Shoals Presbyterian Apartments Inc
- Assets
- $2.3m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Florence, AL
- Founding
- 07/1980
- Data as of
- 06/2022
- EIN
- 63-0790359
Organization Overview
Shoals Presbyterian Apartments Inc is located in Florence, AL. The organization was established in 1980. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Shoals Presbyterian Apartments Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Shoals Presbyterian Apartments Inc generated $1.2m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $1.1m during the year ending 06/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE LOW-INCOME HOUSING
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE LOW-INCOME HOUSING (100 1 BR APARTMENTS) UNDER SECTION 202 OF THE NATIONAL HOUSING ACT AS AMENDED AND REGULATED BY HUD. THE BEAUTY SHOP AND LAUNDRY ARE A CONVENIENCE TO THE TENANTS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah Harper Director | Trustee | 0 | $0 |
Alonda Crosslin Director | Trustee | 0 | $0 |
John Harris Director | Trustee | 0 | $0 |
Brandon Miles Director | Trustee | 0 | $0 |
Lenore Favenesi Director | Trustee | 0 | $0 |
Martha Winter Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $1,193,404 |
| Investment income | $205 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,193,609 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $257,831 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,225 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $10,149 |
| Office expenses | $31,799 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $156,412 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $80,580 |
| Insurance | $41,109 |
| All other expenses | $0 |
| Total functional expenses | $1,109,814 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,333 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $43,722 |
| Net Land, buildings, and equipment | $1,459,539 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $806,868 |
| Total assets | $2,315,462 |
| Accounts payable and accrued expenses | $46,730 |
| Grants payable | $0 |
| Deferred revenue | $1,199 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $3,846,612 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $32,126 |
| Total liabilities | $3,926,667 |
| Net assets without donor restrictions | -$1,611,205 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $2,315,462 |
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