Overview
What is Magnolia Towers Inc?
Magnolia Towers Inc is a church-affiliated, non-profit organization situated in Orlando, Florida. It operates a 156-unit facility, dedicated to providing housing for low-income elderly individuals. The organization is deeply committed to preserving the dignity, rights, self-respect, and independence of its residents. This is reflected in its mission to create and maintain excellent residential facilities while recognizing the responsibility to use resources wisely. With a dedicated workforce of 10 employees, Magnolia Towers Inc strives to honor the unique needs and lives of its elderly residents, ensuring they live in a supportive and respectful environment.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Magnolia Towers Inc has received a Two-Star out of Four Star rating from Charity Navigator, with an overall score of 64%. This rating indicates that while the organization demonstrates some strengths, there are significant areas that require improvement, particularly in financial transparency. The organization has an 80% independent board and has established policies for conflict of interest, whistleblower protection, and document retention, which reflect a commitment to good governance practices.
One of the notable strengths is the organization’s program expense ratio, which is 100%, indicating that all of its resources are allocated directly to its programs. However, the lack of financial statements and a missing website on its tax form raises concerns about the organization's overall transparency and accountability. The liabilities to assets ratio is also concerning, reflecting a potential financial instability that could impact its operations.
Overall, while Magnolia Towers Inc has implemented essential governance policies and focuses all its expenses on program services, the issues with financial documentation and transparency suggest that potential donors or stakeholders should approach with caution. Improving these areas could enhance its rating and trustworthiness in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Magnolia Towers Inc legitimate?
Magnolia Towers Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Magnolia Towers 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: $229,602
For more financial information, click here
What is the mission statement of Magnolia Towers Inc?
Magnolia Towers Inc, a church-affiliated, non-profit organization, is dedicated to providing exceptional residential facilities for older adults. Their mission is centered around honoring the dignity, rights, self-respect, and independence of each individual. They are committed to a program of stewardship, recognizing the responsibility to utilize their resources effectively. This entails providing services for older adults, with a focus on preserving and enhancing their living conditions.
Who is the CEO of Magnolia Towers Inc?
Henry Keith is the Chairman of Magnolia Towers Inc.
What is the revenue of Magnolia Towers Inc?
Magnolia Towers Inc's revenue in 2022 was $1,187,477.
Who are the executives of Magnolia Towers Inc and what are their salaries?
The average compensation at Magnolia Towers Inc during 2022 was $22,960. There are 10 employees at Magnolia Towers Inc.
Here are 9 key members and their salaries:
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- Related: $0
- Other: $0
- Compensation: $0
- Related: $627,004
- Other: $12,206
- Compensation: $0
- Related: $531,910
- Other: $14,869
- 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 Magnolia Towers Inc?
Magnolia Towers Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Magnolia Towers Inc
Magnolia Towers Inc, a church-related and non-profit organization, is dedicated and committed to providing services for older adults. Their mission is centered around creating and preserving exceptional residential facilities. They hold a strong belief in upholding each person's dignity, rights, self-respect, and independence. Magnolia Towers Inc is also committed to a program of stewardship, recognizing the responsibility to utilize their resources effectively and responsibly. This approach ensures they can continue to provide top-notch services for the older adults they serve.
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Impact
July, 2024
Magnolia Towers Inc plays a crucial role in providing housing for low-income elderly individuals in Orlando, Florida. Their 156-unit facility serves as a beacon of hope for older adults in need, offering them not just shelter but also a safe and respectful environment that upholds their dignity, rights, self-respect, and independence. By focusing on creating and preserving excellent residential facilities, Magnolia Towers Inc demonstrates a commitment to stewardship and responsible resource management. The organization's impact is evident in the support and care it provides to older adults who may otherwise struggle to find suitable housing options.
This information is meant to be a general summary of Magnolia Towers 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.
- Program Service Revenue: $1,187,401
- Gross Receipts: $1,187,477
Assets and Liabilities:
- Total Assets: $3,189,456
- Total Liabilities: $4,075,096
- Net Assets: -$885,640
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
NET ROOM RENTAL
Revenue
$1,067,628
FEES/CONTRACTS FROM GOV
Revenue
$70,935
OTHER REVENUE
Revenue
$48,838
Organization Details
Founding Year
1964
Phone
(407) 839-5050Principal Officer
Henry Keith
Main Address
80 WEST LUCERNE CIRCLE, ORLANDO, FL, 32801
NTEE Category
Code: L22Z - Housing
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