Civic Intelligence

Newport Inc

EIN 57-0935516 • 501(c)3 • Spartanburg, SC

Profile

Providing housing for low income chronically mentally ill persons by operating a hud-assisted apartment community regulated under section 811 of the national affordable housing act of 1990.

600 Jeff Davis RoadSpartanburg, SC 29303

n/A

Siviq Scores

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

Liabilities / Assets

97th percentile

3.20x

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

501(c)3 • <$500k nonprofits • Source year 2025

Liabilities / Revenue

99th percentile

8.09x

Higher debt load relative to revenue than 99% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2025

Net Margin

21st percentile

-25%

Higher net margin than 21% of similar nonprofits.

501(c)3 • <$500k nonprofits • Source year 2025

Top Officer Pay

Score unavailable

No value available

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

Asset Growth

45th percentile

-4.6%

Faster asset growth than 45% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2024 to 2025

Revenue Growth

57th percentile

4.2%

Faster revenue growth than 57% of similar nonprofits.

501(c)3 • <$500k nonprofits • Annualized from 2024 to 2025

Balance Sheet
Liabilities / Assets97th percentile

Assets

Down

$284,468

Down $13,821 (-4.6%) from 2024

Liabilities

Up

$909,900

Up $14,624 (+1.6%) from 2024

Net Assets

Down

-$625,432

Down $28,445 (-4.8%) from 2024

Operations
Liabilities / Revenue99th percentileNet Margin21st percentile

Revenue

Up

$112,426

Up $4,568 (+4.2%) from 2024

Expenses

Down

$140,871

Down $1,945 (-1.4%) from 2024

Net Income

Up

-$28,445

Up $6,513 (+19%) from 2024

Trend Graphs

Balance Sheet Trend

Asset Growth45th percentile

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

$1.0M$500K$0-$500K-$1.0MAssets 2011: $577,010Liabilities 2011: $917,077Net Assets 2011: -$340,0672011Assets 2012: $513,989Liabilities 2012: $885,482Net Assets 2012: -$371,4932012Assets 2013: $502,150Liabilities 2013: $882,328Net Assets 2013: -$380,1782013Assets 2014: $476,857Liabilities 2014: $881,323Net Assets 2014: -$404,4662014Assets 2015: $460,051Liabilities 2015: $891,843Net Assets 2015: -$431,7922015Assets 2016: $431,897Liabilities 2016: $880,541Net Assets 2016: -$448,6442016Assets 2017: $419,755Liabilities 2017: $882,322Net Assets 2017: -$462,5672017Assets 2018: $408,139Liabilities 2018: $875,833Net Assets 2018: -$467,6942018Assets 2019: $394,551Liabilities 2019: $874,845Net Assets 2019: -$480,2942019Assets 2020: $386,361Liabilities 2020: $888,106Net Assets 2020: -$501,7452020Assets 2021: $367,404Liabilities 2021: $889,189Net Assets 2021: -$521,7852021Assets 2022: $343,252Liabilities 2022: $885,571Net Assets 2022: -$542,3192022Assets 2023: $324,376Liabilities 2023: $886,405Net Assets 2023: -$562,0292023Assets 2024: $298,289Liabilities 2024: $895,276Net Assets 2024: -$596,9872024Assets 2025: $284,468Liabilities 2025: $909,900Net Assets 2025: -$625,4322025

Highlighted filing

2025

Assets$284,468
Liabilities$909,900
Net Assets-$625,432
Open 2025 Filing

Operations Trend

Revenue Growth57th percentile

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

$150K$100K$50K$0-$50KRevenue 2011: $83,947Expenses 2011: $114,916Net Income 2011: -$30,9692011Revenue 2012: $87,637Expenses 2012: $119,063Net Income 2012: -$31,4262012Revenue 2013: $98,457Expenses 2013: $107,142Net Income 2013: -$8,6852013Revenue 2014: $99,090Expenses 2014: $123,378Net Income 2014: -$24,2882014Revenue 2015: $103,218Expenses 2015: $130,544Net Income 2015: -$27,3262015Revenue 2016: $103,846Expenses 2016: $120,698Net Income 2016: -$16,8522016Revenue 2017: $101,712Expenses 2017: $115,635Net Income 2017: -$13,9232017Revenue 2018: $100,554Expenses 2018: $105,681Net Income 2018: -$5,1272018Revenue 2019: $101,035Expenses 2019: $113,635Net Income 2019: -$12,6002019Revenue 2020: $106,518Expenses 2020: $127,969Net Income 2020: -$21,4512020Revenue 2021: $108,968Expenses 2021: $129,008Net Income 2021: -$20,0402021Revenue 2022: $114,246Expenses 2022: $134,780Net Income 2022: -$20,5342022Revenue 2023: $110,283Expenses 2023: $129,993Net Income 2023: -$19,7102023Revenue 2024: $107,858Expenses 2024: $142,816Net Income 2024: -$34,9582024Revenue 2025: $112,426Expenses 2025: $140,871Net Income 2025: -$28,4452025

