Highland Rim Terrace Inc
- Assets
- $649.2k
- Revenue
- $464.8k
- Investments
- $0.0
- Employees
- 6
- Location
- Portland, TN
- Founding
- 04/1947
- Data as of
- 06/2022
- EIN
- 62-1211016
Organization Overview
Highland Rim Terrace Inc is located in Portland, TN. The organization was established in 1947. According to its NTEE Classification (Y20) the organization is classified as: Insurance Providers, under the broad grouping of Mutual & Membership Benefit and related organizations. As of 06/2022, Highland Rim Terrace Inc employed 6 individuals. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Highland Rim Terrace 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 06/2022, Highland Rim Terrace Inc generated $464.8k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.7% each year. All expenses for the organization totaled $448.5k during the year ending 06/2022. While expenses have increased by 0.5% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
HIGHLAND RIM TERRACE IS ORGANIZED AS A NONPROFIT ORGANIZATION UNDER SECTION 501(C)(3) OF THE UNITED STATES INTERNAL REVENUE CODE, FORMED TO ACQUIRE AN INTEREST IN REAL PROPERTY LOCATED IN PORTLAND, TENNESSEE, AND TO CONSTRUCT AND OPERATE THEREON AN APARTMENT COMPLEX OF 52 UNITS WITH THE AIM TO PROVIDE AFFORDABLE HOUSING FOR THE SENIOR CITIZEN COMMUNITY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION'S 1ST EXEMPT PURPOSE ACCOMPLISHMENT IS PROVISION OF 52 APARTMENT UNITS TO SENIOR RESIDENTS AS AFFORDABLE HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ed Lynn Administrato | Trustee | 40 | $570 |
Debbie Brock Administator | Trustee | 30 | $48,601 |
Steve Haley President | OfficerTrustee | 0 | $0 |
George Crumley Board Member | OfficerTrustee | 0 | $0 |
Roger Schmidt Board Member | Trustee | 0 | $0 |
Steve Powers Board Member | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $241,976 |
| Investment income | $47 |
| 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 | $464,769 |
| Statement of Expenses | |
|---|---|
| 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. | $49,171 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $72,831 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,477 |
| Payroll taxes | $9,513 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $75 |
| Fees for services: Accounting | $17,550 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,067 |
| Advertising and promotion | $2,256 |
| Office expenses | $27,042 |
| Information technology | $1,624 |
| Royalties | $0 |
| Occupancy | $84,383 |
| Travel | $5,004 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $66,233 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $51,611 |
| Insurance | $29,559 |
| All other expenses | $0 |
| Total functional expenses | $448,502 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,328 |
| Savings and temporary cash investments | $204,387 |
| 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 | $11,863 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $50,077 |
| Other assets | $35,686 |
| Total assets | $649,205 |
| Accounts payable and accrued expenses | $6,045 |
| 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 | $1,117,694 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $18,314 |
| Total liabilities | $1,142,053 |
| Net assets without donor restrictions | -$492,848 |
| 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 |
| Total liabilities and net assets/fund balances | -$492,848 |