Overview
What is Volunteer Residences-Two Inc?
Volunteer Residences-Two Inc is a nonprofit organization situates in Morristown, Tennessee. Their primary focus is to provide housing solutions for low-income elderly and handicapped individuals, adhering to Section 202 of the National Housing Act. Regulated by the HUD, they manage a complex with 24 rental units, ensuring reasonable rent charges and operational practices. The organization's mission is to cater to the housing needs of low-income elderly or handicapped tenants, aiming to contribute positively to their respective communities.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 75% (Three-Star out of Four Stars)
Volunteer Residences-Two Inc has earned a Three-Star rating from Charity Navigator, reflecting a solid performance in its accountability and finance practices. The charity's overall score is based entirely on its strong accountability metrics, showcasing effective governance and financial management. With 100% of its board members being independent, the organization demonstrates a commitment to transparency and integrity.
The charity scored particularly well in areas such as financial statements, where it received full points for its audit, and it has no reported material diversion of assets. Additionally, it has a well-documented conflict of interest policy and maintains thorough records of board meeting minutes. Program expenses are commendably high, with 89.10% of expenditures directed towards its programs.
However, the organization faces a challenge with its liabilities to assets ratio, which stands at 143.75%, resulting in zero points in that category. This indicates potential financial stability concerns that stakeholders may want to monitor. Overall, while Volunteer Residences-Two Inc demonstrates strong accountability and financial practices, attention to its financial ratios may be necessary for future sustainability.
This AI summary has been generated from information found on Charity Navigator.
Is Volunteer Residences-Two Inc legitimate?
Volunteer Residences-Two Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Volunteer Residences-Two 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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Other Salaries and Wages: $0
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What is the mission statement of Volunteer Residences-Two Inc?
Volunteer Residences-Two Inc is committed to providing housing for individuals who fall under the category of low-income elderly or handicapped tenants, as outlined in Section 202 of the National Housing Act. The organization's primary mission is to offer suitable living spaces for this specific group of individuals. The housing provided by Volunteer Residences-Two Inc is regulated by the HUD (Department of Housing and Urban Development) in terms of rental charges and operating methods. The complex currently houses 24 rental units.
Who is the CEO of Volunteer Residences-Two Inc?
Kay Hale is the President of Volunteer Residences-Two Inc.
What is the revenue of Volunteer Residences-Two Inc?
Volunteer Residences-Two Inc's revenue in 2022 was $760,373.
Who are the executives of Volunteer Residences-Two 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 Volunteer Residences-Two Inc?
Volunteer Residences-Two Inc's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Volunteer Residences-Two Inc
Volunteer Residences-Two Inc, a nonprofit organization, is committed to providing housing for individuals who fall under the category of low-income elderly or handicapped tenants. This mission is in line with Section 202 of the National Housing Act, a legislative act aimed at addressing housing needs. The organization's primary objective is to offer a secure living space for those in need, ensuring that they have access to safe and affordable housing. Volunteer Residences-Two Inc operates under the regulatory oversight of the Department of Housing and Urban Development (HUD), ensuring that rent charges and operational methods adhere to established guidelines. The organization currently manages 24 rental units within its complex, providing a home for those who may otherwise struggle to secure suitable housing.
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Impact
July, 2024
Volunteer Residences-Two Inc's impact is crucial in providing affordable housing for low-income elderly and handicapped tenants in Morristown, TN. By offering 24 rental units in the complex, this organization is ensuring that vulnerable individuals have a safe and stable place to call home. Through its mission to provide housing under Section 202 of the National Housing Act, Volunteer Residences-Two Inc is addressing the pressing need for accessible and affordable housing options for those who may not have the means to secure adequate shelter on their own. This initiative not only contributes to the well-being and quality of life of its residents but also fosters a sense of community and support among the individuals it serves.
This information is meant to be a general summary of Volunteer Residences-Two 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: $211
- Program Service Revenue: $369,732
- Gross Receipts: $760,373
Assets and Liabilities:
- Total Assets: $2,325,909
- Total Liabilities: $3,329,599
- Net Assets: -$1,003,690
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
TENANT RENT
Revenue
$362,761
SERVICE COORDINATOR GR
Revenue
$3,217
LAUNDRY & VENDING INCO
Revenue
$2,881
TENANT CHARGES
Revenue
$873
Organization Details
Founding Year
1987
Phone
(423) 586-1494Principal Officer
Kay Hale
Main Address
PO BOX 1218, MORRISTOWN, TN, 37816
NTEE Category
Code: L21Z - Housing
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