Overview
What is Parklane Apartments Inc?
Parklane Apartments Inc is a nonprofit organization dedicated to providing affordable housing solutions. They specialize in operating low-income housing units, catering to the needs of elderly, handicapped, and low-income families. With the aid of rent subsidies and financing from the HUD, they manage and maintain 54 such units effectively, ensuring that all related expenses are covered. Their mission aligns with the provision of accessible and affordable housing, contributing positively to the community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 58%, One-Star out of Four Stars
Parklane Apartments Inc has been assigned a One-Star rating by Charity Navigator, indicating significant concerns regarding its accountability and financial practices. The organization's overall score reflects issues such as a lack of independent board members and missing policies on conflict of interest, whistleblowing, and document retention, which are crucial for transparency and governance.
Despite these weaknesses, Parklane Apartments Inc demonstrates a strong commitment to its mission, as evidenced by its high program expense ratio of 87.95%. This suggests that the majority of its funding is directed towards its programs rather than administrative costs, which is a positive aspect of its operations. Additionally, the organization has not reported any material diversion of assets, which is a reassuring indicator of financial integrity.
However, the lack of fundamental governance policies and an independent oversight structure raises concerns about its long-term sustainability and effectiveness. The absence of a website listed on its tax form and missing financial documents further detracts from its accountability measures. Overall, while the organization shows promise in program funding, significant improvements in governance and transparency are necessary for it to enhance its standing within the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Parklane Apartments Inc legitimate?
Parklane Apartments Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Parklane 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: $51,323
Professional Fundraising Fees: $0
Other Salaries and Wages: $81,245
For more financial information, click here
What is the mission statement of Parklane Apartments Inc?
Parklane Apartments Inc, as an organization, is dedicated to providing low-income housing options. They manage and operate 54 units specifically catering to elderly, handicapped, and low-income family residents. To support this mission, Parklane Apartments has secured financial aid and rent subsidies from HUD, ensuring that all related expenses are covered. Their primary focus is on making affordable housing accessible to those who need it most.
Who is the CEO of Parklane Apartments Inc?
Farrell Sexton is the Vice Preside of Parklane Apartments Inc.
What is the revenue of Parklane Apartments Inc?
Parklane Apartments Inc's revenue in 2022 was $577,467.
Who are the executives of Parklane Apartments Inc and what are their salaries?
The average compensation at Parklane Apartments Inc during 2022 was $66,284. There are 2 employees at Parklane Apartments Inc.
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 Parklane Apartments Inc?
Parklane Apartments Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Parklane Apartments Inc
Parklane Apartments Inc, as a nonprofit organization, is dedicated to providing low-income housing options. This mission is fulfilled through the operation of 54 units specifically designed for elderly, handicapped, and low-income families. To ensure the affordability and maintenance of these units, Parklane Apartments has secured rent subsidies and financing from the Department of Housing and Urban Development (HUD). This financial support covers all related expenses, allowing Parklane Apartments to continue its mission of offering safe and affordable housing solutions to those in need.
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Impact
July, 2024
Parklane Apartments Inc provides essential housing services for elderly, handicapped, and low-income families in Fort Smith, AR. By owning and operating 54 units dedicated to these vulnerable populations, the organization ensures that these individuals have a safe and affordable place to call home. With the support of rent subsidies and financing from HUD, Parklane Apartments is able to cover all related expenses, making it possible for those in need to access stable housing options. Through their work, Parklane Apartments Inc positively impacts the lives of many individuals by addressing the crucial need for affordable housing in the community.
This information is meant to be a general summary of Parklane 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: $20
- Program Service Revenue: $577,447
- Gross Receipts: $577,467
Assets and Liabilities:
- Total Assets: $1,288,372
- Total Liabilities: $831,703
- Net Assets: $456,669
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
HOUSING ASSISTANCE PAYMENTS F
Revenue
$393,016
RENT REVENUE
Revenue
$207,120
LAUNDRY AND VENDING REVENUE
Revenue
$3,694
FORFEITED SECURITY DEPOSITS
Revenue
$3,530
RENTAL CONCESSIONS
Revenue
-$1,430
Organization Details
Founding Year
1972
Phone
(479) 782-7268Principal Officer
Farrell Sexton
Main Address
PO BOX 1526, FORT SMITH, AR, 72902
NTEE Category
Code: L210 - Housing
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