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← WATERSIDE HOMES INC

Form 990 for tax year 2023

Filed by WATERSIDE HOMES INC.

Totals

Total revenue
$59,964
Total expenses
$105,836
Contributions and grants received
$32,280
Grants paid
$0
Program service revenue
$27,444
Investment income
$240
Other revenue
$0
Total assets, end of year
$1,582,432
Total liabilities, end of year
$2,000,253
Net assets or fund balances, end of year
-$417,821
Program services expenses (Part IX)
$74,843
Management and general expenses
$30,993
Fundraising expenses
$0
Program service expenses (Part III)
$74,843

Program services were 70.7% 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)

    $32,280

  • 2a · Program service revenue: RENTAL INCOME

    total $27,444 · related or exempt $27,444

  • 3 · Investment income

    total $240 · excluded $240

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $5,478 · management and general $5,478

  • 11c · Fees: accounting

    total $24,060 · management and general $24,060

  • 11g · Fees: other

    total $12,708 · program services $12,708

  • 13 · Office expenses

    total $770 · management and general $770

  • 16 · Occupancy

    total $24,576 · program services $24,576

  • 22 · Depreciation, depletion and amortization

    total $37,559 · program services $37,559

  • 24a · Other expenses: OTHER ADMIN EXPENSES

    total $685 · management and general $685

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $4,525 · end of year $5,227

  • 2 · Savings and temporary cash investments

    beginning of year $171,619 · end of year $157,926

  • 3 · Pledges and grants receivable

    beginning of year $21,631 · end of year $53,911

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

    $1,919,611

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

    $557,729

  • 10c · Land, buildings and equipment, net

    beginning of year $1,399,441 · end of year $1,361,882

  • 15 · Other assets

    beginning of year $3,481 · end of year $3,486

  • 17 · Accounts payable and accrued expenses

    beginning of year $85,030 · end of year $109,211

  • 19 · Deferred revenue

    beginning of year $0 · end of year $3,426

  • 21 · Escrow or custodial account liability

    beginning of year $2,767 · end of year $2,767

  • 23 · Secured mortgages and notes payable

    beginning of year $1,884,849 · end of year $1,884,849

  • 27 · Net assets without donor restrictions

    beginning of year -$379,540 · end of year -$425,412

  • 28 · Net assets with donor restrictions

    beginning of year $7,591 · end of year $7,591

Mission and programs · 2023

Mission

TO PROVIDE AFFORDABLE HOUSING TO THE CHRONICALLY MENTALLY DISABLED UNDER SECTION 811 OF THE NATIONAL AFFORDABLE HOUSING ACT.

  • WATERSIDE HOMES, INC. IS A MARYLAND CORPORATION ORGANIZED IN NOVEMBER 2006 FOR THE PURPOSE OF ACQUIRING, DEVELOPING AND OPERATING HOUSING AND RELATED FACILITIES FOR PERSONS WHO SUFFER FROM CHRONIC MENTAL ILLNESS. IT CONSISTS OF 11 UNITS LOCATED IN MONTGOMERY COUNTY, MARYLAND. THE ENTITY RECEIVES ASSISTANCE UNDER PROVISIONS OF SECTION 811 OF THE NATIONAL AFFORDABLE HOUSING ACT. SUCH PROJECTS ARE REGULATED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT AS TO RENT CHARGES AND OPERATING METHODS.

    Expenses $74,843 · Revenue $27,444

As filed on the 2023 return.

Listed in Part VII

  • Cari Guthrie Cho

    PRESIDENT/BOARD CHAIR

    Total calculated
    $0
    Hours/week
    0.1 + 0.3 related

  • Chris Sintetos

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0.1 + 0.3 related

  • Stanley Estremsky

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    0.1 + 0.3 related

  • Jim Audas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 0.3 related

  • Rebecca Monzi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.1 + 0.3 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.

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.

  • ST LUKES HOMES INC

    501(C)(3) · PROVIDING AFFORDABLE HOUSING TO PERSONS WITH SERIOUS MENTAL ILLNESS · MD

  • SECOND STEP INC

    501(C)(3) · PROVIDING AFFORDABLE HOUSING TO PERSONS WITH SERIOUS MENTAL ILLNESS · MD

  • SECOND STEP II INC

    501(C)(3) · PROVIDING AFFORDABLE HOUSING TO PERSONS WITH SERIOUS MENTAL ILLNESS · MD

Provenance

Return type
form_990
Tax year
2023
Filed
20 February 2025
IRS schema version
2023v6.0
Source object
202500519349301750

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