Village East Retirement Communityinc
- Assets
- $10.2m
- Revenue
- $848.3k
- Investments
- $0.0
- Employees
- 7
- Location
- San Angelo, TX
- Founding
- 07/2007
- Data as of
- 06/2021
- 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 06/2021, Village East Retirement Communityinc employed 7 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 06/2021, Village East Retirement Communityinc generated $848.3k in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.2% each year. All expenses for the organization totaled $1.1m during the year ending 06/2021. While expenses have increased by 4.5% per year over the past 6 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
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.
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 |
|---|---|---|---|
Mark Davis Executive Dir. | Officer | 38 | $82,579 |
Don Foster President | OfficerTrustee | 0.2 | $0 |
Trey Smith Vice-President | OfficerTrustee | 0.2 | $0 |
David Gay Sec./treasurer | OfficerTrustee | 0.2 | $0 |
Lanny Layman Director | Trustee | 0.2 | $0 |
Jim Carter 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 | $825,321 |
| Investment income | $22,964 |
| 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 | $848,285 |
| 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. | $125,118 |
| Compensation of current officers, directors, key employees. | $118,862 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $93,476 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $5,883 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $781 |
| Office expenses | $2,266 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,630 |
| 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 | $446,352 |
| Insurance | $57,748 |
| All other expenses | $11,573 |
| Total functional expenses | $1,078,695 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $282,123 |
| Savings and temporary cash investments | $2,432,585 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $56,015 |
| 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 | $7,453,530 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,224,253 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $11,948,574 |
| 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 | $70,554 |
| Total liabilities | $12,019,128 |
| Net assets without donor restrictions | -$1,794,875 |
| 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 | $10,224,253 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Village East Retirement Communityinc has recieved totaling $14.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $14 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Bst Senior Living West Inc San Antonio, TX | $112,083,644 | $24,466,156 |
Incarnate Word Retirement Community Inc San Antonio, TX | $10,969,268 | $19,152,851 |
Neighborhood In Rio Rancho Rio Rancho, NM | $43,319,912 | $14,930,529 |
Woldenberg Village Inc New Orleans, LA | $27,827,418 | $14,584,574 |
Bst Senior Living East Inc San Antonio, TX | $59,251,034 | $9,119,781 |
George Gervin Youth Center Inc San Antonio, TX | $26,261,586 | $16,043,559 |
Methodist Retirement Communities The Woodlands, TX | $24,592,359 | $13,174,524 |
Haverland Carter Lifestyle Group Albuquerque, NM | $60,146,748 | $9,864,395 |
Lutheran Senior Citizens Inc Oklahoma City, OK | $21,167,432 | $11,372,456 |
Lutheran Sunset Ministries Clifton, TX | $33,524,752 | $11,876,398 |
Methodist Retirement Communities The Woodlands, TX | $7,640,835 | $12,110,100 |
Wichita Falls Retirement Foundation Wichita Falls, TX | $25,020,242 | $10,435,420 |