Overview
What is Highland Terrace Of Prestonsburg Inc?
Highland Terrace of Prestonsburg Inc is a nonprofit organization situated in Prestonsburg, Kentucky. With a focus on providing affordable housing, the organization serves the needs of elderly individuals who fall under the income categories of extremely low, very low, and low. The US Department of Housing and Urban Development (HUD) regulates the eligibility criteria and subsidizes the monthly rent charges for the 80 available apartments. In fiscal year 2023, HUD provided 419,195 in housing assistance payments, accounting for 54% of the organization's annual revenues. The mission of Highland Terrace of Prestonsburg Inc is to ensure that its residents have access to decent, safe, sanitary, and affordable dwellings, contributing to their overall well-being.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79% (Three-Star out of Four Stars)
Highland Terrace Of Prestonsburg Inc has achieved a Three-Star rating from Charity Navigator, reflecting a solid commitment to accountability and finance. The organization scored a total of 79%, primarily based on its strong performance in the Accountability & Finance category. This score is particularly significant as it indicates effective financial management and transparency, essential for building trust with donors and stakeholders.
The nonprofit has demonstrated excellence in several key areas, including having a fully independent board of directors, achieving maximum points for its conflict of interest and whistleblower policies, and maintaining proper oversight of financial statements. Additionally, an impressive program expense ratio of 90.26% suggests that a substantial portion of its resources is directed towards fulfilling its mission, which is a positive indicator of its operational efficiency.
However, while the 79% rating is commendable, it is important to note that this score is derived solely from the Accountability & Finance beacon, and the charity does not have ratings in other categories such as Impact & Results or Leadership & Adaptability. This may indicate a need for further transparency about the effectiveness of its programs or the overall impact it has on the community it serves.
This AI summary has been generated from information found on Charity Navigator.
Is Highland Terrace Of Prestonsburg Inc legitimate?
Highland Terrace Of Prestonsburg Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Highland Terrace Of Prestonsburg 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:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $56,617
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What is the mission statement of Highland Terrace Of Prestonsburg Inc?
Highland Terrace of Prestonsburg Inc, as a mission, is dedicated to providing decent, safe, sanitary, and affordable housing for elderly individuals who fall under the categories of extremely low, very low, and low income. Their primary objective is to ensure that these individuals have access to such housing, which is a fundamental necessity. The organization receives support from the U.S. Department of Housing and Urban Development (HUD) in terms of eligibility criteria and subsidized monthly rent charges. For the fiscal year ending June 30, 2023, HUD provided 419,195 in housing assistance payments, accounting for 54% of their total annual revenues.
Who is the CEO of Highland Terrace Of Prestonsburg Inc?
Jody Collins is the Director of Highland Terrace Of Prestonsburg Inc.
What is the revenue of Highland Terrace Of Prestonsburg Inc?
Highland Terrace Of Prestonsburg Inc's revenue in 2023 was $773,985.
Who are the executives of Highland Terrace Of Prestonsburg Inc and what are their salaries?
Here are 7 key members and their salaries:
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Where can I find the form 990 for Highland Terrace Of Prestonsburg Inc?
Highland Terrace Of Prestonsburg Inc's most recent form 990 was submitted in 2023 and can be accessed here.
Mission Statement of Highland Terrace Of Prestonsburg Inc
Highland Terrace of Prestonsburg Inc, a nonprofit organization, is committed to providing decent, safe, sanitary, and affordable housing to elderly individuals who fall under the categories of extremely low, very low, and low income. The primary goal of this establishment is to ensure that these individuals have a suitable living environment within their financial means. To achieve this, Highland Terrace of Prestonsburg Inc rents out 80 apartments, and the eligibility criteria and subsidized monthly rent charges are regulated by the HUD. In the fiscal year ending June 30, 2023, the HUD provided the organization with 419,195 in housing assistance payments, which accounted for 54% of their total annual revenues. This financial support facilitates the organization's mission and enables it to offer affordable housing solutions to its target demographic.
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Impact
July, 2024
Highland Terrace Of Prestonsburg Inc's impact lies in providing decent, safe, sanitary, and affordable housing to extremely low, very low, and low-income elderly individuals in Prestonburg, Kentucky. This organization rents 80 apartments to the elderly, with eligibility criteria and subsidized monthly rent charges regulated by HUD. In the year ended June 30, 2023, HUD provided $419,195 in housing assistance payments, accounting for 54% of total annual revenues. Through its mission, Highland Terrace Of Prestonsburg Inc plays a vital role in addressing the housing needs of vulnerable elderly individuals, ensuring they have a place to call home.
This information is meant to be a general summary of Highland Terrace Of Prestonsburg 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: $182
- Program Service Revenue: $748,637
- Gross Receipts: $773,985
Assets and Liabilities:
- Total Assets: $1,025,599
- Total Liabilities: $1,882,739
- Net Assets: -$857,140
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
LOW RENT HOUSING
Revenue
$748,637
Organization Details
Founding Year
1968
Phone
(606) 886-1927Principal Officer
Jody Collins
Main Address
34 MAYS BRANCH, PRESTONSBURG, KY, 41653
NTEE Category
Code: L200 - Housing
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