Westminster Home Connection
Fiscal Year
Fiscal Year Start
01/01/2024
Fiscal Year End
12/31/2024
Projected Revenue
$1,357,000.00
Projected Expenses
$1,357,000.00
Organizational Budgets and Other Documents
IRS Letter of Exemption
| IRS Letter of Determination |
Detailed Financials
Revenue and Expenses
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Revenue | $1,055,490.00 | $1,238,434.00 | $1,110,681.00 |
| Total Expenses | $1,010,970.00 | $1,045,352.00 | $1,095,588.00 |
| Revenue Less Expenses | $44,520.00 | $193,082.00 | $15,093.00 |
Revenue Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Foundation and Corporation Contributions | $325,775.00 | $380,001.00 | $374,452.00 |
| Government - Federal | $0.00 | $0.00 | $51,555.00 |
| Government - State | $0.00 | $161,783.00 | $151,486.00 |
| Government - Local | $88,790.00 | $92,612.00 | $89,428.00 |
| Government - Unspecified | $0.00 | $0.00 | $0.00 |
| Contributions, Gifts, and Grants | $558,420.00 | $534,354.00 | $388,520.00 |
| Indirect Public Support | $0.00 | $0.00 | $0.00 |
| Earned Revenue | $0.00 | $0.00 | $0.00 |
| Investment Income, Net of Losses | $21,505.00 | $1,957.00 | $240.00 |
| Membership Dues | $0.00 | $0.00 | $0.00 |
| Special Events | $0.00 | $0.00 | $0.00 |
| Revenue In-Kind | $61,000.00 | $62,000.00 | $55,000.00 |
| Other | $0.00 | $5,727.00 | $0.00 |
Expense Allocation
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Program Expense | $825,148.00 | $852,445.00 | $947,905.00 |
| Administration Expense | $169,943.00 | $177,161.00 | $136,327.00 |
| Fundraising Expense | $15,879.00 | $15,746.00 | $11,356.00 |
| Total Revenue/Total Expenses | 104% | 118% | 101% |
| Program Expense/Total Expenses | 82% | 82% | 87% |
| Fundraising Expense/Contributed Revenue | 2% | 2% | 1% |
Top Funding Sources
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Top Funding Source & Dollar Amount | Contributions, Gifts, and Grants $558,420.00 | Contributions, Gifts, and Grants $534,354.00 | Contributions, Gifts, and Grants $388,520.00 |
| Second Highest Funding Source & Dollar Amount | Foundations and Corporations $325,775.00 | Foundations and Corporations $380,001.00 | Foundations and Corporations $374,452.00 |
| Third Highest Funding Source & Dollar Amount | Local Government Grants $88,790.00 | State Federal Grants $161,783.00 | State Government Grants $151,486.00 |
Assets and Liabilities
| Fiscal Year | 2023 | 2022 | 2021 |
|---|---|---|---|
| Total Assets | $1,881,078.00 | $1,285,854.00 | $1,022,092.00 |
| Current Assets | $1,567,575.00 | $1,044,328.00 | $984,914.00 |
| Long-Term Liabilities | $0.00 | $0.00 | $0.00 |
| Current Liabilities | $76,202.00 | $63,048.00 | $275,252.00 |
| Total Net Assets | $1,804,876.00 | $1,222,806.00 | $746,840.00 |
Endowment Info
Do you have an endowment?
No
Capital Campaign Info
Are you currently in a Capital Campaign?
No
Do you anticipate a campaign in the next 5 years?
No
Solicitation Permit Info
State Charitable Solicitations Permit
Yes
Permit Expiration Month
June
Permit Expiration Year
2025
Solicitations Permit
Form 990s
Audit Documents
CEO/Executive Director/Board Comments
| Westminster repairs and modifies homes, empowering older adults and people with disabilities to age-in-place safely and with dignity. Our repairs preserve affordable housing, since older adults own much of the affordable housing stock and well-maintained homes are more likely to be preserved. Because of the need and impact, Westminster has received financial support to increase the households we can support in 2024. Westminster's 2024 budget reflects repairs and modifications in 290 homes versus 239 homes in 2023. Westminster is the only agency operating at this scale in Middle Tennessee, and as of May 2024, we have completed 113 homes, have >75 households lined up for construction, with more referrals coming in weekly. Our in-house construction staff makes most of the repairs and mobility modifications. Volunteers build wheelchair ramps, repair decks, and make other repairs. Volunteers help with newsletters, reports, and website updates. Board members do most fundraising. Westminster Presbyterian Church donates office and storage space. This approach maximizes our impact. Westminster is financially stable, always planning several years into the future for programmatic and financial needs. On December 31, 2023 we had reserve funds equal to six months of operating expenses. |
Foundation Staff Comments
| Financial figures taken from Audited Financials. Audit was prepared by Mullins Clemmons & Mayes, PLLC. Revenue breakdown comes from Note 15. Comments provided by Nicole Rose 06/20/2024. |