Highlighted filing

2025

Revenue$112,426
Expenses$140,871
Net Income-$28,445
Open 2025 Filing

Filings

Most recent year

2025 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$284,468
Liabilities
$909,900
Net assets
-$625,432
Revenue
$112,426
Expenses
$140,871
Net income
-$28,445
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$2.84$9.10$6.25$1.12$1.41$0.28
2024Detailed filing. Detailed filing data is available for this year.$2.98$8.95$5.97$1.08$1.43$0.35
2023Detailed filing. Detailed filing data is available for this year.$3.24$8.86$5.62$1.10$1.30$0.20
2022Detailed filing. Detailed filing data is available for this year.$3.43$8.86$5.42$1.14$1.35$0.21
2021Detailed filing. Detailed filing data is available for this year.$3.67$8.89$5.22$1.09$1.29$0.20
2020Detailed filing. Detailed filing data is available for this year.$3.86$8.88$5.02$1.07$1.28$0.21
2019Summary only. Only limited summary data is available for this year.$3.95$8.75$4.80$1.01$1.14$0.13
2018Summary only. Only limited summary data is available for this year.$4.08$8.76$4.68$1.01$1.06$0.05
2017Summary only. Only limited summary data is available for this year.$4.20$8.82$4.63$1.02$1.16$0.14
2016Summary only. Only limited summary data is available for this year.$4.32$8.81$4.49$1.04$1.21$0.17
2015Summary only. Only limited summary data is available for this year.$4.60$8.92$4.32$1.03$1.31$0.27
2014Summary only. Only limited summary data is available for this year.$4.77$8.81$4.04$0.99$1.23$0.24
2013Summary only. Only limited summary data is available for this year.$5.02$8.82$3.80$0.98$1.07$0.09
2012Summary only. Only limited summary data is available for this year.$5.14$8.85$3.71$0.88$1.19$0.31
2011Summary only. Only limited summary data is available for this year.$5.77$9.17$3.40$0.84$1.15$0.31
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Nov 12, 2025
Return Version
2024v5.2
Gross Receipts
$112,426
Mission and Program Overview

Mission

Providing housing for low income chronically mentally ill persons by operating a hud-assisted apartment community regulated under section 811 of the national affordable housing act of 1990.

Providing housing for low income chronically mentally ill persons by operating a hud-assiested apartment community regulated under section 811 of the national affordable housing act of 1990.

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$259,940$252,139▼ $7,801
Cash and Non-Interest-Bearing Accounts$5,150$4,184▼ $966
Accounts Receivable$2,717$871▼ $1,846
Total Assets$298,289$284,468▼ $13,821
Other Assets Total$30,482$27,274▼ $3,208
Liabilities
Other Liabilities$870,775$870,826▲ $51
Accounts Payable and Accrued Expenses$23,758$38,176▲ $14,418
Deferred Revenue$743$898▲ $155
Total Liabilities$895,276$909,900▲ $14,624
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-596,987$-625,432▼ $28,445
Total Net Assets Fund Balance$-596,987$-625,432▼ $28,445
Total Liabilities and Net Assets / Fund Balance$298,289$284,468▼ $13,821

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$180,312$639,643$819,955
Equipment$21,073$59,053$80,126
Land$50,000-$50,000
Other Land Buildings$754$26$780
Other Assets Org$22,037--
Compensation and Service Providers
Top Officer PayScore unavailable

Board Members and Trustees

NameTitle
Bob ReynoldsChair
David WhiteVice Chair
Helen WestDirector
Jacinta WilliamsDirector
Johnny MartinezDirector
Liz EggerdingDirector
Ron LaughridgeDirector
Gerri RebelloSecretary
Ralph WessingerTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$112,103
Investment Income
$323
Other Revenue
$0
Change in Net Assets
$-28,445

Audited Revenue Reconciliation

Revenue per Audited Statements
$112,426
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$0
Total Revenue per Audited Statements
$112,426
Total Revenue per Form 990
$112,426
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$106,100
Salaries, Compensation, and Employee Benefits$34,771
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Depreciation Depletion$25,752--$25,752
Other Salaries and Wages$23,990--$23,990
Occupancy$19,778--$19,778
Insurance$13,383$605-$13,988
Fees for Services Management-$11,760-$11,760
Fees for Services Accounting-$9,000-$9,000
Other Employee Benefits$7,809--$7,809
Information Technology$3,408--$3,408
Payroll Taxes$1,773--$1,773
Pension Plan Contributions$1,199--$1,199
Office Expenses$983--$983
Conferences and Meetings-$905-$905
Other Expenses$1,368$35-$35
Total Functional Expenses$118,566$22,305$0$140,871

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$140,871
Total Expenses per Audited Statements$140,871
Total Expenses per Form 990$140,871
Expenses Not Reported on Financial Statements$0
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
Capital Advance$865,600
Tenant Security Deposits$5,226
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
No
Other officer compensation reviewed
No
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

“The organization has entered into a management agreement with a management company, new day, inc of spartanburg, for day-to-day management of the apartment community as is common practice for owners/operators of hud-assisted rental communities. The management company is affiliated with the organization.”

