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Nonprofiteer
← MCDOWELL HOUSING CORPORATION

Form 990 for tax year 2024

Filed by MCDOWELL HOUSING CORPORATION.

Totals

Total revenue
$611,186
Total expenses
$604,934
Contributions and grants received
$411,536
Grants paid
$0
Program service revenue
$189,290
Investment income
$273
Other revenue
$10,087
Total assets, end of year
$1,063,931
Total liabilities, end of year
$1,379,374
Net assets or fund balances, end of year
-$315,443
Program services expenses (Part IX)
$485,919
Management and general expenses
$119,015
Fundraising expenses
$0
Program service expenses (Part III)
$485,919

Program services were 80.3% 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)

    $411,536

  • 2a · Program service revenue: RENTAL INCOME

    total $189,290 · related or exempt $189,290

  • 3 · Investment income

    total $273 · excluded $273

  • 11a · Other revenue: TENANT CHARGES

    total $8,801 · excluded $8,801

  • 11b · Other revenue: LAUNDRY & VENDING

    total $1,286 · excluded $1,286

  • 11e · Other revenue, total

    $10,087

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $39,231 · management and general $39,231

  • 11c · Fees: accounting

    total $6,500 · management and general $6,500

  • 13 · Office expenses

    total $28,046 · management and general $28,046

  • 16 · Occupancy

    total $283,734 · program services $283,734

  • 19 · Conferences, conventions and meetings

    total $1,325 · management and general $1,325

  • 20 · Interest

    total $54,540 · program services $54,540

  • 22 · Depreciation, depletion and amortization

    total $42,598 · program services $42,598

  • 23 · Insurance

    total $33,639 · program services $33,639

  • 24a · Other expenses: MANAGEMENT CO EMPLOYEE

    total $67,310 · program services $23,397 · management and general $43,913

  • 24b · Other expenses: SERVICE COORDINATOR CON

    total $48,011 · program services $48,011

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $11,081 · end of year $15,363

  • 4 · Accounts receivable

    beginning of year $4,546 · end of year $5,147

  • 9 · Prepaid expenses and deferred charges

    beginning of year $83,710 · end of year $9,583

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

    $2,868,583

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

    $2,343,616

  • 10c · Land, buildings and equipment, net

    beginning of year $537,192 · end of year $524,967

  • 13 · Investments: program-related

    beginning of year $356,179 · end of year $424,122

  • 14 · Intangible assets

    beginning of year $67,084 · end of year $63,529

  • 15 · Other assets

    beginning of year $19,389 · end of year $21,220

  • 17 · Accounts payable and accrued expenses

    beginning of year $7,508 · end of year $28,004

  • 19 · Deferred revenue

    beginning of year $326 · end of year $1,008

  • 23 · Secured mortgages and notes payable

    beginning of year $1,288,346 · end of year $1,243,364

  • 25 · Other liabilities

    beginning of year $104,696 · end of year $106,998

  • 27 · Net assets without donor restrictions

    beginning of year -$321,695 · end of year -$315,443

Mission and programs · 2024

Mission

TO PROVIDE LOW INCOME HOUSING TO FAMILIES AND INDIVIDUALS IN MARION, NORTH CAROLINA.

  • MCDOWELL HOUSING CORPORATION, A NORTH CAROLINA NOTFORPROFIT CORPORATION, WAS ORGANIZED TO CONSTRUCT, OWN AND OPERATE A 60UNIT APARTMENT COMMUNITY IN MARION, NORTH CAROLINA, KNOWN AS BLUE RIDGE TERRACE APARTMENTS, PURSUANT TO SECTION 223(F) OF THE NATIONAL HOUSING ACT AS AMENDED. THE CORPORATION HAS ENTERED INTO THE STANDARD FHA REGULATORY AGREEMENTS GOVERNING THE OPERATION OF THE COMMUNITY WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. A HOUSING ASSISTANCE PAYMENT CONTRACT (HAP) PROVIDES RENT FOR LOW INCOME FAMILIES (OR PERSONS) AS PROVIDED BY THE SECTION 8 PROGRAM OF THE NATIONAL HOUSING ACT.

    Expenses $485,919 · Revenue $189,290

As filed on the 2024 return.

Listed in Part VII

  • Larry Ramsey

    PRESIDENT

    Total calculated
    $0
    Hours/week
    0

  • Allen McKinney

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    0

  • James Washburn

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    0

  • Larry Byrd

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Jane Woodard

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • Doug Johnson

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

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.

Provenance

Return type
form_990
Tax year
2024
Filed
17 June 2025
IRS schema version
2024v5.1
Source object
202521689349300247

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