Civic Intelligence

Vance County Elderly Housing Corporation

990 • Fiscal year 2019 • EIN 56-1336437

Jul 01, 2018 to Jun 30, 2019 • Filed on Oct 03, 2019

Organization ProfileN/A
351 Keene StreetHenderson, NC 27536

(252) 492-9091

Siviq Scores

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

Liabilities / Assets

90th percentile

2.09x

Higher debt load relative to assets than 90% of similar nonprofits.

2019 filings • NTEE L • $500k-$1M nonprofits • Source year 2019

Liabilities / Revenue

64th percentile

3.73x

Higher debt load relative to revenue than 64% of similar nonprofits.

2019 filings • NTEE L • $500k-$1M nonprofits • Source year 2019

Net Margin

64th percentile

2.9%

Higher net margin than 64% of similar nonprofits.

2019 filings • NTEE L • $500k-$1M nonprofits • Source year 2019

Top Officer Pay

50th percentile

$0

Higher top officer pay than 50% of similar nonprofits.

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

2019 filings • NTEE L • $500k-$1M nonprofits • Source year 2019

Asset Growth

23rd percentile

-4.4%

Faster asset growth than 23% of similar nonprofits.

2019 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2018 to 2019

Revenue Growth

47th percentile

1.8%

Faster revenue growth than 47% of similar nonprofits.

2019 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets90th percentile

Assets

Down

$748,522

Down $34,664 (-4.4%) from 2018

Net Assets

Up

-$819,565

Up $15,466 (+1.9%) from 2018

Liabilities

Down

$1,568,087

Down $50,130 (-3.1%) from 2018

Revenue And Expenses
Liabilities / Revenue64th percentileNet Margin64th percentile

Revenue

Up

$420,396

Up $7,403 (+1.8%) from 2018

Expenses

Up

$408,372

Up $2,697 (+0.7%) from 2018

Net Income

Up

$12,024

Up $4,706 (+64%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth23rd 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

2019

Assets$748,522
Liabilities$1,568,087
Net Assets-$819,565
Open 2019 Filing

Operations Trend

Revenue Growth47th 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

2019

Revenue$420,396
Expenses$408,372
Net Income$12,024
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Oct 3, 2019
Return Version
2018v3.1
Gross Receipts
$420,396
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$508,712$449,220▼ $59,492
Investments Program Related$247,703$280,595▲ $32,892
Cash and Non-Interest-Bearing Accounts$23,314$15,182▼ $8,132
Prepaid Expenses and Deferred Charges$3,291$3,418▲ $127
Accounts Receivable$166$107▼ $59
Total Assets$783,186$748,522▼ $34,664
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,582,507$1,540,066▼ $42,441
Accounts Payable and Accrued Expenses$23,755$16,153▼ $7,602
Escrow Account Liability$11,951$11,860▼ $91
Deferred Revenue$4$8▲ $4
Total Liabilities$1,618,217$1,568,087▼ $50,130
Net Assets / Fund Balance
Unrestricted Net Assets$-835,031$-819,565▲ $15,466
Total Net Assets Fund Balance$-835,031$-819,565▲ $15,466
Total Liabilities and Net Assets / Fund Balance$783,186$748,522▼ $34,664

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$299,770$1,379,034$1,678,804
Land$77,630-$77,630
Investment Program Related Org$12,215--
Compensation and Service Providers
Top Officer Pay50th 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
$315,705
Program Service Revenue
$104,552
Investment Income
$139
Other Revenue
$0
Change in Net Assets
$12,024

Audited Revenue Reconciliation

Revenue per Audited Statements
$420,396
Total Revenue per Audited Statements
$420,396
Total Revenue per Form 990
$420,396
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$321,270
Salaries, Compensation, and Employee Benefits$87,102
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$73,143--$73,143
Other Salaries and Wages$33,223$38,690-$71,913
Occupancy$69,397--$69,397
Interest$62,850--$62,850
Fees for Services Management-$28,412-$28,412
Office Expenses$10,995--$10,995
Insurance$9,009--$9,009
Other Employee Benefits$8,717--$8,717
Fees for Services Accounting$8,100--$8,100
Payroll Taxes$6,472--$6,472
Other Expenses$15,782$5,138-$5,138
Conferences and Meetings$675--$675
Advertising$577--$577
Total Functional Expenses$336,132$72,240$0$408,372

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$408,372
Expenses per Audited Statements$404,930
Total Expenses per Audited Statements$404,930
Expenses Not Reported on Financial Statements$3,442
Other Expense Adjustments$3,442
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
Phone
2524929091
Address
351 KEENE STREET, HENDERSON, NC 27536

Signing Officer

Name
Beatrice M Walker
Title
President
Phone
2524929091
Signed
2019-10-03
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
Megan Rushford CPA
Phone
9198326848
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Book / tax depreciation difference 3,442”

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.”

Schedule D, Page 4, Part XII, Line 4B

“Book / tax depreciation difference 3,442”

Raw XML Appendix354 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
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3BOOK / TAX DEPRECIATION DIFFERENCE 3,442
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
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART XI, LINE 9
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ReturnHeader/BuildTS02020-03-31 21:24:44Z
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ReturnHeader/BusinessOfficerGrp/PersonNm0BEATRICE M WALKER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02524929091
ReturnHeader/BusinessOfficerGrp/SignatureDt02019-10-03
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0VANCE COUNTY ELDERLY HOUSING
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION T/A HERITAGE HOMES
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ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt066.77.128.118
ReturnHeader/FilingSecurityInformation/IPDt02019-11-08
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0CS
ReturnHeader/FilingSecurityInformation/IPTm009:07:18
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0200427530
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0RIVES & ASSOCIATES LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt04515 FALLS OF NEUSE ROAD SUITE 450
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0RALEIGH
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
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ReturnHeader/PreparerPersonGrp/PhoneNum09198326848
ReturnHeader/PreparerPersonGrp/PreparationDt02019-10-25
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MEGAN RUSHFORD CPA
ReturnHeader/ReturnTs02019-11-08T09:07:18-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02018-07-01
ReturnHeader/TaxPeriodEndDt02019-06-30
ReturnHeader/TaxYr02018

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$748,522
Liabilities
$1,568,087
Net assets
-$819,565
Revenue
$420,396
Expenses
$408,372
Net income
$12,024
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