeownership Act of 1990. Their mission is to provide affordable housing to low and moderate-income elderly residents. During the reporting period, they successfully operated the property to benefit this demographic. Their operations are headquartered at C/O MGMT OFFICE 5225 N KENMORE, Chicago, IL 60640.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 71%, Two-Star out of Four Star rating
The Kenmore Plaza Tenants Association holds a two-star rating from Charity Navigator, indicating a moderate level of accountability and financial health. Notably, the organization boasts a fully independent board with eight members, which contributes positively to its governance structure. It also exhibits strong oversight with no material diversion of assets and a solid program expense ratio of 100%, demonstrating effective allocation of funds towards its mission.
However, the organization faces significant challenges in transparency, as indicated by its lack of a website listed on tax forms and missing key policies such as conflict of interest and whistleblower policies. Additionally, the high liabilities to assets ratio of nearly 91% raises concerns regarding financial stability and sustainability. These limitations highlight areas for improvement that could enhance the organization's overall effectiveness and credibility.
Overall, while the Kenmore Plaza Tenants Association demonstrates strengths in governance and program funding, its transparency issues and high liabilities suggest that stakeholders should approach with caution. Addressing these gaps could improve its rating and foster greater trust among current and potential supporters.
This AI summary has been generated from information found on Charity Navigator.
Is Kenmore Plaza Tenants Association legitimate?
Kenmore Plaza Tenants Association is a legitimate nonprofit organization registered as a 501(c)(3) entity. Kenmore Plaza Tenants Association 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: $477,642
For more financial information, click here
What is the mission statement of Kenmore Plaza Tenants Association?
The Kenmore Plaza Tenants Association's mission is centered around providing affordable housing for low and moderate income elderly residents. This organization diligently works towards this goal, ensuring that suitable living spaces are available for individuals who fall under these income brackets. In fulfilling its mission, the association manages a 324-unit apartment complex, funded through a HUD grant under the Low-Income Housing Preservation and Homeownership Act of 1990. Throughout the reporting period, the association operates the property with the primary intention of benefiting these income groups.
Who is the CEO of Kenmore Plaza Tenants Association?
Anne Sullivan is the Vice President of Kenmore Plaza Tenants Association.
What is the revenue of Kenmore Plaza Tenants Association?
Kenmore Plaza Tenants Association's revenue in 2022 was $4,860,555.
Who are the executives of Kenmore Plaza Tenants Association and what are their salaries?
There 20 volunteers at Kenmore Plaza Tenants Association.
Here are 9 key members and their salaries:
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Where can I find the form 990 for Kenmore Plaza Tenants Association?
Kenmore Plaza Tenants Association's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Kenmore Plaza Tenants Association
The Kenmore Plaza Tenants Association, as its name suggests, is dedicated to providing affordable housing to low and moderate-income elderly residents. In fulfilling this mission, the association assumes the responsibility of managing a 324-unit apartment complex, which it acquired with the assistance of a HUD grant under the Low-Income Housing Preservation and Homeownership Act of 1990. During the reporting period, the association operated the property with the primary aim of catering to the housing needs of individuals falling within the specified income brackets.
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Impact
October, 2024
The Kenmore Plaza Tenants Association plays a crucial role in maintaining and enhancing the quality of life for low and moderate-income elderly residents in Chicago. By overseeing the administration and maintenance of a 324-unit apartment complex, the association ensures that affordable housing remains accessible to those in need. Their commitment to serving this vulnerable demographic allows residents to enjoy safe, stable homes while fostering a sense of community among tenants.
Through effective management and support, the association contributes to the well-being of elderly residents, helping them navigate the challenges associated with aging in a city environment. This focus on providing affordable housing not only addresses immediate housing needs but also promotes long-term stability, improving the overall community fabric in Chicago. By working under provisions established by the HUD grant from the Low-Income Housing Preservation and Homeownership Act of 1990, the Kenmore Plaza Tenants Association solidifies its impact on local housing stability and the empowerment of low to moderate-income individuals.
This information is meant to be a general summary of Kenmore Plaza Tenants Association. 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: $979
- Program Service Revenue: $4,680,343
- Gross Receipts: $4,860,555
Assets and Liabilities:
- Total Assets: $24,341,643
- Total Liabilities: $22,143,873
- Net Assets: $2,197,770
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$4,641,251
TELEPHONE/CABLE COMMISION
Revenue
$414
TENANT CHARGES
Revenue
$38,678
Organization Details
Founding Year
1996
Phone
(773) 769-6019Principal Officer
Anne Sullivan
Main Address
C/O MGMT OFFICE 5225 N KENMORE, CHICAGO, IL, 60640
NTEE Category
Code: L22 - Housing
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