Overview
What is Yonkers Larkin Garage Inc?
Yonkers Larkin Garage Inc is a nonprofit organization situated in New York City, specifically at One Battery Park Plaza No 710, New York, NY 10004. Established with the purpose of alleviating the financial burden on local government in Yonkers, NY, the organization secured private financing to fund infrastructure improvement projects. One such project was the construction of a 300-space parking garage, 92 of which were allocated for a low-income housing project nearby. This development also enabled the daylighting of the Saw Mill River, leading to the creation of a 4-acre central city river park. By constructing this public use garage, Yonkers Larkin Garage Inc played a significant role in revitalizing Yonkers' downtown, making it more appealing for residential and small business development.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 64% (Two-Star out of Four Star rating)
Yonkers Larkin Garage Inc has received a Two-Star rating from Charity Navigator, indicating a moderate level of accountability and finance management. The overall score is driven entirely by the Accountability & Finance score, which is also 64%. This rating reflects a performance that is somewhat below average, as it suggests there may be areas for improvement in financial transparency and reporting.
The organization demonstrates some strengths, notably with a majority of its board members being independent, which is a positive governance practice. Additionally, it has a high program expense ratio of 81.34%, indicating that most of its funds are directed towards its programs rather than administrative costs. The presence of policies such as conflict of interest, whistleblower, and document retention is also commendable and contributes to good governance practices.
However, the organization faces significant limitations, particularly in transparency and financial reporting, as indicated by missing financial statements and a lack of a website link on its tax form. The liabilities to assets ratio is concerning at 133.62%, suggesting potential financial risk. Overall, while there are some positive indicators, the nonprofit has critical areas that require attention to enhance its accountability and financial health.
This AI summary has been generated from information found on Charity Navigator.
Is Yonkers Larkin Garage Inc legitimate?
Yonkers Larkin Garage Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Yonkers Larkin Garage 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 Yonkers Larkin Garage Inc?
Yonkers Larkin Garage Inc was established with the mission to alleviate the financial burden on local government by securing private financing for infrastructure improvement projects. This organization played a significant role in the construction of a 300-space parking garage in Yonkers, New York. Ninety-two of these spaces were allocated for a low-income housing project, enhancing the community's living conditions. The construction of the garage also enabled the city to carry out the daylighting of the Saw Mill River, leading to the creation of a 4-acre central city river park. The public use garage was considered a crucial element in the city's efforts to revitalize its downtown area and attract residential and small business development.
Who is the CEO of Yonkers Larkin Garage Inc?
Mike Spano is the Chair of Yonkers Larkin Garage Inc.
What is the revenue of Yonkers Larkin Garage Inc?
Yonkers Larkin Garage Inc's revenue in 2022 was $623,033.
Who are the executives of Yonkers Larkin Garage Inc and what are their salaries?
There 5 volunteers at Yonkers Larkin Garage Inc.
Here are 5 key members and their salaries:
- Compensation: $0
- Related: $156,099
- Other: $33,249
- Compensation: $0
- Related: $322,814
- Other: $30,478
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $53,373
- Other: $14,902
Where can I find the form 990 for Yonkers Larkin Garage Inc?
Yonkers Larkin Garage Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Yonkers Larkin Garage Inc
Yonkers Larkin Garage Inc, a not-for-profit organization, was established with the mission to alleviate the financial strain on local government by securing private funding for infrastructure improvement projects. In fulfilling this mission, the organization spearheaded the construction of a 300-space parking garage in the city. Ninety-two of these spaces were allocated for residents living in a low-income workforce housing project situated directly adjacent to the garage.
The development of this public garage played a significant role in the city's efforts to revitalize its downtown area and make it more appealing for both residential and small business development. Moreover, the construction of the Larkin Parking Garage allowed the city of Yonkers to push forward with the daylighting of the Saw Mill River. This project led to the creation of a 4-acre central city river park, providing the community with a much-needed green space and enhancing the overall quality of life in the area.
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Impact
July, 2024
Yonkers Larkin Garage Inc's impact is significant in lessening the burden of local government in Yonkers, NY. By obtaining private financing to fund infrastructure improvement projects, the organization played a crucial role in the construction of the 300-space Larkin Parking Garage. This initiative provided direct benefits to the city, including dedicating 92 of the spaces to residents in a low-income workforce housing project developed across the street from the garage.
Moreover, the development of the garage enabled the city of Yonkers to proceed with the daylighting of the Saw Mill River, leading to the creation of a 4-acre Central City River Park. The public use garage served as a critical element in the city's downtown renewal efforts, making the area more attractive for residential and small business development. Yonkers Larkin Garage Inc's work exemplifies how private initiatives can significantly impact urban infrastructure and community development, demonstrating tangible public benefits in the process.
This information is meant to be a general summary of Yonkers Larkin Garage 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: $5,044
- Program Service Revenue: $617,694
- Gross Receipts: $623,033
Assets and Liabilities:
- Total Assets: $10,533,231
- Total Liabilities: $14,074,932
- Net Assets: -$3,541,701
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
PARKING GARAGE INCOME
Revenue
$617,694
Organization Details
Founding Year
2011
Phone
(212) 682-1106Principal Officer
Mike Spano
Main Address
ONE BATTERY PARK PLAZA NO 710, NEW YORK, NY, 10004
NTEE Category
Code: W194 - Public benefit
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