Sharon Manor Homes Inc
- Assets
- $1.2m
- Revenue
- $318.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Greensboro, NC
- Founding
- 06/1984
- Data as of
- 12/2023
- EIN
- 56-1404398
Organization Overview
Sharon Manor Homes Inc is located in Greensboro, NC. The organization was established in 1984. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, 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. Sharon Manor Homes 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, Sharon Manor Homes Inc generated $318.8k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.4% each year. All expenses for the organization totaled $306.1k during the year ending 12/2023. While expenses have increased by 2.4% 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
SHARON MANOR HOMES, INC (THE CORPORATION) WAS FORMED AS A NON-PROFIT CORPORATION UNDER THE LAWS OF THE STATE OF NORTH CAROLINA FOR THE PURPOSE OF CONSTRUCTING AND OPERATING A RENTAL HOUSING PROJECT UNDER SECTION 202 OF THE NATIONAL HOUSING ACT OPERATING AS SHARON MANOR HOMES (THE PROJECT). IN JANUARY OF 2007, THE PROJECT REFINANCED ITS HUD SECTION 202 LOAN WITH ONE COVERED BY HUD MORTGAGE INSURANCE UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT. IN FEBRUARY 2021, THE PROJECTS MORTGAGE WAS REFINANCED AGAIN AND IS INSURED BY HUD UNDER SECTION 207/223(F) PURSUANT TO SECTION 223(A) (7) OF THE NATIONAL HOUSING ACT, AS AMENDED AND THE REGULATIONS PUBLISHED THEREUNDER IN EFFECT ON DECEMBER 30, 2020. THE PROJECT CONSISTS OF 39 HUD- ASSISTED ELDERLY HOUSING UNITS IN CHARLOTTE, NORTH CAROLINA AND IS CURRENTLY OPERATING UNDER THE NAME OF SHARON MANOR HOMES. SUCH PROJECTS ARE REGULATED BY HUD AS TO RENT CHARGES AND OPERATING METHODS. OCCUPANCY IS RESTRICTED BY HUD TO VERY LOW-INCOME HOUSEHOLDS W
Describe the Organization's Program Activity:
Part 3 - Line 4a
SHARON MANOR HOMES, INC (THE CORPORATION) WAS FORMED AS A NON-PROFIT CORPORATION UNDER THE LAWS OF THE STATE OF NORTH CAROLINA FOR THE PURPOSE OF CONSTRUCTING AND OPERATING A RENTAL HOUSING PROJECT UNDER SECTION 202 OF THE NATIONAL HOUSING ACT OPERATING AS SHARON MANOR HOMES (THE PROJECT). IN JANUARY OF 2007, THE PROJECT REFINANCED ITS HUD SECTION 202 LOAN WITH ONE COVERED BY HUD MORTGAGE INSURANCE UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT. IN FEBRUARY 2021, THE PROJECTS MORTGAGE WAS REFINANCED AGAIN AND IS INSURED BY HUD UNDER SECTION 207/223(F) PURSUANT TO SECTION 223(A) (7) OF THE NATIONAL HOUSING ACT, AS AMENDED AND THE REGULATIONS PUBLISHED THEREUNDER IN EFFECT ON DECEMBER 30, 2020. THE PROJECT CONSISTS OF 39 HUD- ASSISTED ELDERLY HOUSING UNITS IN CHARLOTTE, NORTH CAROLINA AND IS CURRENTLY OPERATING UNDER THE NAME OF SHARON MANOR HOMES. SUCH PROJECTS ARE REGULATED BY HUD AS TO RENT CHARGES AND OPERATING METHODS. OCCUPANCY IS RESTRICTED BY HUD TO VERY LOW-INCOME HOUSEHOLDS WITH AT LEAST ONE PERSON 62 YEARS OF AGE OR OLDER. A SIGNIFICANT PORTION OF THE PROJECTS RENTAL INCOME IS RECEIVED FROM HUD UNDER A SECTION 8 HOUSING ASSISTANCE PAYMENT AGREEMENT. DURING THE YEAR ENDED DECEMBER 31, 2023, RENTAL REVENUE FROM HUD TOTALED 212,864, REPRESENTING 65.9% OF TOTAL REVENUE. THE PROJECTS NON-MAJOR PROGRAM IS ITS SECTION 8 RENT SUBSIDY. FINANCING WAS PROVIDED BY A HUD INSURED LOAN UNDER SECTION 207/223(F) PURSUANT TO SECTION 223(A)(7) OF THE NATIONAL HOUSING ACT. THE PROJECTS MORTGAGE IS ITS MAJOR HUD PROGRAM.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Olonda Carr Director | Trustee | $0 | |
Warren Lasane Director | Trustee | $0 | |
Walter R Nelson Director | Trustee | $0 | |
Grace Solomon Assistant Se | OfficerTrustee | $0 | |
Dr James Thomas Chair | OfficerTrustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $212,864 |
| 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 | $212,864 |
| Total Program Service Revenue | $109,606 |
| Investment income | $355 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,059 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $318,766 |
| 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 | $25,052 |
| Fees for services: Legal | $13,981 |
| Fees for services: Accounting | $11,052 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,252 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $41,741 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $37,106 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $42,032 |
| Insurance | $0 |
| All other expenses | $32,325 |
| Total functional expenses | $306,145 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,337 |
| Savings and temporary cash investments | $15,136 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,254 |
| 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 | $7,092 |
| Net Land, buildings, and equipment | $532,824 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $553,759 |
| Intangible assets | $47,026 |
| Other assets | $0 |
| Total assets | $1,183,428 |
| Accounts payable and accrued expenses | $16,776 |
| 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 | $1,366,118 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $17,624 |
| Total liabilities | $1,400,518 |
| Net assets without donor restrictions | -$217,090 |
| 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 | $1,183,428 |