Overview
What is Lakeside Partners Of Wilmington Inc?
Lakeside Partners of Wilmington Inc. is a North Carolina-based nonprofit corporation, established in 2010, with a mission to address chronic homelessness among single men and women with disabilities. They are dedicated to developing, constructing, and managing permanent supportive rental housing communities. Their initial project, Phase 1, includes a congregate living facility with 16 one-bedroom units, while Phase 2 aims to provide an additional 24 rental housing units. The organization's goal is to offer a supportive living environment to help these individuals overcome their challenges and improve their quality of life.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 90% (Four-Star out of Four Star rating)
Lakeside Partners Of Wilmington Inc has received a strong Four-Star rating from Charity Navigator, indicating a high level of accountability and financial health. With an impressive score of 90% in Accountability & Finance, the organization demonstrates effective governance practices, including a fully independent board and a robust financial oversight mechanism.
The charity excels in financial management, as evidenced by its excellent program expense ratio of 99.97%, indicating that nearly all funds are directed towards its programs. The organization also maintains a favorable liabilities to assets ratio of 19.70%, showcasing its financial stability. Moreover, the lack of material diversion of assets and loans to/from officers reflects strong ethical practices.
While the overall rating is commendable, the fundraising efficiency ratio could be a point of concern for potential donors, as it indicates a relatively low efficiency in fundraising efforts. Nonetheless, the organization’s strong governance and financial practices suggest that it is well-positioned to effectively utilize donations for its mission.
This AI summary has been generated from information found on Charity Navigator.
Is Lakeside Partners Of Wilmington Inc legitimate?
Lakeside Partners Of Wilmington Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Lakeside Partners Of Wilmington 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
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Other Salaries and Wages: $0
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What is the mission statement of Lakeside Partners Of Wilmington Inc?
Lakeside Partners of Wilmington Inc., established in 2010, is committed to developing, constructing, and managing permanent rental housing facilities. Their primary focus is on providing shelter for single men and women who have a history of chronic homelessness and a disability. The organization aims to create a supportive living environment for these individuals, starting with the development of a congregate living facility consisting of 16 one-bedroom units in the initial phase. In the subsequent phase, they plan to add an additional 24 rental housing units to their community. The goal is to offer a stable and nurturing living space that can help these individuals overcome their challenges and improve their quality of life.
Who is the CEO of Lakeside Partners Of Wilmington Inc?
Matt Thompson is the President of Lakeside Partners Of Wilmington Inc.
What is the revenue of Lakeside Partners Of Wilmington Inc?
Lakeside Partners Of Wilmington Inc's revenue in 2023 was $2,479,540.
Who are the executives of Lakeside Partners Of Wilmington Inc and what are their salaries?
There 6 volunteers at Lakeside Partners Of Wilmington Inc.
Here are 8 key members and their salaries:
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- Related: $160,233
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- Related: $105,152
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Where can I find the form 990 for Lakeside Partners Of Wilmington Inc?
Lakeside Partners Of Wilmington Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Lakeside Partners Of Wilmington Inc
Lakeside Partners of Wilmington, Inc., a North Carolina-based corporation established in 2010, is dedicated to addressing the issue of chronic homelessness among single men and women with disabilities. Their mission is twofold: to develop, construct, and manage permanent supportive rental housing communities. Their first phase of development involves the creation of a congregate living facility, comprising 16 one-bedroom units, serving as a home for this vulnerable population. The second and final phase of their project will see the addition of an additional 24 rental housing units, further expanding their capacity to provide safe and supportive living environments. Lakeside Partners of Wilmington, Inc., through its initiatives, aims to provide a lasting solution to the challenges faced by individuals with a history of chronic homelessness and disabilities, empowering them to rebuild their lives with dignity and independence.
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Impact
July, 2024
Lakeside Partners Of Wilmington Inc's impact lies in providing a crucial solution to address the issue of chronic homelessness among single men and women with disabilities. By developing, building, and operating permanent supportive rental housing, this organization is offering a lifeline to individuals who have faced significant challenges in finding stable housing. Through their focused mission, Lakeside Partners Of Wilmington Inc is helping to create a supportive community that can empower individuals to rebuild their lives and find stability. This initiative not only addresses the immediate need for housing but also aims to provide a long-term solution that can positively impact the lives of those in need.
This information is meant to be a general summary of Lakeside Partners Of Wilmington 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: $9,822
- Program Service Revenue: $335,126
- Gross Receipts: $2,479,540
Assets and Liabilities:
- Total Assets: $8,883,209
- Total Liabilities: $1,750,202
- Net Assets: $7,133,007
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rental Income
Revenue
$335,126
Organization Details
Founding Year
2010
Phone
(910) 763-4424Principal Officer
Matt Thompson
Main Address
811 Martin Street, Wilmington, NC, 28401
NTEE Category
Code: L20 - Housing
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