Overview
What is Village East Retirement Community Inc?
Village East Retirement Community Inc, located in San Angelo, Texas, is a nonprofit organization dedicated to providing retirement homes for elderly tenants on a lifetime basis. They offer townhouses for lease, ensuring a guaranteed return of 90% of the lease investment upon the tenant's death or relocation. The remaining 10% of the investment is amortized over a decade, with the amortized amount recorded as cost-fee income. The mission of Village East Retirement Community Inc goes beyond leasing, as they also offer a 50% share of any rental increase if a vacated home is leased at a higher fee to the next tenant. With a small workforce of 4 individuals, this organization is committed to facilitating comfortable retirement living for its elderly tenants.
Official website here: www.village-east.com
What are the reviews and ratings of this charity?
Charity Navigator Rating: 58% - One-Star out of Four Stars
Village East Retirement Community Inc has received a One-Star rating from Charity Navigator, indicating significant concerns regarding its accountability and financial management. The organization scores 58% overall, with notable strengths in having a fully independent board and a high percentage of expenses directed toward programs. However, the lack of financial statements and essential policies like a whistleblower policy and document retention guidelines are key areas of concern.
The charity's commitment to accountability is somewhat undermined by these missing elements, which could impact transparency and trust. While it has a strong independent board and has demonstrated a good program expense ratio, the liabilities to assets ratio raises red flags about financial sustainability. The absence of critical governance policies suggests potential risks that require attention.
Users should be aware of these limitations when considering their support for Village East Retirement Community Inc. While the organization may be fulfilling its programmatic mission effectively, the financial and governance issues highlighted could affect its long-term viability and overall accountability.
This AI summary has been generated from information found on Charity Navigator.
Is Village East Retirement Community Inc legitimate?
Village East Retirement Community Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Village East Retirement Community 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: $87,729
Professional Fundraising Fees: $0
Other Salaries and Wages: $136,559
For more financial information, click here
Official website here: www.village-east.com
What is the mission statement of Village East Retirement Community Inc?
Village East Retirement Community Inc's mission is centered around providing retirement townhouses for senior citizens on a lifetime lease basis. This community offers a unique guarantee, ensuring that 90% of the lease investment is returned to the tenants' families or heirs when the tenant passes away or decides to move out. A small portion of the lease investment, 10%, is amortized over a period of ten years, with the amortized amount recorded as cost fee income. If a vacated home is leased for a higher fee, the previous tenant is entitled to receive half of the increase.
Official website here: www.village-east.com
Who is the CEO of Village East Retirement Community Inc?
Mark Davis is the Director of Village East Retirement Community Inc.
Official website here: www.village-east.com
What is the revenue of Village East Retirement Community Inc?
Village East Retirement Community Inc's revenue in 2023 was $833,015.
Official website here: www.village-east.com
Who are the executives of Village East Retirement Community Inc and what are their salaries?
The average compensation at Village East Retirement Community Inc during 2023 was $56,072. There are 4 employees at Village East Retirement Community Inc.
Here are 12 key members and their salaries:
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- Compensation: $55,844
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- Other: $31,435
Official website here: www.village-east.com
Where can I find the form 990 for Village East Retirement Community Inc?
Village East Retirement Community Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Official website here: www.village-east.com
Learn more at the official website: www.village-east.com
Mission Statement of Village East Retirement Community Inc
Village East Retirement Community Inc is dedicated to providing retirement townhomes for elderly tenants on a lifetime basis. Their mission is to lease these townhomes to senior citizens, offering them a secure living arrangement for an indefinite period. In the event of a tenant's departure due to death or relocation, Village East Retirement Community Inc guarantees a return of 90% of the initial lease investment. This guarantee provides financial security to the tenants and their families, offering peace of mind during their golden years.
To further support their elderly tenants, the organization amortizes 10% of the lease investment over a ten-year period. This amortized amount is recorded as cost fee income, ensuring that Village East Retirement Community Inc can continuously maintain and improve their retirement homes. If a vacated home is subsequently leased for a higher fee, the previous tenant receives half of the increase as an added benefit.
In essence, Village East Retirement Community Inc serves as a reliable and caring landlord for elderly tenants, providing them with a secure and financially sound living arrangement for their later years. The organization's mission is to ensure that senior citizens can enjoy their retirement years in comfort and security, with the peace of mind that comes from knowing they will receive a significant portion of their lease investment back upon leaving the community.
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Impact
October, 2024
Village East Retirement Community Inc plays a vital role in enhancing the quality of life for elderly individuals by offering retirement townhomes for lease on a lifetime basis. This initiative enables seniors to secure stable housing while providing them with a sense of community and belonging.
The unique structure of their leasing program ensures that elderly tenants can invest in their future with peace of mind, knowing they will receive a guaranteed return of 90% of their lease investment upon death or relocation. This financial assurance is crucial for many seniors, as it helps them manage their resources effectively while enjoying a comfortable living environment.
By amortizing 10% of the lease investment over ten years, Village East also maintains sustainable financial operations that support ongoing community development. The incentive to share 50% of any increased lease fees with former tenants creates a transparent economic environment that fosters goodwill and encourages ongoing participation within the community.
Located in San Angelo, Texas, Village East contributes significantly to the local housing landscape by focusing on the needs of the elderly, thus helping to combat issues such as housing insecurity among seniors. Their commitment to providing affordable and accessible housing reflects a broader mission to support healthy aging and improve the overall well-being of the elderly population in the area.
This information is meant to be a general summary of Village East Retirement Community 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 2023.
- Investment Income: $63,340
- Program Service Revenue: $769,675
- Gross Receipts: $833,015
Assets and Liabilities:
- Total Assets: $9,371,736
- Total Liabilities: $12,290,434
- Net Assets: -$2,918,698
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MAINTENANCE FEES
Revenue
$572,903
VE GAIN ON HOUSE TRANS
Revenue
$195,680
BUILDING USE FEES
Revenue
$1,092
Organization Details
Founding Year
2006
Phone
(325) 944-0819Principal Officer
Mark Davis
Main Address
4054 SUL ROSS, SAN ANGELO, TX, 76904
Website
www.village-east.comNTEE Category
Code: L22 - Housing
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