Overview
What is Palaemon Inc?
Palaemon Inc, based in Barnstable, Massachusetts, is a nonprofit organization dedicated to supporting young adults with developmental learning disabilities. Their primary mission is to empower these individuals to lead independent lives by providing a stable group home environment. Within this setting, they help develop essential skills necessary for self-reliance. Palaemon Inc's activities focus on fostering an atmosphere that encourages learning and personal growth, enabling these young adults to thrive and live happily independently. With a small team of just two employees, the organization is committed to making a significant impact in the lives of those it serves.
Official website here: www.palaemonhouse.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79% (Three-Star out of Four Star rating)
Palaemon Inc has received a Three-Star rating from Charity Navigator, indicating a solid performance in terms of accountability and finance. With an overall score of 79%, the charity demonstrates a strong commitment to transparency, highlighted by a fully independent board and robust governance policies such as a conflict of interest policy and a whistleblower policy.
The organization has excelled in financial metrics, boasting a program expense ratio of 92.70%, which signifies that a substantial portion of its expenditures directly support its mission. Additionally, the charity has maintained a healthy liabilities to assets ratio of 52.61%, reflecting prudent financial management. The absence of material diversion of assets further underscores its financial integrity.
While Palaemon Inc shows strengths in governance and program efficiency, the rating is solely based on the Accountability & Finance beacon, suggesting that users may want to explore other aspects of the organization, such as program impact, to gain a more comprehensive understanding of its effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Palaemon Inc legitimate?
Palaemon Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Palaemon 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: $172,774
For more financial information, click here
Official website here: www.palaemonhouse.org
What is the mission statement of Palaemon Inc?
Palaemon Inc's mission is centered around empowering young adults with developmental learning disabilities towards achieving an independent lifestyle. They accomplish this by providing a group home with a stable environment, serving as a nurturing ground where these individuals can develop the necessary skills and awareness required for independent living. By offering a secure housing arrangement, Palaemon Inc enables its residents to lead healthy and happy lives with autonomy.
Official website here: www.palaemonhouse.org
Who is the CEO of Palaemon Inc?
James O'Connell is the President of Palaemon Inc.
Official website here: www.palaemonhouse.org
What is the revenue of Palaemon Inc?
Palaemon Inc's revenue in 2022 was $498,902.
Official website here: www.palaemonhouse.org
Who are the executives of Palaemon Inc and what are their salaries?
The average compensation at Palaemon Inc during 2022 was $86,387. There are 2 employees at Palaemon Inc.
Here are 9 key members and their salaries:
- Compensation: $86,387
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- Compensation: $86,387
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Official website here: www.palaemonhouse.org
Where can I find the form 990 for Palaemon Inc?
Palaemon Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.palaemonhouse.org
Learn more at the official website: www.palaemonhouse.org
Mission Statement of Palaemon Inc
Palaemon Inc, a nonprofit organization, is committed to empowering young adults with developmental learning disabilities towards an independent lifestyle. They achieve this by providing a group home that offers a stable environment. This environment serves as a nurturing ground for these individuals, enabling them to learn and develop the necessary skills and awareness needed to live healthy and happy independent lives. Palaemon Inc's mission is to foster independence in these young adults, equipping them with the tools they need to navigate life on their own.
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Impact
July, 2024
Palaemon Inc's impact lies in empowering young adults with developmental learning disabilities towards an independent lifestyle. By providing a group home in Barnstable, MA, they offer a stable environment where residents can develop the skills necessary to live healthy and happy independent lives. This organization's focus on housing and support services creates a significant impact on the lives of individuals with disabilities, enabling them to thrive and achieve greater independence.
This information is meant to be a general summary of Palaemon 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.
- Program Service Revenue: $498,902
- Gross Receipts: $498,902
Assets and Liabilities:
- Total Assets: $593,024
- Total Liabilities: $392,182
- Net Assets: $200,842
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TUITION & FEES
Revenue
$498,902
Organization Details
Founding Year
2008
Phone
(508) 395-0068Principal Officer
James O'Connell
Main Address
3401 MAIN STREET, BARNSTABLE, MA, 02630
Website
www.palaemonhouse.orgNTEE Category
Code: L40 - Housing
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