Civic Intelligence

Triangle Elderly Housing Corporation

990 • Fiscal year 2020 • EIN 27-2090858

Jan 01, 2020 to Dec 31, 2020 • Filed on Nov 02, 2021

1363 West Market StreetSmithfield, NC 27577

(919) 934-6066

Siviq Scores

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

Liabilities / Assets

68th percentile

1.37x

Higher debt load relative to assets than 68% of similar nonprofits.

2020 filings • NTEE L22 • $1M-$5M nonprofits • Source year 2020

Liabilities / Revenue

44th percentile

4.34x

Higher debt load relative to revenue than 44% of similar nonprofits.

2020 filings • NTEE L22 • $1M-$5M nonprofits • Source year 2020

Net Margin

70th percentile

-2.5%

Higher net margin than 70% of similar nonprofits.

2020 filings • NTEE L22 • $1M-$5M nonprofits • Source year 2020

Top Officer Pay

70th percentile

$0

Higher top officer pay than 70% of similar nonprofits.

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

2020 filings • NTEE L22 • $1M-$5M nonprofits • Source year 2020

Asset Growth

39th percentile

-3.1%

Faster asset growth than 39% of similar nonprofits.

2020 filings • NTEE L22 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Revenue Growth

32nd percentile

0.2%

Faster revenue growth than 32% of similar nonprofits.

2020 filings • NTEE L22 • $1M-$5M nonprofits • Annualized from 2019 to 2020

Assets

Down

$1,929,239

Down $61,299 (-3.1%) from 2019

Net Assets

Down

-$706,117

Down $14,928 (-2.2%) from 2019

Liabilities

Down

$2,635,356

Down $46,371 (-1.7%) from 2019

Revenue

Up

$607,452

Up $990 (+0.2%) from 2019

Expenses

Up

$622,380

Up $4,927 (+0.8%) from 2019

Net Income

Down

-$14,928

Down $3,937 (-36%) from 2019

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 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 2020: $1,929,239Liabilities 2020: $2,635,356Net Assets 2020: -$706,1172020Assets 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

2020

Assets$1,929,239
Liabilities$2,635,356
Net Assets-$706,117

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 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 2020: $607,452Expenses 2020: $622,380Net Income 2020: -$14,9282020Revenue 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

2020

Revenue$607,452
Expenses$622,380
Net Income-$14,928
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Nov 2, 2021
Return Version
2020v4.0
Gross Receipts
$609,734
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$1,297,693$1,241,432▼ $56,261
Intangible Assets$150,697$145,010▼ $5,687
Prepaid Expenses and Deferred Charges$4,926$30,910▲ $25,984
Savings and Temporary Cash Investments$21,842$24,013▲ $2,171
Cash and Non-Interest-Bearing Accounts$20,598$8,510▼ $12,088
Accounts Receivable$3,715$4,440▲ $725
Total Assets$1,990,538$1,929,239▼ $61,299
Other Assets Total$491,067$474,924▼ $16,143
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,634,444$2,577,511▼ $56,933
Other Liabilities$36,826$38,668▲ $1,842
Accounts Payable and Accrued Expenses$6,978$13,433▲ $6,455
Deferred Revenue$3,479$5,744▲ $2,265
Total Liabilities$2,681,727$2,635,356▼ $46,371
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-691,189$-706,117▼ $14,928
Total Net Assets Fund Balance$-691,189$-706,117▼ $14,928
Total Liabilities and Net Assets / Fund Balance$1,990,538$1,929,239▼ $61,299

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$1,090,055$2,329,203$3,419,258
Land$118,638-$118,638
Equipment$32,739$63,182$95,921
Other Land Buildings-$11,518$11,518
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
$609,490
Investment Income
$-2,038
Other Revenue
$0
Change in Net Assets
$-14,928

Audited Revenue Reconciliation

Revenue per Audited Statements
$607,452
Total Revenue per Audited Statements
$607,452
Total Revenue per Form 990
$607,452
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$622,380
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$103,631--$103,631
Depreciation Depletion$101,542--$101,542
Occupancy$97,956--$97,956
Fees for Services Other$43,502--$43,502
Fees for Services Management-$43,290-$43,290
All Other Expenses$33,712--$33,712
Fees for Services Accounting-$23,093-$23,093
Other Expenses$21,217--$21,217
Total Functional Expenses$555,997$66,383$0$622,380

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$622,380
Total Expenses per Audited Statements$622,380
Total Expenses per Form 990$622,380
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$24,013
Accrued Interest$8,549
Accrued Management Fees$2,170
Operating Advance - C&s Jc$2,000
Accrued Payroll Taxes$1,936
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
Business relationship with 35% controlled entity
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, 2020, the fee amounted to 43,290. 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, 2020, the project transferred 43,502 to an entity maintained bank account. This amount has been reflected on the project's statement of activities in account number 7105 entity revenue. For the year ended december 31, 2020, the project used 43,502 of these funds to reimburse community & senior services of johnston county ('css') fo providing contract services. This amount has been reflected on the project's statement of activities in account number 7190 other expenses. In addition, the project reimbursed css 17,593 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
2021-11-02

