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← WESLEY APARTMENTS-A METHODIST HOME FOR THE AGING INC

Form 990 for tax year 2023

Filed by WESLEY APARTMENTS-A METHODIST HOME FOR THE AGING INC.

Totals

Total revenue
$832,420
Total expenses
$744,689
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$804,355
Investment income
$293
Other revenue
$27,772
Total assets, end of year
$1,873,590
Total liabilities, end of year
$3,082,444
Net assets or fund balances, end of year
-$1,208,854
Program services expenses (Part IX)
$686,665
Management and general expenses
$58,024
Fundraising expenses
$0
Program service expenses (Part III)
$686,665

Program services were 92.2% 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: TENANT ASSISTANCE PAYM

    total $551,561 · related or exempt $551,561

  • 2b · Program service revenue: RENT INCOME-GROSS POTE

    total $282,938 · related or exempt $282,938

  • 2c · Program service revenue: TENANT CHARGES

    total $4,047 · related or exempt $4,047

  • 2d · Program service revenue: MISC. RENT REVENUE

    total $670 · related or exempt $670

  • 2e · Program service revenue: VACANCY LOSSES

    total -$34,861 · related or exempt -$34,861

  • 3 · Investment income

    total $293 · excluded $293

  • 11a · Other revenue: OTHER ELDERY CARE & RE

    total $24,746 · related or exempt $24,746

  • 11b · Other revenue: LAUNDRY & VENDING INCO

    total $3,026 · related or exempt $3,026

  • 11e · Other revenue, total

    $27,772

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $116,658 · program services $116,658

  • 9 · Other employee benefits

    total $15,563 · program services $15,563

  • 10 · Payroll taxes

    total $8,550 · program services $8,550

  • 11a · Fees: management

    total $39,204 · management and general $39,204

  • 11b · Fees: legal

    total $1,033 · management and general $1,033

  • 11c · Fees: accounting

    total $17,787 · management and general $17,787

  • 12 · Advertising and promotion

    total $28 · program services $28

  • 13 · Office expenses

    total $4,865 · program services $4,865

  • 16 · Occupancy

    total $225,667 · program services $225,667

  • 20 · Interest

    total $103,709 · program services $103,709

  • 22 · Depreciation, depletion and amortization

    total $121,971 · program services $121,971

  • 23 · Insurance

    total $47,338 · program services $47,338

  • 24a · Other expenses: OPERATING/MAINTENANCE E

    total $25,928 · program services $25,928

  • 24b · Other expenses: FINANCIAL FEES

    total $14,585 · program services $14,585

  • 24c · Other expenses: OTHER EXPENSES

    total $1,803 · program services $1,803

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $153,440 · end of year $244,711

  • 4 · Accounts receivable

    beginning of year $10,013 · end of year $12,110

  • 9 · Prepaid expenses and deferred charges

    beginning of year $39,410 · end of year $40,665

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

    $4,299,698

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

    $3,056,879

  • 10c · Land, buildings and equipment, net

    beginning of year $1,299,600 · end of year $1,242,819

  • 15 · Other assets

    beginning of year $234,764 · end of year $333,285

  • 17 · Accounts payable and accrued expenses

    beginning of year $114,792 · end of year $66,964

  • 23 · Secured mortgages and notes payable

    beginning of year $2,281,211 · end of year $2,364,664

  • 25 · Other liabilities

    beginning of year $637,808 · end of year $650,816

  • 27 · Net assets without donor restrictions

    beginning of year -$1,296,584 · end of year -$1,208,854

Mission and programs · 2023

Mission

PROVIDE SUBSIDIZED HOUSING FOR THE ELDERLY.

  • HOUSING PROVIDED FOR ELDERLY AND ECONOMICALLY DISADVANTAGED. PROJECT FINANCING WAS WITH HUD SECTION 8 AND 207 FUNDS.

    Expenses $686,665 · Revenue $832,127

As filed on the 2023 return.

Listed in Part VII

  • Maudine Holloway

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0

  • James W Steele

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0

  • Samuel L Williamson

    SECRETARY

    Total calculated
    $0
    Hours/week
    0

  • Christopher W Tomlin

    PRESIDENT & CEO

    Total calculated
    $417,254
    From this org
    $0
    From related orgs
    $417,254
    Other
    $0
    Hours/week
    1 + 50 related

    Schedule J breakdown matched by us

    Base
    $0 + $417,254 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $417,254 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

  • 3 · Compensation committee
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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:
COMPENSATION PROCESS FOR TOP OFFICIALS- THE FINANCE COMMITTEE OF THE BOARD OF THE METHODIST HOME FOR THE AGING SHALL SET COMPENSATION FOR THE EXECUTIVE STAFF. THE EXECUTIVE STAFF SHALL RECOMMEND COMPENSATION FOR KEY EMPLOYEES AND STAFF AT ALL THE FACILITIES. THE RECOMMENDATIONS ARE REVIEWED, APPROVED OR MODIFIED BY THE FINANCE COMMITTEE. WELSLEY APARTMENT OFFICERS ARE NOT COMPENSATED. PART I, LINE 4B: CHRISTOPHER TOMLIN $22,500 IN NONQUALIFIED BENEFIT

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
2023
Filed
15 May 2025
IRS schema version
2023v6.0
Source object
202531359349312873

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