Overview
What is Mercy Terrace Apartments?
Mercy Terrace Apartments is a nonprofit organization situated in Erie, Pennsylvania, specifically at 430 E Grandview Blvd. Their primary mission is to provide affordable housing for the elderly, addressing their social, spiritual, physical, and psychological needs. By operating a 64-unit independent living apartment complex, they aim to create a nurturing environment that caters to the diverse needs of their elderly residents, ensuring a moderate cost of living. With a staff of 4 individuals, Mercy Terrace Apartments strives to make a positive impact on the elderly community in Erie.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79% (Three-Star out of Four Star Rating)
Mercy Terrace Apartments has received a Three-Star rating from Charity Navigator, with an overall score of 79%. This rating reflects strong accountability and financial practices, as it is based entirely on the Accountability & Finance beacon. The charity demonstrates a commitment to transparency and effective governance, with 100% of its board members being independent and no material diversion of assets reported.
The organization shows excellent financial health, indicated by a program expense ratio of 94.19%, meaning the vast majority of its expenses are directed towards its programs rather than overhead. Additionally, it has established several key policies, including conflict of interest and whistleblower policies, which further enhance its accountability. The board's documentation practices are also commendable, as all required meeting minutes are properly recorded.
While the rating is positive, it's important for potential donors and stakeholders to consider that the evaluation is solely based on financial metrics. There may be other qualitative factors influencing the charity's effectiveness and community impact that are not reflected in this score. Overall, Mercy Terrace Apartments appears to operate with a high level of integrity and financial responsibility.
This AI summary has been generated from information found on Charity Navigator.
Is Mercy Terrace Apartments legitimate?
Mercy Terrace Apartments is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mercy Terrace Apartments 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: $66,496
Professional Fundraising Fees: $0
Other Salaries and Wages: $53,115
For more financial information, click here
What is the mission statement of Mercy Terrace Apartments?
Mercy Terrace Apartments operates an independent living facility for the elderly, catering to their social, spiritual, psychological, and physical needs within their living environment. The primary objective is to provide this service at a moderate cost. The apartment complex aims to create a supportive environment where the elderly can maintain their independence while receiving necessary care and assistance. The facility strives to enhance the quality of life for its residents, ensuring they feel valued and well-cared for.
Who is the CEO of Mercy Terrace Apartments?
Mary E Zenner is the Board Member of Mercy Terrace Apartments.
What is the revenue of Mercy Terrace Apartments?
Mercy Terrace Apartments's revenue in 2022 was $519,157.
Who are the executives of Mercy Terrace Apartments and what are their salaries?
The average compensation at Mercy Terrace Apartments during 2022 was $29,903. There are 4 employees at Mercy Terrace Apartments.
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- Compensation: $66,496
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Where can I find the form 990 for Mercy Terrace Apartments?
Mercy Terrace Apartments's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Mercy Terrace Apartments
Mercy Terrace Apartments is dedicated to providing an independent living environment for the elderly, catering to their social, spiritual, physical, and psychological needs. This nonprofit organization operates a 64-unit complex, ensuring that the cost remains moderate for its residents. The mission of Mercy Terrace Apartments is to create a supportive and nurturing environment where senior citizens can thrive, maintaining their autonomy while having access to essential resources and care. By meeting the diverse needs of its elderly residents, Mercy Terrace Apartments strives to enhance their overall well-being and quality of life.
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Impact
July, 2024
Mercy Terrace Apartments has a significant impact on the elderly community in Erie, PA by providing a supportive and affordable living option that caters to their social, spiritual, physical, and psychological needs. By operating a 64-unit independent living apartment complex, Mercy Terrace Apartments offers a vital resource for senior citizens to maintain their independence while receiving necessary care and services in a safe and comfortable environment. Its mission to provide moderate-cost housing for the elderly underscores its commitment to promoting the well-being and quality of life for this vulnerable population. Through its dedicated efforts, Mercy Terrace Apartments positively contributes to enhancing the lives of the elderly residents it serves.
This information is meant to be a general summary of Mercy Terrace Apartments. 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 2022.
- Investment Income: $15,237
- Program Service Revenue: $490,583
- Gross Receipts: $520,767
Assets and Liabilities:
- Total Assets: $2,447,079
- Total Liabilities: $27,888
- Net Assets: $2,419,191
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
Rental income
Revenue
$477,725
Laundry room income
Revenue
$7,858
Application fee income
Revenue
$5,000
Organization Details
Founding Year
1985
Phone
(814) 825-6791Principal Officer
Mary E Zenner
Main Address
430 E Grandview Blvd, Erie, PA, 16504
NTEE Category
Code: L22 - Housing
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