Richland East Inc
- Assets
- $447.8k
- Revenue
- $194.0k
- Investments
- $0.0
- Employees
- 9
- Location
- West Columbia, SC
- Founding
- 04/1979
- Data as of
- 06/2022
- EIN
- 57-0678854
Organization Overview
Richland East Inc is located in West Columbia, SC. The organization was established in 1979. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. As of 06/2022, Richland East Inc employed 9 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Richland East 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 06/2022, Richland East Inc generated $194.0k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 1.8% each year. All expenses for the organization totaled $224.8k during the year ending 06/2022. While expenses have increased by 6.4% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
RICHLAND EAST INC. WAS ORGANIZED TO ACQUIRE REAL PROPERTY AND CONSTRUCT AND OPERATE TWO GROUP HOMES WITH SPEACIAL NEEDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RICHLAND EAST, INC. (THE "ORGANIZATION") IS A SOUTH CAROLINA NOT-FOR-PROFIT CORPORATION THAT WAS ORGANIZED FOR THE PURPOSE OF ACQUIRING AN INTEREST IN REAL ESTATE LOCATED IN RICHLAND COUNTY AND TO CONSTRUCT GROUP HOMES FOR INDIVIDUALS WITH SPECIAL NEEDS UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. THE TWO GROUP HOMES CONSIST OF 16 UNITS LOCATED IN RICHLAND COUNTY, SOUTH CAROLINA. UNDER THIS PROGRAM, THE PROJECT PROVIDES HOUSING TO THE LOW- AND MODERATE- INCOME ELDERLY AS WELL AS PERSONS WITH DISABILITIES, SUBJECT TO REGULATION BY HUD, AS TO RENTAL CHARGES AND OPERATING METHODS. THE PROJECT ALSO IS SUBJECT TO SECTION 8 HOUSING ASSISTANCE PAYMENTS AGREEMENTS WITH THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD), AND A SIGNIFICANT PORTION OF THE PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD. THE PROJECT'S NON-MAJOR PROGRAM IS THE SECTION 8 RENT SUBSIDY.
THE PROGRAM EXIST SOLELY TO PROVIDE RESIDENTIAL SERVICES TO SPECIAL NEEDS RESIDENTS IN TWO 8 UNITS COMPLEXES. ALL THE EXPENSES ARE ATTRIBUTABLE TO THE OPERATION OF THE PROJECT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gary Dobson Chairperson | Officer | 1 | $0 |
Gwen Hill Secretary | Officer | 1 | $0 |
Bryan Mcgill Vice Chairpe | Officer | 1 | $0 |
John Stackhouse Treasurer | Officer | 1 | $0 |
Keith Bradsher Director | Trustee | 1 | $0 |
Melba Elsey Director | Trustee | 1 | $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 | $143,068 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $143,068 |
| Total Program Service Revenue | $50,580 |
| Investment income | $7 |
| 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 | $193,950 |
| 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 | $23,617 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $1,652 |
| Fees for services: Management | $12,356 |
| Fees for services: Legal | $52 |
| Fees for services: Accounting | $960 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8 |
| Office expenses | $25,603 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $106,359 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,075 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $27,362 |
| Insurance | $4,217 |
| All other expenses | $319 |
| Total functional expenses | $224,803 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $181,430 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $193,854 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $72,524 |
| Total assets | $447,808 |
| Accounts payable and accrued expenses | $11,152 |
| Grants payable | $0 |
| Deferred revenue | $1,899 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $204,880 |
| Total liabilities | $217,931 |
| Net assets without donor restrictions | $229,877 |
| 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 | $447,808 |
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