Civic Intelligence

Cahec Properties Corporation

EIN 56-2217808 • 501(c)3 • Raleigh, NC

Profile

Assists low income housing/historic tax credit properties that are distressed for financial/managerial reasons in which community affordable housing equity corporation (cahec - parent company) sponsored equity funds made an investment.

7700 Falls of Neuse Rd 200Raleigh, NC 27615

n/A

Siviq Scores

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

Liabilities / Assets

75th percentile

0.49x

Higher debt load relative to assets than 75% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Liabilities / Revenue

91st percentile

2.71x

Higher debt load relative to revenue than 91% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Net Margin

91st percentile

56%

Higher net margin than 91% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Source year 2024

Top Officer Pay

Score unavailable

No value available

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

Asset Growth

86th percentile

28%

Faster asset growth than 86% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Revenue Growth

81st percentile

33%

Faster revenue growth than 81% of similar nonprofits.

501(c)3 • $10M-$25M nonprofits • Annualized from 2023 to 2024

Assets

Up

$19,349,148

Up $4,234,204 (+28%) from 2023

Liabilities

Up

$9,475,708

Up $2,103,451 (+29%) from 2023

Net Assets

Up

$9,873,440

Up $2,130,753 (+28%) from 2023

Revenue

Up

$3,499,876

Up $876,155 (+33%) from 2023

Expenses

Up

$1,525,515

Up $116,510 (+8.3%) from 2023

Net Income

Up

$1,974,361

Up $759,645 (+63%) from 2023

Trend Graphs

Balance Sheet Trend

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

$20M$15M$10M$5.0M$0Assets 2011: $1,142,151Liabilities 2011: $0Net Assets 2011: $1,142,1512011Assets 2012: $1,265,034Liabilities 2012: $0Net Assets 2012: $1,265,0342012Assets 2013: $1,384,240Liabilities 2013: $0Net Assets 2013: $1,384,2402013Assets 2014: $916,120Liabilities 2014: $0Net Assets 2014: $916,1202014Assets 2015: $916,120Liabilities 2015: $0Net Assets 2015: $916,1202015Assets 2016: $916,120Liabilities 2016: $0Net Assets 2016: $916,1202016Assets 2017: $42,310Liabilities 2017: $96Net Assets 2017: $42,2142017Assets 2018: $39,607Liabilities 2018: $0Net Assets 2018: $39,6072018Assets 2019: $31,727Liabilities 2019: $0Net Assets 2019: $31,7272019Assets 2020: $14,032,769Liabilities 2020: $10,377,913Net Assets 2020: $3,654,8562020Assets 2021: $13,931,398Liabilities 2021: $10,296,550Net Assets 2021: $3,634,8482021Assets 2022: $15,654,222Liabilities 2022: $9,180,916Net Assets 2022: $6,473,3062022Assets 2023: $15,114,944Liabilities 2023: $7,372,257Net Assets 2023: $7,742,6872023Assets 2024: $19,349,148Liabilities 2024: $9,475,708Net Assets 2024: $9,873,4402024

Highlighted filing

2024

Assets$19,349,148
Liabilities$9,475,708
Net Assets$9,873,440

Operations Trend

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

$4.0M$3.0M$2.0M$1.0M$0-$1.0MRevenue 2011: $107,373Expenses 2011: $0Net Income 2011: $107,3732011Expenses 2012: $02012Revenue 2013: $119,206Expenses 2013: $0Net Income 2013: $119,2062013Revenue 2014: $307,880Expenses 2014: $776,000Net Income 2014: -$468,1202014Revenue 2015: $0Expenses 2015: $0Net Income 2015: $02015Revenue 2016: $0Expenses 2016: $0Net Income 2016: $02016Revenue 2017: $63,466Expenses 2017: $540,346Net Income 2017: -$476,8802017Revenue 2018: $0Expenses 2018: $2,607Net Income 2018: -$2,6072018Revenue 2019: $0Expenses 2019: $7,880Net Income 2019: -$7,8802019Revenue 2020: $1,328,538Expenses 2020: $1,300,947Net Income 2020: $27,5912020Revenue 2021: $633,973Expenses 2021: $658,416Net Income 2021: -$24,4432021Revenue 2022: $2,072,247Expenses 2022: $928,848Net Income 2022: $1,143,3992022Revenue 2023: $2,623,721Expenses 2023: $1,409,005Net Income 2023: $1,214,7162023Revenue 2024: $3,499,876Expenses 2024: $1,525,515Net Income 2024: $1,974,3612024

