Civic Intelligence

Triangle Elderly Housing Corporation

990 • Fiscal year 2016 • EIN 27-2090858

Jan 01, 2016 to Dec 31, 2016 • Filed on May 12, 2017

Organization ProfileN/A
1363 West Market StreetSmithfield, NC 27577

(919) 934-6066

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Down

$2,178,590

Down $48,225 (-2.2%) from 2015

Net Assets

Down

-$673,026

Down $21,995 (-3.4%) from 2015

Liabilities

Down

$2,851,616

Down $26,230 (-0.9%) from 2015

Revenue And Expenses

Revenue

Up

$583,293

Up $15,082 (+2.7%) from 2015

Expenses

Up

$605,288

Up $56,888 (+10%) from 2015

Net Income

Down

-$21,995

Down $41,806 (-211%) from 2015

Historical Trend

Balance Sheet Trend

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MAssets 2012: $2,334,192Liabilities 2012: $3,069,519Net Assets 2012: -$735,3272012Assets 2015: $2,226,815Liabilities 2015: $2,877,846Net Assets 2015: -$651,0312015Assets 2016: $2,178,590Liabilities 2016: $2,851,616Net Assets 2016: -$673,0262016Assets 2017: $2,109,204Liabilities 2017: $2,792,501Net Assets 2017: -$683,2972017Assets 2018: $2,080,217Liabilities 2018: $2,760,415Net Assets 2018: -$680,1982018Assets 2019: $1,990,538Liabilities 2019: $2,681,727Net Assets 2019: -$691,1892019Assets 2021: $1,890,092Liabilities 2021: $2,583,566Net Assets 2021: -$693,4742021Assets 2022: $1,845,868Liabilities 2022: $2,520,443Net Assets 2022: -$674,5752022Assets 2024: $1,919,956Liabilities 2024: $2,448,188Net Assets 2024: -$528,2322024

Highlighted filing

2016

Assets$2,178,590
Liabilities$2,851,616
Net Assets-$673,026
Open 2016 Filing

Operations Trend

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

$800K$600K$400K$200K$0-$200KExpenses 2012: $511,0092012Revenue 2015: $568,211Expenses 2015: $548,400Net Income 2015: $19,8112015Revenue 2016: $583,293Expenses 2016: $605,288Net Income 2016: -$21,9952016Revenue 2017: $585,549Expenses 2017: $595,820Net Income 2017: -$10,2712017Revenue 2018: $598,362Expenses 2018: $595,263Net Income 2018: $3,0992018Revenue 2019: $606,462Expenses 2019: $617,453Net Income 2019: -$10,9912019Revenue 2021: $612,226Expenses 2021: $599,583Net Income 2021: $12,6432021Revenue 2022: $622,913Expenses 2022: $604,014Net Income 2022: $18,8992022Revenue 2024: $708,369Expenses 2024: $593,798Net Income 2024: $114,5712024

Highlighted filing

2016

Revenue$583,293
Expenses$605,288
Net Income-$21,995
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2016 to Dec 31, 2016
Signed
May 12, 2017
Return Version
2016v3.0
Gross Receipts
$583,293
Mission and Program Overview

Mission

The exempt purpose is to provide housing to low income elderly or handicapped individuals. The subsidized rentals from the dept of housing and urban development make this possible.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$1,565,620$1,510,726▼ $54,894
Intangible Assets$173,444$167,757▼ $5,687
Prepaid Expenses and Deferred Charges$10,858$25,451▲ $14,593
Cash and Non-Interest-Bearing Accounts$55,749$23,458▼ $32,291
Savings and Temporary Cash Investments$20,614$20,811▲ $197
Accounts Receivable$2,577$3,877▲ $1,300
Total Assets$2,226,815$2,178,590▼ $48,225
Other Assets Total$397,953$426,510▲ $28,557
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,836,872$2,792,279▼ $44,593
Other Liabilities$31,289$36,835▲ $5,546
Accounts Payable and Accrued Expenses$9,683$20,871▲ $11,188
Deferred Revenue$2$1,631▲ $1,629
Total Liabilities$2,877,846$2,851,616▼ $26,230
Net Assets / Fund Balance
Unrestricted Net Assets$-651,031$-673,026▼ $21,995
Total Net Assets Fund Balance$-651,031$-673,026▼ $21,995
Total Liabilities and Net Assets / Fund Balance$2,226,815$2,178,590▼ $48,225

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,335,511$2,011,081$3,346,592
Land$118,638-$118,638
Other Land Buildings$56,577$16,978$73,555
Equipment-$36,648$36,648
Other Assets Org$50--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Jimmy ParkerChair
Steve StricklandVice Chair
Bill WenzelSecretary/tr
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$583,110
Investment Income
$183
Other Revenue
$0
Change in Net Assets
$-21,995

