Overview
What is Gorman Towers Inc?
Gorman Towers Inc, situated in Fort Smith, Arkansas, is a dedicated nonprofit organization that provides housing solutions for the elderly and individuals with disabilities. Their primary mission is to offer affordable and compassionate living spaces, serving as a home where these individuals can maintain their independence and dignity. The organization is committed to ensuring that their residents lead fulfilling lives, fostering a supportive community atmosphere.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67%, earning it a Two-Star out of Four Star rating.
Gorman Towers Inc has received a Two-Star rating from Charity Navigator, indicating a moderate level of accountability and financial health. The organization excels in areas such as having a fully independent board and strong program expense ratio, demonstrating a commitment to using funds effectively for their mission. However, the overall score is impacted by significant weaknesses in financial oversight and policy documentation.
While the organization's program expenses are high, indicating that most funds are directed towards programming, it has a concerning liabilities-to-assets ratio of 109.65%, suggesting financial instability. Additionally, Gorman Towers Inc has several missing governance policies, such as a conflict of interest policy and a whistleblower policy, which are critical for ensuring transparency and accountability.
Overall, the strengths in governance and program expenses are overshadowed by the weaknesses in financial stability and the absence of key policies. Stakeholders may want to consider these factors when evaluating the organization's overall effectiveness.
This AI summary has been generated from information found on Charity Navigator.
Is Gorman Towers Inc legitimate?
Gorman Towers Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Gorman 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: $450,350
For more financial information, click here
What is the mission statement of Gorman Towers Inc?
Gorman Towers Inc is committed to providing non-profit housing for the elderly and individuals with disabilities. Their mission is to offer a living space that caters to the needs of this specific population, ensuring they can live with dignity and independence. By operating as a retirement home or senior housing program, Gorman Towers Inc strives to create an inclusive and supportive environment, promoting the well-being and quality of life for its residents. This mission reflects a dedication to social responsibility and community service, aiming to make a positive impact in the lives of its residents.
What is the revenue of Gorman Towers Inc?
Gorman Towers Inc's revenue in 2023 was $2,077,309.
Who are the executives of Gorman Towers Inc and what are their salaries?
Here are 3 key members and their salaries:
- 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 Gorman Towers Inc?
Gorman Towers Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Gorman Towers Inc
Gorman Towers Inc, a non-profit organization, is dedicated to providing housing for the elderly and handicapped. Their mission is to create a living environment that caters to the unique needs of this demographic, offering them a safe and supportive community. By focusing on non-profit housing, Gorman Towers ensures that affordable options are available, making it easier for senior citizens and individuals with disabilities to maintain their independence and dignity. The organization's commitment to this cause is evident in their mission statement, which prioritizes the well-being and comfort of their residents, providing them with a place to call home.
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Impact
July, 2024
Gorman Towers Inc's impact is focused on providing non-profit housing for the elderly and handicapped in Fort Smith, Arkansas. Their mission is to offer retirement home or senior housing services to those in need in the community. This initiative plays a crucial role in addressing housing challenges faced by vulnerable populations, ensuring they have a safe and supportive environment to live in during their later years. By offering affordable and accessible housing options, Gorman Towers Inc contributes significantly to enhancing the quality of life for elderly and handicapped individuals in the area.
This information is meant to be a general summary of Gorman 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 2023.
- Investment Income: $482
- Program Service Revenue: $2,076,827
- Gross Receipts: $2,077,309
Assets and Liabilities:
- Total Assets: $3,620,907
- Total Liabilities: $4,192,858
- Net Assets: -$571,951
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
HOUSING ASSISTANCE PAYMENTS
Revenue
$1,408,483
RENT REVENUE
Revenue
$717,549
LAUNDRY AND VENDING REVENUE
Revenue
$12,157
FORFEITED SECURITY DEPOSITS
Revenue
$7,908
INCOME - BEAUTY SHOP
Revenue
$479
Organization Details
Founding Year
1980
Principal Officer
Dr William Hutchinson
NTEE Category
Code: L22Z - Housing
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