Organization Details

Principal Officer
Jimmy Parker
Formed
2011
Legal Domicile
Nc
Voting Board Members
3
Independent Board Members
3
Employees
4

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

Income taxes: the project has been classified as an other-than private foundation and is tax-exempt under section 501(c)(3) of the internal revenue code. The project is subject to a tax on income from any unrelated business. At december 31, 2020, the project 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 project has analyzed tax positions taken for filing with the internal revenue service and all state jurisdictions where it operates. The project 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 projects financial condition, results of operations or cash flows. Accordingly, the project has not recorded any reserves, or related accruals for interest and penalties for uncertain income tax positions at december 31, 2020. The project is subject to routine audits by taxing jurisdictions; however, there are currently no audits for any tax periods in progress. The project believes it is no longer subject to income tax examinations for years prior to 2017.

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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt024013
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt18549
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt22170
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt32000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt41936
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ACCRUED INTEREST
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2ACCRUED MANAGEMENT FEES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3OPERATING ADVANCE - C&S JC
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4ACCRUED PAYROLL TAXES
IRS990ScheduleD/RevenueSubtotalAmt0607452
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0INCOME TAXES: THE PROJECT HAS BEEN CLASSIFIED AS AN OTHER-THAN PRIVATE FOUNDATION AND IS TAX-EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE PROJECT IS SUBJECT TO A TAX ON INCOME FROM ANY UNRELATED BUSINESS. AT DECEMBER 31, 2020, THE PROJECT 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 PROJECT HAS ANALYZED TAX POSITIONS TAKEN FOR FILING WITH THE INTERNAL REVENUE SERVICE AND ALL STATE JURISDICTIONS WHERE IT OPERATES. THE PROJECT 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 PROJECTS FINANCIAL CONDITION, RESULTS OF OPERATIONS OR CASH FLOWS. ACCORDINGLY, THE PROJECT HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AT DECEMBER 31, 2020. THE PROJECT IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE PROJECT BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2017.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01241432
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0474924
IRS990ScheduleD/TotalExpensesPerForm990Amt0622380
IRS990ScheduleD/TotalLiabilityAmt038668
IRS990ScheduleD/TotalRevenuePerForm990Amt0607452
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0607452
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0622380
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, 2020, THE FEE AMOUNTED TO 43,290. 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, 2020, THE PROJECT TRANSFERRED 43,502 TO AN ENTITY MAINTAINED BANK ACCOUNT. THIS AMOUNT HAS BEEN REFLECTED ON THE PROJECT'S STATEMENT OF ACTIVITIES IN ACCOUNT NUMBER 7105 ENTITY REVENUE. FOR THE YEAR ENDED DECEMBER 31, 2020, THE PROJECT USED 43,502 OF THESE FUNDS TO REIMBURSE COMMUNITY & SENIOR SERVICES OF JOHNSTON COUNTY ('CSS') FO PROVIDING CONTRACT SERVICES. THIS AMOUNT HAS BEEN REFLECTED ON THE PROJECT'S STATEMENT OF ACTIVITIES IN ACCOUNT NUMBER 7190 OTHER EXPENSES. IN ADDITION, THE PROJECT REIMBURSED CSS 17,593 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/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt01990538
IRS990/TotalAssetsEOYAmt01929239
IRS990/TotalAssetsGrp/BOYAmt01990538
IRS990/TotalAssetsGrp/EOYAmt01929239
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt066383
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0555997
IRS990/TotalFunctionalExpensesGrp/TotalAmt0622380
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02681727
IRS990/TotalLiabilitiesEOYAmt02635356
IRS990/TotalLiabilitiesGrp/BOYAmt02681727
IRS990/TotalLiabilitiesGrp/EOYAmt02635356
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-691189
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-706117
IRS990/TotalProgramServiceExpensesAmt0555997
IRS990/TotalProgramServiceRevenueAmt0609490
IRS990/TotalRevenueGrp/ExclusionAmt0566232
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt041220
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0607452
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01990538
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01929239
IRS990/TrnsfrExmptNonChrtblRltdOrgInd0false
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd0false
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/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0JIMMY PARKER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0CHAIR
ReturnHeader/BusinessOfficerGrp/PhoneNum09199346066
ReturnHeader/BusinessOfficerGrp/SignatureDt02021-11-02
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/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/PreparationDt02021-11-02
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0O DOUGLAS COVINGTON
ReturnHeader/ReturnTs02021-11-05T14:23:48-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0JIMMY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0PARKER
ReturnHeader/TaxPeriodBeginDt02020-01-01
ReturnHeader/TaxPeriodEndDt02020-12-31
ReturnHeader/TaxYr02020

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