Overview
What is Ahepa-Penelope 38 Apartments Inc?
Ahepa-Penelope 38 Apartments Inc is a not-for-profit organization, established in accordance with Iowa's non-profit laws. Its primary purpose is to construct, manage, and operate an affordable housing apartment community in Ankeny, Iowa, named Ahepa-Penelope 38 Apartments. This initiative aligns with Section 202 of the National Affordable Housing Act, aiming to provide affordable housing options for the community. The sponsor of this project is Ahepa National Housing Corporation.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 73%, earning it a Two-Star out of Four Star rating.
Ahepa-Penelope 38 Apartments Inc has received a rating of 73%, reflecting some strengths in its operations but also notable areas for improvement. The organization exhibits strong governance with a fully independent board and effective management of its liabilities compared to assets. Additionally, it has a high program expense ratio, indicating that a significant portion of its funds is directed towards its mission-related activities.
However, the organization faces criticism due to several missing policies and transparency issues. The absence of a conflict of interest policy, whistleblower policy, and document retention policy raises concerns about its governance practices. Furthermore, the nonprofit has not made its website accessible via the tax form, which might affect transparency and public trust. These limitations highlight the need for Ahepa-Penelope 38 Apartments Inc to enhance its accountability measures to improve its overall rating.
This AI summary has been generated from information found on Charity Navigator.
Is Ahepa-Penelope 38 Apartments Inc legitimate?
Ahepa-Penelope 38 Apartments Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Ahepa-Penelope 38 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.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
What is the mission statement of Ahepa-Penelope 38 Apartments Inc?
Ahepa-Penelope 38 Apartments Inc was established with the primary goal of constructing, owning, and operating an affordable housing apartment community. This not-for-profit organization, as outlined in Iowa's not-for-profit statutes, aims to provide affordable housing options for residents. The corporation, in accordance with the National Affordable Housing Act, undertook the development of a 53-unit apartment complex, known as Ahepa-Penelope 38 Apartments, situated in Ankeny, Iowa. The sponsor of this initiative is Ahepa National Housing Corporation.
Who is the CEO of Ahepa-Penelope 38 Apartments Inc?
Christy Karthan is the President of Ahepa-Penelope 38 Apartments Inc.
What is the revenue of Ahepa-Penelope 38 Apartments Inc?
Ahepa-Penelope 38 Apartments Inc's revenue in 2022 was $486,092.
Who are the executives of Ahepa-Penelope 38 Apartments Inc and what are their salaries?
There 8 volunteers at Ahepa-Penelope 38 Apartments Inc.
Here are 8 key members and their salaries:
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Where can I find the form 990 for Ahepa-Penelope 38 Apartments Inc?
Ahepa-Penelope 38 Apartments Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Ahepa-Penelope 38 Apartments Inc
Ahepa-Penelope 38 Apartments Inc was established with a mission to construct, own, and operate an affordable housing apartment community. This not-for-profit corporation, in accordance with the statutes of Iowa, aims to provide affordable living spaces for its residents. The organization's primary objective is to develop and manage a 53-unit apartment complex, known as Ahepa-Penelope 38 Apartments, under the National Affordable Housing Act. The sponsor of this initiative is Ahepa National Housing Corporation, demonstrating a commitment to affordable housing and community development.
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Impact
July, 2024
Ahepa-Penelope 38 Apartments Inc's impact can be seen in providing affordable housing options for individuals in Ankeny, Iowa. By owning and operating a 53-unit apartment community, they are addressing the crucial need for affordable housing in the area. This initiative contributes to the overall well-being of the community by offering a stable and affordable living environment for those in need. Their focus on affordable housing aligns with their mission to serve the community and make a positive impact on the lives of residents.
This information is meant to be a general summary of Ahepa-Penelope 38 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: $32
- Program Service Revenue: $450,412
- Gross Receipts: $486,092
Assets and Liabilities:
- Total Assets: $1,571,158
- Total Liabilities: $40,016
- Net Assets: $1,531,142
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$243,938
TENANT ASSISTANCE HUD
Revenue
$206,474
Organization Details
Founding Year
1995
Phone
(515) 965-5987Principal Officer
Christy Karthan
Main Address
717 NE 5TH STREET, ANKENY, IA, 50021
NTEE Category
Code: L99Z - Housing
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