Victory Court Inc
- Assets
- $12.3m
- Revenue
- $797.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Rockville, MD
- Founding
- 03/1946
- Data as of
- 12/2023
- EIN
- 45-2954541
Organization Overview
Victory Court Inc is located in Rockville, MD. The organization was established in 1946. According to its NTEE Classification (B28) the organization is classified as: Special Education, under the broad grouping of Education and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Victory Court 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, Victory Court Inc generated $797.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (7.0%) each year. All expenses for the organization totaled $933.5k during the year ending 12/2023. As we would expect to see with falling revenues, expenses have declined by (7.2%) per year over the past 8 years. 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
AFFORDABLE HOUSING AND SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
86 RENTAL APARTMENT UNITS PROVIDING AFFORDABLE HOUSING AND RELATED SOCIAL SERVICES TO MIXED-INCOME INDEPENDENT SENIOR CITIZENS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Leila A Finucane President & CEO | Officer | 1 | $0 |
Michelle M Limeres Treasurer | Officer | 1 | $0 |
Jeffrey Blackwell Asst Secretary | Officer | 1 | $0 |
Jacqueline R Smedley Vice President | Officer | 1 | $0 |
Sarah Orielly Secretary | Officer | 1 | $0 |
Donald Tomasso Director | Trustee | 0.5 | $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 | $792,135 |
| Investment income | $5,691 |
| 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 | $797,826 |
| 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 | $55,994 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $25,306 |
| Payroll taxes | $8,492 |
| Fees for services: Management | $27,888 |
| Fees for services: Legal | $78 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $113,475 |
| Advertising and promotion | $15,350 |
| Office expenses | $10,220 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $118 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $201,193 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $250,741 |
| Insurance | $0 |
| All other expenses | $34,819 |
| Total functional expenses | $933,468 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $182,898 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,420 |
| 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 | $13,031 |
| Net Land, buildings, and equipment | $11,591,876 |
| Investments—publicly traded securities | $177,090 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $327,761 |
| Total assets | $12,308,076 |
| Accounts payable and accrued expenses | $52,037 |
| Grants payable | $0 |
| Deferred revenue | $4,748 |
| 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 | $8,685,710 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $38,892 |
| Total liabilities | $8,781,387 |
| Net assets without donor restrictions | $3,526,689 |
| 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 | $12,308,076 |