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

“The return is prepared by a certified public accounting firm and provided to the management company for initial review and approval. After any questions and comments from the management company are addressed, the return is provided to the board of directors for final review and approval. After any questions and comments from the board of directors are addressed, the return is finalized and provided to the designated board officer for signature and filing.”

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

“Compliance is monitored at regularly scheduled meetings of the board of directors and at other times, if needed.”

Form 990, Part VI, Section C, Line 19

“Documents are maintained by the board of directors and copies are provided upon request.”

Filing and Contact Details

Filer

Filer Name
Newport Inc
EIN
57-0935516
Phone
8645827110
Address
600 JEFF DAVIS ROAD, SPARTANBURG, SC 29303

Signing Officer

Name
Ron Laughridge
Title
Chair
Phone
8646067578
Signed
2025-11-12
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ron Laughridge
Formed
1991
Legal Domicile
Sc
Voting Board Members
9
Independent Board Members
9
Employees
0
Volunteers
0

Preparer

Firm
Carter & Company Cpas LLC
Address
PO BOX 279, DESTIN, FL 32540
Preparer
Samuel T Boerma
Phone
8506500125
Supplemental Narrative

Additional Explanations

FORM 990, PART XII, LINE 2C:

“No changes in oversight process or selection process.”

Financial Statement Notes

PART X, LINE 2:

“The housing corporation is exempt from federal income taxes under section 501(c)(3) of the internal revenue code. The housing corporation has adopted accounting for uncertainty in income taxes (fasb accounting standards codification (asc) 740, income taxes). It requires that a tax position be recognized or derecognized based on a 'more-likely-than-not' threshold. This applies to positions taken or expected to be taken in a tax return. The implementation had no impact on the housing corporation's statement of financial position or statement of activities. The housing corporation does not believe its financial statements include any uncertain tax positions and that no income taxes are due for its activities. Therefore, no provision for income taxes is included in the financial statements.”

