Civic Intelligence

Sharon Manor Homes Inc

EIN 56-1404398 • 501(c)3 • Greensboro, NC

Profile

Sharon manor homes, inc. (the corporation) was formed as a non-profit corporation under the laws of the state of north carolina for the purpose of constructing and operating a rental housing project under section 202 of the national housing act operating as sharon manor homes (the project). In january of 2007, the project refinanced its hud section 202 loan with one covered by hud mortgage insurance under section 223(f) of the national housing act. In february 2021, the project's mortgage was refinanced again and is insured by hud under section 207/223(f) pursuant to section 223(a) (7) of the national housing act, as amended and the regulations published thereunder in effect on december 30, 2020. The project consists of 39 hud-assisted elderly housing units in charlotte, north carolina and is currently operating under the name of sharon manor homes. Such projects are regulated by hud as to rent charges and operating methods. Occupancy is restricted by hud to very low-income households

C/O Bmc 408 Battleground AveGreensboro, NC 27401

n/A

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

95th percentile

1.14x

Higher debt load relative to assets than 95% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Liabilities / Revenue

96th percentile

4.04x

Higher debt load relative to revenue than 96% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

67th percentile

14%

Higher net margin than 67% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

40th percentile

$0

Higher top officer pay than 40% of similar nonprofits.

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

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

43rd percentile

1.1%

Faster asset growth than 43% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

48th percentile

6.0%

Faster revenue growth than 48% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Assets

Up

$1,195,918

Up $12,490 (+1.1%) from 2023

Liabilities

Down

$1,364,778

Down $35,740 (-2.6%) from 2023

Net Assets

Up

-$168,860

Up $48,230 (+22%) from 2023

Revenue

Up

$337,917

Up $19,151 (+6.0%) from 2023

Expenses

Down

$289,687

Down $16,458 (-5.4%) from 2023

Net Income

Up

$48,230

Up $35,609 (+282%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$2.0M$1.5M$1.0M$500K$0-$500KAssets 2010: $1,081,150Liabilities 2010: $1,468,717Net Assets 2010: -$387,5672010Assets 2011: $1,060,072Liabilities 2011: $1,450,170Net Assets 2011: -$390,0982011Assets 2012: $1,046,612Liabilities 2012: $1,432,751Net Assets 2012: -$386,1392012Assets 2013: $1,038,154Liabilities 2013: $1,415,837Net Assets 2013: -$377,6832013Assets 2014: $1,024,468Liabilities 2014: $1,398,775Net Assets 2014: -$374,3072014Assets 2015: $1,024,626Liabilities 2015: $1,369,979Net Assets 2015: -$345,3532015Assets 2016: $1,026,550Liabilities 2016: $1,338,305Net Assets 2016: -$311,7552016Assets 2017: $1,023,661Liabilities 2017: $1,319,818Net Assets 2017: -$296,1572017Assets 2018: $1,079,350Liabilities 2018: $1,337,821Net Assets 2018: -$258,4712018Assets 2019: $1,052,828Liabilities 2019: $1,272,242Net Assets 2019: -$219,4142019Assets 2020: $1,026,958Liabilities 2020: $1,210,299Net Assets 2020: -$183,3412020Assets 2021: $1,183,525Liabilities 2021: $1,451,611Net Assets 2021: -$268,0862021Assets 2022: $1,275,725Liabilities 2022: $1,505,436Net Assets 2022: -$229,7112022Assets 2023: $1,183,428Liabilities 2023: $1,400,518Net Assets 2023: -$217,0902023Assets 2024: $1,195,918Liabilities 2024: $1,364,778Net Assets 2024: -$168,8602024

Highlighted filing

2024

Assets$1,195,918
Liabilities$1,364,778
Net Assets-$168,860

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$600K$400K$200K$0-$200KExpenses 2010: $266,1802010Expenses 2011: $271,9062011Expenses 2012: $265,1852012Revenue 2013: $269,245Expenses 2013: $260,789Net Income 2013: $8,4562013Revenue 2014: $275,607Expenses 2014: $272,231Net Income 2014: $3,3762014Revenue 2015: $279,745Expenses 2015: $250,791Net Income 2015: $28,9542015Revenue 2016: $284,606Expenses 2016: $253,743Net Income 2016: $30,8632016Revenue 2017: $287,239Expenses 2017: $274,281Net Income 2017: $12,9582017Revenue 2018: $289,509Expenses 2018: $254,043Net Income 2018: $35,4662018Revenue 2019: $294,523Expenses 2019: $258,199Net Income 2019: $36,3242019Revenue 2020: $297,356Expenses 2020: $264,019Net Income 2020: $33,3372020Revenue 2021: $308,305Expenses 2021: $452,209Net Income 2021: -$143,9042021Revenue 2022: $314,053Expenses 2022: $275,678Net Income 2022: $38,3752022Revenue 2023: $318,766Expenses 2023: $306,145Net Income 2023: $12,6212023Revenue 2024: $337,917Expenses 2024: $289,687Net Income 2024: $48,2302024

