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← UNIVERSITY OF NORTH CAROLINA SCHOOL OF THE ARTS HOUSING CORPORATION

Form 990 for tax year 2022

Filed by UNIVERSITY OF NORTH CAROLINA SCHOOL OF THE ARTS HOUSING CORPORATION.

Totals

Total revenue
$1,423,925
Total expenses
$766,350
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$1,360,006
Investment income
$52,726
Other revenue
$11,193
Total assets, end of year
$5,838,669
Total liabilities, end of year
$2,858,947
Net assets or fund balances, end of year
$2,979,722
Program services expenses (Part IX)
$766,350
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$766,350

Program services were 100.0% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: STUDENT HOUSING INCOME

    total $1,360,006 · related or exempt $1,360,006

  • 3 · Investment income

    total $52,726 · excluded $52,726

  • 11a · Other revenue: MISCELLANEOUS

    total $11,193 · related or exempt $11,193

  • 11e · Other revenue, total

    $11,193

Functional expenses

Part IX, the statement of functional expenses.

  • 11c · Fees: accounting

    total $13,707 · program services $13,707

  • 11g · Fees: other

    total $12,357 · program services $12,357

  • 13 · Office expenses

    total $70,567 · program services $70,567

  • 16 · Occupancy

    total $219,265 · program services $219,265

  • 20 · Interest

    total $65,345 · program services $65,345

  • 22 · Depreciation, depletion and amortization

    total $111,093 · program services $111,093

  • 23 · Insurance

    total $38,646 · program services $38,646

  • 24a · Other expenses: PAYROLL REIMBURSEMENT

    total $141,933 · program services $141,933

  • 24b · Other expenses: NON-OPERATING EXPENSE

    total $93,437 · program services $93,437

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,669,598 · end of year $2,096,292

  • 9 · Prepaid expenses and deferred charges

    beginning of year $24,940 · end of year $35,794

  • 10a · Land, buildings and equipment: cost or other basis

    $5,964,789

  • 10b · Land, buildings and equipment: accumulated depreciation

    $2,258,206

  • 10c · Land, buildings and equipment, net

    beginning of year $3,817,676 · end of year $3,706,583

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,436 · end of year $35,330

  • 20 · Tax-exempt bond liabilities

    beginning of year $3,176,344 · end of year $2,818,925

  • 25 · Other liabilities

    beginning of year $5,287 · end of year $4,692

  • 27 · Net assets without donor restrictions

    beginning of year $1,676,469 · end of year $2,088,139

  • 28 · Net assets with donor restrictions

    beginning of year $645,678 · end of year $891,583

Mission and programs · 2022

Mission

TO SUPPORT AND AID THE UNIVERSITY OF NORTH CAROLINA SCHOOL OF THE ARTS BY PROVIDING MODERN RESIDENCE FACILITIES FOR COLLEGE STUDENTS.

Activities or mission (Part I)

TO PROVIDE PRIVATIZED HOUSING FOR COLLEGE STUDENT ADJACENT TO UNIVERSITY SETTING.

  • PROGRAM HOUSING- TO PROVIDE PRIVATIZED HOUSING FOR COLLEGE STUDENTS ADJACENT TO UNIVERSITY SETTING.

    Expenses $766,350 · Revenue $1,371,199

As filed on the 2022 return.

Listed in Part VII

  • Michael Smith

    PRESIDENT

    Total calculated
    $232,272
    From this org
    $0
    From related orgs
    $176,346
    Other
    $55,926
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $176,346 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $44,983 related
    Nontaxable benefits
    $0 + $10,943 related
    Filer's total
    $0 + $232,272 related

  • Patrick Sims

    VICE PRESIDENT

    Total calculated
    $277,693
    From this org
    $0
    From related orgs
    $213,558
    Other
    $64,135
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $213,558 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $53,808 related
    Nontaxable benefits
    $0 + $10,327 related
    Filer's total
    $0 + $277,693 related

  • Wendy Emerson

    TREASURER

    Total calculated
    $195,050
    From this org
    $0
    From related orgs
    $149,937
    Other
    $45,113
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $149,937 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $36,802 related
    Nontaxable benefits
    $0 + $8,311 related
    Filer's total
    $0 + $195,050 related

  • David Harrison

    SECRETARY

    Total calculated
    $210,239
    From this org
    $0
    From related orgs
    $177,714
    Other
    $32,525
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $177,714 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $24,214 related
    Nontaxable benefits
    $0 + $8,311 related
    Filer's total
    $0 + $210,239 related

  • Tracey Ford

    ASSISTANT SECRETARY/ASSISTISTANT TREASURER

    Total calculated
    $181,892
    From this org
    $0
    From related orgs
    $152,046
    Other
    $29,846
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $152,046 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $20,961 related
    Nontaxable benefits
    $0 + $8,885 related
    Filer's total
    $0 + $181,892 related

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2022
Filed
13 November 2023
IRS schema version
2022v5.0
Source object
202313179349308216

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