Southeastern Housing Preservation Inc.

990 • Fiscal year 2023 • EIN 56-1856590

Oct 01, 2022 to Sep 30, 2023 • Filed on Aug 12, 2024

Organization Profile N/A

1515 Mockingbird Lane 10th FloorCharlotte, NC 28209

(704) 335-9112

Siviq Scores

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

0.16x

Higher debt load relative to assets than 26% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

1.64x

Higher debt load relative to revenue than 42% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

10%

Higher net margin than 56% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

Higher top officer pay than 26% of similar nonprofits.

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

2023 filings • NTEE L • $10M-$25M nonprofits • Source year 2023

-0.6%

Faster asset growth than 37% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2022 to 2023

-40%

Faster revenue growth than 5% of similar nonprofits.

2023 filings • NTEE L • $10M-$25M nonprofits • Annualized from 2022 to 2023

Balance Sheet

Liabilities / Assets26th percentile

Assets

Down

$15,649,373

Down $100,522 (-0.6%) from 2022

Net Assets

$13,212,663

Up $127,001 (+1.0%) from 2022

Liabilities

Down

$2,436,710

Down $227,523 (-8.5%) from 2022

Revenue And Expenses

Liabilities / Revenue42nd percentile Net Margin56th percentile

Revenue

Down

$1,487,002

Down $1,011,331 (-40%) from 2022

Expenses

$1,335,652

Up $213,560 (+19%) from 2022

Net Income

Down

$151,350

Down $1,224,891 (-89%) from 2022

Historical Trend

Balance Sheet Trend

Asset Growth37th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

Highlighted filing

2023

Assets$15,649,373

Liabilities$2,436,710

Net Assets$13,212,663

Open 2023 Filing

Operations Trend

Revenue Growth5th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

Highlighted filing

2023

Revenue$1,487,002

Expenses$1,335,652

Net Income$151,350

Open 2023 Filing

Jump To

Filing Snapshot

Filing Period: Oct 1, 2022 to Sep 30, 2023
Signed: Aug 12, 2024
Return Version: 2022v5.0
Gross Receipts: $1,487,002

Mission and Program Overview

Mission

Develop, own, maintain, operate, and provide assistance to rental housing projects for persons of low to moderate income operating under section 515(b) of the national housing act of 1949, as amended.

Balance Sheet Detail

Line	Beginning	End	Change
Assets
Other Notes and Loans Receivable, Net	$10,134,730	$11,321,979	▲ $1,187,249
Land, Buildings, and Equipment, Net	$2,293,793	$2,152,647	▼ $141,146
Pledges and Grants Receivable	$1,496,600	$0	▼ $1,496,600
Savings and Temporary Cash Investments	$727,805	$769,525	▲ $41,720
Cash and Non-Interest-Bearing Accounts	$514,322	$747,672	▲ $233,350
Investments Program Related	$550,792	$627,792	▲ $77,000
Accounts Receivable	$19,314	$18,134	▼ $1,180
Prepaid Expenses and Deferred Charges	$12,539	$11,624	▼ $915
Total Assets	$15,749,895	$15,649,373	▼ $100,522
Liabilities
Mortgage Notes Payable Secured by Investment Property	$2,480,164	$2,262,516	▼ $217,648
Accounts Payable and Accrued Expenses	$122,613	$129,458	▲ $6,845
Other Liabilities	$58,595	$42,261	▼ $16,334
Deferred Revenue	$2,861	$2,475	▼ $386
Total Liabilities	$2,664,233	$2,436,710	▼ $227,523
Net Assets / Fund Balance
Net Assets With Donor Restrictions	$11,253,534	$10,956,534	▼ $297,000
Net Assets Without Donor Restrictions	$1,832,128	$2,256,129	▲ $424,001
Total Net Assets Fund Balance	$13,085,662	$13,212,663	▲ $127,001
Total Liabilities and Net Assets / Fund Balance	$15,749,895	$15,649,373	▼ $100,522

Asset Categories

Asset	Book Value	Depreciation	Basis
Buildings	$1,748,650	$3,188,529	$4,937,179
Other Land Buildings	$10,622	$296,700	$307,322
Equipment	$96,435	$205,305	$301,740
Land	$296,940	-	$296,940