Highlighted filing

2024

Revenue$3,499,876
Expenses$1,525,515
Net Income$1,974,361

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$19.3$9.48$9.87$3.50$1.53$1.97
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$15.1$7.37$7.74$2.62$1.41$1.21
2022Detailed filing. Detailed filing data is available for this year.$15.7$9.18$6.47$2.07$0.93$1.14
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$13.9$10.3$3.63$0.63$0.66$0.02
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$14.0$10.4$3.65$1.33$1.30$0.03
2019Detailed filing. Detailed filing data is available for this year.$0.03$0.00$0.03$0.00$0.01$0.01
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.04$0.00$0.04$0.00$0.00$0.00
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.04$0.00$0.04$0.06$0.54$0.48
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.92$0.00$0.92$0.00$0.00$0.00
2015XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$0.92$0.00$0.92$0.00$0.00$0.00
2014Detailed filing. Detailed filing data is available for this year.$0.92$0.00$0.92$0.31$0.78$0.47
2013Detailed filing. Detailed filing data is available for this year.$1.38$0.00$1.38$0.12$0.00$0.12
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$1.27$0.00$1.27$0.00
2011Summary only. Only limited summary data is available for this year.$1.14$0.00$1.14$0.11$0.00$0.11
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Oct 27, 2025
Return Version
2024v5.1
Gross Receipts
$3,499,876
Mission and Program Overview

Mission

Assists low income housing/historic tax credit properties that are distressed for financial/managerial reasons in which community affordable housing equity corporation (cahec - parent company) sponsored equity funds made an investment.

Fosters and supports decent, safe, and sanitary housing for low-income persons via preservation and ownership of low income communities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$9,916,927$9,758,514▼ $158,413
Accounts Receivable$458,287$4,803,123▲ $4,344,836
Other Notes and Loans Receivable, Net$2,425,472$2,000,472▼ $425,000
Cash and Non-Interest-Bearing Accounts$1,182,396$1,520,687▲ $338,291
Investments Program Related$713,862$716,352▲ $2,490
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Loans From Officers Directors$0$0→ $0
Total Assets$15,114,944$19,349,148▲ $4,234,204
Other Assets Total$418,000$550,000▲ $132,000
Liabilities
Mortgage Notes Payable Secured by Investment Property$5,751,514$7,399,821▲ $1,648,307
Accounts Payable and Accrued Expenses$1,620,743$2,075,887▲ $455,144
Unsecured Notes Loans Payable$0--
Other Liabilities$0$0→ $0
Total Liabilities$7,372,257$9,475,708▲ $2,103,451
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$7,742,687$9,873,440▲ $2,130,753
Total Net Assets Fund Balance$7,742,687$9,873,440▲ $2,130,753
Total Liabilities and Net Assets / Fund Balance$15,114,944$19,349,148▲ $4,234,204

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$8,671,998$466,546$9,138,544
Land$1,070,257-$1,070,257
Equipment$16,259$11,305$27,564
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
George BakerVice President and Secretary-$216,108$94,763$310,871
Matthew VerboonDevelopment Finance ManagerFT$131,234$13,149$144,383
Andrea WolfordVice PresidentFT$114,909$28,968$143,877

Board Members and Trustees

NameTitle
Dana BoolePresident
Robert LandisVice President
Margaret PennBoard Member
Robert NettlesBoard Member
Erin GriffinTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$3,177,020
Investment Income
$322,856
Other Revenue
$0
Change in Net Assets
$1,974,361

Audited Revenue Reconciliation

Revenue per Audited Statements
$0
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$0
Total Revenue per Form 990
$0
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$929,417
Salaries, Compensation, and Employee Benefits$596,098
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$502,831--$502,831
Interest$335,780--$335,780
Depreciation Depletion$267,772--$267,772
Conferences and Meetings$71,951--$71,951
Fees for Services Accounting$64,685--$64,685
Pension Plan Contributions$34,026--$34,026
Travel$33,002--$33,002
Other Employee Benefits$30,398--$30,398
Payroll Taxes$28,843--$28,843
Information Technology$17,422--$17,422
Fees for Services Legal$10,014--$10,014
Advertising$5,309--$5,309
Office Expenses$3,813--$3,813
All Other Expenses$2,345$0$0$2,345
Fees for Services Other$1,800$0$0$1,800
Other Expenses$1,773--$1,773
Fees for Services Management$1,510--$1,510
Insurance$559--$559
Total Functional Expenses$1,525,515$0$0$1,525,515

Audited Expense Reconciliation

Line ItemAmount
Expenses Not Reported on Financial Statements$0
Expenses Not Reported on Form 990$0
Expenses per Audited Statements$0
Other Expense Adjustments$0
Total Expenses per 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
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 11B Review of form 990 by governing body

The Form 990 was provided to the Organization's Board for review and approval prior to submission.

