2024-11-08T14:58:41-05:00 2023-12-31 561425237 O DOUGLAS COVINGTON 1031 SUMMIT AVE STE 2E1 GREENSBORO NC 27405 990 2023-01-01 272090858 TRIANGLE ELDERLY HOUSING CORPORATION TRIA 9199346066 1363 WEST MARKET STREET SMITHFIELD NC 27577 JIMMY PARKER CHAIR 9199346066 2024-05-13 false O DOUGLAS COVINGTON P01266208 3362725618 2024-11-01 2023 2024-10-15 13:58:12Z JIMMY PARKER 1363 WEST MARKET STREET SMITHFIELD NC 27577 590646 false X N/A X 2011 NC IN JUNE OF 2011, CARY CENTRAL ELDERLY HOUSING, SMITHFIELD ELDERLY HOUSING, PRINCETON ELDERLY HOUSING AND KENLY CENTRAL ELDERLY HOUSING WERE MERGED TOGETHER TO FORM TRIANGLE ELDERLY HOUSING CORPORATION. CONCURRENT WITH THIS MERGER, EACH PROJECT REFINANCED THEIR HUD SECTION 202 DIRECT LOAN WITH ONE HUD MORTGAGE INSURED UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT. THE PROJECT CONSISTS OF 74 HUD-ASSISTED ELDERLY HOUSING UNITS IN EASTERN NORTH CAROLINA. OCCUPANCY IS RESTRICTED BY HUD TO VERY LOW-INCOME HOUSEHOLDS WITH AT LEAST ONE PERSON 62 YEARS OF AGE OR OLDER. THE PROJECT'S MORTGAGE IS ITS MAJOR HUD PROGRAM. THE PROJECT'S SECTION 8 RENTAL ASSISTANCE CONTRACT IS ITS NON-MAJOR PROGRAM. FOR THE YEAR ENDED DECEMBER 31, 2023, RENTAL REVENUE FROM HUD TOTALED 287,958, REPRESENTING 50.3% OF TOTAL REVENUE. 3 3 6 0 329638 287958 293068 302239 207 449 0 622913 590646 0 0 0 0 0 604014 558874 604014 558874 18899 31772 1845868 1846070 2520443 2488873 -674575 -642803 X IN JUNE OF 2011, CARY CENTRAL ELDERLY HOUSING, SMITHFIELD ELDERLY HOUSING, PRINCETON ELDERLY HOUSING AND KENLY CENTRAL ELDERLY HOUSING WERE MERGED TOGETHER TO FORM TRIANGLE ELDERLY HOUSING CORPORATION. CONCURRENT WITH THIS MERGER, EACH PROJECT REFINANCED THEIR HUD SECTION 202 DIRECT LOAN WITH ONE HUD MORTGAGE INSURED UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT. THE PROJECT CONSISTS OF 74 HUD-ASSISTED ELDERLY HOUSING UNITS IN EASTERN NORTH CAROLINA. OCCUPANCY IS RESTRICTED BY HUD TO VERY LOW-INCOME HOUSEHOLDS WITH AT LEAST ONE PERSON 62 YEARS OF AGE OR OLDER. THE PROJECT'S MORTGAGE IS ITS MAJOR HUD PROGRAM. THE PROJECT'S SECTION 8 RENTAL ASSISTANCE CONTRACT IS ITS NON-MAJOR PROGRAM. FOR THE YEAR ENDED DECEMBER 31, 2023, RENTAL REVENUE FROM HUD TOTALED 287,958, REPRESENTING 50.3% OF TOTAL REVENUE. false false 494681 302239 IN JUNE OF 2011, CARY CENTRAL ELDERLY HOUSING, SMITHFIELD ELDERLY HOUSING, PRINCETON ELDERLY HOUSING AND KENLY CENTRAL ELDERLY HOUSING WERE MERGED TOGETHER TO FORM TRIANGLE ELDERLY HOUSING CORPORATION. CONCURRENT WITH THIS MERGER, EACH PROJECT REFINANCED THEIR HUD SECTION 202 DIRECT LOAN WITH ONE HUD MORTGAGE INSURED UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT. THE PROJECT CONSISTS OF 