Overview
What is Laguna Cottages For Seniors?
Laguna Cottages For Seniors is a nonprofit organization situated in Santa Barbara, California, specifically at 803 Laguna St, ZIP code 93101. Their primary mission is to offer affordable housing options for low-income senior citizens aged 65 and above. Residents pay a rental fee equal to 30% of their income annually, with rent adjustments based on each resident's income review. Laguna Cottages currently manages and houses 55 units, accommodating 58 senior residents. Their services extend beyond just housing, as they also cover utilities, maintenance, gardening, management, and organize social events for the residents. Overall, their objective is to ensure a comfortable living environment for elderly individuals with limited financial resources.
Official website here: www.lagunacottagesforseniors.org
What are the reviews and ratings of this charity?
Charity Navigator Rating: 92% (Four-Star out of Four Stars)
Laguna Cottages For Seniors has received a strong rating of 92% from Charity Navigator, indicating a high level of accountability and financial health. This rating is based entirely on their accountability and finance score, which reflects the organization's commitment to maintaining transparency and effective financial management. The presence of a fully independent board and a solid program expense ratio of 84.89% demonstrates a focus on using funds effectively for their mission.
The organization has achieved perfect scores in several categories, including having a majority of independent board members, proper documentation of financial statements, and no material diversion of assets. These factors contribute to a reliable and trustworthy image, reassuring donors and stakeholders of the organization's integrity and operational efficiency.
However, there is a notable limitation in the absence of a whistleblower policy, which may raise concerns about internal oversight and accountability mechanisms. Despite this, Laguna Cottages For Seniors has shown a strong commitment to compliance and governance, making it a reputable choice for those looking to support a nonprofit dedicated to senior care.
This AI summary has been generated from information found on Charity Navigator.
Is Laguna Cottages For Seniors legitimate?
Laguna Cottages For Seniors is a legitimate nonprofit organization registered as a 501(c)(3) entity. Laguna Cottages For Seniors 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: $104,916
Professional Fundraising Fees: $0
Other Salaries and Wages: $29,072
For more financial information, click here
Official website here: www.lagunacottagesforseniors.org
What is the mission statement of Laguna Cottages For Seniors?
Laguna Cottages, a housing facility, is dedicated to providing affordable rental units for senior citizens aged 65 and above, whose income does not exceed a certain threshold. Residents pay 30% of their income as rent, which is recalculated annually to ensure affordability. The facility currently houses fifty-eight residents in its fifty-five units. The primary mission of Laguna Cottages is to ensure that elderly individuals with limited income have access to suitable housing options. The organization manages and maintains these units, covering expenses such as utility bills, gardening, management, and organizing social events for the residents.
Official website here: www.lagunacottagesforseniors.org
What is the revenue of Laguna Cottages For Seniors?
Laguna Cottages For Seniors's revenue in 2023 was $616,809.
Official website here: www.lagunacottagesforseniors.org
Who are the executives of Laguna Cottages For Seniors and what are their salaries?
The average compensation at Laguna Cottages For Seniors during 2023 was $26,798. There are 5 employees and 22 volunteers at Laguna Cottages For Seniors.
Here are 14 key members and their salaries:
- Compensation: $95,246
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- Other: $9,670
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Official website here: www.lagunacottagesforseniors.org
Where can I find the form 990 for Laguna Cottages For Seniors?
Laguna Cottages For Seniors's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.lagunacottagesforseniors.org
Learn more at the official website: www.lagunacottagesforseniors.org
Mission Statement of Laguna Cottages For Seniors
Laguna Cottages For Seniors is committed to providing affordable rental housing for low-income senior citizens, age 65 and above. The organization operates with the belief that residents should pay rent equal to 30% of their income. This income assessment is conducted annually, ensuring that rents are recalculated based on each resident's financial situation over the past year. As of now, Laguna Cottages houses fifty-eight senior residents in its fifty-five units. The organization assumes various expenses related to the upkeep of these units, including maintenance, utilities, gardening, management, and organizing social events for the residents. By offering affordable housing, Laguna Cottages For Seniors contributes to the well-being of its senior residents, enabling them to maintain a decent standard of living.
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Impact
July, 2024
Laguna Cottages For Seniors provides a crucial service by offering affordable rental housing for low-income seniors aged 65 and above in Santa Barbara, California. With a mission to ensure that seniors have access to safe and affordable housing, Laguna Cottages manages and maintains fifty-five units for fifty-eight residents. By charging rent at a rate of 30% of residents' incomes and recalculating annually, Laguna Cottages helps seniors live with dignity and security. This impact extends beyond just providing housing, as the organization also organizes social events for residents, fostering a sense of community and well-being among the seniors they serve.
This information is meant to be a general summary of Laguna Cottages For Seniors. 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: $133,613
- Program Service Revenue: $455,552
- Gross Receipts: $616,809
Assets and Liabilities:
- Total Assets: $6,262,776
- Total Liabilities: $11,248
- Net Assets: $6,251,528
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Low cost rent
Revenue
$455,552
Organization Details
Founding Year
1953
Principal Officer
Susanne Wood
NTEE Category
Code: L22Z - Housing
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