Chatham Homes For Elderly Inc
Chatham Homes For Elderly Inc consistently operates at a deficit, drawing down assets while maintaining stable liabilities.
EIN: 204420732 · Morristown, TN · NTEE: L22 · Updated: 2026-03-28
| Metric | Value |
|---|---|
| Total Revenue | $116K |
| Total Expenses | $167K |
| Program Spending | 80% |
| Net Assets | $-566,115 |
| Transparency Score | 70/100 |
Is Chatham Homes For Elderly Inc Legit?
Some Concerns
Assessment based on IRS 990 filings, spending patterns, and AI analysis. Not a guarantee of legitimacy. Full charity check →
Chatham Homes For Elderly Inc directs 80% of its spending to programs. This exceeds the industry benchmark of 65%, indicating strong mission focus.
About Chatham Homes For Elderly Inc
Chatham Homes For Elderly Inc (EIN: 204420732) is a nonprofit organization based in Morristown, TN, classified under NTEE code L22. The organization reported total revenue of $116K and total assets of $1.4M according to its most recent IRS 990 filing. This transparency report provides an AI-powered analysis of Chatham Homes For Elderly Inc's financial health, spending patterns, executive compensation, and overall mission effectiveness based on publicly available IRS data.
Organization Overview
Chatham Homes For Elderly Inc is a small nonprofit that has been operating for 20 years, with 13 years of IRS 990 filings on record (2012–2024). Revenue has grown at a compound annual rate of 3.8%.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
| Total Revenue | $117K |
| Total Expenses | $167K |
| Surplus / Deficit | $-49,163 |
| Total Assets | $1.4M |
| Total Liabilities | $2.0M |
| Net Assets | $-566,115 |
| Operating Margin | -41.9% |
| Debt-to-Asset Ratio | 139.9% |
| Months of Reserves | 102.3 months |
Financial Health Grade: C
In 2024, Chatham Homes For Elderly Inc reported a deficit of $49K with expenses exceeding revenue, holds 102.3 months of operating reserves (strong position), has a debt-to-asset ratio of 139.9% (high leverage).
Financial Trends
Over 13 years of filings (2012–2024), Chatham Homes For Elderly Inc's revenue has grown at a compound annual growth rate (CAGR) of 3.8%.
| Year | Revenue Change | Expense Change | Asset Change |
|---|---|---|---|
| 2024 | +1.5% | +14.3% | -3.0% |
| 2023 | -1.5% | -3.7% | -2.2% |
| 2022 | +8.7% | +3.8% | -2.3% |
| 2021 | +0.6% | -3.0% | -2.3% |
| 2020 | -0.8% | +5.7% | -3.2% |
IRS Tax-Exempt Classification
| IRS Classification Codes | 1200 |
| IRS Ruling Date | 2006 |
Classification data from ProPublica Nonprofit Explorer. Additional BMF data may be available after enrichment.
AI Transparency Report
Mission Effectiveness Score
NonprofitSpending's AI analysis rates Chatham Homes For Elderly Inc with a Mission Score of 70 out of 100 (Good). This score reflects the organization's overall financial transparency, program spending efficiency, and governance indicators derived from IRS 990 public filings.
Spending Breakdown
- admin: 15%
- programs: 80%
- fundraising: 5%
According to IRS 990 filings, Chatham Homes For Elderly Inc allocates its expenses as follows: admin: 15%, programs: 80%, fundraising: 5%. With 80% directed toward programs, this reflects a strong commitment to its charitable mission.
Key Financial Metrics (2024)
From the most recent IRS 990 filing on record:
- The organization reported a deficit of $49K, with expenses exceeding revenue.
- Debt-to-asset ratio: 139.9%.
Executive Compensation Analysis
Executive compensation is reported as 0% across all available filings, indicating that the organization's leadership is entirely volunteer-based or compensated through other means not classified as officer compensation, which is highly efficient for a nonprofit of its size.
Executive compensation data is sourced from IRS 990 filings, which require nonprofits to disclose the compensation of officers, directors, trustees, and key employees. NonprofitSpending analyzes this data relative to the organization's total revenue and sector benchmarks to assess whether executive pay is reasonable.
