Civic Intelligence

Chadwick Apartments Inc

EIN 56-1786295 • 501(c)3 • Raleigh, NC

Profile

The not for profit corporation was organized to own and operate a 41 unit apartment community in garner, north carolina known as chadwick apartments. It was organized pursuant to section 202 of the national housing act as amended and has entered into the standard fha regulatory agreements, which govern the operation of the community, with the federal housing administration section of hud. A project rental assistance contract (prac) provides rent assistance for low income families (or persons).

PO Box 2185Raleigh, NC 27602

n/A

Siviq Scores

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

Liabilities / Assets

97th percentile

1.72x

Higher debt load relative to assets than 97% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Liabilities / Revenue

98th percentile

8.08x

Higher debt load relative to revenue than 98% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Net Margin

19th percentile

-13%

Higher net margin than 19% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2022

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

30th percentile

-2.5%

Faster asset growth than 30% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Revenue Growth

33rd percentile

-1.1%

Faster revenue growth than 33% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2021 to 2022

Assets

Down

$1,223,517

Down $10,077 (-0.8%) from 2023

Liabilities

Up

$2,179,206

Up $1,989 (+0.1%) from 2023

Net Assets

Down

-$955,689

Down $12,066 (-1.3%) from 2023

Revenue

Up

$320,374

Up $33,793 (+12%) from 2023

Expenses

Up

$332,440

Up $11,529 (+3.6%) from 2023

Net Income

Up

-$12,066

Up $22,264 (+65%) from 2023

Trend Graphs

Balance Sheet Trend

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

$3.0M$2.0M$1.0M$0-$1.0MAssets 2010: $1,523,314Liabilities 2010: $2,165,328Net Assets 2010: -$642,0142010Assets 2011: $1,636,255Liabilities 2011: $2,178,442Net Assets 2011: -$542,1872011Assets 2012: $1,581,913Liabilities 2012: $2,176,151Net Assets 2012: -$594,2382012Assets 2013: $1,563,397Liabilities 2013: $2,179,528Net Assets 2013: -$616,1312013Assets 2014: $1,519,806Liabilities 2014: $2,175,498Net Assets 2014: -$655,6922014Assets 2015: $1,475,898Liabilities 2015: $2,176,638Net Assets 2015: -$700,7402015Assets 2016: $1,432,714Liabilities 2016: $2,175,626Net Assets 2016: -$742,9122016Assets 2017: $1,408,969Liabilities 2017: $2,180,987Net Assets 2017: -$772,0182017Assets 2018: $1,408,322Liabilities 2018: $2,201,879Net Assets 2018: -$793,5572018Assets 2019: $1,372,691Liabilities 2019: $2,190,383Net Assets 2019: -$817,6922019Assets 2020: $1,345,093Liabilities 2020: $2,189,717Net Assets 2020: -$844,6242020Assets 2021: $1,303,661Liabilities 2021: $2,177,304Net Assets 2021: -$873,6432021Assets 2022: $1,271,571Liabilities 2022: $2,180,864Net Assets 2022: -$909,2932022Assets 2023: $1,233,594Liabilities 2023: $2,177,217Net Assets 2023: -$943,6232023Assets 2024: $1,223,517Liabilities 2024: $2,179,206Net Assets 2024: -$955,6892024

Highlighted filing

2024

Assets$1,223,517
Liabilities$2,179,206
Net Assets-$955,689

Operations Trend

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

$400K$300K$200K$100K$0-$100KExpenses 2010: $258,9972010Expenses 2011: $258,2532011Expenses 2012: $270,8932012Revenue 2013: $233,018Expenses 2013: $254,911Net Income 2013: -$21,8932013Revenue 2014: $228,790Expenses 2014: $268,351Net Income 2014: -$39,5612014Revenue 2015: $233,949Expenses 2015: $278,997Net Income 2015: -$45,0482015Revenue 2016: $231,980Expenses 2016: $274,152Net Income 2016: -$42,1722016Revenue 2017: $241,366Expenses 2017: $270,472Net Income 2017: -$29,1062017Revenue 2018: $251,472Expenses 2018: $273,011Net Income 2018: -$21,5392018Revenue 2019: $260,641Expenses 2019: $284,776Net Income 2019: -$24,1352019Revenue 2020: $263,229Expenses 2020: $290,161Net Income 2020: -$26,9322020Revenue 2021: $272,847Expenses 2021: $301,866Net Income 2021: -$29,0192021Revenue 2022: $269,754Expenses 2022: $305,404Net Income 2022: -$35,6502022Revenue 2023: $286,581Expenses 2023: $320,911Net Income 2023: -$34,3302023Revenue 2024: $320,374Expenses 2024: $332,440Net Income 2024: -$12,0662024