Highlighted filing

2024

Revenue$337,917
Expenses$289,687
Net Income$48,230

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.20$1.36$0.17$0.34$0.29$0.05
2023Detailed filing. Detailed filing data is available for this year.$1.18$1.40$0.22$0.32$0.31$0.01
2022Detailed filing. Detailed filing data is available for this year.$1.28$1.51$0.23$0.31$0.28$0.04
2021Detailed filing. Detailed filing data is available for this year.$1.18$1.45$0.27$0.31$0.45$0.14
2020Detailed filing. Detailed filing data is available for this year.$1.03$1.21$0.18$0.30$0.26$0.03
2019Detailed filing. Detailed filing data is available for this year.$1.05$1.27$0.22$0.29$0.26$0.04
2018Detailed filing. Detailed filing data is available for this year.$1.08$1.34$0.26$0.29$0.25$0.04
2017Detailed filing. Detailed filing data is available for this year.$1.02$1.32$0.30$0.29$0.27$0.01
2016Detailed filing. Detailed filing data is available for this year.$1.03$1.34$0.31$0.28$0.25$0.03
2015Detailed filing. Detailed filing data is available for this year.$1.02$1.37$0.35$0.28$0.25$0.03
2014Detailed filing. Detailed filing data is available for this year.$1.02$1.40$0.37$0.28$0.27$0.00
2013Detailed filing. Detailed filing data is available for this year.$1.04$1.42$0.38$0.27$0.26$0.01
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.05$1.43$0.39$0.27
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.06$1.45$0.39$0.27
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.08$1.47$0.39$0.27
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
May 13, 2025
Return Version
2024v5.0
Gross Receipts
$338,322
Mission and Program Overview

Mission

Providing federally subsidized housing for low income elderly and handicapped individuals.

Sharon manor homes, inc. (the corporation) was formed as a non-profit corporation under the laws of the state of north carolina for the purpose of constructing and operating a rental housing project under section 202 of the national housing act operating as sharon manor homes (the project). In january of 2007, the project refinanced its hud section 202 loan with one covered by hud mortgage insurance under section 223(f) of the national housing act. In february 2021, the project's mortgage was refinanced again and is insured by hud under section 207/223(f) pursuant to section 223(a) (7) of the national housing act, as amended and the regulations published thereunder in effect on december 30, 2020. The project consists of 39 hud-assisted elderly housing units in charlotte, north carolina and is currently operating under the name of sharon manor homes. Such projects are regulated by hud as to rent charges and operating methods. Occupancy is restricted by hud to very low-income households

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$553,759$587,696▲ $33,937
Land, Buildings, and Equipment, Net$532,824$506,125▼ $26,699
Intangible Assets$47,026$45,466▼ $1,560
Cash and Non-Interest-Bearing Accounts$25,337$32,135▲ $6,798
Savings and Temporary Cash Investments$15,136$16,423▲ $1,287
Prepaid Expenses and Deferred Charges$7,092$7,363▲ $271
Accounts Receivable$2,254$710▼ $1,544
Total Assets$1,183,428$1,195,918▲ $12,490
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,366,118$1,336,455▼ $29,663
Other Liabilities$17,624$16,985▼ $639
Accounts Payable and Accrued Expenses$16,776$11,338▼ $5,438
Total Liabilities$1,400,518$1,364,778▼ $35,740
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-217,090$-168,860▲ $48,230
Total Net Assets Fund Balance$-217,090$-168,860▲ $48,230
Total Liabilities and Net Assets / Fund Balance$1,183,428$1,195,918▲ $12,490

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$403,506$1,176,909$1,580,415
Equipment$17,689$67,897$85,586
Land$84,930-$84,930
Investment Program Related Org$5,096--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Dr James ThomasChair
Olonda CarrDirector
Walter R NelsonDirector
Warren LasaneDirector
Grace SolomonAssistant Se
Revenue and Support

Revenue Composition

Contributions and Grants
$229,053
Program Service Revenue
$108,832
Investment Income
$32
Other Revenue
$0
Change in Net Assets
$48,230

