Overview
What is Menorah Terrace?
Menorah Terrace is a California-based nonprofit corporation, established in 1983. Its primary mission is to operate a 39-unit housing project, specifically catering to the needs of elderly individuals with low income, situated in Los Angeles, California. The project received financial support through a mortgage from the California Housing Finance Agency. Regulated under a Housing Assistance Payments Contract with the Department of Housing and Urban Development (HUD), Menorah Terrace manages various aspects such as rent adjustments, operating methods, and other related matters, ensuring the well-being of its residents.
What are the reviews and ratings of this charity?
Charity Navigator Rating: 79% (Three-Star out of Four Stars)
Menorah Terrace has received a rating of 79%, which indicates a solid performance in accountability and financial health. The organization demonstrates strong governance practices, with 100% of its board members being independent, which enhances transparency and decision-making integrity. Additionally, their policies on conflict of interest, whistleblowing, and document retention are well established, contributing positively to their overall accountability.
Financially, Menorah Terrace shows a commendable program expense ratio of 82.71%, indicating that a significant portion of its expenditures is directed towards its programs rather than administrative costs. The organization also maintains a favorable liabilities to assets ratio of 0.00%, reflecting a strong financial position without debt obligations. These metrics suggest that the charity is effectively utilizing its resources to further its mission.
While the rating is quite respectable, it still falls short of a higher score that would indicate even greater financial efficiency and impact. Continuous improvement in financial strategies and program effectiveness could enhance their rating and further bolster donor confidence.
This AI summary has been generated from information found on Charity Navigator.
Is Menorah Terrace legitimate?
Menorah Terrace is a legitimate nonprofit organization registered as a 501(c)(3) entity. Menorah Terrace 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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What is the mission statement of Menorah Terrace?
Menorah Terrace, a California non-profit corporation, was established with the purpose of managing a 39-unit rental housing project catering to very low-income elderly residents. Operations for this project commenced in January 1983, with mortgage financing provided by the California Housing Finance Agency. The project is governed under the terms of a Housing Assistance Payments Contract with HUD, which encompasses rent adjustments, operational methods, and various other matters. In essence, Menorah Terrace's mission is to provide affordable housing and essential support services for the elderly population, adhering to the stipulations set forth by the HUD contract.
Who is the CEO of Menorah Terrace?
Douglas Cope is the Chair of Menorah Terrace.
What is the revenue of Menorah Terrace?
Menorah Terrace's revenue in 2022 was $930,407.
Who are the executives of Menorah Terrace and what are their salaries?
Here are 11 key members and their salaries:
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- Related: $251,607
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- Related: $157,275
- Other: $17,156
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- Related: $131,874
- Other: $19,411
Where can I find the form 990 for Menorah Terrace?
Menorah Terrace's most recent form 990 was submitted in 2022 and can be accessed here.
Mission Statement of Menorah Terrace
Menorah Terrace, a California-based non-profit corporation, was established with a mission to manage a 39-unit rental housing project catering to very low-income elderly individuals. The project commenced operations in January 1983, with financial backing from the California Housing Finance Agency. Menorah Terrace operates under the regulations set by a Housing Assistance Payments Contract with the HUD, which includes guidelines on rent modifications, operational procedures, and various other aspects. The project's primary objective is to provide affordable housing and a supportive environment for its elderly residents.
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Impact
July, 2024
Menorah Terrace has had a significant impact by providing affordable housing for very low-income elderly individuals in Los Angeles since 1983. Through its 39-unit rental housing project, Menorah Terrace has enabled elderly residents to have a safe and comfortable place to call home. By partnering with the California Housing Finance Agency and operating under a Housing Assistance Payments contract with HUD, Menorah Terrace ensures that its residents have access to stable housing and necessary support services. This organization plays a crucial role in addressing the housing needs of vulnerable elderly individuals in the community, promoting their well-being and quality of life.
This information is meant to be a general summary of Menorah Terrace. 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: $179
- Program Service Revenue: $158,196
- Gross Receipts: $930,407
Assets and Liabilities:
- Total Assets: $2,935,552
- Total Liabilities: $185,808
- Net Assets: $2,749,744
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
RENTAL INCOME
Revenue
$158,196
Organization Details
Founding Year
1983
Phone
(310) 475-6083Principal Officer
Douglas Cope
Main Address
10991 W PICO BLVD, LOS ANGELES, CA, 90064
NTEE Category
Code: L22Z - Housing
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