Highlighted filing

2024

Revenue$320,374
Expenses$332,440
Net Income-$12,066

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$1.22$2.18$0.96$0.32$0.33$0.01
2023Detailed filing. Detailed filing data is available for this year.$1.23$2.18$0.94$0.29$0.32$0.03
2022Detailed filing. Detailed filing data is available for this year.$1.27$2.18$0.91$0.27$0.31$0.04
2021Detailed filing. Detailed filing data is available for this year.$1.30$2.18$0.87$0.27$0.30$0.03
2020Detailed filing. Detailed filing data is available for this year.$1.35$2.19$0.84$0.26$0.29$0.03
2019Detailed filing. Detailed filing data is available for this year.$1.37$2.19$0.82$0.26$0.28$0.02
2018Detailed filing. Detailed filing data is available for this year.$1.41$2.20$0.79$0.25$0.27$0.02
2017Detailed filing. Detailed filing data is available for this year.$1.41$2.18$0.77$0.24$0.27$0.03
2016Detailed filing. Detailed filing data is available for this year.$1.43$2.18$0.74$0.23$0.27$0.04
2015Detailed filing. Detailed filing data is available for this year.$1.48$2.18$0.70$0.23$0.28$0.05
2014Detailed filing. Detailed filing data is available for this year.$1.52$2.18$0.66$0.23$0.27$0.04
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.56$2.18$0.62$0.23$0.25$0.02
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.58$2.18$0.59$0.27
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.64$2.18$0.54$0.26
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.52$2.17$0.64$0.26
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2023 to Jun 30, 2024
Signed
Feb 24, 2025
Return Version
2023v6.0
Gross Receipts
$320,374
Mission and Program Overview

Mission

The not for profit corporation was organized to own and operate a 41 unit apartment community in garner, north carolina known as chadwick apartments. It was organized pursuant to section 202 of the national housing act as amended and has entered into the standard fha regulatory agreements, which govern the operation of the community, with the federal housing administration section of hud. A project rental assistance contract (prac) provides rent assistance for low income families (or persons).

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$786,115$729,529▼ $56,586
Investments Program Related$411,340$451,325▲ $39,985
Prepaid Expenses and Deferred Charges$11,435$12,393▲ $958
Cash and Non-Interest-Bearing Accounts$5,371$10,473▲ $5,102
Accounts Receivable$2,358$1,767▼ $591
Total Assets$1,233,594$1,223,517▼ $10,077
Other Assets Total$16,975$18,030▲ $1,055
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,148,300$2,148,300→ $0
Other Liabilities$17,271$18,885▲ $1,614
Accounts Payable and Accrued Expenses$11,646$12,009▲ $363
Deferred Revenue-$12-
Total Liabilities$2,177,217$2,179,206▲ $1,989
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-943,623$-955,689▼ $12,066
Total Net Assets Fund Balance$-943,623$-955,689▼ $12,066
Total Liabilities and Net Assets / Fund Balance$1,233,594$1,223,517▼ $10,077

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$619,641$1,488,801$2,108,442
Equipment$12,760$84,798$97,558
Land$92,496-$92,496
Leasehold Improvements$4,632$6,904$11,536
Investment Program Related Org$11,015--
Compensation and Service Providers

Employees

NameTitleOtherTotal
Skip JacksonSenior Project Manager$142,872$142,872
Kayla RosenburgDirector of Enterprise S&d$139,670$139,670
Joseph OmozokpeaSenior Project Manager$127,734$127,734
Timotthy FisherSenior Project Manager$124,429$124,429
Patrick NerzSenior Project Manager$122,702$122,702

Board Members and Trustees

NameTitle
Tyler CraftChair
Yolanda WinsteadPresident
Jordan ManessVice Chair
Sharon LordenCFO/SVP of Operations
Betsy RozakisMember
Gordon GrubbMember
Meghan MelloyMember
William WardVP of Finance
Sheila PorterVP of Homeownership Center Services
Atinuke DiverVP of Impact
Natalie BrittVP of Real Estate Development
Revenue and Support

Revenue Composition

Contributions and Grants
$118,789
Program Service Revenue
$166,541
Investment Income
$20,434
Other Revenue
$14,610
Change in Net Assets
$-12,066