Audited Revenue Reconciliation

Revenue per Audited Statements
$583,293
Total Revenue per Audited Statements
$583,293
Total Revenue per Form 990
$583,293
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$605,288
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
Interest$112,025--$112,025
Depreciation Depletion$95,809--$95,809
Occupancy$89,589--$89,589
Fees for Services Other$40,941--$40,941
All Other Expenses$38,605--$38,605
Other Expenses$27,702--$27,702
Fees for Services Accounting$19,912--$19,912
Total Functional Expenses$605,288$0$0$605,288

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$605,288
Total Expenses per Audited Statements$605,288
Total Expenses per Form 990$605,288
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$20,811
Accrued Interest$9,261
Accrued Management Fees$3,270
Operating Advance - C&s Jc$2,000
Accrued Payroll Taxes$1,493
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
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
No
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Page 6, Part VI, Line 3

“Beginning in 2014, the project became self-managed. The project entered into a management agreement allowing for a management fee equal to 7.71% of rent collected. For the year ended december 31, 2016, the fee amounted to 41,244. Per agreement with hud, the project operating account is allowed to transfer this money to an entity maintained bank account and is allowed to use these funds in its entity operations. During the year ended december 31, 2016, the project transferred 40,941 to an entity maintained bank account. This amount has been reflected on the projects statement of activities in account number 7105 entity revenue. For the year ended december 31, 2016, the project used 40,941 of these funds to reimburse community & senior services of johnston county (css) for providing contract services. This amount has been reflected on the projects statement of activities in account number 7190 other expenses. In addition, the project reimbursed css 14,912 for providing front line administrative and accounting services.”

Form 990, Page 6, Part VI, Line 11B

“No review was or will be conducted.”

Form 990, Page 6, Part VI, Line 19

“No documents available to the public”

Filing and Contact Details

Filer

Filer Name
Triangle Elderly Housing
EIN
27-2090858
Phone
9199346066
Address
1363 WEST MARKET STREET, SMITHFIELD, NC 27577

Signing Officer

Name
Jimmy Parker
Title
Chair
Phone
9199346066
Signed
2017-05-12

Organization Details

Principal Officer
Jimmy Parker
Formed
2011
Legal Domicile
Nc
Voting Board Members
3
Independent Board Members
3
Employees
5

Preparer

Firm
O Douglas Covington
Address
1031 SUMMIT AVE STE 2E1, GREENSBORO, NC 27405
Preparer
O Douglas Covington
Phone
3362725618
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 3, Part X

“The corporation has been classified as an other-than private foundation and is tax-exempt under section 501(c)(3) of the internal revenue code. The corporation is subject to a tax on income from any unrelated business. At december 31, 2016, the corporation had no unrelated business income. Income tax benefits are recognized for income tax positions taken or expected to be taken in a tax return, only when it is determined that the income tax position will more-likely-than-not be sustained upon examination by taxing authorities. The corporation has analyzed tax positions taken for filing with the internal revenue service and all state jurisdictions where it operates. The corporation believes that income tax filing positions will be sustained upon examination and does not anticipate any adjustments that would result in a material adverse effect on the corporations financial condition, results of operations or cash flows. Accordingly, the corporation has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at december 31, 2016. The corporation is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The corporation believes it is no longer subject to income tax examinations for years prior to 2013.”

