Oak Meadows Community Association
- Assets
- $2.5m
- Revenue
- $288.6k
- Investments
- $0.0
- Employees
- 0
- Location
- Asheboro, NC
- Founding
- Data as of
- 12/2023
- EIN
- 85-2075311
Organization Overview
Oak Meadows Community Association is located in Asheboro, NC. According to its NTEE Classification (L80) the organization is classified as: Housing Support, 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. Oak Meadows Community Association 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, Oak Meadows Community Association generated $288.6k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 59.6% each year . All expenses for the organization totaled $229.4k during the year ending 12/2023. While expenses have increased by 42.8% per year over the past 4 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
THE ASSOCIATION WAS ESTABLISHED TO OWN AND MAINTAIN LAND AS A MANUFACTURED HOME COMMUNITY WITH THE GOAL OF A PERMANENTLY AFFORDABLE, SAFE, AND STABLE ENVIRONMENT IN WHICH ITS CURRENT AND FUTURE MEMBERS SHALL LIVE AS RESIDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION CAME TOGETHER IN LATE 2020 TO DECIDE IF THEY WANTED TO BUY THE LAND USING ROC USA FINANCING. THE ORGANIZATION CHOSE TO DO SO, AND FORMED A NUMBER OF POLICIES OVER THE REST OF 2020 TO FORM THEIR OWN NONPROFIT LANDHOLDING ORGANIZATION, WITH THE INTENTION OF PRESERVING THE AFFORDABILITY AND QUALITY OF THEIR COMMUNITY. THE ORGANIZATION HELD MONTHLY BOARD MEETINGS AND NUMBEROUS WORKSHOPS TO DEVELOP SAID POLICIES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tim Kidd President | OfficerTrustee | 3 | $0 |
Luz Marcelo Vice President | OfficerTrustee | 3 | $0 |
Lacey Brown Treasurer | OfficerTrustee | 3 | $0 |
Katrina Blake Operations Manager | Trustee | 3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $200 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,200 |
| Total Program Service Revenue | $279,368 |
| Investment income | $4,527 |
| 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 | $288,553 |
| 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 | $30,175 |
| Fees for services: Legal | $504 |
| Fees for services: Accounting | $6,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $110 |
| Office expenses | $334 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $127,490 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $256 |
| Insurance | $4,028 |
| All other expenses | $630 |
| Total functional expenses | $229,353 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $31,815 |
| Savings and temporary cash investments | $191,583 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $33,182 |
| 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 | $180 |
| Net Land, buildings, and equipment | $2,209,996 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,466,756 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $3,983 |
| 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 | $2,298,162 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,825 |
| Total liabilities | $2,308,970 |
| Net assets without donor restrictions | $157,786 |
| 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 | $2,466,756 |