Audited Revenue Reconciliation

Revenue per Audited Statements
$320,374
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$320,374
Total Revenue per Form 990
$320,374
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$332,440
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$176,879--$176,879
Depreciation Depletion$56,584--$56,584
Fees for Services Management-$31,923-$31,923
Office Expenses-$10,242-$10,242
Other Expenses$9,005$31,001-$9,005
Fees for Services Accounting-$6,390-$6,390
Fees for Services Legal-$5,580-$5,580
Conferences and Meetings-$1,461-$1,461
Information Technology-$1,331-$1,331
Advertising-$759-$759
Travel-$673-$673
Insurance-$612-$612
Total Functional Expenses$242,468$89,972$0$332,440

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$332,440
Expenses per Audited Statements$330,286
Total Expenses per Audited Statements$330,286
Expenses Not Reported on Financial Statements$2,154
Other Expense Adjustments$2,154
Expenses Not Reported on Form 990$0
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$17,266
Accrued Wages Payable$1,497
Accrued Payroll Taxes Payable$122
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
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
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 3

Chadwick apartments, inc. Is managed by community management corporation, a professional property management company. Community management corporation has a project owner's & management agent's certification for multifamily housing projects with the us department of housing and urban development. Under this certification hud has approved community management corporation to manage the chadwick apartments elderly housing property. The management contract encompasses the day to day operations of the project including, but not limited to, collection of rents, maintenance of facilities, supervision of staff, and ongoing support for both the owners and tenants as needed in order to establish a safe, sanitary and affordable environment.

Form 990, Part VI, Section A, Line 7A

The board of dhic has the ability to elect one or more of the board members of the organization.

Form 990, Part VI, Section B, Line 11B

The auditing firm sends a draft of the return to dhic. Dhic forwards a copy of the return to each board member for their comments prior to filing.

Form 990, Part VI, Section B, Line 12C

Board members and officers must sign the policy annually. The policy is reviewed annually at board meetings.

Form 990, Part VI, Section B, Line 15

The organization's officers are paid through dhic which has its own compensation policies.

Form 990, Part VI, Section C, Line 19

The form 990 and all related financial and policy information are made available to the public upon written request as well as on guidestar.org. Governing documents, conflict of interest policies and financials are also available upon request.

Form 990, Part VII, Section A, Line 1A, Column B

Hours worked for related organizations: all of the officers, directors, and employees listed in part vii, section a perform similar duties and have similar responsibilities for related organizations as they do for this organization. Their total hours worked per week for this organization are similar to their hours worked for related organizations both in terms of number of hours and type of work performed.

Filing and Contact Details

Filer

Filer Name
Chadwick Apartments Inc
EIN
56-1786295
Phone
3367650424
Address
PO BOX 2185, RALEIGH, NC 27602

Signing Officer

Name
Sharon Lorden
Title
VP
Phone
3367650424
Signed
2025-02-24
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Tyler Craft
Formed
1992
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
0

Preparer

Firm
DAUBY O'CONNOR & ZALESKI LLC
Address
501 CONGRESSIONAL BLVD 300, CARMEL, IN 46032
Preparer
Jacob a Sowers
Phone
3178485700
Supplemental Narrative

Additional Explanations

Form 990, Page 12, Part XII, Line 2C

Oversight of auditing function: the management company and dhic receives a copy of the audit. Prior to the finalization of the audit, a copy of the audit is given to all of the board members for their comments. When the audit is up for bid, the board discusses the relationship with the current auditors and makes a determination as to whether to maintain this relationship or change to a new auditing firm.

Financial Statement Notes

PART X, LINE 2:

The corporation is exempt from federal income tax under section 501(c)(3) of the internal revenue code and state income tax and has been classified as an other than private foundation. Accordingly, no provision for federal and state taxes on revenue and income has been recognized in the accompanying financial statements. Generally, the federal and state tax returns were subject to examinations from the three years after the later of the original or extended due date or the date filed with the applicable tax authority.

PART XII, LINE 4B - OTHER ADJUSTMENTS:

Book to tax depreciation adjustment 2,154.

