Marion Project III Inc
Public records show a registered, tax-exempt organization in good standing.
What it says it does
MARION PROJECT III, INC. (THE "CORPORATION") IS A NOT-FOR-PROFIT CORPORATION THAT WAS FORMED UNDER THE NOT-FOR-PROFIT STATUTES OF THE STATE OF IOWA. THE CORPORATION WAS FORMED FOR THE PURPOSE OF CONSTRUCTING, OWNING AND OPERATING A 40 UNIT COMMUNITY KNOWN AS TRINITY POINTE (THE "COMMUNITY") LOCATED IN MARION, IOWA, WHICH PROVIDES HOUSING FOR LOW INCOME ELDERLY PERSONS PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT.THE CORPORATION ENTERED INTO A REGULATORY AGREEMENT WITH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD") WHICH CONTAINS, AMONG OTHER THINGS, RESTRICTIONS ON TRANSFERRING ANY OF THE COMMUNITY'S PROPERTY, ASSIGNING THE RIGHTS TO MANAGE OR RECEIVE THE RENTS AND PROFITS OF THE PROPERTY OR ASSUMING ADDITIONAL INDEBTEDNESS. PURSUANT TO THE REGULATORY AGREEMENT, THE COMMUNITY MUST MAINTAIN 39 OF ITS 40 UNITS AS AFFORDABLE TO LOW INCOME ELDERLY PERSONS. THE COMMUNITY IS OBLIGATED TO RECERTIFY RESIDENT ELIGIBILITY ON AN ANNUAL BASIS.
- Income
- $296,244
- Spending
- $390,575
- Spent on programs
- 88%
- Reserves
- -117.9 months of spending
- Largest source of income
- fees for its services, 67%
- Employees
- 0
- Volunteers
- 7
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Financial health
Fair: 50 out of 100. Higher than 46% of charities in its peer group (housing, $250k to $1m).
Reserves
0 of 35Spendable reserves are negative: it owes or has committed more than it holds.
Debt
20 of 20It owes 1% of what it owns.
Living within its means
0 of 15Spending exceeded income by 32% of income.
Income trend
15 of 15Income rose 10% on the year before.
Spending floor
15 of 1588% of spending went to programs and raising each dollar of donations cost 0 cents.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Governance
Strong: 100 out of 100. Higher than 88% of charities in its peer group (housing, $250k to $1m).
Independent board
25 of 257 of 7 voting board members are independent.
Conflict of interest policy
15 of 15Has a written conflict of interest policy.
Whistleblower policy
8 of 8Has a written whistleblower policy.
Record keeping policy
7 of 7Has a written policy on keeping and destroying records.
Board minutes
5 of 5Keeps minutes of board meetings.
Board sees the tax return
10 of 10Gave the board a copy of this return before filing it.
Independent check of accounts
15 of 15Its accounts were audited by an independent accountant.
No reported misuse
10 of 10Reports no diversion of assets, excess benefits or loans to insiders.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Impact evidence
Describes programs. Its tax return describes what it does but we have found no measurable results in it.
Programs described in its return (1)
- $344,585 spent. MARION PROJECT III, INC. (THE "CORPORATION") IS A NOT-FOR-PROFIT CORPORATION THAT WAS FORMED UNDER THE NOT-FOR-PROFIT STATUTES OF THE STATE OF IOWA. THE CORPORATION WAS FORMED FOR THE PURPOSE OF CONSTRUCTING, OWNING AND OPERATING A 40 UNIT COMMUNITY KNOWN AS TRINITY POINTE (THE "COMMUNITY") LOCATED IN MARION, IOWA, WHICH PROVIDES HOUSING FOR LOW INCOME ELDERLY PERSONS PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT.THE CORPORATION ENTERED INTO A REGULATORY AGREEMENT WITH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD") WHICH CONTAINS, AMONG OTHER THINGS, RESTRICTIONS ON TRANSFERRING ANY OF THE COMMUNITY'S PROPERTY, ASSIGNING THE RIGHTS TO MANAGE OR RECEIVE THE RENTS AND PROFITS OF THE PROPERTY OR ASSUMING ADDITIONAL INDEBTEDNESS. PURSUANT TO THE REGULATORY AGREEMENT, THE COMMUNITY MUST MAINTAIN 39 OF ITS 40 UNITS AS AFFORDABLE TO LOW INCOME ELDERLY PERSONS. THE COMMUNITY IS OBLIGATED TO RECERTIFY RESIDENT ELIGIBILITY ON AN ANNUAL BASIS.
Source: Form 990 for the year ending December 31, 2024, filed with the Internal Revenue Service. Rating method 2026.2. How we rate
Legitimacy checks
Is it registered with the IRS? Passed.
Listed in the IRS master file of tax-exempt organizations as a 501(c)(3) charitable organization.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Has the IRS revoked its tax-exempt status? Passed.
Not on the IRS automatic revocation list.
Source: Automatic revocation of exemption list, Internal Revenue Service, file dated September 30, 2026.
Are donations tax-deductible? Passed.
On the IRS list of organizations eligible to receive tax-deductible contributions.
Source: Publication 78 data: organizations eligible for tax-deductible contributions, Internal Revenue Service, file dated September 10, 2026.
Is it keeping up with its IRS filings? Passed.
Most recent return on file covers the year ending December 2024.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
How long has it been tax-exempt? Passed.
Recognized by the IRS since June 2007.
Source: Exempt Organizations Business Master File, Internal Revenue Service, file dated September 7, 2026.
Is it in good standing with state regulators? Passed.
Not on California's list of charities barred from soliciting. Other states are not yet checked.
Source: May Not Operate or Solicit for Charitable Purposes list, California Attorney General, Registry of Charities and Fundraisers, file dated October 7, 2026.
Ratings and checks are our reading of public records, using the published method. They are not a statement about anyone's honesty. If you work for this organization, you can send corrections or results, confirm you want gifts through Veridonate, or ask to be removed from giving.