Overview
What is Triangle Elderly Housing Corporation?
Triangle Elderly Housing Corporation is a nonprofit organization situated in Eastern North Carolina. Established in June 2011 as a result of merging four elderly housing projects, its mission is to provide housing for low-income senior citizens aged 62 or older. The corporation, which includes 74 HUD-assisted units, refinanced its loans through a HUD mortgage insured under Section 223(F) of the National Housing Act. The primary revenue source, accounting for 56.6% of total income in 2022, comes from HUD rental revenue. The corporation's non-major program is a Section 8 Rental Assistance Contract. This nonprofit organization is dedicated to offering a secure living environment for the elderly in the region.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67% (Two-Star out of Four Star rating)
Triangle Elderly Housing Corporation has received a Two-Star rating from Charity Navigator, indicating a somewhat average performance in terms of financial health and organizational accountability. The charity has a strong program expense ratio of 88.89%, suggesting that a significant portion of its budget is directed toward its programs rather than administrative costs. Furthermore, the organization boasts a fully independent board, which is a positive sign for governance and oversight.
However, the organization faces challenges with its Liabilities to Assets ratio, which stands at 136.54%. This indicates that the charity has more liabilities than assets, raising concerns about financial stability. Other strengths include complete financial audits and well-documented board meeting minutes, which reflect transparency and accountability. While it demonstrates some commendable practices, the financial ratio suggests that there may be areas for improvement in overall financial management.
This AI summary has been generated from information found on Charity Navigator.
Is Triangle Elderly Housing Corporation legitimate?
Triangle Elderly Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Triangle Elderly Housing Corporation 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 Triangle Elderly Housing Corporation?
The Triangle Elderly Housing Corporation was established in June 2011 through the merger of four elderly housing projects. Following this merger, each project refinanced their HUD Section 202 direct loans with HUD-insured mortgages under Section 223(F) of the National Housing Act. The corporation provides 74 HUD-assisted elderly housing units in Eastern North Carolina, restricted to very low-income households with at least one resident aged 62 or older. The corporation's major HUD program is its mortgage, while its Section 8 rental assistance contract serves as the non-major program. For the year ending December 31, 2022, rental revenue from HUD amounted to 329,638, representing 56.6% of total revenue. The corporation's primary focus is to provide affordable housing for the elderly.
Who is the CEO of Triangle Elderly Housing Corporation?
Jimmy Parker is the Chair of Triangle Elderly Housing Corporation.
What is the revenue of Triangle Elderly Housing Corporation?
Triangle Elderly Housing Corporation's revenue in 2022 was $622,913.
Who are the executives of Triangle Elderly Housing Corporation and what are their salaries?
There are 5 employees at Triangle Elderly Housing Corporation.
Here are 3 key members and their salaries:
- 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 Triangle Elderly Housing Corporation?
Triangle Elderly Housing Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Triangle Elderly Housing Corporation
Triangle Elderly Housing Corporation was established in June 2011 through the merger of four independent elderly housing projects: Cary Central Elderly Housing, Smithfield Elderly Housing, Princeton Elderly Housing, and Kenly Central Elderly Housing. This amalgamation not only brought these entities under one umbrella but also saw each project refinance their HUD Section 202 direct loan with a HUD mortgage insured under Section 223(F) of the National Housing Act. The resulting corporation now manages 74 HUD-assisted elderly housing units, catering to individuals and families with very low incomes, where at least one person is 62 years or older.
The project's primary focus is on providing elderly housing, with its mortgage program serving as its major HUD initiative. This mortgage program is crucial in ensuring the financial stability and maintenance of the elderly housing units. Apart from its mortgage program, Triangle Elderly Housing Corporation also boasts a Section 8 rental assistance contract, which serves as its non-major HUD program. This contract supplements the rental income for the residents, ensuring that they can afford to live in the affordable housing provided by the corporation. For the fiscal year ending December 31, 2022, rental revenue from HUD accounted for 56.6% of the total revenue, highlighting the importance of both programs in funding the corporation's activities.
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
July, 2024
Triangle Elderly Housing Corporation provides essential housing support to very low-income elderly individuals in Eastern North Carolina. By offering 74 HUD-assisted housing units, the organization ensures that this vulnerable population has access to safe and affordable housing options. Through their commitment to serving elderly individuals aged 62 and older, Triangle Elderly Housing Corporation plays a crucial role in promoting the well-being and security of seniors in the region.
This information is meant to be a general summary of Triangle Elderly Housing Corporation. 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: $207
- Program Service Revenue: $293,068
- Gross Receipts: $622,913
Assets and Liabilities:
- Total Assets: $1,845,868
- Total Liabilities: $2,520,443
- Net Assets: -$674,575
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.
HUD SUBSIDIZED APARTMENTS
Revenue
$252,421
HUD ALLOWED SELF CHGD MGT FEE
Revenue
$40,647
Organization Details
Founding Year
2011
Phone
(919) 934-6066Principal Officer
Jimmy Parker
Main Address
1363 WEST MARKET STREET, SMITHFIELD, NC, 27577
NTEE Category
Code: L22 - Housing
If you are a representative of Triangle Elderly Housing Corporation 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.