Residential Options Inc
- Assets
- $1.1m
- Revenue
- $220.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Norfolk, VA
- Founding
- 04/1992
- Data as of
- 12/2021
- EIN
- 54-1614700
Organization Overview
Residential Options Inc is located in Norfolk, VA. The organization was established in 1992. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Residential Options 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, Residential Options Inc generated $220.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.0% each year. All expenses for the organization totaled $200.6k during the year ending 12/2021. While expenses have increased by 0.1% 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
TO PROVIDE HOUSING FOR THE MENTALLY DISADVANTAGED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RESIDENTIAL OPTIONS, INC., A VIRGINIA NON-PROFIT CORPORATION WAS ORGANIZED IN 1992 TO OPERATE APARTMENTS FOR MENTALLY DISADVANTAGED CONSUMERS WHO ARE SUPERVISED BY THE NORFOLK COMM SERVICE BD.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald Jackson President | OfficerTrustee | 0.5 | $0 |
Virginia Mack Sec/treas | OfficerTrustee | 0.3 | $0 |
Lou Anne Templeton Board Member | OfficerTrustee | 0.3 | $0 |
Thomas Weaver Board Member | OfficerTrustee | 0.3 | $0 |
Gary Hammond Board Member | OfficerTrustee | 0.3 | $0 |
Bruce Holbrook Board Member | OfficerTrustee | 0.3 | $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 | $220,170 |
| Investment income | $120 |
| 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 | $220,290 |
| 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 | $9,251 |
| Pension plan accruals and contributions | $715 |
| Other employee benefits | $1,156 |
| Payroll taxes | $1,731 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,986 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $4,204 |
| Advertising and promotion | $0 |
| Office expenses | $1,318 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $322 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $12,420 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $28,445 |
| Insurance | $1,868 |
| All other expenses | $0 |
| Total functional expenses | $200,632 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $26,748 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $16,347 |
| 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 | $9,431 |
| Net Land, buildings, and equipment | $993,729 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $5,633 |
| Other assets | $97,033 |
| Total assets | $1,148,921 |
| Accounts payable and accrued expenses | $316,478 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $552,703 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $869,181 |
| 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 | $279,740 |
| Total liabilities and net assets/fund balances | $1,148,921 |
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