Compensation and Service Providers

Top Officer Pay26th percentile

Board Members and Trustees

Name	Title
Ira M Slomka	President
Hollis M Fitch	Vice President
Jason Macarthur	Director
Robert Nettles	Director
Tami Fossum	Director
Ginger Kimbrell	Executive Director
Casey Stansbury	Secretary/treasurer

Revenue and Support

Revenue Composition

Contributions and Grants: $963,775
Program Service Revenue: $510,038
Investment Income: $13,189
Other Revenue: $0
Change in Net Assets: $151,350

Audited Revenue Reconciliation

Revenue per Audited Statements: $1,394,132
Revenue Not Reported on Financial Statements: $92,871
Revenue Not Reported on Form 990: $0
Other Revenue Adjustments: $92,871
Total Revenue per Audited Statements: $1,394,132
Total Revenue per Form 990: $1,487,003

Expenses and Functional Allocation

Major Expense Lines

Line Item	Amount
Other Expenses	$1,335,652
Grants and Similar Amounts Paid	$0
Professional Fundraising Fees	$0
Salaries, Compensation, and Employee Benefits	$0
Total Fundraising Expense	$0

Functional Expense Allocation

Line Item	Program	Management	Fundraising	Total
All Other Expenses	$707,650	$34,988	-	$742,638
Depreciation Depletion	$141,146	-	-	$141,146
Other Expenses	$67,214	-	-	$67,214
Fees for Services Legal	-	$19,366	-	$19,366
Interest	$14,748	-	-	$14,748
Fees for Services Accounting	-	$13,700	-	$13,700
Office Expenses	$5,652	-	-	$5,652
Total Functional Expenses	$1,267,598	$68,054	$0	$1,335,652

Audited Expense Reconciliation

Line Item	Amount
Expenses per Audited Statements	$1,335,652
Total Expenses per Form 990	$1,335,652
Total Expenses per Audited Statements	$1,267,130
Expenses Not Reported on Financial Statements	$0
Expenses Not Reported on Form 990	$-68,522

Fundraising, Events, and Gaming

Fundraising activities: No
Gaming activities: No
Professional fundraiser used: No

