Overview
What is Venable Apartments I Inc?
Venable Apartments I Inc. is a Maryland-based nonprofit corporation, established in January 2001, primarily dedicated to constructing and managing affordable housing facilities for the elderly. The organization, located at 401 E Woodbourne Avenue, Baltimore, Maryland, 21212, was supported financially through the U.S. Department of Housing and Urban Development (HUD) under Section 202 of the National Affordable Housing Act. This act regulates the entity's rental charges and operating methods to ensure affordable housing for the elderly, with a total of 71 units available in Baltimore. In essence, Venable Apartments I Inc. contributes to the well-being of the elderly population by providing affordable housing options.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (67%)
Venable Apartments I Inc has received a Two-Star out of Four Star rating from Charity Navigator, indicating a need for improvement in certain areas. The organization has shown strengths in its governance, with 87% of board members being independent and a perfect score for financial statement audits. Additionally, the program expense ratio is strong at 82.56%, suggesting that a significant portion of resources is directed toward its programs.
However, the organization faces limitations in its financial health, as evidenced by a liabilities to assets ratio of 134.97%, which raises concerns about its ability to manage debts effectively. Furthermore, several key policies, including conflict of interest, whistleblower, and document retention policies, are missing, which could hinder accountability and transparency. The absence of a tax form on the nonprofit's website also detracts from its financial openness.
Overall, while Venable Apartments I Inc demonstrates strong programmatic focus and governance, addressing the noted financial stability issues and implementing essential policies would enhance its rating and operational effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Venable Apartments I Inc legitimate?
Venable Apartments I Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Venable Apartments I 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 Venable Apartments I Inc?
Venable Apartments I Inc, established under Section 202 of the National Housing Act, is committed to providing affordable housing for the elderly. Operating under the regulations of the U.S. Department of Housing and Urban Development (HUD), the organization constructs and manages housing facilities, ensuring that 71 units are accessible for the elderly population. This mission is in line with the goal of providing a secure living space for the elderly, ensuring they can maintain their independence with affordable housing options.
Who is the CEO of Venable Apartments I Inc?
Thomas Monahan is the Principal Officer of Venable Apartments I Inc.
What is the revenue of Venable Apartments I Inc?
Venable Apartments I Inc's revenue in 2022 was $709,306.
Who are the executives of Venable Apartments I Inc and what are their salaries?
There 7 volunteers at Venable Apartments I Inc.
Here are 7 key members and their salaries:
- Compensation: $0
- Related: $127,500
- Other: $9,304
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- 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 Venable Apartments I Inc?
Venable Apartments I Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Venable Apartments I Inc
Venable Apartments I Inc, established in 2001, is committed to providing affordable housing solutions for the elderly. Operating under Section 202 of the National Housing Act, this organization constructs and manages housing facilities that cater specifically to the elderly population. Financed by the U.S. Department of Housing and Urban Development (HUD), Venable Apartments I Inc ensures that its rental charges and operating methods adhere to the regulations set forth by HUD, ensuring that the elderly residents can afford their living arrangements. By providing affordable housing options, Venable Apartments I Inc contributes to the well-being and independence of the elderly community, enabling them to maintain a dignified quality of life.
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Impact
July, 2024
Venable Apartments I Inc's impact lies in providing affordable housing to the elderly in Baltimore, Maryland. Established in 2001, this organization operates 71 units specifically designed for the elderly population. By offering housing facilities under Section 202 of the National Housing Act, Venable Apartments I Inc plays a crucial role in ensuring that the elderly have access to safe and affordable living spaces. Through its mission-driven approach, this entity contributes to addressing the housing needs of vulnerable communities, enhancing their quality of life and promoting social well-being.
This information is meant to be a general summary of Venable Apartments I 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: $26
- Program Service Revenue: $231,733
- Gross Receipts: $709,306
Assets and Liabilities:
- Total Assets: $4,157,121
- Total Liabilities: $5,327,229
- Net Assets: -$1,170,108
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$231,733
Organization Details
Founding Year
2001
Phone
(410) 433-2442Principal Officer
Thomas Monahan
Main Address
401 E WOODBOURNE AVENUE, BALTIMORE, MD, 21212
NTEE Category
Code: L21 - Housing
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