Terrace Gardens Inc

Nonprofit profile at a glance

EIN
770158519
IRS 990 coverage
2010–2025
Forms available
Form 990 2025
Location
Milpitas, CA, USA
Phone
8314385725
Rating
88
Verdict
STRONG
Rating confidence
Moderate

Reported finances

Revenue
$2,686,412
Expenses
$2,793,328
Assets
$10,694,943
Liabilities
$575,457

Source: IRS Form 990. Selected filing: tax year 2025. Amounts in USD.

Leadership & pay

7 people listed

Executive titles in this filing

  • JILL KAUFFMAN (PRESIDENT)
  • THOMAS VALORE (VICE PRESIDENT)

People named in this filing

  • JILL KAUFFMAN (PRESIDENT)
  • THOMAS VALORE (VICE PRESIDENT)
  • STEVEN SHARP (SECRETARY/TREASURER)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2025. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

The public purposes for which this corporation is organized include the development and management of low and moderate income housing in the state of California.

What it reported doing in 2025

The organization develops and manages the operations of a residential complex which consists of 148 rental units, 3 guest rooms, and 2 staff units. The complex is located in the city of milpitas and is dedicated to the needs of elderly persons. A total of 180 people were served during the year.

Operating model

Revenue model
Earned-program. 90% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Expenses are high relative to revenue and liabilities are high compared with assets.

Rating breakdown

  • Financial Efficiency: 82
  • Transparency & Controls: 92
  • Accountability: 100
  • Sustainability: 48
  • Growth: 100

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 91.4%; rating input score 91
  • Program expense ratio: 95.4%; rating input score 95
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Yes; rating input score 100
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
  • Governance controls: 7 of 7 controls in place; rating input score 100
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Pass
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Pass
    • Independent financial-statement audit: Pass

Sustainability

  • Operating margin: -4%; rating input score 17; 17th percentile among comparable filings
  • Total-asset coverage ratio: 3.83; rating input score 76; 76th percentile among comparable filings
  • Liabilities to assets ratio: 0.05; rating input score 59; 59th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 90; 90th percentile among comparable filings

Growth

  • Program expense growth: 2.8% per year; rating input score 100; 23rd percentile among comparable filings
  • Revenue growth: 3.5% per year; rating input score 100; 26th percentile among comparable filings
  • Asset growth: 0.1% per year; rating input score 100; 11th percentile among comparable filings

Details

  • Where the money goes: 91.4% of revenue deployed · 95.4% of spending went to programs
  • Governance: 6 of 6 board members independent · 7 of 7 filing controls reported
  • Programs: 2 filed program accomplishments · $2.7M in reported program spending
  • Leadership: top reported pay $0 · 7 people listed
  • Highest-paid contractors: 3 contractors listed · $1.9M reported
  • Consistency: 32 of 32 current checks pass
  • Schedules: 4 filed schedules · includes major donors
  • Filing history: 16 filing years from 2010 to 2025
  • Contacts: How to reach this organization
  • Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Sustainability: Operating margin scored 17/100.
  • Review — Sustainability: Liabilities to assets ratio scored 59/100.