74 HUD-ASSISTED ELDERLY HOUSING UNITS IN EASTERN NORTH CAROLINA. OCCUPANCY IS RESTRICTED BY HUD TO VERY LOW-INCOME HOUSEHOLDS WITH AT LEAST ONE PERSON 62 YEARS OF AGE OR OLDER. THE PROJECT'S MORTGAGE IS ITS MAJOR HUD PROGRAM. THE PROJECT'S SECTION 8 RENTAL ASSISTANCE CONTRACT IS ITS NON-MAJOR PROGRAM. FOR THE YEAR ENDED DECEMBER 31, 2023, RENTAL REVENUE FROM HUD TOTALED 287,958, REPRESENTING 50.3% OF TOTAL REVENUE. 494681 true true false false false false false false false false true false true false 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 13 0 6 true false false false false false false false false X 3 3 false true false false false false false true true false false false false false false false false false NC X COMM & SR SERVICES OF JOHNSTON CO 9199346066 1363 WEST MARKET STREET SMITHFIELD NC 27577 X LEE BYRD SECRETARY/TR X X 0 0 0 JIMMY PARKER CHAIR X X 0 0 0 STEVE STRICKLAND VICE CHAIR X X 0 0 0 false false false 287958 287958 HUD SUBSIDIZED APARTMENTS 284079 284079 HUD ALLOWED SELF CHGD MGT FEE 18160 18160 302239 449 449 590646 302239 449 43472 43472 20721 20721 18160 18160 104850 104850 96399 96399 62250 62250 REPAIRS 70397 70397 PAYROLL 38662 38662 SUPPLIES 35792 35792 GARBAGE AND TRASH REMOVAL 20403 20403 47768 47768 558874 494681 64193 0 4632 3406 27613 27466 2903 4600 4591 4470 3652060 2638076 1070542 1013984 601900 664144 133637 127950 50 50 1845868 1846070 6817 17330 10810 8240 2456627 2392486 46189 70817 2520443 2488873 X -674575 -642803 -674575 -642803 1845868 1846070 31772 X false true X false true true X 346602 342730 343144 329638 287958 1650072 346602 342730 343144 329638 287958 1650072 1650072 284 244 181 207 449 1365 1651437 1390544 0.99920 0.99930 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 118638 118638 3425983 2545864 880119 95921 80694 15227 11518 11518 1013984 RESIDUAL RECEIPTS RESERVE 348800 DEBT SERVICE SAVINGS ESCROW 229498 RESERVE FOR REPLACEMENTS 85846 664144 ACCRUED MANAGEMENT FEES 30940 TENANT SECURITY DEPOSITS 27466 ACCRUED INTEREST 7935 ACCRUED PAYROLL TAXES 2476 OPERATING ADVANCE - C&S JC 2000 70817 X 590646 590646 590646 558874 558874 558874 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 DECEMBER 31, 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 DECEMBER 31, 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 2020. FORM 990 - ORGANIZATION'S MISSION IN JUNE OF 2011, CARY CENTRAL ELDERLY HOUSING, SMITHFIELD ELDERLY HOUSING, PRINCETON ELDERLY HOUSING AND KENLY CENTRAL ELDERLY HOUSING WERE MERGED TOGETHER TO FORM TRIANGLE ELDERLY HOUSING CORPORATION. CONCURRENT WITH THIS MERGER, EACH PROJECT REFINANCED THEIR HUD SECTION 202 DIRECT LOAN WITH ONE HUD