Civic Intelligence

Triangle Elderly Housing Corporation

990 • Fiscal year 2021 • EIN 27-2090858

Jan 01, 2021 to Dec 31, 2021 • Filed on Oct 26, 2022

Organization ProfileN/A
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

67th percentile

1.37x

Higher debt load relative to assets than 67% of similar nonprofits.

2021 filings • NTEE L22 • $1M-$5M nonprofits • Source year 2021

Liabilities / Revenue

50th percentile

4.22x

Higher debt load relative to revenue than 50% of similar nonprofits.

2021 filings • NTEE L22 • $1M-$5M nonprofits • Source year 2021

Net Margin

73rd percentile

2.1%

Higher net margin than 73% of similar nonprofits.

2021 filings • NTEE L22 • $1M-$5M nonprofits • Source year 2021

Top Officer Pay

67th percentile

$0

Higher top officer pay than 67% of similar nonprofits.

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

2021 filings • NTEE L22 • $1M-$5M nonprofits • Source year 2021

Asset Growth

63rd percentile

-2.0%

Faster asset growth than 63% of similar nonprofits.

2021 filings • NTEE L22 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Revenue Growth

36th percentile

0.8%

Faster revenue growth than 36% of similar nonprofits.

2021 filings • NTEE L22 • $1M-$5M nonprofits • Annualized from 2020 to 2021

Balance Sheet
Liabilities / Assets67th percentile

Assets

Down

$1,890,092

Down $100,446 (-5.0%) from 2019

Net Assets

Down

-$693,474

Down $2,285 (-0.3%) from 2019

Liabilities

Down

$2,583,566

Down $98,161 (-3.7%) from 2019

Revenue And Expenses
Liabilities / Revenue50th percentileNet Margin73rd percentile

Revenue

Up

$612,226

Up $5,764 (+1.0%) from 2019

Expenses

Down

$599,583

Down $17,870 (-2.9%) from 2019

Net Income

Up

$12,643

Up $23,634 (+215%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth63rd percentile

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 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

2021

Assets$1,890,092
Liabilities$2,583,566
Net Assets-$693,474
Open 2021 Filing

Operations Trend

Revenue Growth36th percentile

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 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

2021

Revenue$612,226
Expenses$599,583
Net Income$12,643
Open 2021 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2021 to Dec 31, 2021
Signed
Oct 26, 2022
Return Version
2021v4.0
Gross Receipts
$612,226
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$1,241,432$1,145,315▼ $96,117
Intangible Assets$145,010$139,324▼ $5,686
Prepaid Expenses and Deferred Charges$30,910$31,201▲ $291
Savings and Temporary Cash Investments$24,013$25,937▲ $1,924
Cash and Non-Interest-Bearing Accounts$8,510$24,023▲ $15,513
Accounts Receivable$4,440$3,083▼ $1,357
Total Assets$1,929,239$1,890,092▼ $39,147
Other Assets Total$474,924$521,209▲ $46,285
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,577,511$2,518,269▼ $59,242
Other Liabilities$38,668$41,519▲ $2,851
Deferred Revenue$5,744$15,172▲ $9,428
Accounts Payable and Accrued Expenses$13,433$8,606▼ $4,827
Total Liabilities$2,635,356$2,583,566▼ $51,790
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-706,117$-693,474▲ $12,643
Total Net Assets Fund Balance$-706,117$-693,474▲ $12,643
Total Liabilities and Net Assets / Fund Balance$1,929,239$1,890,092▼ $39,147

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$999,927$2,419,331$3,419,258
Land$118,638-$118,638
Equipment$26,750$69,171$95,921
Other Land Buildings-$11,518$11,518
Other Assets Org$50--
Compensation and Service Providers
Top Officer Pay67th percentile

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
$612,045
Investment Income
$181
Other Revenue
$0
Change in Net Assets
$12,643