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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION HAS BEEN CLASSIFIED AS AN OTHER-THAN PRIVATE FOUNDATION AND IS TAX-EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE CORPORATION IS SUBJECT TO A TAX ON INCOME FROM ANY UNRELATED BUSINESS. AT DECEMBER 31, 2016, THE CORPORATION HAD NO UNRELATED BUSINESS INCOME. INCOME TAX BENEFITS ARE RECOGNIZED FOR INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, ONLY WHEN IT IS DETERMINED THAT THE INCOME TAX POSITION WILL MORE-LIKELY-THAN-NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE CORPORATION HAS ANALYZED TAX POSITIONS TAKEN FOR FILING WITH THE INTERNAL REVENUE SERVICE AND ALL STATE JURISDICTIONS WHERE IT OPERATES. THE CORPORATION BELIEVES THAT INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE EFFECT ON THE CORPORATIONS FINANCIAL CONDITION, RESULTS OF OPERATIONS OR CASH FLOWS. ACCORDINGLY, THE CORPORATION HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AT DECEMBER 31, 2016. THE CORPORATION IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE CORPORATION BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2013.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01510726
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0426510
IRS990ScheduleD/TotalExpensesPerForm990Amt0605288
IRS990ScheduleD/TotalLiabilityAmt036835
IRS990ScheduleD/TotalRevenuePerForm990Amt0583293
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0583293
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0605288
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0false
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0BEGINNING IN 2014, THE PROJECT BECAME SELF-MANAGED. THE PROJECT ENTERED INTO A MANAGEMENT AGREEMENT ALLOWING FOR A MANAGEMENT FEE EQUAL TO 7.71% OF RENT COLLECTED. FOR THE YEAR ENDED DECEMBER 31, 2016, THE FEE AMOUNTED TO 41,244. PER AGREEMENT WITH HUD, THE PROJECT OPERATING ACCOUNT IS ALLOWED TO TRANSFER THIS MONEY TO AN ENTITY MAINTAINED BANK ACCOUNT AND IS ALLOWED TO USE THESE FUNDS IN ITS ENTITY OPERATIONS. DURING THE YEAR ENDED DECEMBER 31, 2016, THE PROJECT TRANSFERRED 40,941 TO AN ENTITY MAINTAINED BANK ACCOUNT. THIS AMOUNT HAS BEEN REFLECTED ON THE PROJECTS STATEMENT OF ACTIVITIES IN ACCOUNT NUMBER 7105 ENTITY REVENUE. FOR THE YEAR ENDED DECEMBER 31, 2016, THE PROJECT USED 40,941 OF THESE FUNDS TO REIMBURSE COMMUNITY & SENIOR SERVICES OF JOHNSTON COUNTY (CSS) FOR PROVIDING CONTRACT SERVICES. THIS AMOUNT HAS BEEN REFLECTED ON THE PROJECTS STATEMENT OF ACTIVITIES IN ACCOUNT NUMBER 7190 OTHER EXPENSES. IN ADDITION, THE PROJECT REIMBURSED CSS 14,912 FOR PROVIDING FRONT LINE ADMINISTRATIVE AND ACCOUNTING SERVICES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2NO DOCUMENTS AVAILABLE TO THE PUBLIC
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 19
IRS990/SchoolOperatingInd0false
IRS990/SignificantChangeInd0false
IRS990/SignificantNewProgramSrvcInd0false
IRS990/StatesWhereCopyOfReturnIsFldCd0NC
IRS990/SubjectToProxyTaxInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TempOrPermanentEndowmentsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt02226815
IRS990/TotalAssetsEOYAmt02178590
IRS990/TotalAssetsGrp/BOYAmt02226815
IRS990/TotalAssetsGrp/EOYAmt02178590
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt05
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt00
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0605288
IRS990/TotalFunctionalExpensesGrp/TotalAmt0605288
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02877846
IRS990/TotalLiabilitiesEOYAmt02851616
IRS990/TotalLiabilitiesGrp/BOYAmt02877846
IRS990/TotalLiabilitiesGrp/EOYAmt02851616
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-651031
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-673026
IRS990/TotalProgramServiceExpensesAmt0605288
IRS990/TotalProgramServiceRevenueAmt0583110
IRS990/TotalRevenueGrp/ExclusionAmt0542352
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt040941
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0583293
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt02226815
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt02178590
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
IRS990/UnrestrictedNetAssetsGrp/BOYAmt0-651031
IRS990/UnrestrictedNetAssetsGrp/EOYAmt0-673026
IRS990/USAddress/AddressLine1Txt01363 WEST MARKET STREET
IRS990/USAddress/CityNm0SMITHFIELD
IRS990/USAddress/StateAbbreviationCd0NC
IRS990/USAddress/ZIPCd027577
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt03
IRS990/WebsiteAddressTxt0N/A
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02017-02-10 21:41:12Z
ReturnHeader/BusinessOfficerGrp/PersonNm0JIMMY PARKER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIR
ReturnHeader/BusinessOfficerGrp/PhoneNum09199346066
ReturnHeader/BusinessOfficerGrp/SignatureDt02017-05-12
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0TRIANGLE ELDERLY HOUSING
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION
ReturnHeader/Filer/BusinessNameControlTxt0TRIA
ReturnHeader/Filer/EIN0272090858
ReturnHeader/Filer/PhoneNum09199346066
ReturnHeader/Filer/USAddress/AddressLine1Txt01363 WEST MARKET STREET
ReturnHeader/Filer/USAddress/CityNm0SMITHFIELD
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd027577
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0413380A3F7D51DC5C083DD5A54E7F2610AE55E78
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId0A5F0722B2E1EE60B7359FC3108F559BC9498E2AF
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0561425237
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0O DOUGLAS COVINGTON
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt01031 SUMMIT AVE STE 2E1
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0GREENSBORO
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd027405
ReturnHeader/PreparerPersonGrp/PhoneNum03362725618
ReturnHeader/PreparerPersonGrp/PreparationDt02017-11-08
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0O DOUGLAS COVINGTON
ReturnHeader/ReturnTs02017-11-10T14:28:28-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02016-01-01
ReturnHeader/TaxPeriodEndDt02016-12-31
ReturnHeader/TaxYr02016

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,178,590
Liabilities
$2,851,616
Net assets
-$673,026
Revenue
$583,293
Expenses
$605,288
Net income
-$21,995
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.92$2.45$0.53$0.71$0.59$0.11
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.85$2.52$0.67$0.62$0.60$0.02
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.89$2.58$0.69$0.61$0.60$0.01
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1.99$2.68$0.69$0.61$0.62$0.01
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2.08$2.76$0.68$0.60$0.60$0.00
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.11$2.79$0.68$0.59$0.60$0.01
2016Detailed filing. Detailed filing data is available for this year.$2.18$2.85$0.67$0.58$0.61$0.02
2015Detailed filing. Detailed filing data is available for this year.$2.23$2.88$0.65$0.57$0.55$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$2.33$3.07$0.74$0.51