Wesley Homes Lake County Inc
- Assets
- $601.4k
- Revenue
- $503.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Cordova, TN
- Founding
- 08/1981
- Data as of
- 12/2021
- EIN
- 58-1442179
Organization Overview
Wesley Homes Lake County Inc is located in Cordova, TN. The organization was established in 1981. 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. Wesley Homes Lake County 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, Wesley Homes Lake County Inc generated $503.0k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $438.8k 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
TO PROVIDE HOUSING AND SERVICES TO VERY LOW AND EXTREMELY LOW INCOME ELDERLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
WESLEY HOMES LAKE COUNTY, INC IS A NOT-FOR-PROFIT CORPORATION FORMED IN MAY 1978 IN ACCORDANCE WITH THE NOT-FOR-PROFIT STATUTES OF THE STATE OF TENNESSEE. THE CORPORATION WAS FORMED FOR THE PURPOSE OF OPERATING A 50-UNIT COMMUNITY LOCATED IN TIPTONVILLE, TENNESSEE KNOWN AS WESLEY APARTMENTS, WHICH PROVIDES HOUSING AND RELATED SERVICES FOR VERY LOW ELDERLY PERSONS PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT, AS AMENDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rev Andrew Thompson Chairperson | OfficerTrustee | 1 | $0 |
Mary Lou Cushing Secretary/treasurer | OfficerTrustee | 1 | $0 |
Nancy Albonetti Vice Chairperson | OfficerTrustee | 1 | $0 |
James C Nasso Non-Voting CEO | Officer | 1 | $0 |
Ronald Budynas Non-Voting COO | Officer | 1 | $0 |
Donald Ollio Non-Voting CFO | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $353,995 |
| 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 | $353,995 |
| Total Program Service Revenue | $150,108 |
| Investment income | $20 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,076 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $503,047 |
| 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 | $45,474 |
| Pension plan accruals and contributions | $1,338 |
| Other employee benefits | $18,122 |
| Payroll taxes | $3,149 |
| Fees for services: Management | $29,377 |
| Fees for services: Legal | $1,380 |
| Fees for services: Accounting | $12,395 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $7,473 |
| Office expenses | $23,375 |
| Information technology | $4,790 |
| Royalties | $0 |
| Occupancy | $152,675 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $512 |
| Interest | $52,087 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $61,968 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $438,781 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $31,599 |
| Savings and temporary cash investments | $184,824 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,756 |
| 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 | $55,507 |
| Net Land, buildings, and equipment | $300,510 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,210 |
| Total assets | $601,406 |
| Accounts payable and accrued expenses | $29,188 |
| Grants payable | $0 |
| Deferred revenue | $4,013 |
| 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 | $564,481 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $84,562 |
| Total liabilities | $682,244 |
| Net assets without donor restrictions | -$80,838 |
| 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 | $601,406 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Arbor Acres United Methodist Retirement Community Inc Winstonsalem, NC | $155,220,604 | $40,394,713 |
Chapel Hill Residential Retirement Center Inc Chapel Hill, NC | $120,640,930 | $31,949,437 |
Carolina Village Inc Hendersonville, NC | $124,169,436 | $34,185,742 |
Galloway Ridge Inc Pittsboro, NC | $130,866,786 | $36,150,184 |
Kenton Housing Inc Latonia, KY | $68,380,829 | $31,745,821 |
Redstone Military Retirement Residence Association Huntsville, AL | $75,839,783 | $19,548,176 |
Virginia Lutheran Homes Inc Roanoke, VA | $83,707,371 | $28,580,430 |
Masonic Home Independent Living Ii Inc Masonic Home, KY | $142,516,912 | $16,410,935 |
The Glebe Inc Glen Allen, VA | $79,347,451 | $20,057,701 |
Cypress Of Charlotte Club Inc Charlotte, NC | $4,602,507 | $19,033,502 |
Lavender Mountain Senior Living Inc Mount Berry, GA | $141,195,331 | $5,176,789 |
Lewis Memorial Christian Village St Louis, MO | $48,381,888 | $18,539,239 |