Red Flags
The following concerns were identified during AI analysis of Chatham Homes For Elderly Inc's IRS 990 filings:
- Consistent operational deficits (e.g., 2024 expenses of $166,593 vs. revenue of $117,430)
- Declining asset base over time (from $1,786,054 in 2015 to $1,420,253 in 2024)
- Liabilities significantly exceed assets (e.g., 2024 assets $1,420,253 vs. liabilities $1,986,368)
Strengths
The following positive indicators were identified for Chatham Homes For Elderly Inc:
- Zero officer compensation reported across all filings, indicating volunteer leadership or highly efficient administrative costs.
- Consistent filing history (13 filings) demonstrates good transparency and compliance.
- Clear alignment between organization name, NTEE code (L22 - Housing for the Elderly), and presumed mission.
Frequently Asked Questions about Chatham Homes For Elderly Inc
Is Chatham Homes For Elderly Inc a legitimate charity?
Chatham Homes For Elderly Inc (EIN: 204420732) is a registered tax-exempt nonprofit based in Tennessee. Our AI analysis gives it a Mission Score of 70/100. It has 13 years of IRS 990 filings on record. Total revenue: $116K. 3 red flags identified. 3 strengths noted. Financial health grade: C.
How does Chatham Homes For Elderly Inc spend its money?
Chatham Homes For Elderly Inc directs 80% of its spending to programs and services. Fundraising costs 5%. This exceeds the 65% industry benchmark.
Are donations to Chatham Homes For Elderly Inc tax-deductible?
Chatham Homes For Elderly Inc is registered as a tax-exempt nonprofit (EIN: 204420732). Donations to most 501(c)(3) organizations are tax-deductible. Consult a tax professional for your specific situation.
What percentage of Chatham Homes For Elderly Inc's spending goes to programs?
Chatham Homes For Elderly Inc directs 80% to programs, 5% to fundraising. This exceeds the 65% industry benchmark for efficient nonprofits.
How does Chatham Homes For Elderly Inc compare to similar nonprofits?
With a transparency score of 70/100 (Good), Chatham Homes For Elderly Inc is above average for NTEE category L22 nonprofits. The score reflects financial transparency, program spending efficiency, and governance quality based on IRS 990 data.
Where is Chatham Homes For Elderly Inc located?
Chatham Homes For Elderly Inc is headquartered in Morristown, Tennessee and files with the IRS under EIN 204420732. It is classified under NTEE code L22.
How many years of IRS 990 filings does Chatham Homes For Elderly Inc have?
Chatham Homes For Elderly Inc has 13 years of IRS 990 filings on record at NonprofitSpending. This extensive filing history provides a strong basis for evaluating long-term financial trends. The most recent filing shows $116K in total revenue.
How does Chatham Homes For Elderly Inc cover its consistent operational deficits?
The organization consistently reports expenses exceeding revenue. For example, in 2024, expenses were $166,593 while revenue was $117,430. This suggests they are either drawing down on their assets, which have declined from $1,786,054 in 2015 to $1,420,253 in 2024, or relying on other non-operating income sources not detailed in the provided summary.
What is the nature of the organization's high liabilities?
Liabilities have consistently been around $1.9 million, significantly exceeding assets. Given the organization's mission of 'Homes For Elderly,' these liabilities likely represent mortgages or other long-term debt associated with the properties it owns or manages for elderly housing.
Is the organization's declining asset base a concern for its long-term viability?
Yes, the consistent decline in assets from $1,786,054 in 2015 to $1,420,253 in 2024, coupled with ongoing operational deficits, indicates that the organization is consuming its capital. While not immediately critical, this trend is unsustainable in the long run without a change in financial strategy or an increase in revenue.