Audited Revenue Reconciliation

Revenue per Audited Statements
$337,917
Total Revenue per Audited Statements
$337,917
Total Revenue per Form 990
$337,917
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$289,687
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
Occupancy$45,072--$45,072
Depreciation Depletion$42,692--$42,692
Interest$36,318--$36,318
All Other Expenses$27,457--$27,457
Fees for Services Management-$26,252-$26,252
Fees for Services Accounting-$11,302-$11,302
Other Expenses$9,837--$9,837
Fees for Services Other-$1,051-$1,051
Total Functional Expenses$251,082$38,605$0$289,687

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$289,687
Total Expenses per Audited Statements$289,687
Total Expenses per Form 990$289,687
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
Security Deposits Contra$11,519
Accrued Interest$2,996
Accrued Management Fees$2,303
Prepaid Rent$167
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

Management fee: the project pays a management fee equal to 7.82% of rent and other income collected to beacon management corporation. For the year ended december 31, 2024 the fee amounted to 26,252. The project also reimburses beacon management corporation front line accounting and administrative expenses. This reimbursement amounted to 6,552 for the year ended december 31, 2024. At december 31, 2024, beacon management corporation was owed 2,303 in accrued management fees. In addition, the project reimburses beacon management corporation for wages, payroll taxes and benefits for its on- site staff. For the year ending december 31, 2024, these reimbursements amounted to 65,659

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

No review was or will be conducted.

Form 990, Page 6, Part VI, Line 19

Form 990 and all related financial and policy information are made available to the public upon written request.

Filing and Contact Details

Filer

Filer Name
Sharon Manor Homes Inc
EIN
56-1404398
Phone
3365459000
Address
C/O BMC 408 BATTLEGROUND AVE, GREENSBORO, NC 27401

Signing Officer

Name
Dr James Thomas
Title
Chair
Phone
3365459000
Signed
2025-05-13

Organization Details

Principal Officer
Dr James Thomas
Formed
1985
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
5
Employees
0

Preparer

Firm
O Douglas Covington
Address
1031 SUMMIT AVE STE 2E1, GREENSBORO, NC 27405
Preparer
O Douglas Covington
Phone
3362725618
Supplemental Narrative

Additional Explanations

FORM 990 - ORGANIZATION'S MISSION

Sharon manor homes, inc. (the corporation) was formed as a non-profit corporation under the laws of the state of north carolina for the purpose of constructing and operating a rental housing project under section 202 of the national housing act operating as sharon manor homes (the project). In january of 2007, the project refinanced its hud section 202 loan with one covered by hud mortgage insurance under section 223(f) of the national housing act. In february 2021, the project's mortgage was refinanced again and is insured by hud under section 207/223(f) pursuant to section 223(a) (7) of the national housing act, as amended and the regulations published thereunder in effect on december 30, 2020. The project consists of 39 hud-assisted elderly housing units in charlotte, north carolina and is currently operating under the name of sharon manor homes. Such projects are regulated by hud as to rent charges and operating methods. Occupancy is restricted by hud to very low-income households with at least one person 62 years of age or older. A significant portion of the project's rental income is received from hud under a section 8 housing assistance payment agreement. During the year ended december 31, 2024, rental revenue from hud totaled 229,053, representing 67.7% of total revenue. The project's non-major program is its section 8 rent subsidy.

Form 990, Page 2, Part III, Line 4A

Sharon manor homes, inc. (the corporation) was formed as a non-profit corporation under the laws of the state of north carolina for the purpose of constructing and operating a rental housing project under section 202 of the national housing act operating as sharon manor homes (the project). In january of 2007, the project refinanced its hud section 202 loan with one covered by hud mortgage insurance under section 223(f) of the national housing act. In february 2021, the project's mortgage was refinanced again and is insured by hud under section 207/223(f) pursuant to section 223(a) (7) of the national housing act, as amended and the regulations published thereunder in effect on december 30, 2020. The project consists of 39 hud-assisted elderly housing units in charlotte, north carolina and is currently operating under the name of sharon manor homes. Such projects are regulated by hud as to rent charges and operating methods. Occupancy is restricted by hud to very low-income households with at least one person 62 years of age or older. A significant portion of the project's rental income is received from hud under a section 8 housing assistance payment agreement. During the year ended december 31, 2024, rental revenue from hud totaled 229,053, representing 67.7% of total revenue. The project's non-major program is its section 8 rent subsidy.

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, 2024, 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, 2024. 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 2021.

