Civic Intelligence

Vance County Elderly Housing Corporation

990 • Fiscal year 2017 • EIN 56-1336437

Jul 01, 2016 to Jun 30, 2017 • Filed on Sep 21, 2017

Organization ProfileN/A
351 Keene StreetHenderson, NC 27536

(919) 836-8888

Siviq Scores

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

Liabilities / Assets

91st percentile

2.04x

Higher debt load relative to assets than 91% of similar nonprofits.

2017 filings • NTEE L • $500k-$1M nonprofits • Source year 2017

Liabilities / Revenue

66th percentile

4.05x

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

2017 filings • NTEE L • $500k-$1M nonprofits • Source year 2017

Net Margin

66th percentile

5.0%

Higher net margin than 66% of similar nonprofits.

2017 filings • NTEE L • $500k-$1M nonprofits • Source year 2017

Top Officer Pay

53rd percentile

$0

Higher top officer pay than 53% of similar nonprofits.

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

2017 filings • NTEE L • $500k-$1M nonprofits • Source year 2017

Asset Growth

11th percentile

-12%

Faster asset growth than 11% of similar nonprofits.

2017 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2016 to 2017

Revenue Growth

24th percentile

-4.2%

Faster revenue growth than 24% of similar nonprofits.

2017 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets91st percentile

Assets

Down

$808,563

Down $106,387 (-12%) from 2016

Net Assets

Up

-$842,349

Up $20,303 (+2.4%) from 2016

Liabilities

Down

$1,650,912

Down $126,690 (-7.1%) from 2016

Revenue And Expenses
Liabilities / Revenue66th percentileNet Margin66th percentile

Revenue

Down

$407,714

Down $17,956 (-4.2%) from 2016

Expenses

Down

$387,411

Down $37,528 (-8.8%) from 2016

Net Income

Up

$20,303

Up $19,572 (+2677%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth11th percentile

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

$2.0M$1.0M$0-$1.0MAssets 2014: $975,853Liabilities 2014: $1,831,421Net Assets 2014: -$855,5682014Assets 2015: $946,595Liabilities 2015: $1,809,978Net Assets 2015: -$863,3832015Assets 2016: $914,950Liabilities 2016: $1,777,602Net Assets 2016: -$862,6522016Assets 2017: $808,563Liabilities 2017: $1,650,912Net Assets 2017: -$842,3492017Assets 2018: $783,186Liabilities 2018: $1,618,217Net Assets 2018: -$835,0312018Assets 2019: $748,522Liabilities 2019: $1,568,087Net Assets 2019: -$819,5652019Assets 2020: $745,518Liabilities 2020: $1,529,084Net Assets 2020: -$783,5662020Assets 2021: $800,684Liabilities 2021: $1,544,173Net Assets 2021: -$743,4892021Assets 2022: $782,836Liabilities 2022: $1,494,244Net Assets 2022: -$711,4082022Assets 2023: $770,089Liabilities 2023: $1,449,734Net Assets 2023: -$679,6452023Assets 2024: $752,018Liabilities 2024: $1,388,611Net Assets 2024: -$636,5932024

Highlighted filing

2017

Assets$808,563
Liabilities$1,650,912
Net Assets-$842,349
Open 2017 Filing

Operations Trend

Revenue Growth24th percentile

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

$600K$400K$200K$0-$200KRevenue 2014: $390,803Expenses 2014: $413,909Net Income 2014: -$23,1062014Revenue 2015: $395,855Expenses 2015: $403,670Net Income 2015: -$7,8152015Revenue 2016: $425,670Expenses 2016: $424,939Net Income 2016: $7312016Revenue 2017: $407,714Expenses 2017: $387,411Net Income 2017: $20,3032017Revenue 2018: $412,993Expenses 2018: $405,675Net Income 2018: $7,3182018Revenue 2019: $420,396Expenses 2019: $408,372Net Income 2019: $12,0242019Revenue 2020: $427,399Expenses 2020: $391,400Net Income 2020: $35,9992020Revenue 2021: $441,703Expenses 2021: $351,872Net Income 2021: $89,8312021Revenue 2022: $455,693Expenses 2022: $423,612Net Income 2022: $32,0812022Revenue 2023: $457,745Expenses 2023: $425,982Net Income 2023: $31,7632023Revenue 2024: $475,440Expenses 2024: $432,388Net Income 2024: $43,0522024

Highlighted filing

2017

Revenue$407,714
Expenses$387,411
Net Income$20,303
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
Sep 21, 2017
Return Version
2016v3.0
Gross Receipts
$407,714
Mission and Program Overview

