Overview
What is Palmer House Inc?
Palmer House Inc is a non-profit organization, funded by the US Department of Housing and Urban Development (HUD), dedicated to providing housing for low-income elderly and handicapped individuals. Located in Lauderdale Lakes, FL, the organization operates as a project to meet the housing needs of vulnerable populations. Consisting mainly of rental units, Palmer House plays a pivotal role in ensuring adequate shelter for this demographic.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 94% (Four-Star out of Four Star rating)
Palmer House Inc has achieved an impressive Four-Star rating from Charity Navigator, reflecting its strong accountability and financial health. The organization demonstrates a robust commitment to transparency, as evidenced by its excellent scores in various governance areas, including a fully independent board and the presence of comprehensive policies for conflict of interest and whistleblower protections.
Financially, the nonprofit shows remarkable efficiency with a program expense ratio of 90.80%, indicating that a significant majority of its resources are directed toward its programs rather than administrative costs. Additionally, the organization maintains a very low liabilities to assets ratio of 1.32%, suggesting strong financial stability and effective asset management.
While the data highlights the strengths of Palmer House Inc, it is essential to maintain a continued focus on transparency and stakeholder communication to uphold these standards. Overall, the nonprofit appears to be a well-managed organization that prioritizes its mission and demonstrates integrity in its operations.
This AI summary has been generated from information found on Charity Navigator.
Is Palmer House Inc legitimate?
Palmer House Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Palmer House 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: $169,094
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What is the mission statement of Palmer House Inc?
Palmer House Inc is dedicated to providing housing for low-income elderly and handicapped individuals. This initiative is a project under the US Department of Housing and Urban Development (HUD). The organization offers rental units, fulfilling its mission to accommodate those in need. Palmer House's primary goal is to ensure that the most vulnerable members of the community have a roof over their heads. The housing complex is just one aspect of the organization's efforts to make a difference in people's lives. By providing a safe and stable living environment, Palmer House aims to contribute to the overall well-being of its residents.
Who is the CEO of Palmer House Inc?
Rev Marcos Somarriba is the President of Palmer House Inc.
What is the revenue of Palmer House Inc?
Palmer House Inc's revenue in 2023 was $26,464,958.
Who are the executives of Palmer House Inc and what are their salaries?
The average compensation at Palmer House Inc during 2023 was $21,137. There are 8 employees and 6 volunteers at Palmer House Inc.
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Where can I find the form 990 for Palmer House Inc?
Palmer House Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Palmer House Inc
Palmer House Inc, a nonprofit organization, is dedicated to providing housing for low-income elderly and handicapped individuals. This mission is part of a larger project initiated by the US Department of Housing and Urban Development (HUD). By offering rental units, Palmer House fulfills a crucial need for those in the community who require affordable housing.
Located in Lauderdale Lakes, FL, Palmer House plays an essential role in ensuring that vulnerable members of society have a safe and secure place to call home. The organization's commitment to its residents goes beyond just providing housing. It aims to make a meaningful impact on the lives of the elderly and handicapped individuals it serves, allowing them to live with dignity and independence.
Palmer House's rental units cater to individuals who may struggle to afford housing, enabling them to maintain a stable living situation and focus on their personal well-being. The organization's mission is not only about meeting basic housing needs but also about fostering a sense of community among its residents. By offering a supportive living environment, Palmer House empowers its residents to thrive and reach their full potential.
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Impact
October, 2024
Palmer House Inc significantly impacts the community by providing affordable housing options for low-income elderly and handicapped individuals in Lauderdale Lakes, Florida. By offering rental units as part of a project funded by the US Department of Housing and Urban Development (HUD), Palmer House addresses a critical need for accessible living arrangements for vulnerable populations.
This initiative not only enhances the quality of life for residents but also fosters a supportive community environment where individuals can age with dignity. By focusing on those who are often marginalized in society, Palmer House plays a vital role in ensuring that basic housing needs are met, allowing residents to maintain independence while receiving the necessary support. The availability of such housing is crucial in combating homelessness and housing insecurity among elderly and handicapped individuals, thereby contributing to the overall well-being and stability of the Lauderdale Lakes community.
This information is meant to be a general summary of Palmer House 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: $24,590,068
- Program Service Revenue: $1,874,890
- Gross Receipts: $26,464,958
Assets and Liabilities:
- Total Assets: $24,600,210
- Total Liabilities: $326,672
- Net Assets: $24,273,538
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT ASSISTANCE PAYMENTS
Revenue
$1,519,963
RENTAL INCOME, NET
Revenue
$346,922
COIN LAUNDRY AND VENDING
Revenue
$8,005
Organization Details
Founding Year
1988
Phone
(954) 484-1515Principal Officer
Rev Marcos Somarriba
Main Address
4790 N STATE ROAD 7, LAUDERDALE LAKES, FL, 33319
NTEE Category
Code: L21Z - Housing
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