Flagship City Apartments Inc

Flagship City Apartments Inc is a US nonprofit organization designated as a 501(c)(3) entity for charitable purposes. It focuses on providing affordable housing facilities, particularly for adults experiencing chronic mental illness.

Mission

The organization's primary goal is to provide and maintain affordable apartment homes for individuals with chronic mental health issues. This mission aims to address housing challenges faced by these individuals and contribute to their overall well-being.

Formation and Governance

Flagship City Apartments Inc was established in 2012. It is governed by a board of 15 independent voting members. Notably, the organization does not pay any salaries, compensation, or benefits to its directors or executives, reflecting a commitment to minimizing administrative costs and maximizing resources for its mission[1][5].

Financial Overview

The organization primarily relies on contributions and program services for its revenue. Contributions account for a significant portion of its income, indicating strong community and donor support. There is no reported executive compensation or professional fundraising fees, aligning with its focus on efficient use of resources[1].

Assets and Liabilities

Flagship City Apartments Inc maintains substantial assets, with total assets ranging around $1.7 million in recent years. However, it also reports liabilities in excess of its assets, suggesting a need for careful financial management to sustain its operations and achieve its goals[1].

Donations and Tax Status

Donations to Flagship City Apartments Inc are tax-deductible, reflecting its legitimate and recognized status as a 501(c)(3) nonprofit organization. This status encourages public support and fundraising efforts to further its mission[1][2].