Mission

To provide housing and related services to qualified elderly persons under programs supervised and subsidized by hud.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$511,891$462,753▼ $49,138
Investments Program Related$288,802$324,438▲ $35,636
Intangible Assets$85,800--
Cash and Non-Interest-Bearing Accounts$24,136$16,580▼ $7,556
Prepaid Expenses and Deferred Charges$3,864$3,535▼ $329
Accounts Receivable$457$1,257▲ $800
Total Assets$914,950$808,563▼ $106,387
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,753,669$1,623,222▼ $130,447
Accounts Payable and Accrued Expenses$12,311$16,082▲ $3,771
Escrow Account Liability$11,607$11,587▼ $20
Deferred Revenue$15$21▲ $6
Total Liabilities$1,777,602$1,650,912▼ $126,690
Net Assets / Fund Balance
Unrestricted Net Assets$-862,652$-842,349▲ $20,303
Total Net Assets Fund Balance$-862,652$-842,349▲ $20,303
Total Liabilities and Net Assets / Fund Balance$914,950$808,563▼ $106,387

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$302,110$1,270,728$1,572,838
Land$77,630-$77,630
Investment Program Related Org$11,637--
Compensation and Service Providers
Top Officer Pay53rd percentile

Board Members and Trustees

NameTitle
Beatrice M WalkerPresident
James CraytonTreasurer
Ilean H MattocksVice-preside
Revenue and Support

Revenue Composition

Contributions and Grants
$300,607
Program Service Revenue
$106,950
Investment Income
$157
Other Revenue
$0
Change in Net Assets
$20,303

Audited Revenue Reconciliation

Revenue per Audited Statements
$407,714
Total Revenue per Audited Statements
$407,714
Total Revenue per Form 990
$407,714
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$313,102
Salaries, Compensation, and Employee Benefits$74,309
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$74,453--$74,453
Interest$66,247--$66,247
Occupancy$60,806--$60,806
Other Salaries and Wages$60,485--$60,485
Fees for Services Management$27,438--$27,438
Office Expenses$9,689--$9,689
Insurance$9,574--$9,574
Other Employee Benefits$8,709--$8,709
Fees for Services Accounting$7,600--$7,600
Payroll Taxes$5,115--$5,115
Advertising$1,038--$1,038
Conferences and Meetings$600--$600
Other Expenses$303--$303
Fees for Services Legal$181--$181
Total Functional Expenses$387,411$0$0$387,411

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$387,411
Total Expenses per Audited Statements$387,411
Total Expenses per Form 990$387,411
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
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
Yes
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

“The corporation has contracted with residential properties management, inc. To manage all day to day activities of the apartment complex.”

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

“Form 990 is provided to the board of directors for review, approval and signature for the purpose of filing the return.”

Form 990, Page 6, Part VI, Line 19

“UPON REQUEST”

Filing and Contact Details

Filer

Filer Name
Vance County Elderly Housing
EIN
56-1336437
Address
351 KEENE STREET, HENDERSON, NC 27536

Signing Officer

Name
Beatrice M Walker
Title
President
Signed
2017-09-21
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Beatrice M Walker
Formed
1982
Legal Domicile
Nc
Voting Board Members
3
Independent Board Members
3
Employees
0

Preparer

Firm
Rives & Associates Llp
Address
4515 FALLS OF NEUSE ROAD SUITE 450, RALEIGH, NC 27609
Preparer
Thomas B Cornwell CPA
Phone
9198326848
Supplemental Narrative

Financial Statement Notes

Schedule D, Page 2, Part IV, Line 2B

“As required by hud, the organization holds tenant security deposits in a separate bank account. The balance of this account must equal or exceed the liability due on all tenant security deposits.”

Raw XML Appendix323 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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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE CORPORATION HAS CONTRACTED WITH RESIDENTIAL PROPERTIES MANAGEMENT, INC. TO MANAGE ALL DAY TO DAY ACTIVITIES OF THE APARTMENT COMPLEX.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1FORM 990 IS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW, APPROVAL AND SIGNATURE FOR THE PURPOSE OF FILING THE RETURN.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2UPON REQUEST
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ReturnHeader/BusinessOfficerGrp/SignatureDt02017-09-21
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Document Assets

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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$808,563
Liabilities
$1,650,912
Net assets
-$842,349
Revenue
$407,714
Expenses
$387,411
Net income
$20,303
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$0.75$1.39$0.64$0.48$0.43$0.04
2023Detailed filing. Detailed filing data is available for this year.$0.77$1.45$0.68$0.46$0.43$0.03
2022Detailed filing. Detailed filing data is available for this year.$0.78$1.49$0.71$0.46$0.42$0.03
2021Detailed filing. Detailed filing data is available for this year.$0.80$1.54$0.74$0.44$0.35$0.09
2020Detailed filing. Detailed filing data is available for this year.$0.75$1.53$0.78$0.43$0.39$0.04
2019Detailed filing. Detailed filing data is available for this year.$0.75$1.57$0.82$0.42$0.41$0.01
2018Detailed filing. Detailed filing data is available for this year.$0.78$1.62$0.84$0.41$0.41$0.01
2017Detailed filing. Detailed filing data is available for this year.$0.81$1.65$0.84$0.41$0.39$0.02
2016Detailed filing. Detailed filing data is available for this year.$0.91$1.78$0.86$0.43$0.42$0.00
2015Detailed filing. Detailed filing data is available for this year.$0.95$1.81$0.86$0.40$0.40$0.01
2014Detailed filing. Detailed filing data is available for this year.$0.98$1.83$0.86$0.39$0.41$0.02