Overview
What is Hermitage Homes For Elderly Inc?
Hermitage Homes For Elderly Inc is a nonprofit organization situated in Morristown, Tennessee. Their primary mission is to provide housing for low-income elderly and disabled individuals, adhering to Section 202 of the National Housing Act. Regulated by the U.S. Department of Housing and Urban Development (HUD), they manage a complex with 12 rental units, ensuring their rent charges and operating methods are in line with HUD guidelines. Their mission is to offer housing solutions for vulnerable elderly or handicapped tenants, aiming to enhance their quality of life.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 72%, Two-Star out of Four Star rating
Hermitage Homes For Elderly Inc has received a Two-Star rating from Charity Navigator, indicating an average performance in terms of accountability and finance. The organization has demonstrated strong governance, evident from its 100% independent board members and a solid program expense ratio of 81.31%, suggesting that a significant portion of its funds are directed toward its mission.
However, the organization does have notable weaknesses. The liabilities to assets ratio is substantially high at 147.55%, which raises concerns about its financial stability. Additionally, while the organization has established certain policies such as a conflict of interest policy and document retention procedures, it is lacking a whistleblower policy, which is a critical component of transparency and accountability.
Overall, while Hermitage Homes For Elderly Inc shows strengths in governance and program spending, its financial liabilities and absence of a whistleblower policy suggest areas for improvement to enhance its overall effectiveness and trustworthiness within the community.
This AI summary has been generated from information found on Charity Navigator.
Is Hermitage Homes For Elderly Inc legitimate?
Hermitage Homes For Elderly Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Hermitage 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.
Heare are some key statistics you may want to consider:
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What is the mission statement of Hermitage Homes For Elderly Inc?
Hermitage Homes For Elderly Inc's mission is centered around providing housing for individuals who fall under the categories of low-income elderly and disabled tenants. This organization operates under Section 202 of the National Housing Act, which is a key aspect of their mission. Their primary goal is to offer suitable housing solutions for this specific group of people, ensuring they have a place to live with comfort and security. The housing provided by Hermitage Homes For Elderly Inc is regulated by the HUD, with regard to rent charges and operational methods, ensuring fairness and affordability for the tenants. The organization currently manages 12 rental units in a complex.
Who is the CEO of Hermitage Homes For Elderly Inc?
Kay Hale is the President of Hermitage Homes For Elderly Inc.
What is the revenue of Hermitage Homes For Elderly Inc?
Hermitage Homes For Elderly Inc's revenue in 2022 was $51,418.
Who are the executives of Hermitage 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 Hermitage Homes For Elderly Inc?
Hermitage Homes For Elderly Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Hermitage Homes For Elderly Inc
Hermitage Homes for Elderly Inc, as a nonprofit organization, is dedicated to providing housing for individuals who fall into the low-income elderly or handicapped categories. This mission is aligned with Section 202 of the National Housing Act, a legislation aimed at supporting such communities. The organization's primary goal is to offer suitable living accommodations to these individuals, ensuring they have a secure and comfortable environment to call home. The housing provided by Hermitage Homes for Elderly Inc is subject to regulations by the Department of Housing and Urban Development (HUD), with restrictions on rent charges and operating methods to ensure affordability and accessibility. The complex, which houses 12 rental units, is a testament to the organization's commitment to making a difference in the lives of those in need.
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Impact
August, 2024
Hermitage Homes For Elderly Inc provides vital housing for low-income elderly and handicapped tenants under Section 202 of the National Housing Act. By offering affordable and safe living spaces for this vulnerable population, the organization helps ensure that those in need have a place to call home. With 12 rental units in their complex in Morristown, TN, Hermitage Homes For Elderly Inc plays a crucial role in supporting older individuals and those with disabilities in accessing stable housing. Their impact can be seen in the improved quality of life and security provided to their tenants, fulfilling their mission to offer housing to those who need it most.
This information is meant to be a general summary of Hermitage 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: $8
- Program Service Revenue: $39,900
- Gross Receipts: $51,418
Assets and Liabilities:
- Total Assets: $548,818
- Total Liabilities: $780,836
- Net Assets: -$232,018
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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
$39,002
LAUNDRY & VENDING INCO
Revenue
$643
TENANT CHARGES
Revenue
$255
Organization Details
Founding Year
2002
Phone
(423) 587-4500Principal Officer
Kay Hale
Main Address
PO BOX 1218, MORRISTOWN, TN, 378161218
NTEE Category
Code: L21 - Housing
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