Civic Intelligence

Vance County Elderly Housing Corporation

990 • Fiscal year 2018 • EIN 56-1336437

Jul 01, 2017 to Jun 30, 2018 • Filed on Sep 26, 2018

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

92nd percentile

2.07x

Higher debt load relative to assets than 92% of similar nonprofits.

2018 filings • NTEE L • $500k-$1M nonprofits • Source year 2018

Liabilities / Revenue

65th percentile

3.92x

Higher debt load relative to revenue than 65% of similar nonprofits.

2018 filings • NTEE L • $500k-$1M nonprofits • Source year 2018

Net Margin

63rd percentile

1.8%

Higher net margin than 63% of similar nonprofits.

2018 filings • NTEE L • $500k-$1M nonprofits • Source year 2018

Top Officer Pay

52nd percentile

$0

Higher top officer pay than 52% of similar nonprofits.

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

2018 filings • NTEE L • $500k-$1M nonprofits • Source year 2018

Asset Growth

32nd percentile

-3.1%

Faster asset growth than 32% of similar nonprofits.

2018 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2017 to 2018

Revenue Growth

51st percentile

1.3%

Faster revenue growth than 51% of similar nonprofits.

2018 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2017 to 2018

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Down

$783,186

Down $25,377 (-3.1%) from 2017

Net Assets

Up

-$835,031

Up $7,318 (+0.9%) from 2017

Liabilities

Down

$1,618,217

Down $32,695 (-2.0%) from 2017

Revenue And Expenses
Liabilities / Revenue65th percentileNet Margin63rd percentile

Revenue

Up

$412,993

Up $5,279 (+1.3%) from 2017

Expenses

Up

$405,675

Up $18,264 (+4.7%) from 2017

Net Income

Down

$7,318

Down $12,985 (-64%) from 2017

Historical Trend

Balance Sheet Trend

Asset Growth32nd 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

2018

Assets$783,186
Liabilities$1,618,217
Net Assets-$835,031
Open 2018 Filing

Operations Trend

Revenue Growth51st 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

2018

Revenue$412,993
Expenses$405,675
Net Income$7,318
Open 2018 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2017 to Jun 30, 2018
Signed
Sep 26, 2018
Return Version
2017v2.3
Gross Receipts
$412,993
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$462,753$508,712▲ $45,959
Investments Program Related$324,438$247,703▼ $76,735
Cash and Non-Interest-Bearing Accounts$16,580$23,314▲ $6,734
Prepaid Expenses and Deferred Charges$3,535$3,291▼ $244
Accounts Receivable$1,257$166▼ $1,091
Total Assets$808,563$783,186▼ $25,377
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,623,222$1,582,507▼ $40,715
Accounts Payable and Accrued Expenses$16,082$23,755▲ $7,673
Escrow Account Liability$11,587$11,951▲ $364
Deferred Revenue$21$4▼ $17
Total Liabilities$1,650,912$1,618,217▼ $32,695
Net Assets / Fund Balance
Unrestricted Net Assets$-842,349$-835,031▲ $7,318
Total Net Assets Fund Balance$-842,349$-835,031▲ $7,318
Total Liabilities and Net Assets / Fund Balance$808,563$783,186▼ $25,377

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$351,397$1,324,426$1,675,823
Land$77,630-$77,630
Investment Program Related Org$12,001--
Compensation and Service Providers
Top Officer Pay52nd percentile

Board Members and Trustees

NameTitle
Beatrice M WalkerPresident
Artelia E TriceBoard Member
Cheryl StridetBoard Member
Ernestine GranisonBoard Member
Ilean H MattocksVice-preside
Revenue and Support

Revenue Composition

Contributions and Grants
$308,152
Program Service Revenue
$104,719
Investment Income
$122
Other Revenue
$0
Change in Net Assets
$7,318

Audited Revenue Reconciliation

Revenue per Audited Statements
$412,993
Total Revenue per Audited Statements
$412,993
Total Revenue per Form 990
$412,993
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$328,263
Salaries, Compensation, and Employee Benefits$77,412
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$79,203--$79,203
Occupancy$75,145--$75,145
Interest$64,581--$64,581
Other Salaries and Wages$62,933--$62,933
Fees for Services Management$27,980--$27,980
Other Employee Benefits$9,460--$9,460
Insurance$9,227--$9,227
Office Expenses$8,609--$8,609
Fees for Services Accounting$7,600--$7,600
Payroll Taxes$5,019--$5,019
Conferences and Meetings$1,269--$1,269
Advertising$435--$435
Fees for Services Legal$181--$181
Other Expenses$38--$38
Total Functional Expenses$405,675$0$0$405,675

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$405,675
Total Expenses per Audited Statements$405,675
Total Expenses per Form 990$405,675
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
2018-09-26
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Beatrice M Walker
Formed
1982
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
5
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.”

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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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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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Document Assets

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Filings

Displayed year

2018 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$783,186
Liabilities
$1,618,217
Net assets
-$835,031
Revenue
$412,993
Expenses
$405,675
Net income
$7,318
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