Filing History
IRS 990 filing history for Chatham Homes For Elderly Inc showing financial trends over 13 years of public records:
Over 13 years of IRS 990 filings (2012–2024), Chatham Homes For Elderly Inc's revenue has grown by 57.3%, moving from $75K to $117K. Total assets decreased by 25.7% over the same period, from $1.9M to $1.4M. Total functional expenses rose by 50.6%, from $111K to $167K. In its most recent filing year (2024), Chatham Homes For Elderly Inc reported a deficit of $49K, with expenses exceeding revenue. The organization holds $2.0M in liabilities against $1.4M in assets (debt-to-asset ratio: 139.9%), resulting in net assets of $-566,115.
| Year | Revenue | Expenses | Assets | Liabilities | Officer Comp. % | |
|---|---|---|---|---|---|---|
| 2024 | $117K | $167K | $1.4M | $2.0M | — | — |
| 2023 | $116K | $146K | $1.5M | $2.0M | — | View 990 |
| 2022 | $117K | $151K | $1.5M | $2.0M | — | View 990 |
| 2021 | $108K | $146K | $1.5M | $2.0M | — | — |
| 2020 | $107K | $150K | $1.6M | $2.0M | — | View 990 |
| 2019 | $108K | $142K | $1.6M | $2.0M | — | View 990 |
| 2018 | $100K | $133K | $1.6M | $2.0M | — | View 990 |
| 2017 | $97K | $151K | $1.7M | $2.0M | — | View 990 |
| 2016 | $92K | $146K | $1.8M | $2.0M | — | View 990 |
| 2015 | $86K | $130K | $1.8M | $2.0M | — | View 990 |
| 2014 | $87K | $133K | $1.8M | $2.0M | — | View 990 |
| 2013 | $85K | $125K | $1.9M | $2.0M | — | View 990 |
| 2012 | $75K | $111K | $1.9M | $2.0M | — | View 990 |
Year-by-Year Financial Summary
- 2024: Revenue of $117K, expenses of $167K, and assets of $1.4M (revenue +1.5% year-over-year).
- 2023: Revenue of $116K, expenses of $146K, and assets of $1.5M (revenue -1.5% year-over-year).
- 2022: Revenue of $117K, expenses of $151K, and assets of $1.5M (revenue +8.7% year-over-year).
- 2021: Revenue of $108K, expenses of $146K, and assets of $1.5M (revenue +0.6% year-over-year).
- 2020: Revenue of $107K, expenses of $150K, and assets of $1.6M (revenue -0.8% year-over-year).
- 2019: Revenue of $108K, expenses of $142K, and assets of $1.6M (revenue +8.2% year-over-year).
- 2018: Revenue of $100K, expenses of $133K, and assets of $1.6M (revenue +2.8% year-over-year).
- 2017: Revenue of $97K, expenses of $151K, and assets of $1.7M (revenue +5.9% year-over-year).
- 2016: Revenue of $92K, expenses of $146K, and assets of $1.8M (revenue +7.1% year-over-year).
- 2015: Revenue of $86K, expenses of $130K, and assets of $1.8M (revenue -0.9% year-over-year).
- 2014: Revenue of $87K, expenses of $133K, and assets of $1.8M (revenue +1.4% year-over-year).
- 2013: Revenue of $85K, expenses of $125K, and assets of $1.9M (revenue +14.3% year-over-year).
- 2012: Revenue of $75K, expenses of $111K, and assets of $1.9M.
View Individual Filing Years
Explore detailed financial data from each IRS 990 filing year for Chatham Homes For Elderly Inc:
Data Sources and Methodology
This transparency report for Chatham Homes For Elderly Inc is generated by NonprofitSpending's AI analysis engine. The data is sourced from publicly available IRS 990 filings accessed through the ProPublica Nonprofit Explorer API and IRS electronic filing records. The Mission Score, spending breakdown, and other analytical insights are produced by artificial intelligence and should be used as one of multiple factors when evaluating a nonprofit organization.
IRS 990 forms are annual information returns that most tax-exempt organizations must file with the IRS. These forms provide detailed financial information including revenue, expenses, assets, liabilities, and compensation of officers. NonprofitSpending processes this data to provide accessible transparency reports for donors, researchers, and the general public.
Disclaimer
AI-generated analysis based on IRS public records. Not financial or legal advice. Verify information directly with the organization.