Overview
What is Geneva Plaza Inc?
Geneva Plaza Inc, established in 2019 in California, is a nonprofit corporation primarily dedicated to providing affordable housing for individuals aged 62 and above. Westminster Towers, Inc. transferred the management of an eight-story, 100-unit building in Santa Monica, completed in 1979, to Geneva Plaza Inc. The nonprofit manages the property under guidelines established by the Department of Housing and Urban Development (HUD) for federally subsidized housing for low-income elderly persons. Falkenberg/Gilliam & Associates, Inc. serves as the managing agent, and HUD approval is required for the apartment rental rates. Geneva Plaza Inc's main program involves its Section 8 Housing Assistance Payment program, provided under an agreement with HUD. With a total of 4 employees, the organization operates the affordable apartment community, ensuring housing security for its elderly residents.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement
Geneva Plaza Inc has received a two-star rating from Charity Navigator, indicating a need for improvement in its overall operations. The organization achieved an overall score of 72%, demonstrating some strengths in areas such as having a fully independent board and a solid financial audit record. However, there are significant concerns regarding transparency and policy documentation, as key documents like their conflict of interest and whistleblower policies are missing.
The organization excelled in its Program Expense Ratio, which stands at an impressive 81.70%, meaning a large portion of its expenses directly supports its programs. This reflects a commitment to its mission and effective use of funds. However, the Liabilities to Assets Ratio of 68.09% raises some red flags about financial stability, indicating that a sizable portion of their assets are tied up in liabilities.
Despite the strengths in governance and financial accountability, the lack of critical policies and missing information on its website hinder Geneva Plaza Inc's overall rating. Addressing these transparency issues could significantly enhance public trust and improve its rating in the future.
This AI summary has been generated from information found on Charity Navigator.
Is Geneva Plaza Inc legitimate?
Geneva Plaza Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Geneva Plaza 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: $218,790
For more financial information, click here
What is the mission statement of Geneva Plaza Inc?
Geneva Plaza Inc, as a non-profit organization, is committed to providing affordable housing for individuals who are 62 years of age or older. The corporation manages an apartment community, located elsewhere, under guidelines established by the Department of Housing and Urban Development (HUD). The guidelines, specific to Section 202 of the National Housing Act, are instrumental in operating federally subsidized apartment rental housing for low-income elderly persons. Falkenburg/Gilliam & Associates, Inc. serves as the managing agent for the project, with apartment rental rates requiring HUD approval. The project's major program involves the Section 8 Housing Assistance Payment Program, agreed upon with HUD.
Who is the CEO of Geneva Plaza Inc?
Eric Larson is the Vice President of Geneva Plaza Inc.
What is the revenue of Geneva Plaza Inc?
Geneva Plaza Inc's revenue in 2022 was $1,324,037.
Who are the executives of Geneva Plaza Inc and what are their salaries?
The average compensation at Geneva Plaza Inc during 2022 was $54,698. There are 4 employees and 6 volunteers at Geneva Plaza Inc.
Here are 6 key members and their salaries:
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- Related: $0
- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
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- Other: $0
Where can I find the form 990 for Geneva Plaza Inc?
Geneva Plaza Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Geneva Plaza Inc
Geneva Plaza Inc, a California-based non-profit corporation, is dedicated to providing affordable housing for individuals who are 62 years of age or older. Established to manage Geneva Plaza, a HUD-funded housing project, the organization operates an eight-story building with 100 units in Santa Monica, California. The project, completed in 1979, was handed over to Geneva Plaza Inc by Westminster Towers, Inc., in July 2019. The corporation operates the project under guidelines set by the Department of Housing and Urban Development (HUD) in Section 202 of the National Housing Act, which focuses on the operation of federally subsidized apartment rental housing for low-income elderly persons. Falkenberg/Gilliam & Associates, Inc., serves as the managing agent for the project, and apartment rental rates are subject to HUD approval. The project's primary program is its Section 8 Housing Assistance Payment Program, provided under an agreement with HUD, which ensures affordable housing for eligible seniors.
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Impact
July, 2024
Geneva Plaza Inc's impact lies in providing affordable housing for those aged 62 years or older in Santa Monica, California. The organization manages an eight-story, 100-unit building completed in June 1979 under the guidelines established by the Department of Housing and Urban Development (HUD). By offering federally subsidized apartment rental housing for low-income elderly individuals, Geneva Plaza Inc contributes to the well-being and quality of life for seniors in need of affordable housing options. Through its Section 8 Housing Assistance Payment Program, the organization ensures that elderly residents have access to safe and affordable housing in a supportive community environment.
This information is meant to be a general summary of Geneva Plaza 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: $11,550
- Program Service Revenue: $432,023
- Gross Receipts: $1,324,037
Assets and Liabilities:
- Total Assets: $10,493,201
- Total Liabilities: $7,192,230
- Net Assets: $3,300,971
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$431,829
PROGRAM INVESTMENT INC
Revenue
$194
Organization Details
Founding Year
2019
Phone
(323) 258-3512Principal Officer
Eric Larson
Main Address
PO BOX 7070, PASADENA, CA, 911097070
NTEE Category
Code: L22 - Housing
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