Overview
What is Jacobs Place Apartments C/O Darwin T Lynner Co Inc?
Jacobs Place Apartments C/O Darwin T Lynner Co Inc is an Iowa-based nonprofit organization, established with the purpose of constructing, owning, and managing an 82-unit apartment community named Jacobs Place, situated in Des Moines, Iowa. Initially, the community was financed through a loan insured by the Department of Housing and Urban Development under Section 202 of the National Housing Act. In October 2006, the organization refinanced its initial HUD-insured mortgage with a new one, also under Section 223(F) of the National Housing Act. The nonprofit's mission revolves around providing housing for its residents, contributing to the local community in Des Moines, Iowa.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (67%, Two-Star out of Four Star rating)
Jacobs Place Apartments C/O Darwin T Lynner Co Inc received a two-star rating from Charity Navigator, indicating a need for improvement in its operational practices. The organization demonstrates strong governance with 100% independent board members and a high program expense ratio of 85.54%, reflecting a commitment to its mission. However, the organization faces significant scrutiny due to missing critical documents such as tax forms, conflict of interest policies, and whistleblower policies.
The accountability and finance score is moderate at 67%, highlighting a possible area of concern regarding financial transparency and governance practices. The liabilities to assets ratio of 78.31% raises questions about financial stability, which could impact the organization’s ability to meet its obligations. While the organization has strong oversight mechanisms in place, these financial indicators suggest that the nonprofit may need to reassess its fiscal strategies to ensure long-term sustainability.
Overall, Jacobs Place Apartments has several strengths in governance and program expenditure, but the lack of essential policies and high liabilities relative to assets are significant limitations. Addressing these issues could enhance their rating and improve stakeholder confidence in their operations.
This AI summary has been generated from information found on Charity Navigator.
Is Jacobs Place Apartments C/O Darwin T Lynner Co Inc legitimate?
Jacobs Place Apartments C/O Darwin T Lynner Co Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Jacobs Place Apartments C/O Darwin T Lynner Co 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:
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What is the mission statement of Jacobs Place Apartments C/O Darwin T Lynner Co Inc?
Jacobs Place Apartments, managed by Darwin T Lynner Co Inc, is a not-for-profit organization in Iowa. Its primary mission is to construct, own, and operate an 82-unit apartment community named Jacobs Place. Originally, the community was financed with a loan insured by the Department of Housing and Urban Development under Section 202 of the National Housing Act. In October 2006, the corporation refinanced its original HUD-insured mortgage with a new one, also under Section 202 of the National Housing Act, this time utilizing Section 223(F). However, the provided information does not detail any specific objectives or goals beyond the construction and operation of the apartment community.
Who is the CEO of Jacobs Place Apartments C/O Darwin T Lynner Co Inc?
John Wetherell is the President of Jacobs Place Apartments C/O Darwin T Lynner Co Inc.
What is the revenue of Jacobs Place Apartments C/O Darwin T Lynner Co Inc?
Jacobs Place Apartments C/O Darwin T Lynner Co Inc's revenue in 2022 was $731,691.
Who are the executives of Jacobs Place Apartments C/O Darwin T Lynner Co Inc and what are their salaries?
Here are 8 key members and their salaries:
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Where can I find the form 990 for Jacobs Place Apartments C/O Darwin T Lynner Co Inc?
Jacobs Place Apartments C/O Darwin T Lynner Co Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Jacobs Place Apartments C/O Darwin T Lynner Co Inc
Jacobs Place Apartments C/O Darwin T Lynner Co Inc, a Iowa-based not-for-profit corporation, was established with a mission to construct, own, and operate an 82-unit apartment community named Jacobs Place. Initially, the community was financed through a loan insured by the Department of Housing and Urban Development (HUD) under Section 202 of the National Housing Act. In October 2006, the corporation refinanced its original HUD-insured mortgage with a new one, also under Section 202 of the National Housing Act. However, this time, it was the Section 223(F) of the National Housing Act that was utilized for the refinancing process. In essence, Jacobs Place Apartments C/O Darwin T Lynner Co Inc's mission revolves around providing affordable housing and managing the community, utilizing various financial assistance schemes from HUD to ensure its viability.
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Impact
July, 2024
Jacobs Place Apartments, operated by Darwin T Lynner Co Inc as a not-for-profit entity, has a significant impact in providing affordable housing in Des Moines, Iowa. With 82 units, this apartment community plays a crucial role in ensuring that residents have access to safe and stable housing. By utilizing HUD-insured loans, Jacobs Place Apartments addresses the housing needs of low-income individuals and families in the area. This establishment's contribution to the community aligns with its mission of constructing, owning, and operating housing that is essential for the well-being of its residents.
This information is meant to be a general summary of Jacobs Place Apartments C/O Darwin T Lynner Co 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: $80
- Program Service Revenue: $312,836
- Gross Receipts: $731,691
Assets and Liabilities:
- Total Assets: $2,406,083
- Total Liabilities: $1,884,479
- Net Assets: $521,604
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$312,836
Organization Details
Founding Year
1982
Phone
(515) 243-8300Principal Officer
John Wetherell
Main Address
2930 BELL AVENUE, DES MOINES, IA, 503211421
NTEE Category
Code: L20Z - Housing
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