Civic Intelligence

Ric Redbud Apartments Inc

990 • Fiscal year 2015 • EIN 26-4499876

Jul 01, 2014 to Jun 30, 2015 • Filed on Jan 30, 2016

Organization ProfileN/A
PO Box 2466Gastonia, NC 28053

(704) 866-6766

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

66th percentile

1.08x

Higher debt load relative to assets than 66% of similar nonprofits.

2015 filings • NTEE L21 • $1M-$5M nonprofits • Source year 2015

Liabilities / Revenue

95th percentile

26.11x

Higher debt load relative to revenue than 95% of similar nonprofits.

2015 filings • NTEE L21 • $1M-$5M nonprofits • Source year 2015

Net Margin

36th percentile

-31%

Higher net margin than 36% of similar nonprofits.

2015 filings • NTEE L21 • $1M-$5M nonprofits • Source year 2015

Top Officer Pay

50th percentile

$0

Higher top officer pay than 50% of similar nonprofits.

Top officer pay equals 0.0% of source-year revenue.

2015 filings • NTEE L21 • $1M-$5M nonprofits • Source year 2015

Asset Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2015

Revenue Growth

Score unavailable

No value available

No earlier valid filing was available within the previous three public years.

Source year 2015

Balance Sheet
Liabilities / Assets66th percentile

Assets

$1,251,087

No earlier filing loaded for comparison.

Net Assets

-$101,187

No earlier filing loaded for comparison.

Liabilities

$1,352,274

No earlier filing loaded for comparison.

Revenue And Expenses
Liabilities / Revenue95th percentileNet Margin36th percentile

Revenue

$51,794

No earlier filing loaded for comparison.

Expenses

$67,774

No earlier filing loaded for comparison.

Net Income

-$15,980

No earlier filing loaded for comparison.

Historical Trend

Balance Sheet Trend

Asset GrowthScore unavailable

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.5M$1.0M$500K$0-$500KAssets 2015: $1,251,087Liabilities 2015: $1,352,274Net Assets 2015: -$101,1872015Assets 2016: $1,233,003Liabilities 2016: $1,365,993Net Assets 2016: -$132,9902016Assets 2017: $1,185,154Liabilities 2017: $1,366,171Net Assets 2017: -$181,0172017Assets 2018: $1,158,036Liabilities 2018: $1,362,664Net Assets 2018: -$204,6282018Assets 2019: $1,131,279Liabilities 2019: $1,362,608Net Assets 2019: -$231,3292019Assets 2020: $1,099,286Liabilities 2020: $1,362,526Net Assets 2020: -$263,2402020Assets 2021: $1,067,071Liabilities 2021: $1,363,576Net Assets 2021: -$296,5052021Assets 2022: $1,035,864Liabilities 2022: $1,361,339Net Assets 2022: -$325,4752022Assets 2023: $1,015,007Liabilities 2023: $1,364,442Net Assets 2023: -$349,4352023Assets 2024: $981,606Liabilities 2024: $1,361,911Net Assets 2024: -$380,3052024Assets 2025: $957,004Liabilities 2025: $1,365,766Net Assets 2025: -$408,7622025

Highlighted filing

2015

Assets$1,251,087
Liabilities$1,352,274
Net Assets-$101,187
Open 2015 Filing

Operations Trend

Revenue GrowthScore unavailable

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$150K$100K$50K$0-$50KRevenue 2015: $51,794Expenses 2015: $67,774Net Income 2015: -$15,9802015Revenue 2016: $55,633Expenses 2016: $87,436Net Income 2016: -$31,8032016Revenue 2017: $78,710Expenses 2017: $126,737Net Income 2017: -$48,0272017Revenue 2018: $86,155Expenses 2018: $109,766Net Income 2018: -$23,6112018Revenue 2019: $88,936Expenses 2019: $115,637Net Income 2019: -$26,7012019Revenue 2020: $89,043Expenses 2020: $120,954Net Income 2020: -$31,9112020Revenue 2021: $88,897Expenses 2021: $122,162Net Income 2021: -$33,2652021Revenue 2022: $92,271Expenses 2022: $121,241Net Income 2022: -$28,9702022Revenue 2023: $94,567Expenses 2023: $118,527Net Income 2023: -$23,9602023Revenue 2024: $99,603Expenses 2024: $130,473Net Income 2024: -$30,8702024Revenue 2025: $105,337Expenses 2025: $133,794Net Income 2025: -$28,4572025

Highlighted filing

2015

Revenue$51,794
Expenses$67,774
Net Income-$15,980
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2014 to Jun 30, 2015
Signed
Jan 30, 2016
Return Version
2014v6.0
Gross Receipts
$51,794
Mission and Program Overview