Fundraising and Gaming Totals

Line Item	Amount
Professional Fundraising Fees	$0

Political and Lobbying Activity

Political campaign activity: No
Lobbying activity: No
Subject to proxy tax: No

Related Organizations and Partnerships

Related Partnerships and Joint Ventures

Organization	Location	Activity	Income	Assets	Ownership	Managing Partner
Warsaw Manor Va LLC	Charlotte, NC	Apartment Rental	-	$539,733	-	No
Westwood Va Limited Partnership	Charlotte, NC	Apartment Rental	-	$412,708	-	Yes
New River Gardens Ii Va Lp	Charlotte, NC	Apartment Rental	$-2	$292,691	-	Yes
Brooke Pointe Manor LLC	Cary, NC	Apartment Rental	$-3	$215,612	-	No
Bradbury Apartments Limited Partnership	Florence, AL	Apartment Rental	$-282	$119,817	-	No
Highland Rim Apartments Ltd	Charlotte, NC	Apartment Rental	$179	$69,651	-	No
Village Green Va LLC	Charlotte, NC	Apartment Rental	-	$58,020	-	Yes
Watermark Gardens Mm LLC	Bristol, VA	Apartment Rental	-	$55,707	-	No
Lovingston Ridge Va LLC	Charlotte, NC	Apartment Rental	$-2	$44,771	-	No
New River Overlook Va LLC	Charlotte, NC	Apartment Rental	$-2,135	$44,422	-	No
West End Senior School LLC	Winstonsalem, NC	Apartment Rental	-	$33,895	-	No
Fieldale Housing LLC	Charlotte, NC	Apartment Rental	$4,866	$33,174	-	No
Dyersburg Associates	Charlotte, NC	Apartment Rental	$-1	$31,739	-	No
North Glen Apartments Nc Lp	Charlotte, NC	Apartment Rental	$30,698	$-164	-	Yes
Fields of Toe Nc Limited Partnership	Charlotte, NC	Apartment Rental	$-1	$28,824	-	Yes
Westgate Terrace Nc LLC	Charlotte, NC	Apartment Rental	-	$25,613	-	No
Holly Park Housing LLC	Charlotte, NC	Apartment Rental	$3,868	$21,380	-	No
Nathaniel Village LLC	Winstonsalem, NC	Apartment Rental	$-1	$14,689	-	No
Magnolia Park Limited Partnership	Charlotte, NC	Apartment Rental	$-2	$13,058	-	No
Iron Bridge Road Apartments Va LLC	Charlotte, NC	Apartment Rental	$-1	$12,975	-	No
Pope Field Terrace Sc LLC	Charlotte, NC	Apartment Rental	-	$7,252	-	No
Timberland Park Va LLC	Charlotte, NC	Apartment Rental	-	$6,061	-	No
Ada Park Va LLC	Charlotte, NC	Apartment Rental	$-3	$5,429	-	No
Lenox Station Apartments Lp	Charlotte, NC	Apartment Rental	$-5	$4,104	-	No
Enfield Pointe Mm LLC	Raleigh, NC	Apartment Rental	$2,678	$17	-	No
Floyd Ii LLC	Winstonsalem, NC	Apartment Rental	$-1	$1,902	-	No
Mountain Laurel Manor Ii Va LLC	Charlotte, NC	Apartment Rental	$-2	$1,497	-	No
Mountain View Apartments Ltd	Charlotte, NC	Apartment Rental	$-3	$1,276	-	No
Dyersburg Associates	Charlotte, NC	Apartment Rental	$925	$10	-	Yes
Lake City Associates Ltd Partnership	Charlotte, NC	Apartment Rental	$539	$11	-	Yes
Bailey Gardens Limited Partnership	Charlotte, NC	Apartment Rental	$431	$13	-	No
Cooper Terrace Nc LLC	Charlotte, NC	Apartment Rental	$-1,030	$84	-	No
Lily Ridge Va LLC	Charlotte, NC	Apartment Rental	$78	$16	-	No
Valdese Village Limited Partnership	Charlotte, NC	Apartment Rental	-	$70	-	No
Pecan Lane Limited Partnership	Charlotte, NC	Apartment Rental	$-6,823	$49	-	Yes
The Shire Va LLC	Charlotte, NC	Apartment Rental	-	$43	-	No
Lake City Associates Ltd Partnership	Charlotte, NC	Apartment Rental	$-674	$32	-	No
Tabor Landing Mm LLC	Raleigh, NC	Apartment Rental	-	$29	-	No
Mcaliley Limited Partnership	Winstonsalem, NC	Apartment Rental	$-1,542	$27	-	No
Aspen Square Va Lp	Charlotte, NC	Apartment Rental	$-1	$23	-	No
Kings Square Ii Limited Partnership	Charlotte, NC	Apartment Rental	$-1	$11	-	No
Thmo Limited Partnership	Charlotte, NC	Apartment Rental	-	$11	-	Yes
Mountain Oak Limited Partnership	Charlotte, NC	Apartment Rental	$-1	$10	-	Yes
East Gate Village Ii Va LLC	Charlotte, NC	Apartment Rental	$-1	$8	-	No
Scotts Hill Ltd	Charlotte, NC	Apartment Rental	-	$8	-	Yes
Thomas Village Associates Lp	Charlotte, NC	Apartment Rental	-	$7	-	No
Phillips Village Ltd	Charlotte, NC	Apartment Rental	$-1,104	$6	-	Yes
Blue Sky Limited Partnership	Charlotte, NC	Apartment Rental	$-17	$5	-	Yes
Harrison Terrace Nc LLC	Charlotte, NC	Apartment Rental	$-2	$3	-	No
Robinson Park Va LLC	Charlotte, NC	Apartment Rental	-	$-21,927	-	Yes
Wexford Pointe Apartments LLC	Charlotte, NC	Apartment Rental	-	-	-	Yes
Wintergreen Apartments Ltd	Charlotte, NC	Apartment Rental	-	-	-	Yes
Wood Hill Associates of Mt Sterling	Charlotte, NC	Apartment Rental	-	-	-	No
Woodstock I Limited Partnership	Charlotte, NC	Apartment Rental	-	-	-	Yes
Woodstock Ii Limited Partnership	Charlotte, NC	Apartment Rental	-	-	-	Yes
Woodstock Iii Limited Partnership	Charlotte, NC	Apartment Rental	-	-	-	Yes
Zelotes Holmes Limited Partnership	Winstonsalem, NC	Apartment Rental	-	-	-	No
Academy Apartments Va LLC	Charlotte, NC	Apartment Rental	$-1	$-10,731	-	Yes
Bailey Springs Apartments Lp	Florence, AL	Apartment Rental	$-1	$-3	-	No
Heritage Village Ltd	Charlotte, NC	Apartment Rental	$-1	$-7	-	Yes
Bellemont Pointe Apartments LLC	Charlotte, NC	Apartment Rental	$-2	$-11,593	-	No
Berea Heights Villas LLC	Winstonsalem, NC	Apartment Rental	$-2	$-8	-	No
Aviemore Village Ltd Partnership	Charlotte, NC	Apartment Rental	$-3	$-4	-	Yes
Bickerstaff Mm LLC	Cary, NC	Apartment Rental	$-5,167	$-9	-	No
Peedee Limited Partnership	Winstonsalem, NC	Apartment Rental	$-1,096	$-17,880	-	No

