Residential Options Inc
- Assets
- $1.2m
- Revenue
- $137.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Norfolk, VA
- Founding
- 04/1992
- Data as of
- 12/2022
- 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 12/2022, Residential Options Inc generated $137.4k in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (1.7%) each year. All expenses for the organization totaled $195.6k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.2%) 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
2022
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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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ronald Jackson President | OfficerTrustee | 0.5 | $0 |
Virginia Mack Sec/treas | OfficerTrustee | 0.3 | $0 |
Donna Mills Vice President | OfficerTrustee | 0.3 | $0 |
Gary Hammond Board Member | OfficerTrustee | 0.3 | $0 |
Lou Anne Templeton Board Member | OfficerTrustee | 0.3 | $0 |
Thomas Weaver 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 | $137,353 |
| Investment income | $3 |
| 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 | $137,356 |
| 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 | $8,553 |
| Pension plan accruals and contributions | $1,495 |
| Other employee benefits | $1,267 |
| Payroll taxes | $1,203 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $237 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,525 |
| Advertising and promotion | $0 |
| Office expenses | $889 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $40 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $11,879 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,435 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $195,613 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $157,285 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $18,359 |
| 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 | $0 |
| Net Land, buildings, and equipment | $966,294 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $5,177 |
| Other assets | $90,287 |
| Total assets | $1,237,402 |
| Accounts payable and accrued expenses | $496,944 |
| 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 | $522,347 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,019,291 |
| 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 | $218,111 |
| Total liabilities and net assets/fund balances | $1,237,402 |