Overview
What is Banyan Club Apartments Holding Corp?
Banyan Club Apartments Holding Corp is a corporation based in West Palm Beach, Florida, specifically at 3333 Forest Hill Blvd, 33406. Their primary objective is to acquire, own, maintain, and operate the Banyan Club Apartments, which is a 148-unit residential complex. This endeavor is geared towards providing affordable housing options to residents of Palm Beach County, with income levels at 60% or less than the area median income. The corporation is committed to ensuring the upkeep and operation of the apartments to cater to this specific demographic.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 71%, earning a Two-Star out of Four Star rating.
Banyan Club Apartments Holding Corp has received a Two-Star rating from Charity Navigator, indicating a moderate level of accountability and transparency. The organization excels in maintaining an independent board, with 100% of its members being independent and strong performance in areas such as financial statement oversight, material diversion of assets, and document retention policies. The program expense ratio is notably high at 93.16%, demonstrating a commitment to its programs.
However, there are significant areas for improvement. The organization scored poorly in its liabilities to assets ratio at 164.81%, indicating potential financial concerns. Additionally, it lacks critical policies such as a conflict of interest and whistleblower policy, which could impact its governance and ethical standards. Furthermore, the absence of the tax form on the nonprofit's website raises concerns about transparency. Overall, while Banyan Club Apartments Holding Corp has a strong commitment to its mission, addressing these limitations will be essential for enhancing its accountability and financial health.
This AI summary has been generated from information found on Charity Navigator.
Is Banyan Club Apartments Holding Corp legitimate?
Banyan Club Apartments Holding Corp is a legitimate nonprofit organization registered as a 501(c)(3) entity. Banyan Club Apartments Holding Corp 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 Banyan Club Apartments Holding Corp?
The mission of Banyan Club Apartments Holding Corp is centered around acquiring, owning, maintaining, and operating the Banyan Club Apartments. However, this corporation has a specific focus on providing affordable housing for citizens in Palm Beach County with income levels that do not exceed 60% of the area median income. This initiative aims to make housing more accessible to a significant portion of the local population. The Banyan Club Apartments Holding Corp manages a 148-unit residential complex, which it owns and operates, contributing to the availability of affordable housing in the area.
Who is the CEO of Banyan Club Apartments Holding Corp?
Carol Jones-Gilbert is the Principal Officer of Banyan Club Apartments Holding Corp.
What is the revenue of Banyan Club Apartments Holding Corp?
Banyan Club Apartments Holding Corp's revenue in 2022 was $1,449,969.
Who are the executives of Banyan Club Apartments Holding Corp and what are their salaries?
There 4 volunteers at Banyan Club Apartments Holding Corp.
Here are 4 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Banyan Club Apartments Holding Corp?
Banyan Club Apartments Holding Corp's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Banyan Club Apartments Holding Corp
Banyan Club Apartments Holding Corp, as a nonprofit organization, is committed to acquiring, owning, maintaining, and operating the Banyan Club Apartments for the purpose of providing affordable housing. This mission is specifically targeted towards citizens of Palm Beach County with income levels that fall below 60% of the area median income. By managing this 148-unit residential apartment complex, Banyan Club Apartments Holding Corp aims to contribute positively to the community, ensuring that a significant portion of its population has access to reasonably priced housing.
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Impact
July, 2024
Banyan Club Apartments Holding Corp plays a crucial role in providing affordable housing options for residents of Palm Beach County with incomes at 60% or less of the area median income. By acquiring, owning, holding, maintaining, and operating the Banyan Club Apartments, this organization ensures that individuals and families in need have access to quality housing. Their impact directly addresses the pressing issue of affordable housing in the community, offering a stable and secure living environment for those who may struggle to afford housing at market rates.
This information is meant to be a general summary of Banyan Club Apartments Holding Corp. 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: $3,684
- Program Service Revenue: $1,433,324
- Gross Receipts: $1,449,969
Assets and Liabilities:
- Total Assets: $3,946,015
- Total Liabilities: $6,503,572
- Net Assets: -$2,557,557
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT REVENUE
Revenue
$1,433,324
Organization Details
Founding Year
2013
Phone
(561) 684-2160Principal Officer
Carol Jones-Gilbert
Main Address
3333 FOREST HILL BLVD, WEST PALM BEACH, FL, 33406
NTEE Category
Code: L99 - Housing
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