Overview
What is Stanford Homes For Elderly Inc?
Stanford Homes For Elderly Inc, located in Morristown, Tennessee, is a nonprofit organization that specializes in providing affordable housing for elderly and disabled individuals. Regulated by the U.S. Department of Housing and Urban Development (HUD), the organization operates LeConte Terrace Apartments, which houses 36 tenants under Section 202 of the National Housing Act. Their mission is to ensure that low-income elderly and handicapped individuals have access to secure and comfortable living spaces.
What are the reviews and ratings of this charity?
Charity Navigator Rating: Needs Improvement (Two-Star out of Four Star rating, Overall Score: 72%)
Stanford Homes For Elderly Inc has received a Two-Star rating from Charity Navigator, indicating that while the organization is operational, there are areas needing improvement. The accountability and finance score stands at 72%, which reflects a solid commitment to certain governance practices. The board is fully independent, and there are no reported issues with material diversion of assets. However, the absence of a whistleblower policy and missing tax form on their website raise concerns about transparency.
The organization has demonstrated strengths in program expenses, with a program expense ratio of 86.68%, indicating a strong focus on utilizing funds effectively for its mission. While they have a conflict of interest policy and proper documentation for board meetings, the liabilities to assets ratio of 181.53% is alarming, signifying potential financial risks that could affect the sustainability of the organization.
Overall, while Stanford Homes For Elderly Inc shows promise in its governance and operational focus, the deficiencies in transparency and financial management must be addressed to enhance trust and stability. Stakeholders may want to monitor these areas closely to ensure that the organization can continue to fulfill its mission effectively.
This AI summary has been generated from information found on Charity Navigator.
Is Stanford Homes For Elderly Inc legitimate?
Stanford Homes For Elderly Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Stanford 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 Stanford Homes For Elderly Inc?
Stanford Homes For Elderly Inc's mission is centered around providing housing for individuals who are elderly or handicapped and fall into the low-income bracket. This is carried out under Section 202 of the National Housing Act. The organization's primary goal is to offer suitable living accommodations for these individuals, ensuring they have a place to call home. The housing complex, regulated by the HUD, is subject to specific rent charges and operating methods to ensure affordability and efficiency. The complex currently comprises 36 rental units.
Who is the CEO of Stanford Homes For Elderly Inc?
Kay Hale is the President of Stanford Homes For Elderly Inc.
What is the revenue of Stanford Homes For Elderly Inc?
Stanford Homes For Elderly Inc's revenue in 2022 was $184,531.
Who are the executives of Stanford 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 Stanford Homes For Elderly Inc?
Stanford Homes For Elderly Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Stanford Homes For Elderly Inc
Stanford Homes for Elderly Inc, as a nonprofit organization, is dedicated to providing housing solutions for low-income elderly and handicapped individuals. Aligned with Section 202 of the National Housing Act, the mission of this organization is to offer a secure living environment for those in need. Regulated by the HUD, Stanford Homes for Elderly Inc ensures reasonable rent charges and operates in an efficient manner, currently managing 36 rental units within its complex.
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Impact
October, 2024
Stanford Homes For Elderly Inc plays a critical role in the community by offering affordable housing solutions specifically designed for low-income elderly and handicapped individuals in Morristown, TN. By providing 36 rental units regulated under Section 202 of the National Housing Act, they ensure that vulnerable populations have access to safe and secure living environments. This initiative not only addresses the immediate need for affordable housing but also fosters a sense of community and support among residents, improving their quality of life.
Their operations, governed by HUD regulations on rent charges and operating methods, demonstrate a commitment to maintaining affordability while ensuring a high standard of living for tenants. By prioritizing the housing needs of elderly and handicapped individuals, Stanford Homes for Elderly Inc significantly contributes to the well-being and stability of some of the most at-risk members of the population, ultimately enhancing the overall health and resilience of the community.
This information is meant to be a general summary of Stanford 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 2022.
- Investment Income: $9
- Program Service Revenue: $137,003
- Gross Receipts: $184,531
Assets and Liabilities:
- Total Assets: $1,532,718
- Total Liabilities: $2,647,407
- Net Assets: -$1,114,689
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENT
Revenue
$131,152
TENANT CHARGES
Revenue
$5,360
LAUNDRY & VENDING INCO
Revenue
$491
Organization Details
Founding Year
2001
Phone
(423) 586-1494Principal Officer
Kay Hale
Main Address
PO BOX 1218, MORRISTOWN, TN, 37816
NTEE Category
Code: L22 - Housing
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