Presbyterian Apartments Inc
- Assets
- $2.5m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 14
- Location
- Huntsville, AL
- Founding
- 10/1972
- Data as of
- 12/2023
- EIN
- 23-7239523
Organization Overview
Presbyterian Apartments Inc is located in Huntsville, AL. The organization was established in 1972. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Presbyterian Apartments Inc employed 14 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. 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 12/2023, Presbyterian Apartments Inc generated $1.7m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $1.7m during the year ending 12/2023. While expenses have increased by 4.5% per year over the past 9 years. They've been increasing with an increasing level of total revenue. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HOUSING FOR LOW INCOME AND ELDERLY PERSONS
Describe the Organization's Program Activity:
Part 3 - Line 4a
REVENUES AND RELATED EXPENSES FOR ELDERLY HOUSING
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cindy Baier President | OfficerTrustee | $0 | |
Bob Coats Board Member | OfficerTrustee | $0 | |
Tom Erwin Board Member | Trustee | $0 | |
David Galloway Board Member | Trustee | $0 | |
Kenneth King Treasurer | OfficerTrustee | $0 | |
Richard Tingle Board Member | Trustee | $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 | $1,678,740 |
| Investment income | $217 |
| 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 | $1,717,567 |
| 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 | $445,388 |
| Pension plan accruals and contributions | $9,918 |
| Other employee benefits | $27,634 |
| Payroll taxes | $35,154 |
| Fees for services: Management | $110,738 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $7,522 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $9,615 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $363,585 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $80,849 |
| Insurance | $0 |
| All other expenses | $13,640 |
| Total functional expenses | $1,687,039 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $78,058 |
| 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 | $179,646 |
| Net Land, buildings, and equipment | $1,300,314 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $934,395 |
| Total assets | $2,492,413 |
| Accounts payable and accrued expenses | $61,870 |
| Grants payable | $0 |
| Deferred revenue | $15,792 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $62,864 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $140,526 |
| Net assets without donor restrictions | $0 |
| 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 | $2,351,887 |
| Total liabilities and net assets/fund balances | $2,492,413 |