MORTGAGE INSURED UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT. THE PROJECT CONSISTS OF 74 HUD-ASSISTED ELDERLY HOUSING UNITS IN EASTERN NORTH CAROLINA. OCCUPANCY IS RESTRICTED BY HUD TO VERY LOW-INCOME HOUSEHOLDS WITH AT LEAST ONE PERSON 62 YEARS OF AGE OR OLDER. THE PROJECT'S MORTGAGE IS ITS MAJOR HUD PROGRAM. THE PROJECT'S SECTION 8 RENTAL ASSISTANCE CONTRACT IS ITS NON-MAJOR PROGRAM. FOR THE YEAR ENDED DECEMBER 31, 2023, RENTAL REVENUE FROM HUD TOTALED 287,958, REPRESENTING 50.3% OF TOTAL REVENUE. FORM 990, PAGE 2, PART III, LINE 4A IN JUNE OF 2011, CARY CENTRAL ELDERLY HOUSING, SMITHFIELD ELDERLY HOUSING, PRINCETON ELDERLY HOUSING AND KENLY CENTRAL ELDERLY HOUSING WERE MERGED TOGETHER TO FORM TRIANGLE ELDERLY HOUSING CORPORATION. CONCURRENT WITH THIS MERGER, EACH PROJECT REFINANCED THEIR HUD SECTION 202 DIRECT LOAN WITH ONE HUD MORTGAGE INSURED UNDER SECTION 223(F) OF THE NATIONAL HOUSING ACT. THE PROJECT CONSISTS OF 74 HUD-ASSISTED ELDERLY HOUSING UNITS IN EASTERN NORTH CAROLINA. OCCUPANCY IS RESTRICTED BY HUD TO VERY LOW-INCOME HOUSEHOLDS WITH AT LEAST ONE PERSON 62 YEARS OF AGE OR OLDER. THE PROJECT'S MORTGAGE IS ITS MAJOR HUD PROGRAM. THE PROJECT'S SECTION 8 RENTAL ASSISTANCE CONTRACT IS ITS NON-MAJOR PROGRAM. FOR THE YEAR ENDED DECEMBER 31, 2023, RENTAL REVENUE FROM HUD TOTALED 287,958, REPRESENTING 50.3% OF TOTAL REVENUE. FORM 990, PAGE 6, PART VI, LINE 3 MANAGEMENT FEE: BEGINNING IN 2014, THE PROJECT BECAME SELF-MANAGED. THE PROJECT ENTERED INTO A MANAGEMENT AGREEMENT ALLOWING FOR A MANAGEMENT FEE EQUAL TO 7.71% OF RENT COLLECTED. FOR THE YEAR ENDED DECEMBER 31, 2023, THE FEE AMOUNTED TO 43,472. PER AGREEMENT WITH HUD, THE PROJECT OPERATING ACCOUNT IS ALLOWED TO TRANSFER THIS MONEY TO AN ENTITY MAINTAINED BANK ACCOUNT AND IS ALLOWED TO USE THESE FUNDS IN ITS ENTITY OPERATIONS. DURING THE YEAR ENDED DECEMBER 31, 2023, THE PROJECT TRANSFERRED 18,160 TO AN ENTITY MAINTAINED BANK ACCOUNT. THIS AMOUNT HAS BEEN REFLECTED ON THE PROJECT'S STATEMENT OF ACTIVITIES IN ACCOUNT NUMBER 7105 ENTITY REVENUE. FOR THE YEAR ENDED DECEMBER 31, 2023, THE PROJECT USED 18,160 OF THESE FUNDS TO REIMBURSE COMMUNITY & SENIOR SERVICES OF JOHNSTON COUNTY ("CSS") FOR PROVIDING CONTRACT SERVICES. THIS AMOUNT HAS BEEN REFLECTED ON THE PROJECT'S STATEMENT OF ACTIVITIES IN ACCOUNT NUMBER 7190 OTHER EXPENSES. IN ADDITION, THE PROJECT REIMBURSED CSS 14,971 FOR PROVIDING FRONT LINE ADMINISTRATIVE AND ACCOUNTING SERVICES. FORM 990, PAGE 6, PART VI, LINE 11B NO REVIEW WAS OR WILL BE CONDUCTED. FORM 990, PAGE 6, PART VI, LINE 19 FORM 990 AND ALL RELATED FINANCIAL AND POLICY INFORMATION ARE MADE AVAILBLE TO THE PUBLIC UPON WRITTEN REQUEST.