Overview
What is 501 Procter Street Inc?
501 Procter Street Inc is a charitable organization, headquartered at 7725 Golfhill Dr, Port Arthur, Texas 77642. Its primary mission is to support the Port Arthur Economic Development Corporation in various capacities, including financing, constructing, rehabilitating, renovating, repairing, equipping, furnishing, and leasing buildings in Port Arthur, Texas. The organization's purpose is multifaceted, encompassing charitable, religious, educational, and scientific objectives. It may distribute funds to other exempt organizations as well, contributing to the city's economic development.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 80% (Three-Star out of Four Stars)
501 Procter Street Inc has achieved an overall score of 80%, reflecting strong performance in accountability and finance. This rating is based entirely on a single beacon score, with a perfect score for the independence of its board members and a notable program expense ratio of 85.74%, indicating efficient allocation of funds towards its mission.
The organization boasts a fully independent board of directors, with all members meeting accountability standards, and it has demonstrated robust governance practices by maintaining a conflict of interest policy and documenting board meeting minutes. Additionally, the absence of any material diversion of assets and a favorable liabilities to assets ratio further enhances its financial stability.
However, while the accountability score is commendable, the absence of additional beacons or metrics may limit a comprehensive understanding of its overall impact and effectiveness. Overall, 501 Procter Street Inc presents itself as a well-managed nonprofit with a solid financial foundation and governance structure.
This AI summary has been generated from information found on Charity Navigator.
Is 501 Procter Street Inc legitimate?
501 Procter Street Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. 501 Procter Street 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
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What is the mission statement of 501 Procter Street Inc?
501 Procter Street Inc is established for charitable, religious, educational, and scientific purposes. Its primary mission is to support organizations classified under Section 501(c)(3) of the Internal Revenue Code, as well as assist the Port Arthur, Texas Economic Development Corporation in various projects. These projects include financing, constructing, rehabilitating, renovating, repairing, equipping, furnishing, and leasing properties, facilities, street improvements, and parking lots. Specifically, the organization aims to aid the Port Arthur Economic Development Corporation in refurbishing the Port Arthur Savings Building and other buildings in Port Arthur, Texas.
What is the revenue of 501 Procter Street Inc?
501 Procter Street Inc's revenue in 2023 was $9,674.
Who are the executives of 501 Procter Street Inc and what are their salaries?
Here are 5 key members and their salaries:
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Where can I find the form 990 for 501 Procter Street Inc?
501 Procter Street Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of 501 Procter Street Inc
501 Procter Street Inc is an organization with a charitable, religious, educational, and scientific purpose. Its primary mission is to aid the Port Arthur Economic Development Corporation in various projects, such as financing, constructing, rehabilitating, renovating, repairing, equipping, furnishing, and leasing buildings. This includes the Port Arthur Savings Building located at 501 Procter Street and other old structures in Port Arthur, Texas. By providing financial assistance and resources, 501 Procter Street Inc contributes to the development and improvement of the city's infrastructure.
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Impact
October, 2024
501 Procter Street Inc has a significant impact on the community of Port Arthur, Texas, through its dedicated efforts in economic development and urban revitalization. By focusing on charitable, educational, and scientific objectives, the organization plays a crucial role in enhancing the local infrastructure and promoting economic growth.
One of its primary functions is to assist the Port Arthur Economic Development Corporation in various projects such as financing and constructing new facilities, as well as rehabilitating and renovating existing structures. This not only revitalizes key landmarks like the Port Arthur Savings Building but also improves the overall aesthetic and functionality of the area, fostering a more vibrant community atmosphere.
The organization’s initiatives extend to crucial improvements, including street enhancements and parking lot upgrades, which are vital for increasing accessibility and encouraging local businesses. By concentrating on these aspects, 501 Procter Street Inc contributes to the overall economic health of Port Arthur, creating job opportunities and promoting community engagement.
Overall, the organization's impact is multifaceted—fostering community improvement, preserving historical sites, and stimulating economic activity, all of which collectively enhance the quality of life for residents in Port Arthur.
This information is meant to be a general summary of 501 Procter Street 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 2023.
- Investment Income: $10,035
- Gross Receipts: $31,221
Assets and Liabilities:
- Total Assets: $458,576
- Total Liabilities: $0
- Net Assets: $458,576
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Organization Details
Founding Year
2013
Principal Officer
Pat Holmes
NTEE Category
Code: S30 - Community improvement
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