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IRS990/ActivityOrMissionDesc0SHARON MANOR HOMES, INC. (THE CORPORATION) WAS FORMED AS A NON-PROFIT CORPORATION UNDER THE LAWS OF THE STATE OF NORTH CAROLINA FOR THE PURPOSE OF CONSTRUCTING AND OPERATING A RENTAL HOUSING PROJECT UNDER SECTION 202 OF THE NATIONAL HOUSING ACT OPERATING AS SHARON MANOR HOMES (THE PROJECT). IN JANUARY OF 2007, THE PROJECT REFINANCED ITS HUD SECTION 202 LOAN WITH ONE COVERED BY HUD MORTGAGE INSURANCE UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT. IN FEBRUARY 2021, THE PROJECT'S MORTGAGE WAS REFINANCED AGAIN AND IS INSURED BY HUD UNDER SECTION 207/223(F) PURSUANT TO SECTION 223(A) (7) OF THE NATIONAL HOUSING ACT, AS AMENDED AND THE REGULATIONS PUBLISHED THEREUNDER IN EFFECT ON DECEMBER 30, 2020. THE PROJECT CONSISTS OF 39 HUD-ASSISTED ELDERLY HOUSING UNITS IN CHARLOTTE, NORTH CAROLINA AND IS CURRENTLY OPERATING UNDER THE NAME OF SHARON MANOR HOMES. SUCH PROJECTS ARE REGULATED BY HUD AS TO RENT CHARGES AND OPERATING METHODS. OCCUPANCY IS RESTRICTED BY HUD TO VERY LOW-INCOME HOUSEHOLDS
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IRS990/MissionDesc0SHARON MANOR HOMES, INC. (THE CORPORATION) WAS FORMED AS A NON-PROFIT CORPORATION UNDER THE LAWS OF THE STATE OF NORTH CAROLINA FOR THE PURPOSE OF CONSTRUCTING AND OPERATING A RENTAL HOUSING PROJECT UNDER SECTION 202 OF THE NATIONAL HOUSING ACT OPERATING AS SHARON MANOR HOMES (THE PROJECT). IN JANUARY OF 2007, THE PROJECT REFINANCED ITS HUD SECTION 202 LOAN WITH ONE COVERED BY HUD MORTGAGE INSURANCE UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT. IN FEBRUARY 2021, THE PROJECT'S MORTGAGE WAS REFINANCED AGAIN AND IS INSURED BY HUD UNDER SECTION 207/223(F) PURSUANT TO SECTION 223(A) (7) OF THE NATIONAL HOUSING ACT, AS AMENDED AND THE REGULATIONS PUBLISHED THEREUNDER IN EFFECT ON DECEMBER 30, 2020. THE PROJECT CONSISTS OF 39 HUD-ASSISTED ELDERLY HOUSING UNITS IN CHARLOTTE, NORTH CAROLINA AND IS CURRENTLY OPERATING UNDER THE NAME OF SHARON MANOR HOMES. SUCH PROJECTS ARE REGULATED BY HUD AS TO RENT CHARGES AND OPERATING METHODS. OCCUPANCY IS RESTRICTED BY HUD TO VERY LOW-INCOME HOUSEHOLDS
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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, 2024, 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, 2024. 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 2021.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SCHEDULE D, PAGE 3, PART X
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0SHARON MANOR HOMES, INC. (THE CORPORATION) WAS FORMED AS A NON-PROFIT CORPORATION UNDER THE LAWS OF THE STATE OF NORTH CAROLINA FOR THE PURPOSE OF CONSTRUCTING AND OPERATING A RENTAL HOUSING PROJECT UNDER SECTION 202 OF THE NATIONAL HOUSING ACT OPERATING AS SHARON MANOR HOMES (THE PROJECT). IN JANUARY OF 2007, THE PROJECT REFINANCED ITS HUD SECTION 202 LOAN WITH ONE COVERED BY HUD MORTGAGE INSURANCE UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT. IN FEBRUARY 2021, THE PROJECT'S MORTGAGE WAS REFINANCED AGAIN AND IS INSURED BY HUD UNDER SECTION 207/223(F) PURSUANT TO SECTION 223(A) (7) OF THE NATIONAL HOUSING ACT, AS AMENDED AND THE REGULATIONS PUBLISHED THEREUNDER IN EFFECT ON DECEMBER 30, 2020. THE PROJECT CONSISTS OF 39 HUD-ASSISTED ELDERLY HOUSING UNITS IN CHARLOTTE, NORTH CAROLINA AND IS CURRENTLY OPERATING UNDER THE NAME OF SHARON MANOR HOMES. SUCH PROJECTS ARE REGULATED BY HUD AS TO RENT CHARGES AND OPERATING METHODS. OCCUPANCY IS RESTRICTED