Mission

To own and operate a 9-unit apartment complex under section 811 of the national housing act of 1959.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$0$1,158,752▲ $1,158,752
Savings and Temporary Cash Investments-$73,336-
Accounts Receivable-$16,961-
Cash and Non-Interest-Bearing Accounts-$750-
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Cap Stk Tr Prin Current Funds$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$-101,187▼ $101,187
Total Assets$0$1,251,087▲ $1,251,087
Other Assets Total$0$1,288▲ $1,288
Liabilities
Mortgage Notes Payable Secured by Investment Property-$1,216,800-
Unsecured Notes Loans Payable-$133,082-
Other Liabilities$0$1,486▲ $1,486
Accounts Payable and Accrued Expenses-$906-
Total Liabilities$0$1,352,274▲ $1,352,274
Net Assets / Fund Balance
Total Net Assets Fund Balance$0$-101,187▼ $101,187
Total Liabilities and Net Assets / Fund Balance$0$1,251,087▲ $1,251,087

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,115,452$127,862$1,243,314
Land$43,300-$43,300
Compensation and Service Providers
Top Officer Pay50th percentile

Board Members and Trustees

NameTitle
Kim MaguirePresident
Jennifer PhilbeckDirector
Pam PoteatSecretary/treaurer
Revenue and Support

Revenue Composition

Contributions and Grants
$28,608
Program Service Revenue
$23,181
Investment Income
$5
Other Revenue
$0
Change in Net Assets
$-15,980

Audited Revenue Reconciliation

Revenue per Audited Statements
$51,794
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$51,794
Total Revenue per Form 990
$51,794
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$67,774
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$31,250--$31,250
Occupancy$14,648--$14,648
Fees for Services Accounting-$4,843-$4,843
Insurance$2,665--$2,665
Office Expenses$2,037--$2,037
Other Expenses$945--$945
Fees for Services Legal$377--$377
All Other Expenses$5--$5
Total Functional Expenses$62,931$4,843$0$67,774

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$67,774
Total Expenses per Audited Statements$67,774
Total Expenses per Form 990$67,774
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Tenant Security Deposits$1,486
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

“The organization was managed by its sponsor, reinvestment in communities of gaston county, inc. During the fiscal year. Subsequent to year end, the organization is finalizing a hud approved management agreement with north carolina housing services and management corp.”

Form 990, Part VI, Section B, Line 11

“The form 990 is shared with each board member. The board chair and/or the secretary/treasurer will receive a pdf version of the draft for review by email. Copies of the final form 990 are provided at a board meeting.”

Form 990, Part VI, Section B, Line 12C

“Periodic reviews of conflicts of interest are conducted.”

Form 990, Part VI, Section C, Line 19

“All tax returns, other government filings and financial statements are available upon request from the organization's administrative office.”

Filing and Contact Details

Filer

Filer Name
Ric Redbud Apartments Inc
EIN
26-4499876
Phone
7048666766
Address
PO BOX 2466, GASTONIA, NC 28053

Signing Officer

Name
Kim Maguire
Title
President
Phone
7048666766
Signed
2016-01-30
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Kim Maguire
Formed
2009
Legal Domicile
Nc
Voting Board Members
3
Independent Board Members
3
Employees
0
Volunteers
3

Preparer

Firm
Bernard Robinson & Company Llp
Address
PO BOX 19608, GREENSBORO, NC 27419-9608
Preparer
Rhonda F Skiles
Phone
3362944494
Supplemental Narrative

Financial Statement Notes

PART X, LINE 2:

“It is the organization's policy to evaluate all tax positions to identify any that may be considered uncertain. All identified material tax positions are assessed and measured by a 'more-likely-than-not' threshold to determine if the tax position is uncertain and what, if any, the effect of the uncertain tax position may have on the financial statements. No material uncertain tax positions were identified for 2015.”

