Civic Intelligence

Vance County Elderly Housing Corporation

990 • Fiscal year 2022 • EIN 56-1336437

Jul 01, 2021 to Jun 30, 2022 • Filed on Dec 06, 2022

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

89th percentile

1.91x

Higher debt load relative to assets than 89% of similar nonprofits.

2022 filings • NTEE L • $500k-$1M nonprofits • Source year 2022

Liabilities / Revenue

65th percentile

3.28x

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

2022 filings • NTEE L • $500k-$1M nonprofits • Source year 2022

Net Margin

70th percentile

7.0%

Higher net margin than 70% of similar nonprofits.

2022 filings • NTEE L • $500k-$1M nonprofits • Source year 2022

Top Officer Pay

55th percentile

$0

Higher top officer pay than 55% of similar nonprofits.

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

2022 filings • NTEE L • $500k-$1M nonprofits • Source year 2022

Asset Growth

43rd percentile

-2.2%

Faster asset growth than 43% of similar nonprofits.

2022 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2021 to 2022

Revenue Growth

63rd percentile

3.2%

Faster revenue growth than 63% of similar nonprofits.

2022 filings • NTEE L • $500k-$1M nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets89th percentile

Assets

Down

$782,836

Down $17,848 (-2.2%) from 2021

Net Assets

Up

-$711,408

Up $32,081 (+4.3%) from 2021

Liabilities

Down

$1,494,244

Down $49,929 (-3.2%) from 2021

Revenue And Expenses
Liabilities / Revenue65th percentileNet Margin70th percentile

Revenue

Up

$455,693

Up $13,990 (+3.2%) from 2021

Expenses

Up

$423,612

Up $71,740 (+20%) from 2021

Net Income

Down

$32,081

Down $57,750 (-64%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth43rd 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

2022

Assets$782,836
Liabilities$1,494,244
Net Assets-$711,408
Open 2022 Filing

Operations Trend

Revenue Growth63rd 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

2022

Revenue$455,693
Expenses$423,612
Net Income$32,081
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
Dec 6, 2022
Return Version
2021v4.0
Gross Receipts
$455,693
Mission and Program Overview

Mission

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

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$350,403$384,683▲ $34,280
Land, Buildings, and Equipment, Net$363,815$317,330▼ $46,485
Intangible Assets$68,590$65,148▼ $3,442
Cash and Non-Interest-Bearing Accounts$13,050$7,017▼ $6,033
Prepaid Expenses and Deferred Charges$4,817$5,152▲ $335
Pledges and Grants Receivable$9$3,506▲ $3,497
Total Assets$800,684$782,836▼ $17,848
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,466,851$1,413,364▼ $53,487
Accounts Payable and Accrued Expenses$64,627$68,016▲ $3,389
Escrow Account Liability$12,695$12,864▲ $169
Total Liabilities$1,544,173$1,494,244▼ $49,929
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-743,489$-711,408▲ $32,081
Total Net Assets Fund Balance$-743,489$-711,408▲ $32,081
Total Liabilities and Net Assets / Fund Balance$800,684$782,836▼ $17,848

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$193,189$1,489,985$1,683,174
Other Land Buildings$30,552$355,266$385,818
Equipment$15,959$70,450$86,409
Land$77,630-$77,630
Investment Program Related Org$12,919--
Compensation and Service Providers
Top Officer Pay55th 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
$322,377
Program Service Revenue
$133,233
Investment Income
$83
Other Revenue
$0
Change in Net Assets
$32,081

Audited Revenue Reconciliation

Revenue per Audited Statements
$455,693
Total Revenue per Audited Statements
$455,693
Total Revenue per Form 990
$455,693
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$318,877
Salaries, Compensation, and Employee Benefits$104,735
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$48,206$38,075-$86,281
Fees for Services Other$68,515--$68,515
Interest$57,239--$57,239
Depreciation Depletion$53,470--$53,470
Fees for Services Management-$29,780-$29,780
Insurance$28,667--$28,667
Occupancy$20,285$1,992-$22,277
Office Expenses-$12,254-$12,254
Other Employee Benefits$9,942--$9,942
Payroll Taxes$8,512--$8,512
Fees for Services Accounting-$8,100-$8,100
Other Expenses$4,758$3,925-$3,925
Conferences and Meetings-$3,583-$3,583
Advertising-$1,116-$1,116
Fees for Services Legal-$426-$426
Total Functional Expenses$324,361$99,251$0$423,612

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$423,612
Total Expenses per Audited Statements$423,612
Total Expenses per Form 990$423,612
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
Backup withholding compliance
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