Disregarded Entities

Entity	Location	Activity	Income	Assets	Controller
Shpi Watermark LLC	Charlotte, NC	Apartment Rental	$0	$0	-

Debt and Bond Financing

Other Reported Liabilities

Liability	Amount
Security Deposits Payable	$42,124
Note Payable, Affiliate	$137

Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant: No
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: 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, Part VI, Section A, Line 2

“Related party information among officers: three members of the board of directors of southeastern housing preservation are related through employment and control of fitch irick corporation, where they make up the management team responsible for management decisions of the property managment company and the rental real estate partnerships; ira m. Slomka, hollis m. Finch and casey stansbury.”

Form 990, Part VI, Section A, Line 3

“Daily operations of the rental properties are handled by gem management, llc in accordance with u.s. Department of agriculture rural development regulations and procedures.”

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

“A copy of this form 990 was provided to the board of directors for review prior to filing.”

Form 990, Part VI, Section C, Line 19

“The organization makes its governing documents and financial statements available upon request at the organization's office.”

Filing and Contact Details

Filer

Filer Name: Southeastern Housing Preservation Inc
EIN: 56-1856590
Phone: 7043359112
Address: 1515 MOCKINGBIRD LANE 10TH FLOOR, CHARLOTTE, NC 28209

Signing Officer

Name: Ira M Slomka
Title: President
Phone: 7043359122
Signed: 2024-08-12
Discuss with paid preparer: Yes

Organization Details

Principal Officer: Ira M Slomka
Formed: 1994
Legal Domicile: Nc
Voting Board Members: 6
Independent Board Members: 5
Employees: 0
Volunteers: 0

Preparer

Firm: Bernard Robinson & Company Llp
Address: PO BOX 19608, GREENSBORO, NC 27419-9608
Preparer: Casey H Patterson
Phone: 3362944494