Raw XML Appendix393 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt051794
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt067774
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION WAS MANAGED BY ITS SPONSOR, REINVESTMENT IN COMMUNITIES OF GASTON COUNTY, INC. DURING THE FISCAL YEAR. SUBSEQUENT TO YEAR END, THE ORGANIZATION IS FINALIZING A HUD APPROVED MANAGEMENT AGREEMENT WITH NORTH CAROLINA HOUSING SERVICES AND MANAGEMENT CORP.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE FORM 990 IS SHARED WITH EACH BOARD MEMBER. THE BOARD CHAIR AND/OR THE SECRETARY/TREASURER WILL RECEIVE A PDF VERSION OF THE DRAFT FOR REVIEW BY EMAIL. COPIES OF THE FINAL FORM 990 ARE PROVIDED AT A BOARD MEETING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2PERIODIC REVIEWS OF CONFLICTS OF INTEREST ARE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL TAX RETURNS, OTHER GOVERNMENT FILINGS AND FINANCIAL STATEMENTS ARE AVAILABLE UPON REQUEST FROM THE ORGANIZATION'S ADMINISTRATIVE OFFICE.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0REINVESTMENT IN COMMUNITIES OF GASTON COUNTY INC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0NC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0LOW INCOME HOUSING DEVELOPMENT
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 7
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0PO BOX 2466
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0GASTONIA
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/StateAbbreviationCd0NC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd028053
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd01
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
IRS990ScheduleR/ReimbursementPaidByOtherOrgInd00
IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransactionsRelatedOrgGrp/InvolvedAmt033082
IRS990ScheduleR/TransactionsRelatedOrgGrp/MethodOfAmountDeterminationTxt0CASH
IRS990ScheduleR/TransactionsRelatedOrgGrp/OtherOrganizationName/BusinessNameLine1Txt0REINVESTMENT IN COMMUNITIES OF GASTON COUNTY INC
IRS990ScheduleR/TransactionsRelatedOrgGrp/TransactionTypeTxt0E
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/SubjectToProxyTaxInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TempOrPermanentEndowmentsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt00
IRS990/TotalAssetsEOYAmt01251087
IRS990/TotalAssetsGrp/BOYAmt00
IRS990/TotalAssetsGrp/EOYAmt01251087
IRS990/TotalCompGreaterThan150KInd00
IRS990/TotalContributionsAmt028608
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt04843
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt062931
IRS990/TotalFunctionalExpensesGrp/TotalAmt067774
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt00
IRS990/TotalLiabilitiesEOYAmt01352274
IRS990/TotalLiabilitiesGrp/BOYAmt00
IRS990/TotalLiabilitiesGrp/EOYAmt01352274
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-101187
IRS990/TotalOtherCompensationAmt00
IRS990/TotalProgramServiceExpensesAmt062931
IRS990/TotalProgramServiceRevenueAmt023181
IRS990/TotalReportableCompFromOrgAmt00
IRS990/TotalRevenueGrp/ExclusionAmt05
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt023181
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt051794
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt03
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt00
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01251087
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UnsecuredNotesLoansPayableGrp/EOYAmt0133082
IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0PO BOX 2466
IRS990/USAddress/CityNm0GASTONIA
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd028053
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd00
ReturnHeader/BuildTS02016-04-25 22:37:26Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0KIM MAGUIRE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum07048666766
ReturnHeader/BusinessOfficerGrp/SignatureDt02016-01-30
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0RIC REDBUD APARTMENTS INC
ReturnHeader/Filer/BusinessNameControlTxt0RICR
ReturnHeader/Filer/EIN0264499876
ReturnHeader/Filer/PhoneNum07048666766
ReturnHeader/Filer/USAddress/AddressLine1Txt0PO BOX 2466
ReturnHeader/Filer/USAddress/CityNm0GASTONIA
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd028053
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0560571159
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0BERNARD ROBINSON & COMPANY LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0PO BOX 19608
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0GREENSBORO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0274199608
ReturnHeader/PreparerPersonGrp/PhoneNum03362944494
ReturnHeader/PreparerPersonGrp/PreparationDt02016-01-29
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0RHONDA F SKILES
ReturnHeader/ReturnTs02016-02-08T15:05:32-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02014-07-01
ReturnHeader/TaxPeriodEndDt02015-06-30
ReturnHeader/TaxYr02014

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,251,087
Liabilities
$1,352,274
Net assets
-$101,187
Revenue
$51,794
Expenses
$67,774
Net income
-$15,980
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$0.96$1.37$0.41$0.11$0.13$0.03
2024Detailed filing. Detailed filing data is available for this year.$0.98$1.36$0.38$0.10$0.13$0.03
2023Detailed filing. Detailed filing data is available for this year.$1.02$1.36$0.35$0.09$0.12$0.02
2022Detailed filing. Detailed filing data is available for this year.$1.04$1.36$0.33$0.09$0.12$0.03
2021Detailed filing. Detailed filing data is available for this year.$1.07$1.36$0.30$0.09$0.12$0.03
2020Detailed filing. Detailed filing data is available for this year.$1.10$1.36$0.26$0.09$0.12$0.03
2019Detailed filing. Detailed filing data is available for this year.$1.13$1.36$0.23$0.09$0.12$0.03
2018Detailed filing. Detailed filing data is available for this year.$1.16$1.36$0.20$0.09$0.11$0.02
2017Detailed filing. Detailed filing data is available for this year.$1.19$1.37$0.18$0.08$0.13$0.05
2016Detailed filing. Detailed filing data is available for this year.$1.23$1.37$0.13$0.06$0.09$0.03
2015Detailed filing. Detailed filing data is available for this year.$1.25$1.35$0.10$0.05$0.07$0.02