Form 990, Part VI, Line 19 Required documents available to the public

The organization makes its governing documents and financial statements available to the public upon request. It does not have a separate conflict of interest policy from its parent company, community affordable housing equity corporation (cahec). Cahec's conflict of interest policy is also available to the public upon request.

Filing and Contact Details

Filer

Filer Name
CAHEC Properties Corporation
EIN
56-2217808
Phone
9194200063
Address
7700 Falls of Neuse Rd 200, Raleigh, NC 27615

Signing Officer

Name
Dana Boole
Title
President
Signed
2025-10-27
Discuss with paid preparer
Yes

Organization Details

Formed
2001
Legal Domicile
Nc
Voting Board Members
5
Independent Board Members
1
Employees
7
Volunteers
0

Preparer

Firm
Forvis Mazars LLP
Address
4161 Piedmont Parkway Suite 310, Greensboro, NC 27410
Preparer
Kevin Rayfield
Phone
3368895156
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9 Other changes in net assets or fund balances

Contributions - 156392; Total - 156392;

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

Cahec properties corporation; cahec preservation; cahec development; and cahec mm are exempt from federal taxation under sections 501(c)(3) and 501(c)(2) of the internal revenue code; therefore, no income taxes are reflected in the consolidated financial statements for these entities. As of december 31, 202, the organization had not accrued interest or penalties related to uncertain tax positions. The entities have not been informed by any tax authorities for any jurisdiction that any of its open tax years are under examination as of december 31, 2024.

