Mercy Terrace Apartments
- Assets
- $2.6m
- Revenue
- $593.7k
- Investments
- $0.0
- Employees
- 5
- Location
- Erie, PA
- Founding
- 03/1946
- Data as of
- 12/2023
- EIN
- 25-1523703
Organization Overview
Mercy Terrace Apartments is located in Erie, PA. The organization was established in 1946. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Mercy Terrace Apartments employed 5 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Mercy Terrace Apartments 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 12/2023, Mercy Terrace Apartments generated $593.7k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 0.2% each year. All expenses for the organization totaled $497.3k during the year ending 12/2023. While expenses have increased by 3.5% per year over the past 9 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
OPERATION OF AN INDEPENDENT LIVING APARTMENT COMPLEX FOR THE ELDERLY, MEETING THEIR SOCIAL, SPIRITUAL, PHYSICAL AND PSYCHOLOGICAL NEEDS IN HOUSING AND IMMEDIATE ENVIRONMENT, AT A MODERATE COST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF A 64 UNIT INDEPENDENT LIVING APARTMENT COMPLEX FOR THE ELDERLY MEETING THEIR SOCIAL, SPIRITUAL, PHYSICAL AND PSYCHOLOGICAL NEEDS IN HOUSING AND IMMEDIATE ENVIRONMENT, AT A MODERATE COST.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Diane Mccullough Member At Large | Trustee | 2 | $0 |
Sr Lisa Mary Mccartney Rsm PHD Board Secretary | OfficerTrustee | 2 | $0 |
Rev Michael P Ferrick Board Member | Trustee | 2 | $0 |
Linda Wozniak Board Member | Trustee | 2 | $0 |
Thomas Brunner Board Member | Trustee | 2 | $0 |
John C Martin Board Member | Trustee | 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 | $67,037 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $67,037 |
| Total Program Service Revenue | $490,018 |
| Investment income | $19,757 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $16,839 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $593,651 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $71,752 |
| 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. | $71,341 |
| Compensation of current officers, directors, key employees. | $3,547 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $47,981 |
| Pension plan accruals and contributions | $8,809 |
| Other employee benefits | $3,391 |
| Payroll taxes | $9,052 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,075 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,806 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $5,178 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $60,292 |
| 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 | $118,439 |
| Insurance | $20,857 |
| All other expenses | $2,190 |
| Total functional expenses | $497,349 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $319,991 |
| 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 | $13,177 |
| Net Land, buildings, and equipment | $1,871,688 |
| Investments—publicly traded securities | $370,650 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,575,506 |
| Accounts payable and accrued expenses | $15,735 |
| Grants payable | $0 |
| Deferred revenue | $24,500 |
| 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 | $0 |
| Total liabilities | $40,235 |
| Net assets without donor restrictions | $2,535,271 |
| 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 | $2,575,506 |
Grants Awarded
Over the last fiscal year, Mercy Terrace Apartments has awarded $71,202 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
MERCY HILLTOP CENTER PURPOSE: To provide assistance for the sustainablity of operations. | $61,200 |
MERCYHURST PREPATORY SCHOOL PURPOSE: To provide assistance for the sustainabilty of operations. | $10,002 |