Raw XML AppendixShowing 400 of 466 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/MissionDesc0PROVIDING HOUSING FOR LOW INCOME CHRONICALLY MENTALLY ILL PERSONS BY OPERATING A HUD-ASSISTED APARTMENT COMMUNITY REGULATED UNDER SECTION 811 OF THE NATIONAL AFFORDABLE HOUSING ACT OF 1990.
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IRS990/MoreThan5000KToOrgInd00
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IRS990/PartialLiquidationInd00
IRS990/PayPremiumsPrsnlBnftCntrctInd00
IRS990/PayrollTaxesGrp/ProgramServicesAmt01773
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IRS990/PoliticalCampaignActyInd00
IRS990/PrincipalOfficerNm0RON LAUGHRIDGE
IRS990/ProfessionalFundraisingInd00
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IRS990/ReportOtherLiabilitiesInd01
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IRS990ScheduleA/InvestmentIncomePYPct00.00110
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IRS990/ScheduleBRequiredInd00
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IRS990ScheduleD/FootnoteTextInd0X
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IRS990ScheduleD/OtherAssetsOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1REPLACEMENT RESERVE
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IRS990ScheduleD/OtherLandBuildingsGrp/DepreciationAmt026
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IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0TENANT SECURITY DEPOSITS
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1CAPITAL ADVANCE
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IRS990ScheduleD/RevenueNotReportedFinclStmtAmt00
IRS990ScheduleD/RevenueSubtotalAmt0112426
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0THE HOUSING CORPORATION IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE HOUSING CORPORATION HAS ADOPTED ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES (FASB ACCOUNTING STANDARDS CODIFICATION (ASC) 740, INCOME TAXES). IT REQUIRES THAT A TAX POSITION BE RECOGNIZED OR DERECOGNIZED BASED ON A 'MORE-LIKELY-THAN-NOT' THRESHOLD. THIS APPLIES TO POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE IMPLEMENTATION HAD NO IMPACT ON THE HOUSING CORPORATION'S STATEMENT OF FINANCIAL POSITION OR STATEMENT OF ACTIVITIES. THE HOUSING CORPORATION DOES NOT BELIEVE ITS FINANCIAL STATEMENTS INCLUDE ANY UNCERTAIN TAX POSITIONS AND THAT NO INCOME TAXES ARE DUE FOR ITS ACTIVITIES. THEREFORE, NO PROVISION FOR INCOME TAXES IS INCLUDED IN THE FINANCIAL STATEMENTS.
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0PART X, LINE 2:
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IRS990ScheduleD/TotalBookValueOtherAssetsAmt027274
IRS990ScheduleD/TotalExpensesPerForm990Amt0140871
IRS990ScheduleD/TotalLiabilityAmt0870826
IRS990ScheduleD/TotalRevenuePerForm990Amt0112426
IRS990ScheduleD/TotalRevEtcAuditedFinclStmtAmt0112426
IRS990ScheduleD/TotExpnsEtcAuditedFinclStmtAmt0140871
IRS990/ScheduleJRequiredInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE ORGANIZATION HAS ENTERED INTO A MANAGEMENT AGREEMENT WITH A MANAGEMENT COMPANY, NEW DAY, INC OF SPARTANBURG, FOR DAY-TO-DAY MANAGEMENT OF THE APARTMENT COMMUNITY AS IS COMMON PRACTICE FOR OWNERS/OPERATORS OF HUD-ASSISTED RENTAL COMMUNITIES. THE MANAGEMENT COMPANY IS AFFILIATED WITH THE ORGANIZATION.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE RETURN IS PREPARED BY A CERTIFIED PUBLIC ACCOUNTING FIRM AND PROVIDED TO THE MANAGEMENT COMPANY FOR INITIAL REVIEW AND APPROVAL. AFTER ANY QUESTIONS AND COMMENTS FROM THE MANAGEMENT COMPANY ARE ADDRESSED, THE RETURN IS PROVIDED TO THE BOARD OF DIRECTORS FOR FINAL REVIEW AND APPROVAL. AFTER ANY QUESTIONS AND COMMENTS FROM THE BOARD OF DIRECTORS ARE ADDRESSED, THE RETURN IS FINALIZED AND PROVIDED TO THE DESIGNATED BOARD OFFICER FOR SIGNATURE AND FILING.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2COMPLIANCE IS MONITORED AT REGULARLY SCHEDULED MEETINGS OF THE BOARD OF DIRECTORS AND AT OTHER TIMES, IF NEEDED.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DOCUMENTS ARE MAINTAINED BY THE BOARD OF DIRECTORS AND COPIES ARE PROVIDED UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4NO CHANGES IN OVERSIGHT PROCESS OR SELECTION PROCESS.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 3
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc4FORM 990, PART XII, LINE 2C:
IRS990ScheduleR/AssetExchangeInd00
IRS990ScheduleR/AssetPurchaseFromOtherOrgInd00
IRS990ScheduleR/AssetSaleToOtherOrgInd00
IRS990ScheduleR/DivRelatedOrganizationInd00
IRS990ScheduleR/GiftGrntCapContriFromOthOrgInd00
IRS990ScheduleR/GiftGrntOrCapContriToOthOrgInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ControlledOrganizationInd00
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DirectControllingNACd0N/A
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/DisregardedEntityName/BusinessNameLine1Txt0LAURELWOOD INC OF SPARTANBURG
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/EIN0571019592
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/ExemptCodeSectionTxt0501(C)(3)
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/LegalDomicileStateCd0SC
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PrimaryActivitiesTxt0AFFORDABLE HOUSING FOR MENTALLY ILL
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/PublicCharityStatusTxt0LINE 10
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/AddressLine1Txt0275 LAURELWOOD DRIVE
IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/CityNm0BOILING SPRINGS
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IRS990ScheduleR/IdRelatedTaxExemptOrgGrp/USAddress/ZIPCd029316
IRS990ScheduleR/LoansOrGuaranteesFromOthOrgInd00
IRS990ScheduleR/LoansOrGuaranteesToOtherOrgInd00
IRS990ScheduleR/PaidEmployeesSharingInd00
IRS990ScheduleR/PerformOfServicesByOtherOrgInd00
IRS990ScheduleR/PerformOfServicesForOthOrgInd00
IRS990ScheduleR/ReceiptOfIntAnntsRntsRyltsInd00
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IRS990ScheduleR/ReimbursementPaidToOtherOrgInd00
IRS990ScheduleR/RentalOfFacilitiesToOthOrgInd00
IRS990ScheduleR/RentalOfFcltsFromOthOrgInd00
IRS990ScheduleR/SharingOfFacilitiesInd00
IRS990ScheduleR/TransferFromOtherOrgInd00
IRS990ScheduleR/TransferToOtherOrgInd00
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
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IRS990/SubjectToProxyTaxInd00
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IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
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IRS990/TotalAssetsEOYAmt0284468
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