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Nonprofiteer
← SOMERSET COURT APARTMENTS INC

Form 990 for tax year 2022

Filed by SOMERSET COURT APARTMENTS INC.

Totals

Total revenue
$299,603
Total expenses
$340,396
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$299,406
Investment income
$197
Other revenue
$0
Total assets, end of year
$794,315
Total liabilities, end of year
$1,160,692
Net assets or fund balances, end of year
-$366,377
Program services expenses (Part IX)
$340,396
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$340,396

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: RENTAL INCOME

    total $299,406 · related or exempt $299,406

  • 3 · Investment income

    total $197 · excluded $197

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $54,782 · program services $54,782

  • 9 · Other employee benefits

    total $12,856 · program services $12,856

  • 10 · Payroll taxes

    total $4,086 · program services $4,086

  • 11a · Fees: management

    total $21,847 · program services $21,847

  • 11b · Fees: legal

    total $2,512 · program services $2,512

  • 11c · Fees: accounting

    total $5,710 · program services $5,710

  • 12 · Advertising and promotion

    total $323 · program services $323

  • 13 · Office expenses

    total $5,475 · program services $5,475

  • 20 · Interest

    total $15,128 · program services $15,128

  • 22 · Depreciation, depletion and amortization

    total $91,095 · program services $91,095

  • 23 · Insurance

    total $12,643 · program services $12,643

  • 24a · Other expenses: OPERATING & MAINTENANCE

    total $93,348 · program services $93,348

  • 24b · Other expenses: UTILITIES

    total $9,990 · program services $9,990

  • 24c · Other expenses: ADMINISTRATIVE

    total $9,789 · program services $9,789

  • 24d · Other expenses: FINANCIAL

    total $496 · program services $496

  • 24e · All other expenses

    total $316 · program services $316

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $26,517 · end of year $17,462

  • 4 · Accounts receivable

    beginning of year $3,776 · end of year $3,129

  • 9 · Prepaid expenses and deferred charges

    beginning of year $6,028 · end of year $6,074

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

    $2,853,716

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

    $2,242,307

  • 10c · Land, buildings and equipment, net

    beginning of year $669,287 · end of year $611,409

  • 15 · Other assets

    beginning of year $166,869 · end of year $156,241

  • 17 · Accounts payable and accrued expenses

    beginning of year $5,821 · end of year $8,521

  • 19 · Deferred revenue

    beginning of year $12,125 · end of year $2,302

  • 23 · Secured mortgages and notes payable

    beginning of year $883,556 · end of year $853,110

  • 25 · Other liabilities

    beginning of year $296,559 · end of year $296,759

  • 27 · Net assets without donor restrictions

    beginning of year -$325,584 · end of year -$366,377

Mission and programs · 2022

Mission

LOW INCOME HOUSING

  • OPERATED A 48 UNIT APARTMENT COMPLEX LOCATED IN WILSON, NORTH CAROLINA.

    Expenses $340,396 · Revenue $299,406

As filed on the 2022 return.

Listed in Part VII

  • JANAKA CASPER

    CHIEF EXECUTIVE OFFICER

    Total calculated
    $616,715
    From this org
    $0
    From related orgs
    $555,107
    Other
    $61,608
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $437,771 related
    Bonus
    $0 + $114,662 related
    Other
    $0 + $2,674 related
    Deferred
    $0 + $43,713 related
    Nontaxable benefits
    $0 + $17,895 related
    Filer's total
    $0 + $616,715 related

  • ANDY HALL

    CHIEF OPERATIONS OFFICER

    Total calculated
    $368,769
    From this org
    $0
    From related orgs
    $333,052
    Other
    $35,717
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $273,360 related
    Bonus
    $0 + $58,700 related
    Other
    $0 + $992 related
    Deferred
    $0 + $34,405 related
    Nontaxable benefits
    $0 + $1,312 related
    Filer's total
    $0 + $368,769 related

  • JEFFREY K REED

    PRESIDENT

    Total calculated
    $462,674
    From this org
    $0
    From related orgs
    $405,876
    Other
    $56,798
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $326,069 related
    Bonus
    $0 + $78,815 related
    Other
    $0 + $992 related
    Deferred
    $0 + $37,927 related
    Nontaxable benefits
    $0 + $18,871 related
    Filer's total
    $0 + $462,674 related

  • LANCE SUTHERLAND

    CFO/TREASURER

    Total calculated
    $291,633
    From this org
    $0
    From related orgs
    $237,553
    Other
    $54,080
    Hours/week
    1 + 40 related

    Schedule J breakdown matched by us

    Base
    $0 + $197,383 related
    Bonus
    $0 + $40,005 related
    Other
    $0 + $165 related
    Deferred
    $0 + $30,605 related
    Nontaxable benefits
    $0 + $23,475 related
    Filer's total
    $0 + $291,633 related

  • JOHN RANDOLPH

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • SUSAN SISK

    PAST CHAIRMAN

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • FREDDY PAIGE

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • ANA CASTILLA

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • CHARLES FAMULINER

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • RACQUEL REDDIE

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • DEBORAH SHERMAN-LEE

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • SHAWN MCMAHON

    MEMBER

    Total calculated
    $0
    Hours/week
    1 + 1 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
COMMUNITY HOUSING PARTNERS CORPORATION'S BOARD COLLECTS INDEPENDENT DATA ON COMPENSATION FROM OTHER LIKE ORGANIZATIONS AND APPROVES COMPENSATION FOR THE CEO, CFO, COO, AND VICE-PRESIDENTS.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2022
Filed
2 November 2023
IRS schema version
2022v5.0
Source object
202303189349301030

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