Overview
What is Laverna Terrace Housing Corporation?
Laverna Terrace Housing Corporation is a nonprofit organization situated in Mokena, Illinois, specifically at 18927 Hickory Creek Drive 300. Its primary mission is to provide affordable housing facilities for low-income elderly and handicapped individuals. The U.S. Department of Housing & Urban Development regulates the rents charged to tenants. As part of Ascension Catholic Health Ministry, it contributed to Ascension's commitment to patient care and community support during the challenges of the COVID-19 global pandemic in 2020 and 2021. Operating a 51-unit apartment community, Laverna Terrace Housing Corporation falls under the Doing Business As Name of Provena Laverna Terrace. As of May 31, 2021, the apartment community was classified as held for sale.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 67%, earning it a Two-Star out of Four Star rating. The rating indicates that Laverna Terrace Housing Corporation is performing below the average standards for nonprofits when it comes to accountability and financial health. With a score of 67 in Accountability & Finance, there are notable strengths but also significant areas needing improvement.
The organization has demonstrated strong performance in program expenses, allocating approximately 91.76% of its budget directly to programs, which is a positive indicator of its commitment to its mission. Additionally, it has a favorable liabilities to assets ratio of 2.92%, suggesting financial stability. The existence of policies regarding whistleblower protections and document retention further showcases its efforts toward operational transparency.
However, weaknesses are evident in the governance structure, with only 33% of board members being independent, which raises concerns about oversight and potential conflicts of interest. Furthermore, critical policies such as the conflict of interest policy and the presence of a website listed on the tax form are missing, which detracts from its accountability score. Addressing these areas could significantly enhance the organization's rating and public trust.
This AI summary has been generated from information found on Charity Navigator.
Is Laverna Terrace Housing Corporation legitimate?
Laverna Terrace Housing Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Laverna Terrace 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 Laverna Terrace Housing Corporation?
Laverna Terrace Housing Corporation is dedicated to providing affordable housing facilities for low-income elderly and handicapped individuals. Their mission is centered around ensuring that these vulnerable groups have access to suitable living spaces. The organization operates a 51-unit apartment community, with rents subsidized and regulated by the U.S. Department of Housing and Urban Development. During the COVID-19 pandemic, the corporation, as part of the Ascension Catholic Health Ministry, provided support to patients, communities, and associates, demonstrating their commitment to both healthcare and community wellbeing. As of May 31, 2021, the apartment community was classified as held for sale.
Who is the CEO of Laverna Terrace Housing Corporation?
Lisa Musgrave is the Board Member of Laverna Terrace Housing Corporation. The CEO's salary of Laverna Terrace Housing Corporation is $0 and their total compensation is $1,005,807.
What is the revenue of Laverna Terrace Housing Corporation?
Laverna Terrace Housing Corporation's revenue in 2022 was $528,611.
Who are the executives of Laverna Terrace Housing Corporation and what are their salaries?
There 2 volunteers at Laverna Terrace Housing Corporation.
Here are 6 key members and their salaries (Laverna Terrace Housing Corporation's CEO's salary is $0 and their total compensation is $1,005,807):
- Compensation: $0
- Related: $555,508
- Other: $83,266
- Compensation: $0
- Related: $1,008,686
- Other: $35,088
- Compensation: $0
- Related: $0
- Other: $0
- Compensation: $0
- Related: $272,554
- Other: $33,248
- Compensation: $0
- Related: $963,260
- Other: $42,547
- Compensation: $0
- Related: $535,469
- Other: $40,484
Where can I find the form 990 for Laverna Terrace Housing Corporation?
Laverna Terrace Housing Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Laverna Terrace Housing Corporation
Laverna Terrace Housing Corporation, as a part of the Ascension Catholic Health Ministry, is dedicated to providing affordable housing facilities for low-income elderly and handicapped individuals. This non-profit organization approaches its mission by owning and operating a 51-unit apartment community, where rents are subsidized and regulated by the U.S. Department of Housing and Urban Development. By doing so, Laverna Terrace Housing Corporation contributes to the wellbeing of vulnerable senior individuals, offering them a safe and affordable living space during challenging times.
During the COVID-19 pandemic, Laverna Terrace Housing Corporation showed its commitment to both patients and communities, as well as caregivers and associates, by supporting Ascension's efforts in addressing the challenges faced during this global crisis in 2020 and 2021. Despite the classification of its apartment community as "held for sale" as of May 31, 2021, Laverna Terrace Housing Corporation remains dedicated to its mission of offering affordable housing to low-income senior individuals, reflecting its long-term commitment to serving this community.
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Impact
July, 2024
Laverna Terrace Housing Corporation's impact lies in providing much-needed affordable housing facilities for low-income elderly and handicapped individuals in Mokena, Illinois. The organization owns and operates a 51-unit apartment community where rents are subsidized and regulated by the U.S. Department of Housing and Urban Development. By offering these housing options, Laverna Terrace plays a crucial role in supporting vulnerable members of the community and ensuring they have a safe and stable place to call home. Additionally, as part of the Ascension Catholic Health Ministry, the organization has demonstrated its commitment to caring for patients and communities, especially during the challenges of the COVID-19 global pandemic in 2020 and 2021.
This information is meant to be a general summary of Laverna Terrace 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: -$2,716
- Program Service Revenue: $212,210
- Gross Receipts: $531,489
Assets and Liabilities:
- Total Assets: $4,251,296
- Total Liabilities: $147,182
- Net Assets: $4,104,114
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$212,210
Organization Details
Founding Year
1982
Phone
(317) 271-8888Principal Officer
Lisa Musgrave
Main Address
18927 HICKORY CREEK DRIVE 300, MOKENA, IL, 60448
NTEE Category
Code: E30J - Health
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