Alpha Arms Apts
- Assets
- $4.7m
- Revenue
- $833.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Matthews, NC
- Founding
- 06/1973
- Data as of
- 06/2022
- EIN
- 56-1082871
Organization Overview
Alpha Arms Apts is located in Matthews, NC. The organization was established in 1973. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, 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. Alpha Arms Apts is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2022, Alpha Arms Apts generated $833.6k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $902.0k during the year ending 06/2022. 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 SAFE, SANITARY, AFFORDABLE HOUSING FOR VERY LOW INCOME PERSONS AND FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE SAFE, SANITARY, AFFORDABLE HOUSING TO VERY LOW INCOME PERSONS AND FAMILIES BY OPERATING A 104-UNIT APARTMENT COMMUNITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jimmie Ford President | OfficerTrustee | 0.5 | $0 |
Samuel Lloyd Secretary | OfficerTrustee | 0.5 | $0 |
Larry Johnson Director | Trustee | 0.5 | $0 |
Nicky Williams Director | Trustee | 0.5 | $0 |
Rashad Hinnant Director | Trustee | 0.5 | $0 |
Thomas Bond Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $599,454 |
| 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 | $599,454 |
| Total Program Service Revenue | $233,997 |
| Investment income | $95 |
| 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 | $833,615 |
| 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 | $59,741 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $30,904 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $35,737 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $63,192 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $207,969 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $149,792 |
| Insurance | $70,837 |
| All other expenses | $76,917 |
| Total functional expenses | $901,960 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,273 |
| Savings and temporary cash investments | $327,185 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $24,660 |
| 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 | $22,636 |
| Net Land, buildings, and equipment | $4,095,534 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $224,224 |
| Other assets | $0 |
| Total assets | $4,695,512 |
| Accounts payable and accrued expenses | $181,427 |
| Grants payable | $0 |
| Deferred revenue | $14,610 |
| 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 | $6,032,501 |
| Unsecured mortgages and notes payable | $43,527 |
| Other liabilities | $20,425 |
| Total liabilities | $6,292,490 |
| Net assets without donor restrictions | -$1,596,978 |
| 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 | $4,695,512 |
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