Village East Retirement Communityinc
- Assets
- $9.4m
- Revenue
- $833.0k
- Investments
- $0.0
- Employees
- 4
- Location
- San Angelo, TX
- Founding
- 07/2007
- Data as of
- 06/2023
- EIN
- 20-4339421
Organization Overview
Village East Retirement Communityinc is located in San Angelo, TX. The organization was established in 2007. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. As of 06/2023, Village East Retirement Communityinc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Village East Retirement Communityinc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2023, Village East Retirement Communityinc generated $833.0k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $1.4m during the year ending 06/2023. While expenses have increased by 6.8% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE RETIREMENT TOWNHOMES FOR LEASE TO ELDERLY TENANTS ON A LIFETIME BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING RETIREMENT HOMES FOR LEASE TO ELDERLY TENANTS ON A LIFETIME BASIS WITH A GUARANTEED RETURN OF 90% OF THE LEASE INVESTMENT WHEN THE TENANT DIES OR MOVES OUT. 10% OF THE LEASE INVESTMENT IS AMORTIZED OVER A TEN YEAR PERIOD WITH THE AMORTIZED AMOUNT RECORDED AS COST FEE INCOME. IF A VACATED HOME IS LEASED FOR A LARGER FEE THAN THE PREVIOUS TENANT RECEIVES 50% OF THE INCREASE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Baker Director | Trustee | 0.2 | $0 |
David Gay Sec/treasurer | OfficerTrustee | 0.2 | $0 |
Don Foster President | OfficerTrustee | 0.2 | $0 |
Jim Carter Director | Trustee | 0.2 | $0 |
Ron Blann Director | Trustee | 0.2 | $0 |
Allen Price Director | Trustee | 0.2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $769,675 |
| Investment income | $63,340 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $833,015 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $87,729 |
| Compensation of current officers, directors, key employees. | $83,343 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $136,559 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $151 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,050 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $436 |
| Office expenses | $2,297 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,759 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $524,427 |
| Insurance | $113,144 |
| All other expenses | $8,312 |
| Total functional expenses | $1,411,034 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $228,873 |
| Savings and temporary cash investments | $2,433,457 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $68,025 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $6,641,381 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,371,736 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $12,252,845 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $37,589 |
| Total liabilities | $12,290,434 |
| Net assets without donor restrictions | -$2,918,698 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $9,371,736 |