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Nonprofiteer
← ALBEMARLE OLDER ADULT HOUSING INC

Form 990 for tax year 2024

Filed by ALBEMARLE OLDER ADULT HOUSING INC.

Totals

Total revenue
$309,408
Total expenses
$340,123
Contributions and grants received
$178,367
Grants paid
$0
Program service revenue
$129,453
Investment income
-$1,296
Other revenue
$2,884
Total assets, end of year
$1,343,905
Total liabilities, end of year
$124,683
Net assets or fund balances, end of year
$1,219,222
Program services expenses (Part IX)
$291,889
Management and general expenses
$48,234
Fundraising expenses
$0
Program service expenses (Part III)
$291,889

Program services were 85.8% 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.

  • 1e · Government grants (contributions)

    $175,367

  • 1f · All other contributions, gifts and grants

    $3,000

  • 2a · Program service revenue: RENTAL REVENUE

    total $129,453 · related or exempt $129,453

  • 3 · Investment income

    total $1,529 · excluded $1,529

  • 7b · Less cost or other basis and sales expenses

    other assets $2,825

  • 7c · Gain or loss

    other assets -$2,825

  • 7d · Net gain or loss

    total -$2,825 · excluded -$2,825

  • 11a · Other revenue: LAUNDRY AND VENDING RE

    total $2,884 · related or exempt $2,884

  • 11e · Other revenue, total

    $2,884

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $24,995 · management and general $24,995

  • 11c · Fees: accounting

    total $14,376 · management and general $14,376

  • 13 · Office expenses

    total $16,305 · program services $7,442 · management and general $8,863

  • 16 · Occupancy

    total $52,418 · program services $52,418

  • 17 · Travel

    total $3,626 · program services $3,626

  • 19 · Conferences, conventions and meetings

    total $1,439 · program services $1,439

  • 22 · Depreciation, depletion and amortization

    total $73,568 · program services $73,568

  • 23 · Insurance

    total $13,426 · program services $13,426

  • 24a · Other expenses: PAYROLL REIMBURSEMENT

    total $101,706 · program services $101,706

  • 24b · Other expenses: EMPLOYEE BENEFITS REIMB

    total $34,499 · program services $34,499

  • 24c · Other expenses: MISCELLANEOUS EXPENSES

    total $2,204 · program services $2,204

  • 24d · Other expenses: DUES

    total $1,561 · program services $1,561

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,492 · end of year $19,800

  • 2 · Savings and temporary cash investments

    beginning of year $89,298 · end of year $58,657

  • 4 · Accounts receivable

    beginning of year $1,064 · end of year $897

  • 9 · Prepaid expenses and deferred charges

    beginning of year $327 · end of year $1,261

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

    $2,715,654

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

    $1,464,452

  • 10c · Land, buildings and equipment, net

    beginning of year $1,311,706 · end of year $1,251,202

  • 15 · Other assets

    beginning of year $11,320 · end of year $12,088

  • 17 · Accounts payable and accrued expenses

    beginning of year $156,950 · end of year $112,562

  • 19 · Deferred revenue

    beginning of year $0 · end of year $33

  • 25 · Other liabilities

    beginning of year $11,320 · end of year $12,088

  • 27 · Net assets without donor restrictions

    beginning of year $1,249,937 · end of year $1,219,222

Mission and programs · 2024

Mission

TO PROVIDE AFFORDABLE HOUSING TO SENIOR CITIZENS IN ALBEMARLE, NC.

Activities or mission (Part I)

TO PROVIDE AFFORDABLE HOUSING TO SENIOR CITIZENS IN ALBEMARLE, NORTH CAROLINA.

  • THE ORGANIZATION OPERATES A 34-UNIT APARTMENT COMPLEX FOR THE ELDERLY IN ALBEMARLE, NC UNDER SECTION 202 OF THE NATIONAL HOUSING ACT.

    Expenses $291,889 · Revenue $132,337

As filed on the 2024 return.

