Overview
What is Summit Homes For Elderly Inc?
Summit Homes for Elderly Inc, with its headquarters located at PO Box 1218, Morristown, Tennessee, is a nonprofit organization dedicated to providing affordable housing for the elderly and individuals with disabilities. This is accomplished under Section 202 of the National Housing Act, which they adhere to, ensuring reasonable rent charges and operating methods that are regulated by the U.S. Department of Housing and Urban Development (HUD). Specifically, Summit Homes For Elderly Inc manages eight rental units within a complex, catering to the housing needs of low-income elderly individuals. Their mission is to enhance the quality of life for this demographic by offering suitable housing options.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 72%, Two-Star out of Four Star rating
Summit Homes For Elderly Inc has received a 72% score from Charity Navigator, indicating a Two-Star rating. This score reflects the organization's accountability and finance practices, where it performed strongly in areas such as having a majority of independent board members and a solid program expense ratio of 81.01%. These strengths suggest a commitment to transparency and effective resource allocation toward its mission.
The organization benefits from a fully independent board consisting of ten members, and it has implemented a conflict of interest policy and document retention procedures, both of which contribute to its accountability framework. However, a significant concern is its liabilities to assets ratio, which stands at 128.85%, indicating financial obligations that exceed its assets. This factor negatively impacts overall financial health, reflecting a potential risk in maintaining long-term sustainability.
Overall, while Summit Homes For Elderly Inc demonstrates commendable practices in governance and program efficiency, the financial challenges highlighted by its liabilities may pose risks that warrant consideration for potential donors and supporters. Moving forward, addressing these financial liabilities could enhance its standing and operational capacity.
This AI summary has been generated from information found on Charity Navigator.
Is Summit Homes For Elderly Inc legitimate?
Summit Homes For Elderly Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Summit 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 Summit Homes For Elderly Inc?
Summit Homes For Elderly Inc's mission is centered around providing housing for those who are elderly or handicapped and fall under the low-income bracket. This is carried out in adherence to Section 202 of the National Housing Act. The organization's primary objective is to ensure the availability of suitable housing for this specific demographic. The housing complex, regulated by the Department of Housing and Urban Development (HUD), maintains rental units that are affordable and operate in a manner compliant with HUD's guidelines regarding rent charges. Currently, Summit Homes for Elderly Inc. manages eight rental units for its tenants.
Who is the CEO of Summit Homes For Elderly Inc?
Kay Hale is the President of Summit Homes For Elderly Inc.
What is the revenue of Summit Homes For Elderly Inc?
Summit Homes For Elderly Inc's revenue in 2023 was $58,226.
Who are the executives of Summit Homes For Elderly Inc and what are their salaries?
Here are 11 key members and their salaries:
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Where can I find the form 990 for Summit Homes For Elderly Inc?
Summit Homes For Elderly Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Summit Homes For Elderly Inc
Summit Homes for Elderly Inc, a nonprofit organization, is dedicated to providing housing for low-income elderly or handicapped tenants. This mission is rooted in Section 202 of the National Housing Act, a legislative framework that guides its operations. The organization ensures its rental units adhere to regulations set by the HUD, monitoring both rent charges and operational methods meticulously. Currently, Summit Homes for Elderly Inc manages eight rental units, providing a secure living space for its tenants.
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Impact
August, 2024
Summit Homes For Elderly Inc's impact includes providing essential housing for low-income elderly or handicapped individuals in Morristown, Tennessee. Through its operation of a complex with 8 rental units regulated by HUD, Summit Homes ensures that these vulnerable populations have a safe and stable living environment. By offering accommodation under Section 202 of the National Housing Act, the organization fulfills its mission to support those in need of affordable housing. The provision of these housing options plays a crucial role in enhancing the quality of life for elderly and handicapped individuals in the community.
This information is meant to be a general summary of Summit 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: $108
- Program Service Revenue: $31,062
- Gross Receipts: $58,226
Assets and Liabilities:
- Total Assets: $641,288
- Total Liabilities: $826,351
- Net Assets: -$185,063
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME - APARTM
Revenue
$30,985
TENANT CHARGES
Revenue
$77
Organization Details
Founding Year
2008
Phone
(423) 587-4500Principal Officer
Kay Hale
Main Address
PO BOX 1218, MORRISTOWN, TN, 378161218
NTEE Category
Code: L22 - Housing
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