2024-05-13T11:21:31-04:00 2023-06-30 561425237 O DOUGLAS COVINGTON 1031 SUMMIT AVE STE 2E1 GREENSBORO NC 27405 990 2022-07-01 562025609 HOMESTEAD HOMES OF GREENSBORO INC HOME 3365459000 408 BATTLEGROUND AVENUE GREENSBORO NC 27401 ELLEN WHITLOCK CHAIR 3365459000 2023-10-27 ELLEN WHITLOCK 999009999 false O DOUGLAS COVINGTON P01266208 3362725618 2024-05-06 2022 2023-04-26 12:10:37Z ELLEN WHITLOCK 254861 false X N/A X THE EXEMPT PURPOSE IS TO PROVIDE HOUSING TO LOW INCOME ELDERLY OR HANDICAPPED INDIVIDUALS. THE SUBSIDIZED RENTALS FROM THE DEPT OF HOUSING AND URBAN DEV. MADE THIS POSSIBLE. 5 5 0 0 0 247823 254705 -7798 156 0 240025 254861 0 0 0 0 0 300220 297321 300220 297321 -60195 -42460 1505713 1463928 2824863 2825538 -1319150 -1361610 THE EXEMPT PURPOSE IS TO PROVIDE HOUSING TO LOW INCOME ELDERLY OR HANDICAPPED INDIVIDUALS. THE SUBSIDIZED RENTALS FROM THE DEPT OF HOUSING AND URBAN DEV. MADE THIS POSSIBLE. false false 297321 254705 FEDERALLY SUBSIDIZED LOW INCOME RENTAL UNITS FOR THE ELDERLY AND HANDICAPPED. 297321 true false false false false false false false false false true false false true true true true false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false false 5 0 true 0 false false false false false false false false X 5 5 false true false false false false false true true false false false false false false false false false NC BEACON MANAGEMENT CORPORATION 3365459000 408 BATTLEGROUND AVENUE GREENSBORO NC 27401 X ANNE DANIEL SECRETARY X 0 0 0 DIANE HARRINGTON BOARD MEMBER X 0 0 0 ELAINE OSTROWSKI ASSISTANT CH X 0 0 0 CAROLYN TURNER-SMITH DIRECTOR X 0 0 0 ELLEN WHITLOCK CHAIR X 0 0 0 false false false APARTMENTS GREENSBORO NC 254705 254705 254705 156 156 254861 254861 X 10646 10646 62808 62808 67936 67936 WAGES 48229 48229 REPAIRS 34228 34228 HVAC REPAIR/MAINTENANCE 22302 22302 MANAGEMENT FEES 17240 17240 33932 33932 297321 297321 0 0 1134 11428 20032 23229 2161 661 14799 14756 2990397 1708914 1349420 1281483 118167 132371 1505713 1463928 14882 14618 794 709 2799500 2799500 9687 10711 2824863 2825538 X -1319150 -1361610 -1319150 -1361610 1505713 1463928 -42460 X false true X false true true X 261158 248049 248200 247823 254705 1259935 261158 248049 248200 247823 254705 1259935 1259935 291 317 269 156 156 1189 1261124 0.99910 0.99900 X 164100 164100 2464346 1489255 975091 361951 219659 142292 1281483 REPLACEMENT RESERVE 73459 PAINTING RESEVE 58912 132371 TENANT/PATIENT DEPOSITS-TRUST 10711 10711 X 254861 254861 254861 297321 297321 297321 SCHEDULE D, PAGE 3, PART X INCOME TAXES: THE PROJECT HAS BEEN CLASSIFIED AS AN OTHER-THAN PRIVATE FOUNDATION AND IS TAX-EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE PROJECT IS SUBJECT TO A TAX ON INCOME FROM ANY UNRELATED BUSINESS. AT JUNE 30, 2023, THE PROJECT HAD NO UNRELATED BUSINESS INCOME. INCOME TAX BENEFITS ARE RECOGNIZED FOR INCOME TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN, ONLY WHEN IT IS DETERMINED THAT THE INCOME TAX POSITION WILL MORE-LIKELY-THAN-NOT BE SUSTAINED UPON EXAMINATION BY TAXING AUTHORITIES. THE PROJECT HAS ANALYZED TAX POSITIONS TAKEN FOR FILING WITH THE INTERNAL REVENUE SERVICE AND ALL STATE JURISDICTIONS WHERE IT OPERATES. THE PROJECT BELIEVES THAT INCOME TAX FILING POSITIONS WILL BE SUSTAINED UPON EXAMINATION AND DOES NOT ANTICIPATE ANY ADJUSTMENTS THAT WOULD RESULT IN A MATERIAL ADVERSE EFFECT ON THE PROJECT'S FINANCIAL CONDITION, RESULTS OF OPERATIONS OR CASH FLOWS. ACCORDINGLY, THE PROJECT HAS NOT RECORDED ANY RESERVES, OR RELATED ACCRUALS FOR INTEREST AND PENALTIES FOR UNCERTAIN INCOME TAX POSITIONS AT JUNE 30, 2023. THE PROJECT IS SUBJECT TO ROUTINE AUDITS BY TAXING JURISDICTIONS; HOWEVER, THERE ARE CURRENTLY NO AUDITS FOR ANY TAX PERIODS IN PROGRESS. THE PROJECT BELIEVES IT IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS FOR YEARS PRIOR TO 2019. FORM 990, PAGE 6, PART VI, LINE 3 THE PROJECT PAYS A MANAGEMENT FEE EQUAL TO 12.744% OF RENT AND OTHER INCOME COLLECTED WITH A MAXIMUM MONTHLY MANAGEMENT FEE OF 1,436.64 TO BEACON MANAGEMENT CORPORATION. FOR THE YEAR ENDED JUNE 30, 2023, THE FEE AMOUNTED TO 17,240. THE PROJECT ALSO REIMBURSES BEACON MANAGEMENT CORPORATION FRONT LINE ACCOUNTING AND ADMINISTRATIVE EXPENSES. THIS REIMBURSEMENT AMOUNTED TO 6,396 FOR THE YEAR ENDED JUNE 30, 2023. AT JUNE 30, 2023, BEACON MANAGEMENT CORPORATION WAS OWED 1,437 IN ACCRUED MANAGEMENT FEES. STARTING IN 2020, THE CORPORATION BEGAN REIMBURSING THE MANAGEMENT AGENT FOR WAGES, PAYROLL TAXES AND BENEFITS FOR ITS ON-SITE STAFF. FOR THE YEAR ENDING JUNE 30, 2023, THESE REIMBURSEMENTS AMOUNTED TO 58,944. FORM 990, PAGE 6, PART VI, LINE 11B NO REVIEW WAS OR WILL BE CONDUCTED. FORM 990, PAGE 6, PART VI, LINE 19 NO DOCUMENTS AVAILABLE TO THE PUBLIC FORM 990, PART IX, LINE 24E OFFICE EXPENSES 12,181 0 0 ELDER CARE EXPENSES 9,445 0 0 SUPPLIES 8,024 0 0 GARBAGE AND TRASH REMOVAL 3,054 0 0 MISCELLANEOUS EXPENSES 474 0 0 SECURITY 400 0 0 CONVENTIONS AND MEETINGS 324 0 0 OTHER RENTING EXPENSES 30 0 0 TOTAL 33,932 0 0