Supplemental Narrative

Additional Explanations

Form 990, Part IX, Line 24E

“Hillside - utilities: program service expenses 62,935. Management and general expenses 0. Fundraising expenses 0. Total expenses 62,935. Springwood - mgmt fee: program service expenses 61,104. Management and general expenses 0. Fundraising expenses 0. Total expenses 61,104. Hillside - mgmt fee: program service expenses 52,744. Management and general expenses 0. Fundraising expenses 0. Total expenses 52,744. Springwood - site mgmt payroll: program service expenses 41,933. Management and general expenses 0. Fundraising expenses 0. Total expenses 41,933. Springwood - reserve expenses: program service expenses 35,012. Management and general expenses 0. Fundraising expenses 0. Total expenses 35,012. Sedgefield - mgmt fee: program service expenses 31,312. Management and general expenses 0. Fundraising expenses 0. Total expenses 31,312. Springwood - real estate taxes: program service expenses 30,661. Management and general expenses 0. Fundraising expenses 0. Total expenses 30,661. Hillside - site mgmt payroll: program service expenses 29,034. Management and general expenses 0. Fundraising expenses 0. Total expenses 29,034. Hillside - real estate taxes: program service expenses 28,901. Management and general expenses 0. Fundraising expenses 0. Total expenses 28,901. Springwood - insurance: program service expenses 28,213. Management and general expenses 0. Fundraising expenses 0. Total expenses 28,213. Hillside - reserve expenses: program service expenses 27,837. Management and general expenses 0. Fundraising expenses 0. Total expenses 27,837. Sedgefield - site mgmt payroll: program service expenses 27,701. Management and general expenses 0. Fundraising expenses 0. Total expenses 27,701. Hillside - insurance: program service expenses 24,104. Management and general expenses 0. Fundraising expenses 0. Total expenses 24,104. Sedgefield - utilities: program service expenses 24,097. Management and general expenses 0. Fundraising expenses 0. Total expenses 24,097. Sedgefield - real estate taxes: program service expenses 22,838. Management and general expenses 0. Fundraising expenses 0. Total expenses 22,838. Springwood - grounds: program service expenses 21,023. Management and general expenses 0. Fundraising expenses 0. Total expenses 21,023. Corporate - other admin expenses: program service expenses 0. Management and general expenses 18,588. Fundraising expenses 0. Total expenses 18,588. Sedgefield - insurance: program service expenses 17,417. Management and general expenses 0. Fundraising expenses 0. Total expenses 17,417. Springfield - repairs and maintenance: program service expenses 17,404. Management and general expenses 0. Fundraising expenses 0. Total expenses 17,404. Hillside - payroll tax/benefits: program service expenses 17,064. Management and general expenses 0. Fundraising expenses 0. Total expenses 17,064. Hillside - grounds: program service expenses 15,408. Management and general expenses 0. Fundraising expenses 0. Total expenses 15,408. Springfield - site mgmt payroll: program service expenses 12,819. Management and general expenses 0. Fundraising expenses 0. Total expenses 12,819. Sedgefield - grounds: program service expenses 11,700. Management and general expenses 0. Fundraising expenses 0. Total expenses 11,700. Springfield - mgmt fee: program service expenses 10,792. Management and general expenses 0. Fundraising expenses 0. Total expenses 10,792. Sedgefield - payroll tax/benefits: program service expenses 7,947. Management and general expenses 0. Fundraising expenses 0. Total expenses 7,947. Springwood - other admin expenses: program service expenses 0. Management and general expenses 7,740. Fundraising expenses 0. Total expenses 7,740. Springwood - payroll tax/benefits: program service expenses 6,751. Management and general expenses 0. Fundraising expenses 0. Total expenses 6,751. Sedgefield - reserve expenses: program service expenses 6,500. Management and general expenses 0. Fundraising expenses 0. Total expenses 6”

FORM 990, PART XI, LINE 9:

“Rental income from pass-through entities -23,419. Interest income from pass-through entities -930.”

Financial Statement Notes

PART X, LINE 2:

“It is the organization's policy to evaluate all tax positions to identify any that may be considered uncertain. All identified material tax positions are assessed and measured by a more-likely-than-not threshold to determine if the tax position is uncertain and what, if any, the effect of the uncertain tax position may have on the financial statements. No material uncertain tax positions were identified for 2023 and 2022.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Rental income from pass-through entities 23,419. Interest income shown as interest expense on financial statements 68,522. Interest income from pass-through entities 930.”

PART XII, LINE 2D - OTHER ADJUSTMENTS:

“Interest income shown as interest expense on financial statements -68,522.”

