Overview
What is Monticello Homes For The Elderly Inc?
Monticello Homes For The Elderly Inc, operational in Morristown, Tennessee, is a nonprofit organization dedicated to providing housing solutions for low-income elderly or handicapped individuals. Regulated by the Department of Housing and Urban Development (HUD), they offer 15 rental units in a complex, with rent and operating methods being regulated by HUD. Their primary mission is to offer housing opportunities under Section 202 of the National Housing Act, aiming to improve the living conditions of vulnerable individuals in the community.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement, Two-Star out of Four Star rating, 72%
Monticello Homes For The Elderly Inc has received a Two-Star rating from Charity Navigator, indicating that the organization has room for improvement despite some commendable strengths. The organization scored 100% in Accountability & Finance, highlighting the effectiveness of its governance practices, including a fully independent board and strong policies against conflicts of interest.
A significant strength is the high program expense ratio of 84.73%, which suggests that the majority of its funding is directed towards its mission rather than administrative costs. However, the organization's liabilities to assets ratio of 131.15% raises concerns about financial stability, suggesting that liabilities exceed assets, which could impact long-term sustainability and capacity to fulfill its mission. Overall, while there are positive aspects, the financial challenges noted may pose risks for future operations.
This AI summary has been generated from information found on Charity Navigator.
Is Monticello Homes For The Elderly Inc legitimate?
Monticello Homes For The Elderly Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Monticello Homes For The Elderly 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: $0
For more financial information, click here
What is the mission statement of Monticello Homes For The Elderly Inc?
Monticello Homes For The Elderly Inc is committed to providing housing for low-income elderly or handicapped individuals. This is in line with Section 202 of the National Housing Act. Their mission is to offer suitable living accommodations for these tenants, ensuring they have a place to call home. The housing complex, regulated by the HUD, sets rent charges and operates according to specific methods. Monticello Homes for the Elderly Inc currently houses 15 tenants in this complex.
Who is the CEO of Monticello Homes For The Elderly Inc?
Kay Hale is the President of Monticello Homes For The Elderly Inc.
What is the revenue of Monticello Homes For The Elderly Inc?
Monticello Homes For The Elderly Inc's revenue in 2023 was $77,184.
Who are the executives of Monticello Homes For The Elderly Inc and what are their salaries?
Here are 12 key members and their salaries:
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $0
- Other: $0
Where can I find the form 990 for Monticello Homes For The Elderly Inc?
Monticello Homes For The Elderly Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Monticello Homes For The Elderly Inc
Monticello Homes for the Elderly Inc is committed to providing housing for low-income elderly or handicapped individuals. This mission is rooted in Section 202 of the National Housing Act, which Monticello Homes faithfully adheres to. The organization's main objective is to offer suitable living spaces for tenants who fall under this income bracket, ensuring they have a safe and comfortable environment. Regulated by the HUD, Monticello Homes is guided in its rental charges and operating methods to ensure fairness and effectiveness. Currently, the organization manages 15 rental units within its complex, providing a home and a sense of community for its residents.
Shop smarter and support your favorite cause with the Give Freely browser extension. Save money with coupons and donate to charity with a single click. Download now!
Impact
August, 2024
Monticello Homes For The Elderly Inc provides essential housing for low-income elderly or handicapped individuals under Section 202 of the National Housing Act. The organization's impact can be seen in the 15 rental units it operates in Morristown, TN, ensuring that elderly and handicapped tenants have a safe and affordable place to live. By offering regulated rent charges and operating methods, Monticello Homes For The Elderly Inc plays a vital role in supporting this vulnerable population and helping them maintain a sense of independence and stability in their lives.
This information is meant to be a general summary of Monticello Homes For The Elderly 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: $24
- Program Service Revenue: $50,441
- Gross Receipts: $77,184
Assets and Liabilities:
- Total Assets: $1,181,479
- Total Liabilities: $1,549,510
- Net Assets: -$368,031
Want to help this charity, for free? You can click here to learn more about Give Freely
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENT
Revenue
$50,060
TENANT CHARGES
Revenue
$295
LAUNDRY & VENDING INCO
Revenue
$86
Organization Details
Founding Year
2006
Phone
(423) 586-1494Principal Officer
Kay Hale
Main Address
PO BOX 1218, MORRISTOWN, TN, 378161218
NTEE Category
Code: L22 - Housing
If you are a representative of Monticello Homes For The Elderly Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.