Overview
What is Village East Retirement Community Inc?
Village East Retirement Community Inc, located in San Angelo, Texas, is a nonprofit organization dedicated to providing retirement homes for elderly tenants on a lifetime basis. They offer townhouses for lease, ensuring a guaranteed return of 90% of the lease investment upon the tenant's death or relocation. The remaining 10% of the investment is amortized over a decade, with the amortized amount recorded as cost-fee income. The mission of Village East Retirement Community Inc goes beyond leasing, as they also offer a 50% share of any rental increase if a vacated home is leased at a higher fee to the next tenant. With a small workforce of 4 individuals, this organization is committed to facilitating comfortable retirement living for its elderly tenants.
Official website here: www.village-east.com
Is Village East Retirement Community Inc legitimate?
Village East Retirement Community Inc is a legitimate nonprofit organization registered as a 501(c)(3) entity. Village East Retirement Community Inc submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Here are some key statistics you may want to consider:
Executive Compensation: $87,729
Professional Fundraising Fees: $0
Other Salaries and Wages: $136,559
For more financial information, click here
Official website here: www.village-east.com
What is the mission statement of Village East Retirement Community Inc?
Village East Retirement Community Inc's mission is centered around providing retirement townhouses for senior citizens on a lifetime lease basis. This community offers a unique guarantee, ensuring that 90% of the lease investment is returned to the tenants' families or heirs when the tenant passes away or decides to move out. A small portion of the lease investment, 10%, is amortized over a period of ten years, with the amortized amount recorded as cost fee income. If a vacated home is leased for a higher fee, the previous tenant is entitled to receive half of the increase.
Official website here: www.village-east.com
Who is the CEO of Village East Retirement Community Inc?
Mark Davis is the Director of Village East Retirement Community Inc.
Official website here: www.village-east.com
What is the revenue of Village East Retirement Community Inc?
Village East Retirement Community Inc's revenue in 2023 was $833,015.
Official website here: www.village-east.com
Who are the executives of Village East Retirement Community Inc and what are their salaries?
The average compensation at Village East Retirement Community Inc during 2023 was $56,072. There are 4 employees at Village East Retirement Community Inc.
Here are 12 key members and their salaries:
- Mark Davis (Executive Director)
- Daniel Baker (Director)
- David Gay (Sec/Treasurer) [Trustee/Director]
- Don Foster (President) [Trustee/Director]
- Jim Carter (Director)
- Ron Blann (Director)
- Allen Price (Director)
- Trey Smith (Vice-President) [Trustee/Director]
- Lanny Layman (Director)
- David Timm (Director)
- Ed Huston (Director)
- John Fortenbery (Director)
Official website here: www.village-east.com
Where can I find the form 990 for Village East Retirement Community Inc?
The Village East Retirement Community Inc’s most recent form 990 was submitted in 2023 and can be accessed here
Official website here: www.village-east.com
Learn more at the official website: www.village-east.com
Mission Statement of Village East Retirement Community Inc
Village East Retirement Community Inc is dedicated to providing retirement townhomes for elderly tenants on a lifetime basis. Their mission is to lease these townhomes to senior citizens, offering them a secure living arrangement for an indefinite period. In the event of a tenant's departure due to death or relocation, Village East Retirement Community Inc guarantees a return of 90% of the initial lease investment. This guarantee provides financial security to the tenants and their families, offering peace of mind during their golden years.
To further support their elderly tenants, the organization amortizes 10% of the lease investment over a ten-year period. This amortized amount is recorded as cost fee income, ensuring that Village East Retirement Community Inc can continuously maintain and improve their retirement homes. If a vacated home is subsequently leased for a higher fee, the previous tenant receives half of the increase as an added benefit.
In essence, Village East Retirement Community Inc serves as a reliable and caring landlord for elderly tenants, providing them with a secure and financially sound living arrangement for their later years. The organization's mission is to ensure that senior citizens can enjoy their retirement years in comfort and security, with the peace of mind that comes from knowing they will receive a significant portion of their lease investment back upon leaving the community.
Impact
This information is meant to be a general summary of Village East Retirement Community Inc. Please take the time to review official sources before making any decisions based upon the content provided here.
Thursday, August 15, 2024
Village East Retirement Community Inc's impact lies in providing a supportive and secure living environment for elderly individuals through their retirement townhomes for lease program. By offering lifetime leases with a guaranteed return of 90% of the lease investment when the tenant passes away or moves out, Village East ensures financial security for their residents. Additionally, their approach of amortizing 10% of the lease investment over a ten-year period and rewarding tenants if a vacated home is leased for a larger fee demonstrates a commitment to fair and sustainable practices. Through their mission to provide comfortable housing options for the elderly, Village East Retirement Community Inc positively contributes to the well-being and quality of life of seniors in San Angelo, TX.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2023.
- Assets and Liabilities:
Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
MAINTENANCE FEES
Revenue
$572,903
VE GAIN ON HOUSE TRANS
Revenue
$195,680
BUILDING USE FEES
Revenue
$1,092
Organization Details
Founding Year
2006
Phone
(325) 944-0819
Principal Officer
Mark Davis
Main Address
4054 SUL ROSS, SAN ANGELO, TX, 76904
Website
www.village-east.com
NTEE Category
Code: L22 - Housing
If you are a representative of Village East Retirement Community Inc and wish to learn more about how Give Freely can help you raise funds, please click here: https://givefreely.com/nonprofits/. Our services are offered at no cost to your organization.