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Nonprofit · EIN 58-1567594

LUTHER TERRACE INC

Tax-exempt · CORDOVA, TN 38016

Financials

$489K$494K2023$525K$515K2024
Revenue Expenses · by fiscal year end
Financials of LUTHER TERRACE INC by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$524,580$515,036$9,544$801,752$698,530$103,222
December 31, 2023990$488,933$493,553-$4,620$819,256$725,578$93,678
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$361,941
of which government grants
$361,941
Program service revenue
$160,242
Investment income
$2,397
Other revenue
$0

Expenses

Grants and similar amounts paid
$0
Other salaries and wages
$69,013
Salaries, compensation and benefits (total)
$85,997
Professional fundraising fees
$0
Legal fees
$6,987
Accounting fees
$12,046
Occupancy
$252,406
Depreciation
$56,259
Program services (functional)
$428,481
Management and general (functional)
$86,555

Balance sheet and other

Total assets, start of year
$819,256
Total assets, end of year
$801,752
Total liabilities, end of year
$698,530
Net assets, end of year
$103,222
Land, buildings and equipment
$327,836
Net assets without donor restrictions
$103,222
Gross receipts
$524,580
Employees
0
Volunteers
8
Year formed
1978
State of legal domicile
TN

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensation
AMANDA L WARDCHAIRPERSON
Trustee or director, Officer
1$0
CAROL AVENSMEMBER
Trustee or director
1$0
DWIGHT DAVISMEMBER
Trustee or director
1$0
HOLLY MITCHENERMEMBER
Trustee or director
1$0
JENNIFER NORRISVICE CHAIRPERSON
Trustee or director, Officer
1$0
MARY LOU CUSHINGSECRETARY/TREASURER
Trustee or director, Officer
1$0
MEREDITH BINGHAMMEMBER
Trustee or director
1$0
PHYLLIS GAYMEMBER
Trustee or director
1$0
BRIAN HARRISNON-VOTING CEO
Officer
1$0
DONALD OLLIONON-VOTING CFO
Officer
1$0
RONALD BUDYNASNON-VOTING COO
Officer
1$0
990 for the year ended December 31, 2023: 15 people
NameTitleHours / weekCompensation
DWIGHT DAVISMEMBER
Trustee or director
1$0
AMANDA L WARDMEMBER
Trustee or director
1$0
EDDIE SMITHMEMBER
Trustee or director
1$0
HOLLY MITCHENERMEMBER
Trustee or director
1$0
CAROL AVENSMEMBER
Trustee or director
1$0
MEREDITH BINGHAMMEMBER
Trustee or director
1$0
JOYCE FEGERMEMBER
Trustee or director
1$0
JENNIFER GARSTMEMBER
Trustee or director
1$0
PHYLLIS GAYMEMBER
Trustee or director
1$0
REV ANDREW THOMPSONCHAIRPERSON
Trustee or director, Officer
1$0
NANCY ALBONETTIVICE CHAIRPERSON
Trustee or director, Officer
1$0
BRIAN HARRISNON-VOTING CEO
Officer
1$0
DONALD OLLIONON-VOTING CFO
Officer
1$0
RONALD BUDYNASNON-VOTING COO
Officer
1$0
MARY LOU CUSHINGSECRETARY/TREASURER
Officer
1$0

Address and contacts

Address (IRS master file)
1615 APPLING RD, CORDOVA, TN 38016-4907
Principal officer (990 for 2024)
BRIAN HARRIS, 1615 APPLING ROAD, CORDOVA, TN 38016
Signed the 990
DON OLLIO, CFO
Phone
(901) 380-4900
Return prepared by
DAUBY O'CONNOR & ZALESKI LLC

Mission

LUTHER TERRACE, INC. IS A NOT-FOR-PROFIT GENERAL WELFARE CORPORATION FORMED IN MAY 1978, IN ACCORDANCE WITH THE NOT-FOR-PROFIT STATUTES OF THE STATE OF TENNESSEE. THE CORPORATION WAS FORMED FOR THE PURPOSE OF OPERATING A 40 UNIT COMMUNITY LOCATED IN MEMPHIS, TENNESSEE KNOWN AS LUTHER TERRACE, WHICH PROVIDES HOUSING AND RELATED SERVICES FOR VERY LOW AND EXTREMELY LOW INCOME ELDERLY PERSONS PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT, AS AMENDED.

990 for the year ended December 31, 2024

Program accomplishments

  • LUTHER TERRACE, INC. IS A NOT-FOR-PROFIT GENERAL WELFARE CORPORATION FORMED IN MAY 1978, IN ACCORDANCE WITH THE NOT-FOR-PROFIT STATUTES OF THE STATE OF TENNESSEE. THE CORPORATION WAS FORMED FOR THE PURPOSE OF OPERATING A 40 UNIT COMMUNITY LOCATED IN MEMPHIS, TENNESSEE KNOWN AS LUTHER TERRACE, WHICH PROVIDES HOUSING AND RELATED SERVICES FOR VERY LOW AND EXTREMELY LOW INCOME ELDERLY PERSONS PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT, AS AMENDED.
    Expenses $428,481 · revenue $160,242

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
58-1567594
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (509(a)(2))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
1985
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$801,752
Income (IRS master file)
$524,580

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$524,580$515,036$801,752IRS
990December 2023$488,933$493,553$819,256XML
990December 2022$482,908$461,651$807,459IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 58-1567594).

Questions about LUTHER TERRACE INC

What is the EIN of LUTHER TERRACE INC?
The employer identification number (EIN) of LUTHER TERRACE INC is 58-1567594.
Is LUTHER TERRACE INC tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1985.
Are donations to LUTHER TERRACE INC tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does LUTHER TERRACE INC file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of LUTHER TERRACE INC due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did LUTHER TERRACE INC last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of LUTHER TERRACE INC?
The 990 for the year ended December 31, 2024 names BRIAN HARRIS.
Who are the officers and directors of LUTHER TERRACE INC?
The 990 for the year ended December 31, 2024 lists 11 people; 0 received compensation from the organization.
How much revenue does LUTHER TERRACE INC have?
On its 990 for the year ended December 31, 2024 it reported revenue of $524,580, expenses of $515,036 and total assets of $801,752 at year end.

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