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Nonprofiteer
← SUMMERSIDE WOODS INC

Form 990 for tax year 2024

Filed by SUMMERSIDE WOODS INC.

Totals

Total revenue
$297,136
Total expenses
$380,025
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$271,508
Investment income
$0
Other revenue
$25,628
Total assets, end of year
$3,674,682
Total liabilities, end of year
$40,051
Net assets or fund balances, end of year
$3,634,631
Program services expenses (Part IX)
$265,037
Management and general expenses
$114,988
Fundraising expenses
$0
Program service expenses (Part III)
$265,037

Program services were 69.7% 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.

  • 2a · Program service revenue: Rental Income

    total $252,215 · related or exempt $252,215

  • 2b · Program service revenue: HUD Subsidy Rent

    total $19,293 · related or exempt $19,293

  • 11a · Other revenue: Property Tax Refund

    total $25,628 · excluded $25,628

  • 11e · Other revenue, total

    $25,628

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $55,890 · program services $26,100 · management and general $29,790

  • 9 · Other employee benefits

    total $2,895 · program services $2,895

  • 10 · Payroll taxes

    total $5,119 · program services $5,119

  • 11a · Fees: management

    total $29,948 · management and general $29,948

  • 11b · Fees: legal

    total $23,170 · management and general $23,170

  • 11c · Fees: accounting

    total $10,600 · management and general $10,600

  • 11g · Fees: other

    total $31,897 · program services $27,035 · management and general $4,862

  • 12 · Advertising and promotion

    total $473 · management and general $473

  • 13 · Office expenses

    total $25,665 · program services $11,595 · management and general $14,070

  • 16 · Occupancy

    total $54,192 · program services $54,192

  • 22 · Depreciation, depletion and amortization

    total $124,985 · program services $124,985

  • 23 · Insurance

    total $9,339 · program services $9,339

  • 24a · Other expenses: Elderly and Congregate

    total $3,777 · program services $3,777

  • 24b · Other expenses: Training Expenses

    total $1,663 · management and general $1,663

  • 24c · Other expenses: Miscellaneous

    total $412 · management and general $412

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,975 · end of year $7,311

  • 2 · Savings and temporary cash investments

    beginning of year $277,459 · end of year $297,410

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,473 · end of year $2,789

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

    $5,239,446

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

    $1,898,166

  • 10c · Land, buildings and equipment, net

    beginning of year $3,466,265 · end of year $3,341,280

  • 15 · Other assets

    beginning of year $22,445 · end of year $25,892

  • 17 · Accounts payable and accrued expenses

    beginning of year $40,587 · end of year $20,673

  • 25 · Other liabilities

    beginning of year $17,510 · end of year $19,378

  • 27 · Net assets without donor restrictions

    beginning of year -$1,507,258 · end of year -$1,590,147

  • 28 · Net assets with donor restrictions

    beginning of year $5,224,778 · end of year $5,224,778

Mission and programs · 2024

Mission

To provide affordable housing for the elderly.

  • Summerside Woods, Inc. is a 45 unit apartment complex organized to provide affordable housing to the elderly.

    Expenses $265,037 · Revenue $271,508

As filed on the 2024 return.

Listed in Part VII

  • Marilyn Hodges

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • Linda Brooks

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • Sandy Graham

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • Billie Kuntz

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • George Brown

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • Tim Rudd

    President

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • Donna Cann

    Treasurer/Secretary

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • Greg Traynor

    Trustee

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • Tina Sanborn

    VP

    Total calculated
    $0
    Hours/week
    1 + 6 related

  • William DeHass

    Chief Executive Officer

    Total calculated
    $157,113
    From this org
    $0
    From related orgs
    $148,596
    Other
    $8,517
    Hours/week
    1 + 46 related

    Schedule J breakdown matched by us

    Base
    $0 + $148,596 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $7,961 related
    Nontaxable benefits
    $0 + $556 related
    Filer's total
    $0 + $157,113 related

  • Angel Burton

    Chief Financial Officer

    Total calculated
    $135,704
    From this org
    $0
    From related orgs
    $128,412
    Other
    $7,292
    Hours/week
    1 + 46 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

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
2024
Filed
23 October 2025
IRS schema version
2024v5.2
Source object
202543019349302019

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