Audited Revenue Reconciliation

Revenue per Audited Statements
$612,226
Total Revenue per Audited Statements
$612,226
Total Revenue per Form 990
$612,226
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$599,583
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$101,804--$101,804
Interest$101,316--$101,316
Occupancy$97,633--$97,633
Fees for Services Management-$44,198-$44,198
Fees for Services Other$44,167--$44,167
All Other Expenses$36,062--$36,062
Other Expenses$27,400--$27,400
Fees for Services Accounting-$23,714-$23,714
Fees for Services Legal-$486-$486
Total Functional Expenses$531,185$68,398$0$599,583

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$599,583
Total Expenses per Audited Statements$599,583
Total Expenses per Form 990$599,583
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$25,937
Accrued Interest$8,352
Accrued Payroll Taxes$3,029
Accrued Management Fees$2,201
Operating Advance - C&s Jc$2,000
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, 2021, the fee amounted to 44,198. 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, 2021, the project transferred 44,167 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, 2021, the project used 44,167 of these funds to reimburse community & senior services of johnston county ('css') for 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 18,214 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
2022-10-26

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, 2021, 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 project's 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, 2021. 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 2018.”

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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/OtherLiabilitiesOrgGrp/Amt18352
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt23029
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt32201
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt42000
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1ACCRUED INTEREST
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2ACCRUED PAYROLL TAXES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3ACCRUED MANAGEMENT FEES
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4OPERATING ADVANCE - C&S JC
IRS990ScheduleD/RevenueSubtotalAmt0612226
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, 2021, 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 PROJECT'S 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, 2021. 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 2018.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
IRS990ScheduleD/TotalBookValueLandBuildingsAmt01145315
IRS990ScheduleD/TotalBookValueOtherAssetsAmt0521209
IRS990ScheduleD/TotalExpensesPerForm990Amt0599583
IRS990ScheduleD/TotalLiabilityAmt041519
IRS990ScheduleD/TotalRevenuePerForm990Amt0612226
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0612226
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0599583
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, 2021, THE FEE AMOUNTED TO 44,198. 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, 2021, THE PROJECT TRANSFERRED 44,167 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, 2021, THE PROJECT USED 44,167 OF THESE FUNDS TO REIMBURSE COMMUNITY & SENIOR SERVICES OF JOHNSTON COUNTY ('CSS') FOR 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 18,214 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/TotalAssetsBOYAmt01929239
IRS990/TotalAssetsEOYAmt01890092
IRS990/TotalAssetsGrp/BOYAmt01929239
IRS990/TotalAssetsGrp/EOYAmt01890092
IRS990/TotalCompGreaterThan150KInd0false
IRS990/TotalEmployeeCnt04
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt068398
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0531185
IRS990/TotalFunctionalExpensesGrp/TotalAmt0599583
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt02635356
IRS990/TotalLiabilitiesEOYAmt02583566
IRS990/TotalLiabilitiesGrp/BOYAmt02635356
IRS990/TotalLiabilitiesGrp/EOYAmt02583566
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-706117
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-693474
IRS990/TotalProgramServiceExpensesAmt0531185
IRS990/TotalProgramServiceRevenueAmt0612045
IRS990/TotalRevenueGrp/ExclusionAmt0568059
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt044167
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0612226
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt01929239
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt01890092
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/SignatureDt02022-10-26
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/PreparationDt02022-11-03
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0O DOUGLAS COVINGTON
ReturnHeader/ReturnTs02022-11-14T10:07:25-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0JIMMY
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0PARKER
ReturnHeader/TaxPeriodBeginDt02021-01-01
ReturnHeader/TaxPeriodEndDt02021-12-31
ReturnHeader/TaxYr02021

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2021 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,890,092
Liabilities
$2,583,566
Net assets
-$693,474
Revenue
$612,226
Expenses
$599,583
Net income
$12,643
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
2021Detailed filing. Detailed filing data is available for this year.$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
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