BY HUD TO VERY LOW-INCOME HOUSEHOLDS WITH AT LEAST ONE PERSON 62 YEARS OF AGE OR OLDER. A SIGNIFICANT PORTION OF THE PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD UNDER A SECTION 8 HOUSING ASSISTANCE PAYMENT AGREEMENT. DURING THE YEAR ENDED DECEMBER 31, 2024, RENTAL REVENUE FROM HUD TOTALED 229,053, REPRESENTING 67.7% OF TOTAL REVENUE. THE PROJECT'S NON-MAJOR PROGRAM IS ITS SECTION 8 RENT SUBSIDY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1SHARON MANOR HOMES, INC. (THE CORPORATION) WAS FORMED AS A NON-PROFIT CORPORATION UNDER THE LAWS OF THE STATE OF NORTH CAROLINA FOR THE PURPOSE OF CONSTRUCTING AND OPERATING A RENTAL HOUSING PROJECT UNDER SECTION 202 OF THE NATIONAL HOUSING ACT OPERATING AS SHARON MANOR HOMES (THE PROJECT). IN JANUARY OF 2007, THE PROJECT REFINANCED ITS HUD SECTION 202 LOAN WITH ONE COVERED BY HUD MORTGAGE INSURANCE UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT. IN FEBRUARY 2021, THE PROJECT'S MORTGAGE WAS REFINANCED AGAIN AND IS INSURED BY HUD UNDER SECTION 207/223(F) PURSUANT TO SECTION 223(A) (7) OF THE NATIONAL HOUSING ACT, AS AMENDED AND THE REGULATIONS PUBLISHED THEREUNDER IN EFFECT ON DECEMBER 30, 2020. THE PROJECT CONSISTS OF 39 HUD-ASSISTED ELDERLY HOUSING UNITS IN CHARLOTTE, NORTH CAROLINA AND IS CURRENTLY OPERATING UNDER THE NAME OF SHARON MANOR HOMES. SUCH PROJECTS ARE REGULATED BY HUD AS TO RENT CHARGES AND OPERATING METHODS. OCCUPANCY IS RESTRICTED BY HUD TO VERY LOW-INCOME HOUSEHOLDS WITH AT LEAST ONE PERSON 62 YEARS OF AGE OR OLDER. A SIGNIFICANT PORTION OF THE PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD UNDER A SECTION 8 HOUSING ASSISTANCE PAYMENT AGREEMENT. DURING THE YEAR ENDED DECEMBER 31, 2024, RENTAL REVENUE FROM HUD TOTALED 229,053, REPRESENTING 67.7% OF TOTAL REVENUE. THE PROJECT'S NON-MAJOR PROGRAM IS ITS SECTION 8 RENT SUBSIDY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2MANAGEMENT FEE: THE PROJECT PAYS A MANAGEMENT FEE EQUAL TO 7.82% OF RENT AND OTHER INCOME COLLECTED TO BEACON MANAGEMENT CORPORATION. FOR THE YEAR ENDED DECEMBER 31, 2024 THE FEE AMOUNTED TO 26,252. THE PROJECT ALSO REIMBURSES BEACON MANAGEMENT CORPORATION FRONT LINE ACCOUNTING AND ADMINISTRATIVE EXPENSES. THIS REIMBURSEMENT AMOUNTED TO 6,552 FOR THE YEAR ENDED DECEMBER 31, 2024. AT DECEMBER 31, 2024, BEACON MANAGEMENT CORPORATION WAS OWED 2,303 IN ACCRUED MANAGEMENT FEES. IN ADDITION, THE PROJECT REIMBURSES BEACON MANAGEMENT CORPORATION FOR WAGES, PAYROLL TAXES AND BENEFITS FOR ITS ON- SITE STAFF. FOR THE YEAR ENDING DECEMBER 31, 2024, THESE REIMBURSEMENTS AMOUNTED TO 65,659
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3NO REVIEW WAS OR WILL BE CONDUCTED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4FORM 990 AND ALL RELATED FINANCIAL AND POLICY INFORMATION ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990 - ORGANIZATION'S MISSION
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PAGE 2, PART III, LINE 4A
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PAGE 6, PART VI, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PAGE 6, PART VI, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PAGE 6, PART VI, LINE 19
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ReturnHeader/BuildTS02025-03-06 01:10:19Z
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ReturnHeader/ReturnTs02025-11-11T08:17:38-05:00
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ReturnHeader/TaxPeriodEndDt02024-12-31
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