Sandy Run Missionary Baptist Church Apartment 1 Inc
- Assets
- $6.3m
- Revenue
- $2.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Jacksonville, NC
- Founding
- 10/1974
- Data as of
- 07/2023
- EIN
- 56-1053910
Organization Overview
Sandy Run Missionary Baptist Church Apartment 1 Inc is located in Jacksonville, NC. The organization was established in 1974. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, 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. Sandy Run Missionary Baptist Church Apartment 1 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 07/2023, Sandy Run Missionary Baptist Church Apartment 1 Inc generated $2.0m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $1.6m during the year ending 07/2023. While expenses have increased by 1.4% per year over the past 8 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
SANDY RUN MISSIONARY BAPTIST CHURCH APARTMENTS I, INC. IS A NOT-FOR-PROFIT CORPORATION FORMED IN ACCORDANCE WITH THE NOT-FOR-PROFIT STATUTES OF THE STATE OF NORTH CAROLINA. THE CORPORATION WAS FORMED FOR THE PURPOSE OF REHABILITATING AND OPERATING A 152 UNIT COMMUNITY KNOWN AS SANDY RUN APARTMENTS IN JACKSONVILLE, NORTH CAROLINA, WHICH PROVIDES HOUSING FOR INDIVIDUALS WITH LOW AND MODERATE INCOME, PURSUANT TO SECTION 221(D)(3) OF THE NATIONAL HOUSING ACT, AS AMENDED. THE COMMUNITY IS FINANCED UNDER SECTION 221(D)(3) OF THE NATIONAL HOUSING ACT, AS AMENDED. THE CORPORATION HAS ENTERED INTO A REGULATORY AGREEMENT GOVERNING THE OPERATION OF THE COMMUNITY WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. THE CORPORATION LEASES APARTMENT UNITS TO LOW INCOME FAMILIES (OR PERSONS) IN THE NORMAL COURSE OF BUSINESS. THE CORPORATION HAS ALSO ENTERED INTO A HOUSING ASSISTANCE PAYMENT CONTRACT WITH HUD. THE CONTRACT IS A SECTION 8 RENT ASSISTANCE PROGRAM FOR LOW INCOME FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
SANDY RUN MISSIONARY BAPTIST CHURCH APARTMENTS I, INC. (THE CORPORATION) IS A NOT-FOR-PROFIT CORPORATION FORMED IN ACCORDANCE WITH THE NOT-FOR-PROFIT STATUTES OF THE STATE OF NORTH CAROLINA. THE CORPORATION WAS FORMED FOR THE PURPOSE OF REHABILITATING AND OPERATING A 152 UNIT COMMUNITY KNOWN AS SANDY RUN APARTMENTS LOCATED IN JACKSONVILLE, NORTH CAROLINA, WHICH PROVIDES HOUSING FOR INDIVIDUALS WITH LOW AND MODERATE INCOME, PURSUANT TO SECTION 221(D)(3) OF THE NATIONAL HOUSING ACT, AS AMENDED. THE COMMUNITY IS FINANCED UNDER SECTION 221(D)(3), PURSUANT TO SECTION 223(A)(7) OF THE NATIONAL HOUSING ACT, AS AMENDED. THE CORPORATION HAS ENTERED INTO A REGULATORY AGREEMENT GOVERNING THE OPERATION OF THE COMMUNITY WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. THE CORPORATION LEASES APARTMENT UNITS TO LOW INCOME FAMILIES (OR PERSONS) IN THE NORMAL COURSE OF BUSINESS. THE CORPORATION HAS ALSO ENTERED INTO A HOUSING ASSISTANCE PAYMENT CONTRACT (HAP CONTRACT) WITH HUD. THE HAP CONTRACT IS A RENT ASSISTANCE PROGRAM FOR LOW INCOME FAMILIES (OR PERSONS) AS PROVIDED BY THE SECTION 8 PROGRAM OF THE NATIONAL HOUSING ACT, AS AMENDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jacob Evans President | OfficerTrustee | 5 | $0 |
Tyrone Maxwell Vice President | OfficerTrustee | 5 | $0 |
Joselyn Hillmon Secretary | OfficerTrustee | 5 | $0 |
Brian Jackson Director | Trustee | 5 | $0 |
Darryl Roberson Director | Trustee | 5 | $0 |
Gregory O Humphrey Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,279,460 |
| 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 | $1,279,460 |
| Total Program Service Revenue | $596,135 |
| Investment income | $1,810 |
| 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 | $1,999,631 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $109,032 |
| Fees for services: Legal | $8,313 |
| Fees for services: Accounting | $5,750 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $60 |
| Office expenses | $21,189 |
| Information technology | $635 |
| Royalties | $0 |
| Occupancy | $1,032,258 |
| Travel | $9,201 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $700 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $255,949 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,634,709 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $203,418 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $49,053 |
| 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 | $22,165 |
| Net Land, buildings, and equipment | $5,512,320 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $393,582 |
| Intangible assets | $40,781 |
| Other assets | $51,760 |
| Total assets | $6,273,079 |
| Accounts payable and accrued expenses | $382,148 |
| Grants payable | $0 |
| Deferred revenue | $3,542 |
| 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 | $6,989,856 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $51,754 |
| Total liabilities | $7,427,300 |
| Net assets without donor restrictions | -$1,154,221 |
| 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 | $6,273,079 |