Volunteer Residences Two Inc
- Assets
- $2.3m
- Revenue
- $784.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Morristown, TN
- Founding
- 04/1988
- Data as of
- 09/2023
- EIN
- 58-1766356
Organization Overview
Volunteer Residences Two Inc is located in Morristown, TN. The organization was established in 1988. 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 Residences Two 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 09/2023, Volunteer Residences Two Inc generated $784.6k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.3% each year. All expenses for the organization totaled $781.4k during the year ending 09/2023. While expenses have increased by 0.8% per year over the past 8 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
LOW-INCOME HOUSING FOR 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. 24 RENTAL UNITS IN COMPLEX.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kay Hale President | OfficerTrustee | 0.1 | $0 |
Joe Benthal Director | Trustee | 0.1 | $0 |
Barbara Raper Director | Trustee | 0.1 | $0 |
Lane Wolfenbarger Director | Trustee | 0.1 | $0 |
Jack Yates Vice-President | OfficerTrustee | 0.1 | $0 |
Barbara Mason Director | Trustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $390,479 |
| 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 | $390,479 |
| Total Program Service Revenue | $393,796 |
| Investment income | $371 |
| 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 | $784,646 |
| 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 | $126,242 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,409 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,102 |
| Advertising and promotion | $525 |
| Office expenses | $12,730 |
| 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 | $121,742 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $128,739 |
| Insurance | $50,852 |
| All other expenses | $0 |
| Total functional expenses | $781,397 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $90,459 |
| 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 | $30,932 |
| Net Land, buildings, and equipment | $1,498,193 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $666,941 |
| Total assets | $2,286,525 |
| Accounts payable and accrued expenses | $78,459 |
| 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 | $3,179,092 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $29,416 |
| Total liabilities | $3,286,967 |
| Net assets without donor restrictions | -$1,000,442 |
| 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 | $2,286,525 |