Listed in Part VII

  • CORY TOBIN

    CHAIR

    Total calculated
    $0
    Hours/week
    0.25 + 0.75 related

  • JESSE CLANTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25 + 0.75 related

  • TERESA COOPER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25 + 0.75 related

  • LARRY COVINGTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25 + 0.75 related

  • WALTER HOFFMAN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25 + 0.75 related

  • DORA IRVING-JONES

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25 + 0.75 related

  • MICHELLE POOLER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25 + 0.75 related

  • VICTOR TAYLOR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25 + 0.75 related

  • LISA WARD

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.25 + 0.75 related

  • LEE SYRIA

    PRESIDENT/CEO

    Total calculated
    $602,457
    From this org
    $0
    From related orgs
    $553,900
    Other
    $48,557
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $553,900 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $43,933 related
    Nontaxable benefits
    $0 + $4,624 related
    Filer's total
    $0 + $602,457 related

  • JEANNETTE BRECKENRIDGE

    DIRECTOR OF HOUSING SERVICES

    Total calculated
    $180,920
    From this org
    $0
    From related orgs
    $164,587
    Other
    $16,333
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $164,587 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $15,784 related
    Nontaxable benefits
    $0 + $549 related
    Filer's total
    $0 + $180,920 related

  • TAMMY JONES

    CFO

    Total calculated
    $325,763
    From this org
    $0
    From related orgs
    $278,696
    Other
    $47,067
    Hours/week
    0.25 + 39.75 related

    Schedule J breakdown matched by us

    Base
    $0 + $278,696 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $36,227 related
    Nontaxable benefits
    $0 + $10,840 related
    Filer's total
    $0 + $325,763 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

The filer's explanations (Part III)

PART I, LINE 3
OFFICERS ARE EMPLOYED BY EVERYAGE, A RELATED EXEMPT ORGANIZATION. CEMO WAGE SURVEY IS CONDUCTED BY EVERYAGE, AND THEIR INDEPENDENT CONSULTANT, CLIFTONLARSONALLEN DOES AN ANNUAL REVIEW OF THE CEO AND SENIOR LEADERSHIP SALARIES WHICH IS REPORTED TO THE BOARD OF DIRECTORS.

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.

  • EVERYAGE

    501(C)(3) · CONTINUING CARE RETIREMENT COMMUNITY · NC

  • STATESVILLE ELDERLY HOUSING INC

    501(C)(3) · APARTMENT FACILITY FOR THE ELDERLY · NC

    Directly controlled by EVERYAGE

  • CAROLINA SENIOR LIVING

    501(C)(3) · APARTMENT FACILITY FOR THE ELDERLY · NC

    Directly controlled by EVERYAGE

  • EVERYAGE FOUNDATION

    501(C)(3) · FUND AND SUPPORT THE OPERATIONS AND PROGRAMS OF EVERYAGE · NC

    Directly controlled by EVERYAGE

  • EA HOLDING

    501(C)(3) · SUPPORT THE OPERATIONS AND PROGRAMS OF EVERYAGE · NC

    Directly controlled by EVERYAGE

  • LAKE PRINCE CENTER

    501(C)(3) · CONTINUING CARE RETIREMENT COMMUNITY · NC

    Directly controlled by EVERYAGE

  • ELDERHAUS

    501(C)(3) · PROGRAM OF DAY CARE AND HEALTH SERVICES FOR THE ELDERLY · NC

    Directly controlled by CAROLINA SENIORCARE

  • CAROLINA SENIORCARE

    501(C)(3) · PROGRAM OF ALL-INCLUSIVE CARE FOR THE ELDERLY · NC

    Directly controlled by EVERYAGE

  • NEW BERN OLDER ADULT HOUSING

    501(C)(3) · APARTMENT FACILITY FOR THE ELDERLY · NC

    Directly controlled by EVERYAGE

Provenance

Return type
form_990
Tax year
2024
IRS schema version
2024v5.5
Source object
202622249349301542

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