Overview
What is Volunteer Homes For Elderly?
Volunteer Homes For Elderly is a nonprofit organization situated in Morristown, Tennessee. They specialize in providing housing solutions for low-income elderly and handicapped individuals, adhering to regulations set by the U.S. Department of Housing and Urban Development (HUD) in terms of rent charges and operating methods. The organization manages 105 rental units within a complex, dedicated to serving this particular demographic under Section 202 of the National Housing Act. The primary mission of Volunteer Homes For Elderly is to ensure suitable housing options are available for this vulnerable group, aiming to enhance their quality of life.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 75%, Three-Star out of Four Star Rating
Volunteer Homes For Elderly has received a Three-Star rating from Charity Navigator, indicating a solid performance in accountability and finance. The organization scored 75% overall, with the score derived entirely from its accountability and finance beacon. A key strength is its independent board structure, which consists of 100% independent members, contributing to its governance effectiveness.
The nonprofit showcases strong financial practices, such as a high program expense ratio of 88.88%, demonstrating its commitment to utilizing funds for its core mission. Additionally, it has received full marks for its financial statements audit and various governance policies, which indicates a transparent operational approach.
However, the organization faces a significant concern with its liabilities to assets ratio, scoring 0 out of 15 points due to a high ratio of 143.01%. This may suggest potential financial risk that could impact its sustainability and capacity for future growth. Overall, while Volunteer Homes For Elderly demonstrates solid governance and financial accountability, attention to its financial liabilities is necessary for long-term stability.
This AI summary has been generated from information found on Charity Navigator.
Is Volunteer Homes For Elderly legitimate?
Volunteer Homes For Elderly is a legitimate nonprofit organization registered as a 501(c)(3) entity. Volunteer Homes For Elderly 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 Volunteer Homes For Elderly?
Volunteer Homes For Elderly is dedicated to providing housing for individuals who fall under the low-income elderly or handicapped category. This mission is in alignment with Section 202 of the National Housing Act. The organization's primary objective is to offer housing solutions, overseen by the HUD, ensuring the rent charges and operational methods are regulated appropriately. Currently, Volunteer Homes For Elderly manages 105 rental units within a complex, providing a living space for those in need.
Who is the CEO of Volunteer Homes For Elderly?
Kay Hale is the President of Volunteer Homes For Elderly.
What is the revenue of Volunteer Homes For Elderly?
Volunteer Homes For Elderly's revenue in 2022 was $835,920.
Who are the executives of Volunteer Homes For Elderly 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 Homes For Elderly?
Volunteer Homes For Elderly's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Volunteer Homes For Elderly
Volunteer Homes For Elderly, as a nonprofit organization, is dedicated to providing housing solutions for low-income elderly and handicapped individuals. Aligning with Section 202 of the National Housing Act, this organization serves as a beacon of hope, offering suitable living spaces for those in need. Regulated by the Department of Housing and Urban Development (HUD), Volunteer Homes For Elderly ensures that rental charges and operational methods adhere to set standards, ensuring affordable and reliable housing options for its tenants. Currently, the organization manages 105 rental units in a complex, providing a secure and supportive living environment for its residents.
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Impact
July, 2024
Volunteer Homes For Elderly has had a significant impact by providing housing for low-income elderly and handicapped tenants in Morristown, TN. With 105 rental units in their complex, they have created a safe and affordable living environment for individuals in need. By operating under the regulations of HUD regarding rent charges and operating methods, Volunteer Homes For Elderly ensures that their tenants have access to suitable housing options. Through their mission to provide housing for low-income elderly or handicapped tenants under Section 202 of the National Housing Act, they are making a difference in the lives of those who are vulnerable and in need of assistance. This organization's dedication to offering housing solutions to this demographic demonstrates their commitment to improving the quality of life for those they serve.
This information is meant to be a general summary of Volunteer Homes For Elderly. 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: $149
- Program Service Revenue: $395,747
- Gross Receipts: $835,920
Assets and Liabilities:
- Total Assets: $2,733,346
- Total Liabilities: $3,912,875
- Net Assets: -$1,179,529
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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
$390,956
LAUNDRY & VENDING INCO
Revenue
$3,654
TENANT CHARGES
Revenue
$1,137
Organization Details
Founding Year
1986
Phone
(423) 587-4500Principal Officer
Kay Hale
Main Address
PO BOX 1218, MORRISTOWN, TN, 378161218
NTEE Category
Code: L21Z - Housing
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