Overview
What is Riverton Homes For Elderly Inc?
Riverton Homes For Elderly Inc, operating under the name Park Place Apartments, is a nonprofit organization located in Morristown, Tennessee. Their primary mission is to provide affordable housing for elderly or handicapped individuals, adhering to the regulations set by the U.S. Department of Housing and Urban Development (HUD) regarding rent charges and operating methods. They manage 15 rental units within their complex, contributing to the housing needs of low-income seniors and individuals with disabilities, as per Section 202 of the National Housing Act.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 72%, Two-Star out of Four Star rating.
Riverton Homes For Elderly Inc has received a rating of 72% from Charity Navigator, which translates to a Two-Star rating. This score is derived entirely from their Accountability & Finance metrics, showcasing a strong emphasis on financial stewardship and governance practices. Their board includes 100% independent members and demonstrates effective policies in areas such as conflict of interest and document retention.
The organization excels in maintaining a high program expense ratio of 82.55%, indicating that a significant portion of their resources is directed towards their charitable programs. However, the rating is tempered by a concerning liabilities to assets ratio of 144.22%, which suggests potential financial vulnerabilities. While Riverton Homes For Elderly Inc demonstrates commendable accountability standards, the financial health aspect raises some flags that could affect its sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Riverton Homes For Elderly Inc legitimate?
Riverton Homes For Elderly Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Riverton Homes For 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.
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What is the mission statement of Riverton Homes For Elderly Inc?
Riverton Homes For Elderly Inc is committed to providing housing for low-income elderly or handicapped individuals. This mission is in alignment with Section 202 of the National Housing Act. The organization's primary goal is to offer suitable living spaces for tenants who fall under this category. Their operations are regulated by the HUD, ensuring reasonable rent charges and adherence to specific operating methods. Currently, Riverton Homes For Elderly Inc manages 15 rental units within their complex.
Who is the CEO of Riverton Homes For Elderly Inc?
Kay Hale is the President of Riverton Homes For Elderly Inc.
What is the revenue of Riverton Homes For Elderly Inc?
Riverton Homes For Elderly Inc's revenue in 2023 was $63,134.
Who are the executives of Riverton Homes For Elderly Inc and what are their salaries?
Here are 12 key members and their salaries:
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Where can I find the form 990 for Riverton Homes For Elderly Inc?
Riverton Homes For Elderly Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Riverton Homes For Elderly Inc
Riverton Homes for Elderly Inc, a nonprofit organization, is dedicated to providing housing solutions for low-income elderly or handicapped individuals. Aligning with Section 202 of the National Housing Act, this institution serves as a sanctuary for tenants in need, ensuring they have access to suitable and affordable living spaces. Overseen by the Department of Housing and Urban Development (HUD), Riverton Homes for Elderly Inc adheres to strict regulations regarding rental charges and operational methods. Currently, the organization manages a complex consisting of 15 rental units, offering a secure living environment for its tenants.
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Impact
August, 2024
Riverton Homes For Elderly Inc's impact lies in providing essential housing support for low-income elderly or handicapped individuals in Morristown, TN. With 15 rental units in their complex, they offer a stable and affordable living environment regulated by HUD under Section 202 of the National Housing Act. This ensures that vulnerable individuals have access to safe and comfortable housing, alleviating financial burdens and promoting a better quality of life. By fulfilling their mission to provide housing for this demographic, Riverton Homes For Elderly Inc plays a vital role in supporting the well-being and independence of elderly and handicapped individuals in their community.
This information is meant to be a general summary of Riverton Homes For 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: $7
- Program Service Revenue: $40,799
- Gross Receipts: $63,134
Assets and Liabilities:
- Total Assets: $683,338
- Total Liabilities: $985,589
- Net Assets: -$302,251
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENT
Revenue
$40,508
TENANT CHARGES
Revenue
$151
LAUNDRY & VENDING INCO
Revenue
$140
Organization Details
Founding Year
2006
Phone
(423) 586-1494Principal Officer
Kay Hale
Main Address
PO BOX 1218, MORRISTOWN, TN, 378161218
NTEE Category
Code: B190 - Education
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