Central Terrace
- Assets
- $8.3m
- Revenue
- $589.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Spokane, WA
- Founding
- 04/1982
- Data as of
- 05/2021
- EIN
- 91-1142962
Organization Overview
Central Terrace is located in Spokane, WA. The organization was established in 1982. 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. Central Terrace 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 05/2021, Central Terrace generated $589.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (13.5%) each year. All expenses for the organization totaled $329.8k during the year ending 05/2021. As we would expect to see with falling revenues, expenses have declined by (20.6%) per year over the past 7 years. 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
LOW-INCOME HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION'S PURPOSE IS TO PROVIDE HOUSING FOR THE ELDERLY, LOW-INCOME FAMILIES AND INDIVIDUALS IN ACCORDANCE WITH HUD GUIDELINES. THERE ARE 191 UNITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joseph C Kieffer President | Officer | 2 | $0 |
Dave Walker Director | Trustee | 2 | $0 |
Scott Miller Director | Trustee | 2 | $0 |
Heather Vandeventer Director | Trustee | 2 | $0 |
Mary Beth Rivetti Director | Trustee | 2 | $0 |
Pat Williams Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $157,774 |
| Investment income | $156,185 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $179,440 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $589,218 |
| 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. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $26,429 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $7,144 |
| Payroll taxes | $3,200 |
| Fees for services: Management | $16,392 |
| Fees for services: Legal | $625 |
| Fees for services: Accounting | $7,160 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $700 |
| Office expenses | $5,088 |
| 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 | $45,250 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $58,178 |
| Insurance | $13,243 |
| All other expenses | $0 |
| Total functional expenses | $329,752 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,065 |
| Savings and temporary cash investments | $7,380,747 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $204 |
| 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 | $13,285 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $78,291 |
| Other assets | $209,260 |
| Total assets | $8,256,166 |
| Accounts payable and accrued expenses | $26,339 |
| 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 | $854,630 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,241 |
| Total liabilities | $886,210 |
| Net assets without donor restrictions | $0 |
| 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 | $7,369,956 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Tlingit-Haida Regional Housing Authority Juneau, AK | $88,312,618 | $28,266,684 |
Northwest Housing Alternatives Inc Milwaukie, OR | $66,415,282 | $18,428,543 |
Habitat For Humanity International Inc Bend, OR | $14,216,100 | $11,437,404 |
Innovative Housing Inc Portland, OR | $72,167,425 | $8,053,529 |
Rose Community Development Corporation Portland, OR | $45,929,125 | $4,147,023 |
Columbia Cascade Housing Corporation The Dalles, OR | $26,545,459 | $3,977,861 |
Community Partners For Affordable Housing Tigard, OR | $29,986,925 | $5,745,574 |
Homeownership Center Of Tacoma Tacoma, WA | $2,760,083 | $2,293,969 |
Supportive Housing And Innovative Partnerships Inc Boise, ID | $1,739,165 | $2,561,877 |
Golden Opportunity Living Development Tacoma, WA | $5,413,206 | $1,758,342 |
Southeast Seattle Senior Foundation Seattle, WA | $6,759,619 | $1,644,540 |
Council House Inc Seattle, WA | $4,818,293 | $2,290,756 |