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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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IRS990/Form990PartVIISectionAGrp/TitleTxt	4	DIRECTOR
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt	0	IT IS THE ORGANIZATION'S POLICY TO EVALUATE ALL TAX POSITIONS TO IDENTIFY ANY THAT MAY BE CONSIDERED UNCERTAIN. ALL IDENTIFIED MATERIAL TAX POSITIONS ARE ASSESSED AND MEASURED BY A MORE-LIKELY-THAN-NOT THRESHOLD TO DETERMINE IF THE TAX POSITION IS UNCERTAIN AND WHAT, IF ANY, THE EFFECT OF THE UNCERTAIN TAX POSITION MAY HAVE ON THE FINANCIAL STATEMENTS. NO MATERIAL UNCERTAIN TAX POSITIONS WERE IDENTIFIED FOR 2023 AND 2022.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt	1	RENTAL INCOME FROM PASS-THROUGH ENTITIES 23,419. INTEREST INCOME SHOWN AS INTEREST EXPENSE ON FINANCIAL STATEMENTS 68,522. INTEREST INCOME FROM PASS-THROUGH ENTITIES 930.
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt	2	INTEREST INCOME SHOWN AS INTEREST EXPENSE ON FINANCIAL STATEMENTS -68,522.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc	0	PART X, LINE 2:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc	1	PART XI, LINE 4B - OTHER ADJUSTMENTS:
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc	2	PART XII, LINE 2D - OTHER ADJUSTMENTS:
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IRS990/ScheduleJRequiredInd	0	0
IRS990/ScheduleORequiredInd	0	1
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	0	RELATED PARTY INFORMATION AMONG OFFICERS: THREE MEMBERS OF THE BOARD OF DIRECTORS OF SOUTHEASTERN HOUSING PRESERVATION ARE RELATED THROUGH EMPLOYMENT AND CONTROL OF FITCH IRICK CORPORATION, WHERE THEY MAKE UP THE MANAGEMENT TEAM RESPONSIBLE FOR MANAGEMENT DECISIONS OF THE PROPERTY MANAGMENT COMPANY AND THE RENTAL REAL ESTATE PARTNERSHIPS; IRA M. SLOMKA, HOLLIS M. FINCH AND CASEY STANSBURY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	1	DAILY OPERATIONS OF THE RENTAL PROPERTIES ARE HANDLED BY GEM MANAGEMENT, LLC IN ACCORDANCE WITH U.S. DEPARTMENT OF AGRICULTURE RURAL DEVELOPMENT REGULATIONS AND PROCEDURES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	2	A COPY OF THIS FORM 990 WAS PROVIDED TO THE BOARD OF DIRECTORS FOR REVIEW PRIOR TO FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	3	THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE UPON REQUEST AT THE ORGANIZATION'S OFFICE.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	4	HILLSIDE - UTILITIES: PROGRAM SERVICE EXPENSES 62,935. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 62,935. SPRINGWOOD - MGMT FEE: PROGRAM SERVICE EXPENSES 61,104. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 61,104. HILLSIDE - MGMT FEE: PROGRAM SERVICE EXPENSES 52,744. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 52,744. SPRINGWOOD - SITE MGMT PAYROLL: PROGRAM SERVICE EXPENSES 41,933. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 41,933. SPRINGWOOD - RESERVE EXPENSES: PROGRAM SERVICE EXPENSES 35,012. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 35,012. SEDGEFIELD - MGMT FEE: PROGRAM SERVICE EXPENSES 31,312. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 31,312. SPRINGWOOD - REAL ESTATE TAXES: PROGRAM SERVICE EXPENSES 30,661. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 30,661. HILLSIDE - SITE MGMT PAYROLL: PROGRAM SERVICE EXPENSES 29,034. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 29,034. HILLSIDE - REAL ESTATE TAXES: PROGRAM SERVICE EXPENSES 28,901. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 28,901. SPRINGWOOD - INSURANCE: PROGRAM SERVICE EXPENSES 28,213. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 28,213. HILLSIDE - RESERVE EXPENSES: PROGRAM SERVICE EXPENSES 27,837. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 27,837. SEDGEFIELD - SITE MGMT PAYROLL: PROGRAM SERVICE EXPENSES 27,701. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 27,701. HILLSIDE - INSURANCE: PROGRAM SERVICE EXPENSES 24,104. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 24,104. SEDGEFIELD - UTILITIES: PROGRAM SERVICE EXPENSES 24,097. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 24,097. SEDGEFIELD - REAL ESTATE TAXES: PROGRAM SERVICE EXPENSES 22,838. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 22,838. SPRINGWOOD - GROUNDS: PROGRAM SERVICE EXPENSES 21,023. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 21,023. CORPORATE - OTHER ADMIN EXPENSES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 18,588. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 18,588. SEDGEFIELD - INSURANCE: PROGRAM SERVICE EXPENSES 17,417. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 17,417. SPRINGFIELD - REPAIRS AND MAINTENANCE: PROGRAM SERVICE EXPENSES 17,404. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 17,404. HILLSIDE - PAYROLL TAX/BENEFITS: PROGRAM SERVICE EXPENSES 17,064. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 17,064. HILLSIDE - GROUNDS: PROGRAM SERVICE EXPENSES 15,408. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 15,408. SPRINGFIELD - SITE MGMT PAYROLL: PROGRAM SERVICE EXPENSES 12,819. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 12,819. SEDGEFIELD - GROUNDS: PROGRAM SERVICE EXPENSES 11,700. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 11,700. SPRINGFIELD - MGMT FEE: PROGRAM SERVICE EXPENSES 10,792. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 10,792. SEDGEFIELD - PAYROLL TAX/BENEFITS: PROGRAM SERVICE EXPENSES 7,947. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 7,947. SPRINGWOOD - OTHER ADMIN EXPENSES: PROGRAM SERVICE EXPENSES 0. MANAGEMENT AND GENERAL EXPENSES 7,740. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 7,740. SPRINGWOOD - PAYROLL TAX/BENEFITS: PROGRAM SERVICE EXPENSES 6,751. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 6,751. SEDGEFIELD - RESERVE EXPENSES: PROGRAM SERVICE EXPENSES 6,500. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 6
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt	5	RENTAL INCOME FROM PASS-THROUGH ENTITIES -23,419. INTEREST INCOME FROM PASS-THROUGH ENTITIES -930.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	0	FORM 990, PART VI, SECTION A, LINE 2
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	1	FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	2	FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	3	FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	4	FORM 990, PART IX, LINE 24E
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc	5	FORM 990, PART XI, LINE 9:
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IRS990ScheduleR/IdDisregardedEntitiesGrp/EIN	0	923479314
IRS990ScheduleR/IdDisregardedEntitiesGrp/EndOfYearAssetsAmt	0	0
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IRS990ScheduleR/IdDisregardedEntitiesGrp/PrimaryActivitiesTxt	0	APARTMENT RENTAL
IRS990ScheduleR/IdDisregardedEntitiesGrp/TotalIncomeAmt	0	0
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/AddressLine1Txt	0	1515 MOCKINGBIRD LANE 10TH FLOOR
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/CityNm	0	CHARLOTTE
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/StateAbbreviationCd	0	NC
IRS990ScheduleR/IdDisregardedEntitiesGrp/USAddress/ZIPCd	0	28209
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/ControlledOrganizationInd	0	0
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/DirectControllingNACd	0	N/A
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EIN	0	472224429
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/EntityTypeTxt	0	C
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/LegalDomicileStateCd	0	NC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/PrimaryActivitiesTxt	0	AFFORDABLE HOUSING DEVELOPMENT & MANAGEMENT
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/RelatedOrganizationName/BusinessNameLine1Txt	0	FITCH IRICK CORPORATION
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/AddressLine1Txt	0	1515 MOCKINGBIRD LANE 10TH FLOOR
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/CityNm	0	CHARLOTTE
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/StateAbbreviationCd	0	NC
IRS990ScheduleR/IdRelatedOrgTxblCorpTrGrp/USAddress/ZIPCd	0	28209
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	0	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	1	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	2	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	3	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	4	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	5	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	6	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	7	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	8	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	9	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	10	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	11	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	12	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	13	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	14	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	15	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	16	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	17	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	18	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	19	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	20	N/A
IRS990ScheduleR/IdRelatedOrgTxblPartnershipGrp/DirectControllingNACd	21	N/A

