Overview
What is Alverno Apartments Inc?
Alverno Apartments Inc is a nonprofit organization situated in Dubuque, Iowa, specifically at 3525 Windsor Avenue. Their primary mission is to provide affordable housing to elderly and disabled individuals who qualify for federal housing assistance. The complex consists of 100 one-bedroom apartments, with rent set at 30% of the residents' annual adjusted income. The organization prioritizes the well-being of its residents, ensuring they can live independently in a safe and secure environment. Alverno Apartments Inc is committed to catering to the housing needs of those who meet the Low-Income criteria, making a significant contribution to the community's support system for the elderly and disabled population.
Official website here: www.alvernoapts.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 77%, Three-Star out of Four Star Rating
Alverno Apartments Inc has achieved a solid Three-Star rating from Charity Navigator, indicating a good level of accountability and finance management. The score is predominantly based on their Accountability & Finance metrics, where they scored 77%. This reflects a commendable structure with 100% independent board members and comprehensive financial oversight practices, including an active audit committee.
The organization demonstrates strong practices in various areas such as conflict of interest policies and documentation retention. However, one notable limitation is the absence of a whistleblower policy, which may raise concerns about transparency in reporting misconduct. Additionally, while their program expense ratio is impressive at 81.48%, their liabilities to assets ratio of 80.16% suggests potential financial vulnerabilities that could impact long-term stability.
Overall, Alverno Apartments Inc appears to be well-managed in terms of accountability, but there are areas that require attention to enhance their governance practices further. Their positive financial indicators and independent oversight are promising, yet addressing the missing whistleblower policy and improving their financial ratios could strengthen their operations and donor trust further.
This AI summary has been generated from information found on Charity Navigator.
Is Alverno Apartments Inc legitimate?
Alverno Apartments Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Alverno Apartments 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.
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Official website here: www.alvernoapts.com
What is the mission statement of Alverno Apartments Inc?
Alverno Apartments Inc is committed to serving the needs of low-income elderly or handicapped individuals who are capable of living independently. They achieve this by providing safe and secure housing at an affordable cost. The organization's primary activity revolves around offering one-bedroom apartments to eligible individuals, with rent set at 30% of their annual adjusted income. The head of household or spouse must be 62 years old or above, but individuals younger than 62 may qualify if they are handicapped and meet HUD requirements. Alverno Apartments Inc aims to make housing accessible for this specific group, ensuring their independent living is supported and affordable.
Official website here: www.alvernoapts.com
Who is the CEO of Alverno Apartments Inc?
Steve Cornelius is the President of Alverno Apartments Inc.
Official website here: www.alvernoapts.com
What is the revenue of Alverno Apartments Inc?
Alverno Apartments Inc's revenue in 2022 was $812,252.
Official website here: www.alvernoapts.com
Who are the executives of Alverno Apartments Inc and what are their salaries?
Here are 7 key members and their salaries:
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Official website here: www.alvernoapts.com
Where can I find the form 990 for Alverno Apartments Inc?
Alverno Apartments Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.alvernoapts.com
Learn more at the official website: www.alvernoapts.com
Mission Statement of Alverno Apartments Inc
Alverno Apartments Inc is an organization dedicated to addressing the housing needs of low-income elderly or handicapped individuals who are capable of living independently. Their mission is to provide these individuals with safe and secure housing at an affordable cost. Alverno Apartments Inc achieves this by offering 100 one-bedroom apartments, where the rent is calculated based on 30% of the annual adjusted income. The head of the household or spouse must be 62 years old or above. However, persons younger than 62 may also be eligible if they are handicapped and meet the HUD requirements. Alverno Apartments Inc plays a crucial role in ensuring that these individuals have access to affordable housing, enabling them to live independently with dignity and security.
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Impact
July, 2024
Alverno Apartments Inc positively impacts the community by providing safe and secure housing for low-income elderly or handicapped individuals in Dubuque, Iowa. By offering affordable housing options based on 30% of their annual adjusted income, Alverno Apartments enables individuals in need to live independently with dignity and support. This organization plays a crucial role in ensuring that vulnerable members of society have access to a comfortable and supportive living environment, promoting their well-being and quality of life.
This information is meant to be a general summary of Alverno Apartments 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: $6
- Program Service Revenue: $359,838
- Gross Receipts: $812,252
Assets and Liabilities:
- Total Assets: $2,886,457
- Total Liabilities: $2,318,934
- Net Assets: $567,523
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENT REVENUE
Revenue
$348,440
LAUNDRY AND VENDING
Revenue
$5,984
TENANT CHARGES
Revenue
$5,414
Organization Details
Founding Year
1978
Phone
(563) 582-2364Principal Officer
Steve Cornelius
Main Address
3525 WINDSOR AVANUE, DUBUQUE, IA, 52001
Website
www.alvernoapts.comNTEE Category
Code: L200 - Housing
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