Overview
What is Greystone Homes For Elderly Inc?
Greystone Homes For Elderly Inc, operating under the name Woodridge Apartments, is a nonprofit organization situated in Morristown, Tennessee. Their primary mission is to provide affordable housing for elderly and handicapped individuals, in compliance with Section 202 of the National Housing Act. Regulated by the Department of Housing and Urban Development (HUD), they manage a complex with 15 rental units, ensuring reasonable rent charges and operating methods. Their commitment is to enhance the living conditions for low-income elderly and handicapped tenants, offering them a safe and supportive environment.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 72%, Two-Star out of Four Star rating.
Greystone Homes For Elderly Inc has received a moderate rating, indicating a decent level of accountability and finance management. The organization scored particularly well in areas such as having a majority of independent board members and a conflict of interest policy, suggesting strong governance practices. However, the absence of a whistleblower policy raises concerns about transparency and oversight.
The program expense ratio is healthy at 81.56%, indicating that a significant portion of its expenses is directed toward fulfilling its mission. However, the liabilities to assets ratio is concerning at 143.75%, which could imply potential financial instability. While the charity appears to manage its resources effectively, the high liabilities may affect long-term sustainability.
Overall, while Greystone Homes For Elderly Inc demonstrates strong governance and a commitment to program expenses, the lack of a whistleblower policy and high liabilities should be addressed to enhance its credibility and operational soundness in the nonprofit sector.
This AI summary has been generated from information found on Charity Navigator.
Is Greystone Homes For Elderly Inc legitimate?
Greystone Homes For Elderly Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Greystone 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 Greystone Homes For Elderly Inc?
Greystone Homes For Elderly Inc is committed to providing housing for individuals who are elderly or handicapped and fall under a low-income bracket. This mission is in alignment with Section 202 of the National Housing Act. The organization's primary goal is to offer suitable living accommodations for this specific demographic, regulated by the HUD in terms of rental charges and operational methods. Currently, they manage 15 rental units within their complex, dedicated to serving this community.
Who is the CEO of Greystone Homes For Elderly Inc?
Kay Hale is the President of Greystone Homes For Elderly Inc.
What is the revenue of Greystone Homes For Elderly Inc?
Greystone Homes For Elderly Inc's revenue in 2023 was $76,109.
Who are the executives of Greystone 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 Greystone Homes For Elderly Inc?
Greystone Homes For Elderly Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Greystone Homes For Elderly Inc
Greystone Homes for Elderly Inc, a nonprofit organization, is committed to providing housing for individuals who fall under the categories of low-income elderly and disabled tenants. This mission is in alignment with Section 202 of the National Housing Act, a legislative framework designed to address the housing needs of specific populations. Greystone Homes for Elderly Inc operates under the regulatory oversight of the HUD, ensuring that rent charges and operational methods adhere to established standards. The organization manages a complex housing unit, accommodating 15 tenants in need of secure and affordable housing.
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Impact
August, 2024
Greystone Homes for Elderly Inc's impact lies in its provision of crucial housing support for low-income elderly and handicapped individuals in Morristown, TN. By offering 15 rental units in a regulated complex, the organization plays a vital role in ensuring that this vulnerable population has access to safe and affordable housing. Through its mission to provide housing under Section 202 of the National Housing Act, Greystone Homes For Elderly Inc directly contributes to improving the quality of life for those in need in the community.
This information is meant to be a general summary of Greystone 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: $9
- Program Service Revenue: $53,664
- Gross Receipts: $76,109
Assets and Liabilities:
- Total Assets: $658,939
- Total Liabilities: $947,290
- Net Assets: -$288,351
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENT
Revenue
$53,654
TENANT CHARGES
Revenue
$10
Organization Details
Founding Year
2003
Phone
(423) 586-1494Principal Officer
Kay Hale
Main Address
PO BOX 1218, MORRISTOWN, TN, 378161218
NTEE Category
Code: L22 - Housing
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