Overview
What is Midway Apartments Inc?
Midway Apartments Inc is a nonprofit organization situated in Cedar Rapids, Iowa, with a specific focus on assisting individuals and families with mental disabilities. Established with the mission to provide housing facilities tailored to meet their unique needs, they rented 10 units throughout the year. Committed to affordability, Midway Apartments Inc strives to offer housing solutions to those in need. Their primary objective is to enhance the living conditions and support the well-being of mentally disabled individuals, ensuring they have access to suitable accommodations.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 65%, Two-Star out of Four Star rating
Midway Apartments Inc has received a Two-Star rating from Charity Navigator, indicating that while it demonstrates some strong organizational practices, there are significant areas that need improvement. The rating is primarily influenced by the charity's Accountability & Finance score, where it performs well in governance aspects such as having a fully independent board and no material diversion of assets. However, it lacks in areas such as a whistleblower policy and document retention, which are critical for transparency and accountability.
One of the strengths of Midway Apartments Inc is its board governance, with 100% of its board members being independent and a solid size of six independent members. Their program expense ratio is commendable at 76.19%, signifying that a substantial portion of its funds are directed towards its programs rather than administrative costs. This is a positive indicator of the charity's commitment to its mission.
Conversely, limitations arise from the lack of essential policies and financial transparency, particularly the absence of a whistleblower policy and missing tax forms on its website. Additionally, the high liabilities to assets ratio of 153.68% raises concerns about the financial sustainability of the organization. These factors contribute to the overall low rating and highlight areas that require urgent attention to enhance the charity's operational effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Midway Apartments Inc legitimate?
Midway Apartments Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Midway 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 Midway Apartments Inc?
Midway Apartments Inc's mission is centered around providing housing solutions. Specifically, the organization strives to offer affordable living spaces to individuals and families in need. Additionally, Midway Apartments Inc has a special focus on accommodating mentally disabled persons, providing them with housing facilities that are specifically designed to cater to their unique needs. In the past year, the organization has successfully rented out 10 such units to those in need.
Who is the CEO of Midway Apartments Inc?
Theresa Graham-Mineart is the Board Chair/President of Midway Apartments Inc.
What is the revenue of Midway Apartments Inc?
Midway Apartments Inc's revenue in 2022 was $61,239.
Who are the executives of Midway Apartments Inc and what are their salaries?
There 6 volunteers at Midway Apartments Inc.
Here are 6 key members and their salaries:
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
Where can I find the form 990 for Midway Apartments Inc?
Midway Apartments Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Midway Apartments Inc
Midway Apartments Inc, a nonprofit organization, is committed to providing affordable housing to individuals and families in need. Beyond this, the organization has a specialized mission. It strives to offer housing facilities that are specifically tailored to meet the needs of mentally disabled individuals. This mission is crucial in ensuring that these individuals have a suitable living environment that caters to their unique requirements. During the year, Midway Apartments Inc successfully rented out 10 units to individuals and families in need, demonstrating its dedication to its mission.
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Impact
August, 2024
Midway Apartments Inc's impact lies in providing affordable housing to individuals and families in need. Specifically, the organization focuses on offering housing facilities specially designed to meet the needs of mentally disabled persons. By renting out 10 units to those requiring assistance, Midway Apartments Inc contributes to creating a safe and supportive living environment for this vulnerable population in Cedar Rapids, IA. Through their mission to provide specialized housing solutions, Midway Apartments Inc plays a crucial role in fostering inclusivity and access to necessary services for mentally disabled individuals.
This information is meant to be a general summary of Midway 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: $194
- Program Service Revenue: $57,157
- Gross Receipts: $61,239
Assets and Liabilities:
- Total Assets: $441,814
- Total Liabilities: $651,987
- Net Assets: -$210,173
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$56,572
AUXILIARY RENTAL INCOM
Revenue
$585
Organization Details
Founding Year
1999
Phone
(319) 364-0259Principal Officer
Theresa Graham-Mineart
Main Address
5400 KIRKWOOD BLVD SW, CEDAR RAPIDS, IA, 524045216
NTEE Category
Code: L20 - Housing
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