Overview
What is Smithland Elderly Apartments Inc?
Smithland Elderly Apartments Inc is a nonprofit organization based in Winston-Salem, North Carolina. Their primary mission is to provide housing for the elderly and disabled, catering to their physical, social, and psychological needs. They operate a 12-unit apartment complex under Section 202 of the National Housing Act of 1959, which is located in Smithland, Kentucky. The project is regulated by the U.S. Department of Housing and Urban Development (HUD) regarding rental rates and operating methods. Moreover, a significant portion of the project's rental income is received from HUD, as the units are covered under a Project Rental Assistance Contract with the department.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 1 Star (58%)
Smithland Elderly Apartments Inc has received a One-Star out of Four Star rating from Charity Navigator, indicating significant concerns regarding its accountability and financial practices. The organization scored particularly well in areas such as having an entirely independent board and maintaining a high program expense ratio, which reflects a strong commitment to its mission. However, the overall rating is substantially impacted by deficiencies in governance policies, including missing conflict of interest and whistleblower policies.
While the charity demonstrates effective use of funds towards its programs, indicated by a program expense ratio of 95.56%, it faces serious challenges with its financial management, highlighted by a liabilities to assets ratio of 519.50%. This suggests that the organization may be over-leveraged and could struggle to meet its financial obligations. The absence of certain key governance policies points to potential vulnerabilities in oversight and accountability.
In summary, Smithland Elderly Apartments Inc excels in program allocation and independent governance but is significantly hindered by its financial liabilities and lack of essential compliance policies. These factors contribute to its low overall rating, suggesting that potential donors should exercise caution and consider these issues before contributing.
This AI summary has been generated from information found on Charity Navigator.
Is Smithland Elderly Apartments Inc legitimate?
Smithland Elderly Apartments Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Smithland Elderly Apartments 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 Smithland Elderly Apartments Inc?
Smithland Elderly Apartments Inc is committed to providing housing for the elderly and disabled. Their mission is to offer housing facilities and services that cater to the physical, social, and psychological needs of these individuals. The organization operates a 12-unit apartment complex, regulated by the United States Department of Housing and Urban Development (HUD), and receives a significant portion of its rental income from HUD under a project rental assistance contract. The goal is to ensure that elderly and disabled persons can live in a comfortable and supportive environment.
Who is the CEO of Smithland Elderly Apartments Inc?
Howard M Myers is the President of Smithland Elderly Apartments Inc.
What is the revenue of Smithland Elderly Apartments Inc?
Smithland Elderly Apartments Inc's revenue in 2022 was $68,909.
Who are the executives of Smithland Elderly Apartments Inc and what are their salaries?
There 4 volunteers at Smithland Elderly Apartments Inc.
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 Smithland Elderly Apartments Inc?
Smithland Elderly Apartments Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Smithland Elderly Apartments Inc
Smithland Elderly Apartments Inc, a nonprofit organization, is dedicated to providing housing for elderly and disabled individuals. Their mission is to offer housing facilities and services that cater to the physical, social, and psychological needs of these individuals. The organization operates a 12-unit apartment complex, regulated by the United States Department of Housing and Urban Development (HUD), ensuring rentals are affordable and operating methods adhere to HUD standards. A significant portion of the project's rental income is supported by a HUD Project Rental Assistance Contract, furthering their commitment to providing affordable housing for the elderly and disabled population.
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Impact
August, 2024
Smithland Elderly Apartments Inc's impact is significant as it provides essential housing for elderly and disabled individuals in Smithland, Kentucky. By operating a 12-unit apartment complex under Section 202 of the National Housing Act of 1959, the organization ensures that this vulnerable population has access to safe and affordable housing. The project's regulation by the United States Department of Housing and Urban Development (HUD) guarantees that rental rates remain within reach for low-income individuals. Additionally, the project's rental assistance contract with HUD further supports the financial viability of the housing complex, allowing it to continue serving those in need. Overall, Smithland Elderly Apartments Inc plays a crucial role in meeting the physical, social, and psychological needs of elderly and disabled residents in the community.
This information is meant to be a general summary of Smithland Elderly Apartments 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: $3
- Program Service Revenue: $42,634
- Gross Receipts: $68,909
Assets and Liabilities:
- Total Assets: $122,308
- Total Liabilities: $635,400
- Net Assets: -$513,092
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$42,634
Organization Details
Founding Year
1996
Phone
(336) 760-8100Principal Officer
Howard M Myers
Main Address
PO BOX 25088, WINSTONSALEM, NC, 27114
NTEE Category
Code: L22Z - Housing
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