Loretta Village Ii Inc
- Assets
- $386.4k
- Revenue
- $75.1k
- Investments
- $0.0
- Employees
- 0
- Location
- Salisbury, MD
- Founding
- 02/2001
- Data as of
- 06/2023
- EIN
- 52-2253599
Organization Overview
Loretta Village Ii Inc is located in Salisbury, MD. The organization was established in 2001. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Loretta Village Ii Inc 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, Loretta Village Ii Inc generated $75.1k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $114.0k during the year ending 06/2023. While expenses have increased by 4.5% 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
PROVIDING HOMES FOR THE ELDERLY
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE LOW COST HOUSING AND ASSISTANCE TO THE ELDERLY OF THE COMMUNITY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Freddy L Mitchell Board Member | OfficerTrustee | 2 | $0 |
Mckinley Tull Board Member | Trustee | 0 | $0 |
William Barclay Board Secretary | OfficerTrustee | 0 | $0 |
Elmira Brown Board Treasurer | OfficerTrustee | 0 | $0 |
Tyrone Chase Board Chair | OfficerTrustee | 0 | $0 |
Elroy Brittingham Board Member | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $43,130 |
| 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 | $43,130 |
| Total Program Service Revenue | $27,826 |
| Investment income | $1,182 |
| 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 | $75,094 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $14,388 |
| Pension plan accruals and contributions | $1,107 |
| Other employee benefits | $2,390 |
| Payroll taxes | $1,023 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,300 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $938 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| 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 | $27,742 |
| Insurance | $3,324 |
| All other expenses | $6,176 |
| Total functional expenses | $113,966 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,146 |
| Savings and temporary cash investments | $70,232 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $21,192 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| 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 | $286,953 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,862 |
| Total assets | $386,385 |
| Accounts payable and accrued expenses | $52,085 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $2,483 |
| Total liabilities | $54,568 |
| Net assets without donor restrictions | $261,585 |
| Net assets with donor restrictions | $70,232 |
| 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 | $386,385 |