“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
2022-12-06

Organization Details

Principal Officer
Beatrice M Walker
Formed
1982
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
Sharpe Patel CPA
Address
325 ARLINGTON AVE STE 510, CHARLOTTE, NC 28203-4489
Preparer
Megan Rushford CPA
Phone
7044993893
Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 11G

“Contracts 36,947 0 0 security payroll 5,215 0 0 service coordinator expese 26,353 0 0 total 68,515 0 0”

Financial Statement Notes

Schedule D, Page 2, Part IV, Line 1B

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

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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/TotalRevEtcAuditedFinclStmtAmt0455693
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0423612
IRS990/ScheduleJRequiredInd0false
IRS990/ScheduleORequiredInd0true
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/ExplanationTxt3CONTRACTS 36,947 0 0 SECURITY PAYROLL 5,215 0 0 SERVICE COORDINATOR EXPESE 26,353 0 0 TOTAL 68,515 0 0
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 IX, LINE 11G
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IRS990/SignificantNewProgramSrvcInd0false
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IRS990/SubjectToExcsTaxNetInvstIncInd0false
IRS990/SubjectToProxyTaxInd0false
IRS990/SubjToTaxRmnrtnExPrchtPymtInd0false
IRS990/TaxablePartyNotificationInd0false
IRS990/TaxExemptBondsInd0false
IRS990/TerminateOperationsInd0false
IRS990/TotalAssetsBOYAmt0800684
IRS990/TotalAssetsEOYAmt0782836
IRS990/TotalAssetsGrp/BOYAmt0800684
IRS990/TotalAssetsGrp/EOYAmt0782836
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IRS990/TotalContributionsAmt0322377
IRS990/TotalEmployeeCnt00
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt00
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt099251
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0324361
IRS990/TotalFunctionalExpensesGrp/TotalAmt0423612
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt01544173
IRS990/TotalLiabilitiesEOYAmt01494244
IRS990/TotalLiabilitiesGrp/BOYAmt01544173
IRS990/TotalLiabilitiesGrp/EOYAmt01494244
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0-743489
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0-711408
IRS990/TotalProgramServiceExpensesAmt0324361
IRS990/TotalProgramServiceRevenueAmt0133233
IRS990/TotalRevenueGrp/ExclusionAmt083
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt0133233
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0455693
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0800684
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0782836
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IRS990/UponRequestInd0X
IRS990/USAddress/AddressLine1Txt0351 KEENE STREET
IRS990/USAddress/CityNm0HENDERSON
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IRS990/USAddress/ZIPCd027536
IRS990/VotingMembersGoverningBodyCnt05
IRS990/VotingMembersIndependentCnt05
IRS990/WhistleblowerPolicyInd0false
ReturnHeader/BuildTS02022-09-23 18:48:47Z
ReturnHeader/BusinessOfficerGrp/PersonNm0BEATRICE M WALKER
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0PRESIDENT
ReturnHeader/BusinessOfficerGrp/PhoneNum02524929091
ReturnHeader/BusinessOfficerGrp/SignatureDt02022-12-06
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0VANCE COUNTY ELDERLY HOUSING
ReturnHeader/Filer/BusinessName/BusinessNameLine2Txt0CORPORATION T/A HERITAGE HOMES
ReturnHeader/Filer/BusinessNameControlTxt0VANC
ReturnHeader/Filer/EIN0561336437
ReturnHeader/Filer/PhoneNum02524929091
ReturnHeader/Filer/USAddress/AddressLine1Txt0351 KEENE STREET
ReturnHeader/Filer/USAddress/CityNm0HENDERSON
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NC
ReturnHeader/Filer/USAddress/ZIPCd027536
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0844233121
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0SHARPE PATEL CPA
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0325 ARLINGTON AVE STE 510
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0CHARLOTTE
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NC
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd0282034489
ReturnHeader/PreparerPersonGrp/PhoneNum07044993893
ReturnHeader/PreparerPersonGrp/PreparationDt02022-12-06
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MEGAN RUSHFORD CPA
ReturnHeader/ReturnTs02022-12-15T09:51:56-05:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonFirstNm0BEATRICE
ReturnHeader/SigningOfficerGrp/PersonFullName/PersonLastNm0WALKER
ReturnHeader/TaxPeriodBeginDt02021-07-01
ReturnHeader/TaxPeriodEndDt02022-06-30
ReturnHeader/TaxYr02021

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$782,836
Liabilities
$1,494,244
Net assets
-$711,408
Revenue
$455,693
Expenses
$423,612
Net income
$32,081
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