Document Assets

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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing

Assets: $15,649,373
Liabilities: $2,436,710
Net assets: $13,212,663
Revenue: $1,487,002
Expenses: $1,335,652
Net income: $151,350

	Balance Sheet			Operations
Year	Assets	Liabilities	Net Assets	Revenue	Expenses	Net Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.	$15.2	$1.04	$14.2	$2.58	$1.34	$1.24
2023Detailed filing. Detailed filing data is available for this year.	$15.6	$2.44	$13.2	$1.49	$1.34	$0.15
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$15.7	$2.66	$13.1	$2.50	$1.12	$1.38
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$14.8	$3.03	$11.7	$2.81	$1.23	$1.58
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$13.5	$3.28	$10.2	$1.80	$1.29	$0.51
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$13.4	$3.63	$9.78	$1.78	$0.97	$0.81
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.	$12.6	$3.56	$9.05	$2.57	$1.36	$1.21
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.	$11.6	$3.76	$7.83	$1.83	$1.45	$0.38
2016Detailed filing. Detailed filing data is available for this year.	$11.1	$3.61	$7.47	$2.01	$1.46	$0.55
2015Detailed filing. Detailed filing data is available for this year.	$11.8	$4.97	$6.82	$2.26	$1.41	$0.86
2014Detailed filing. Detailed filing data is available for this year.	$11.1	$5.15	$5.99	$3.53	$1.35	$2.18