Terrace Gardens Inc
- Assets
- $10.4m
- Revenue
- $2.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Milpitas, CA
- Founding
- 07/1991
- Data as of
- 12/2021
- EIN
- 77-0158519
Organization Overview
Terrace Gardens Inc is located in Milpitas, CA. The organization was established in 1991. 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. Terrace Gardens 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 12/2021, Terrace Gardens Inc generated $2.4m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $2.4m during the year ending 12/2021. While expenses have increased by 0.6% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE DEVELOPMENT AND MANAGEMENT OF LOW AND MODERATE INCOME HOUSING IN THE STATE OF CALIFORNIA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION DEVELOPS AND MANAGES THE OPERATIONS OF A RESIDENTIAL COMPLEX WHICH CONSISTS OF 148 RENTAL UNITS, 3 GUEST ROOMS, AND 2 STAFF UNITS. THE COMPLEX IS LOCATED IN THE CITY OF MILPITAS AND DEDICATED TO THE NEEDS OF ELDERLY PERSONS. TOTAL OF 198 PEOPLE WERE SERVED DURING THE YEAR.
FOOD SERVICES ARE PROVIDED FOR THE WELL-BEING OF THE ELDERLY TENANTS, FOR THE NUMBER OF 196 PEOPLE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nasir Lalani Secretary/treasurer | OfficerTrustee | 1 | $0 |
Richard Ruth President | OfficerTrustee | 1 | $0 |
Dolores Hovey Vice President | OfficerTrustee | 1 | $0 |
Thomas Valore Director | Trustee | 1 | $0 |
Deepka Lalwani Director | Trustee | 1 | $0 |
James Nichols Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Morrison Management Special Food Management Services | 12/30/21 | $708,902 |
John Stewart Company Property Management Services | 12/30/21 | $593,418 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $48,816 |
| 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 | $48,816 |
| Total Program Service Revenue | $2,319,447 |
| Investment income | $832 |
| 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 | $2,369,095 |
| 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 | $428,189 |
| Pension plan accruals and contributions | $3,205 |
| Other employee benefits | $74,007 |
| Payroll taxes | $34,576 |
| Fees for services: Management | $71,040 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $32,607 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $197,303 |
| Advertising and promotion | $723 |
| Office expenses | $80,684 |
| Information technology | $6,000 |
| Royalties | $0 |
| Occupancy | $230,726 |
| Travel | $823 |
| 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 | $379,078 |
| Insurance | $61,486 |
| All other expenses | $0 |
| Total functional expenses | $2,361,448 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,496 |
| Savings and temporary cash investments | $9,793 |
| Pledges and grants receivable | $20,000 |
| Accounts receivable, net | $17,686 |
| 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 | $58,686 |
| Net Land, buildings, and equipment | $6,959,053 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,333,708 |
| Total assets | $10,407,422 |
| Accounts payable and accrued expenses | $251,342 |
| Grants payable | $0 |
| Deferred revenue | $2,196 |
| 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 | $72,500 |
| Total liabilities | $326,038 |
| Net assets without donor restrictions | $10,080,581 |
| Net assets with donor restrictions | $803 |
| 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 | $10,407,422 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hollenbeck Palms Los Angeles, CA | $91,601,425 | $22,351,666 |
899 Charleston Palo Alto, CA | $143,487,864 | $17,017,896 |
Bay Area Senior Services Inc San Mateo, CA | $56,248,028 | $16,762,634 |
Midpen Property Management Corporation Foster City, CA | $4,229,808 | $16,638,795 |
Casa La Merced Inc C/O Falkenberg/Gilliam & Associates Pasadena, CA | $0 | $52,026 |
Scott Street Senior Housing Complex Incorporated San Francisco, CA | $43,555,702 | $18,828,763 |
Sun Health Colonnade Sun City West, AZ | $94,057,593 | $16,072,885 |
Palo Alto Senior Housing Project Inc Palo Alto, CA | $9,912,770 | $1,163,322 |
Christian Care Tucson Inc Phoenix, AZ | $29,450,689 | $13,520,695 |
Alma Via Of San Francisco Alameda, CA | $25,364,635 | $12,193,885 |
Seascape Senior Housing Inc Walnut Creek, CA | $1,410,799 | $12,833,123 |
Meadowbrook Village Christian Retirement Community Escondido, CA | $70,664,658 | $10,740,685 |