Volunteer Homes For Elderly
- Assets
- $2.7m
- Revenue
- $835.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Morristown, TN
- Founding
- 05/1986
- Data as of
- 09/2022
- EIN
- 62-1260299
Organization Overview
Volunteer Homes For Elderly is located in Morristown, TN. The organization was established in 1986. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, 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. Volunteer Homes For Elderly 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 09/2022, Volunteer Homes For Elderly generated $835.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.4% each year. All expenses for the organization totaled $802.1k during the year ending 09/2022. While expenses have increased by 1.2% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
HOUSING FOR LOW-INCOME ELDERLY & HANDICAPPED TENANTS
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED HOUSING FOR LOW-INCOME ELDERLY AND HANDICAPPED TENANTS UNDER SECTION 202 OF THE NATIONAL HOUSING ACT; REGULATED BY HUD AS TO RENT CHARGES AND OPERATING METHODS. 105 RENTAL UNITS IN COMPLEX
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Stanley Wilder Secretary | OfficerTrustee | 0.1 | $0 |
Kay Hale President | OfficerTrustee | 0.1 | $0 |
Jack Yates Vice-President | OfficerTrustee | 0.1 | $0 |
Susan Luker Executive Vice President | Officer | 0.1 | $0 |
Michael Collins Director | Trustee | 0.1 | $0 |
Megan Barnard Director | Trustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $440,024 |
| 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 | $440,024 |
| Total Program Service Revenue | $395,747 |
| Investment income | $149 |
| 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 | $835,920 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $116,765 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,087 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $5,641 |
| Advertising and promotion | $175 |
| Office expenses | $12,494 |
| 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 | $121,656 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $147,805 |
| Insurance | $51,519 |
| All other expenses | $0 |
| Total functional expenses | $802,067 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $67,864 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $29,084 |
| Net Land, buildings, and equipment | $2,076,213 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $560,185 |
| Total assets | $2,733,346 |
| Accounts payable and accrued expenses | $51,501 |
| 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 | $3,830,838 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $30,536 |
| Total liabilities | $3,912,875 |
| Net assets without donor restrictions | -$1,179,529 |
| 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 | $2,733,346 |
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