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IRS990/Form990PartVIISectionAGrp/PersonNm5YOLANDA WINSTEAD
IRS990/Form990PartVIISectionAGrp/PersonNm6SHARON LORDEN
IRS990/Form990PartVIISectionAGrp/PersonNm7WILLIAM WARD
IRS990/Form990PartVIISectionAGrp/PersonNm8NATALIE BRITT
IRS990/Form990PartVIISectionAGrp/PersonNm9SHEILA PORTER
IRS990/Form990PartVIISectionAGrp/PersonNm10ATINUKE DIVER
IRS990/Form990PartVIISectionAGrp/PersonNm11TIMOTTHY FISHER
IRS990/Form990PartVIISectionAGrp/PersonNm12SKIP JACKSON
IRS990/Form990PartVIISectionAGrp/PersonNm13PATRICK NERZ
IRS990/Form990PartVIISectionAGrp/PersonNm14JOSEPH OMOZOKPEA
IRS990/Form990PartVIISectionAGrp/PersonNm15KAYLA ROSENBURG
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt90
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt110
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IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt150
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt3MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt4MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt5PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt6CFO/SVP OF OPERATIONS
IRS990/Form990PartVIISectionAGrp/TitleTxt7VP OF FINANCE
IRS990/Form990PartVIISectionAGrp/TitleTxt8VP OF REAL ESTATE DEVELOPMENT
IRS990/Form990PartVIISectionAGrp/TitleTxt9VP OF HOMEOWNERSHIP CENTER SERVICES
IRS990/Form990PartVIISectionAGrp/TitleTxt10VP OF IMPACT
IRS990/Form990PartVIISectionAGrp/TitleTxt11SENIOR PROJECT MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt12SENIOR PROJECT MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt13SENIOR PROJECT MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt14SENIOR PROJECT MANAGER
IRS990/Form990PartVIISectionAGrp/TitleTxt15DIRECTOR OF ENTERPRISE S&D
IRS990/Form990ProvidedToGvrnBodyInd01
IRS990/FormationYr01992
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IRS990/FSAuditedInd01
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IRS990/GrantsToOrganizationsInd00
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IRS990/GroupReturnForAffiliatesInd00
IRS990/IncludeFIN48FootnoteInd01
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IRS990/LocalChaptersInd00
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IRS990/MembersOrStockholdersInd00
IRS990/MethodOfAccountingAccrualInd0X
IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0THE NOT FOR PROFIT CORPORATION WAS ORGANIZED TO OWN AND OPERATE A 41 UNIT APARTMENT COMMUNITY IN GARNER, NORTH CAROLINA KNOWN AS CHADWICK APARTMENTS. IT WAS ORGANIZED PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT AS AMENDED AND HAS ENTERED INTO THE STANDARD FHA REGULATORY AGREEMENTS, WHICH GOVERN THE OPERATION OF THE COMMUNITY, WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC) PROVIDES RENT ASSISTANCE FOR LOW INCOME FAMILIES (OR PERSONS).
IRS990/MoreThan5000KToIndividualsInd00
IRS990/MoreThan5000KToOrgInd00
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt02148300
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt02148300
IRS990/NetAssetsOrFundBalancesBOYAmt0-943623
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IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NoDonorRestrictionNetAssetsGrp/BOYAmt0-943623
IRS990/NoDonorRestrictionNetAssetsGrp/EOYAmt0-955689
IRS990/NondeductibleContributionsInd00
IRS990/OccupancyGrp/ProgramServicesAmt0176879
IRS990/OccupancyGrp/TotalAmt0176879
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt010242
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IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
IRS990/Organization501c3Ind0X
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IRS990/OtherExpensesGrp/TotalAmt19005
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IRS990/ReportOtherLiabilitiesInd01
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IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/TotalAmt00
IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0MISCELLANEOUS INCOME CONSISTS OF TENANT CHARGES, LAUNDRY AND VENDING CHARGES AND OTHER INCOME ITEMS FOR SERVICES PROVIDED FOR THE CONVENIENCE OF THE TENANTS.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0SCHEDULE A, PART III, LINE 12:
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/CurrentTaxYearMinus2YearsAmt0130131
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IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt030568
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IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0130418
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt0130347
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt0717634
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt020434
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IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0217
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt0175
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt043
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt030568
IRS990ScheduleA/InvestmentIncomeCYPct00.02160
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IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus3YearsAmt05823
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IRS990ScheduleA/OtherIncome509Grp/TotalAmt037129
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.95220
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IRS990ScheduleA/SubstAndDsqlfyPrsnsTotGrp/TotalAmt00
IRS990ScheduleA/SubstantialContributorsAmtGrp/TotalAmt00
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IRS990ScheduleA/Total509Grp/CurrentTaxYearMinus3YearsAmt0268254
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IRS990ScheduleA/Total509Grp/TotalAmt01348557
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IRS990ScheduleB/ContributorInformationGrp/TotalContributionsAmt0RESTRICTED
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IRS990ScheduleD/BuildingsGrp/DepreciationAmt01488801
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt02108442
IRS990ScheduleD/EquipmentGrp/BookValueAmt012760

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