Magnolia Housing Inc
- Assets
- $4.2m
- Revenue
- $246.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Dunn, NC
- Founding
- 05/2011
- Data as of
- 12/2021
- EIN
- 27-3600136
Organization Overview
Magnolia Housing Inc is located in Dunn, NC. The organization was established in 2011. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Magnolia Housing 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 12/2021, Magnolia Housing Inc generated $246.4k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.9% each year. All expenses for the organization totaled $352.9k during the year ending 12/2021. While expenses have increased by 3.7% per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
REDUCED RENT HOUSING FOR THE ELDERLY
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE ELDERLY AND HANDICAPPED PERSONS WITH REDUCED RENT & HOUSING SERVICES ESPECIALLY DESIGNED TO MEET THEIR PHYSICAL, SOCIAL, AND PSYCHOLOGICAL NEEDS TO PROMOTE THEIR HEALTH, SECURITY, HAPPINESS, AND USEFULNESS IN LONGER LIVING. (38 UNITS PROVIDED)
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Don G Wellons President/director | OfficerTrustee | 2 | $0 |
John H Wellons Jr Vice Pres/director | OfficerTrustee | 2 | $0 |
Shirley P Godwin Secretary/treasurer/director | OfficerTrustee | 2 | $0 |
Sylvia W Craft Director | Trustee | 2 | $0 |
Gene T Jernigan Assistant Sec./director | Trustee | 2 | $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 | $245,708 |
| Investment income | $682 |
| 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 | $246,390 |
| 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 | $57,507 |
| Pension plan accruals and contributions | $963 |
| Other employee benefits | $5,872 |
| Payroll taxes | $4,249 |
| Fees for services: Management | $24,314 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $9,015 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,393 |
| Office expenses | $3,198 |
| Information technology | $1,233 |
| Royalties | $0 |
| Occupancy | $18,453 |
| Travel | $133 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $836 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $118,838 |
| Insurance | $17,951 |
| All other expenses | $0 |
| Total functional expenses | $352,885 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,163 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $5,895 |
| 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 | $17,996 |
| Net Land, buildings, and equipment | $3,461,458 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $712,112 |
| Total assets | $4,207,624 |
| Accounts payable and accrued expenses | $15,825 |
| Grants payable | $0 |
| Deferred revenue | $2 |
| 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 | $5,270,600 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,422 |
| Total liabilities | $5,296,849 |
| Net assets without donor restrictions | -$1,089,225 |
| 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 | $4,207,624 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Arbor Acres United Methodist Retirement Community Inc Winstonsalem, NC | $155,220,604 | $40,394,713 |
Chapel Hill Residential Retirement Center Inc Chapel Hill, NC | $120,640,930 | $31,949,437 |
Carolina Village Inc Hendersonville, NC | $124,169,436 | $34,185,742 |
Galloway Ridge Inc Pittsboro, NC | $130,866,786 | $36,150,184 |
Virginia Lutheran Homes Inc Roanoke, VA | $83,707,371 | $28,580,430 |
The Glebe Inc Glen Allen, VA | $79,347,451 | $20,057,701 |
Cypress Of Charlotte Club Inc Charlotte, NC | $4,602,507 | $19,033,502 |
Lavender Mountain Senior Living Inc Mount Berry, GA | $141,195,331 | $5,176,789 |
Cypress Club Inc Hilton Head Island, SC | $31,122,152 | $20,067,120 |
Alliance Foundation Of Florida Inc Fairfax, VA | $3,980,019 | $2,209,632 |
Skidaway Health And Living Services Inc Savannah, GA | $89,340,251 | $17,567,308 |
Lake Prince Center Inc Newton, NC | $22,105,583 | $13,762,352 |