Raw XML AppendixShowing 400 of 4,793 raw XML fields

This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/MethodOfAccountingAccrualInd0X
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IRS990/MissionDesc0Acquires, develops, constructs, rehabilitates, preserves, maintains, owns, operates, finances, and otherwise fosters and supports, directly or indirectly, decent, safe, and sanitary housing for low-income persons.
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IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt0290480
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
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IRS990/OfficeExpensesGrp/ProgramServicesAmt03813
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IRS990/OnBehalfOfIssuerInd0false
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt0418000
IRS990/OtherAssetsTotalGrp/EOYAmt0550000
IRS990/OtherChangesInNetAssetsAmt0156392
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt030398
IRS990/OtherEmployeeBenefitsGrp/TotalAmt030398
IRS990/OtherExpensesGrp/Desc0Miscellaneous
IRS990/OtherExpensesGrp/Desc1Development Fees
IRS990/OtherExpensesGrp/Desc2Loan Fees
IRS990/OtherExpensesGrp/Desc3Maintenance
IRS990/OtherExpensesGrp/ProgramServicesAmt094554
IRS990/OtherExpensesGrp/ProgramServicesAmt111670
IRS990/OtherExpensesGrp/ProgramServicesAmt25458
IRS990/OtherExpensesGrp/ProgramServicesAmt31773
IRS990/OtherExpensesGrp/TotalAmt094554
IRS990/OtherExpensesGrp/TotalAmt111670
IRS990/OtherExpensesGrp/TotalAmt25458
IRS990/OtherExpensesGrp/TotalAmt31773
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt00
IRS990/OtherRevenueTotalAmt00
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt0502831
IRS990/OtherSalariesAndWagesGrp/TotalAmt0502831
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt02425472
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt02000472
IRS990/PartialLiquidationInd0false
IRS990/PayrollTaxesGrp/ProgramServicesAmt028843
IRS990/PayrollTaxesGrp/TotalAmt028843
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt034026
IRS990/PensionPlanContributionsGrp/TotalAmt034026
IRS990/PoliciesReferenceChaptersInd0false
IRS990/PoliticalCampaignActyInd0false
IRS990/PrincipalOfcrBusinessName/BusinessNameLine1Txt0Dana Boole
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IRS990/ProgramServiceRevenueGrp/Desc2Project Borrower Income
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IRS990/ReceivablesFromOfficersEtcGrp/BOYAmt00
IRS990/ReceivablesFromOfficersEtcGrp/EOYAmt00
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IRS990/RegularMonitoringEnfrcInd0false
IRS990/RelatedEntityInd0true
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IRS990/RentalIncomeOrLossGrp/PersonalAmt00
IRS990/RentalIncomeOrLossGrp/RealAmt00
IRS990/ReportInvestmentsOtherSecInd0false
IRS990/ReportLandBuildingEquipmentInd0true
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IRS990/ReportOtherLiabilitiesInd0false
IRS990/ReportProgramRelatedInvstInd0false
IRS990/RevenueAmt03467500
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IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/CurrentTaxYearMinus2YearsAmt00
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IRS990ScheduleA/AmountsRcvdDsqlfyPersonGrp/CurrentTaxYearMinus4YearsAmt00
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IRS990ScheduleA/GiftsGrantsContrisRcvd509Grp/TotalAmt00
IRS990ScheduleA/GovtFurnSrvcFcltsVl509Grp/TotalAmt00
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus1YearAmt0112
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus2YearsAmt0139
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus3YearsAmt0140
IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt036
IRS990ScheduleA/GrossInvestmentIncome509Grp/TotalAmt032803
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearAmt03467500
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus1YearAmt02623609
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus2YearsAmt02072108
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus3YearsAmt0633833
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/CurrentTaxYearMinus4YearsAmt01328502
IRS990ScheduleA/GrossReceiptsAdmissionsGrp/TotalAmt010125552
IRS990ScheduleA/GrossReceiptsNonUnrltBusGrp/TotalAmt00
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearAmt032376
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus1YearAmt0112
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus2YearsAmt0139
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus3YearsAmt0140
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/CurrentTaxYearMinus4YearsAmt036
IRS990ScheduleA/InvestmentIncomeAndUBTIGrp/TotalAmt032803
IRS990ScheduleA/InvestmentIncomeCYPct00
IRS990ScheduleA/InvestmentIncomePYPct00.0
IRS990ScheduleA/NetIncomeFromOtherUBIGrp/TotalAmt00
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IRS990ScheduleA/OtherIncome509Grp/CurrentTaxYearMinus4YearsAmt00
IRS990ScheduleA/OtherIncome509Grp/TotalAmt00
IRS990ScheduleA/Post1975UBTIGrp/TotalAmt00
IRS990ScheduleA/PubliclySupportedOrg509a2Ind0X
IRS990ScheduleA/PublicSupportCY509Pct00.99677
IRS990ScheduleA/PublicSupportPY509Pct00.99994
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IRS990ScheduleA/TotalSupportCalendarYearGrp/TotalAmt010158355
IRS990/ScheduleBRequiredInd0false
IRS990ScheduleD/BuildingsGrp/BookValueAmt08671998
IRS990ScheduleD/BuildingsGrp/DepreciationAmt0466546
IRS990ScheduleD/BuildingsGrp/OtherCostOrOtherBasisAmt09138544
IRS990ScheduleD/EquipmentGrp/BookValueAmt016259
IRS990ScheduleD/EquipmentGrp/DepreciationAmt011305
IRS990ScheduleD/EquipmentGrp/OtherCostOrOtherBasisAmt027564
IRS990ScheduleD/ExpensesNotReportedAmt00
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IRS990ScheduleD/LandGrp/OtherCostOrOtherBasisAmt01070257
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IRS990ScheduleD/RevenueNotReportedAmt00
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IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0CAHEC PROPERTIES CORPORATION; CAHEC PRESERVATION; CAHEC DEVELOPMENT; AND CAHEC MM ARE EXEMPT FROM FEDERAL TAXATION UNDER SECTIONS 501(C)(3) AND 501(C)(2) OF THE INTERNAL REVENUE CODE; THEREFORE, NO INCOME TAXES ARE REFLECTED IN THE CONSOLIDATED FINANCIAL STATEMENTS FOR THESE ENTITIES. AS OF DECEMBER 31, 202, THE ORGANIZATION HAD NOT ACCRUED INTEREST OR PENALTIES RELATED TO UNCERTAIN TAX POSITIONS. THE ENTITIES HAVE NOT BEEN INFORMED BY ANY TAX AUTHORITIES FOR ANY JURISDICTION THAT ANY OF ITS OPEN TAX YEARS ARE UNDER EXAMINATION AS OF DECEMBER 31, 2024.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote
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IRS990ScheduleD/TotalExpensesPerForm990Amt00
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IRS990ScheduleD/TotalRevenuePerForm990Amt00
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IRS990ScheduleJ/CompensationCommitteeInd0X
IRS990ScheduleJ/CompensationSurveyInd0X
IRS990ScheduleJ/EquityBasedCompArrngmInd0false
IRS990ScheduleJ/IndependentConsultantInd0X

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