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 561404398 SHARON MANOR HOMES INC SHAR 3365459000 C/O BMC 408 BATTLEGROUND AVE GREENSBORO NC 27401 DR JAMES THOMAS CHAIR 3365459000 2024-11-01 false O DOUGLAS COVINGTON P01266208 3362725618 2024-11-01 2023 2024-10-15 13:58:12Z DR JAMES THOMAS 4703 N SHARON AMITY ROAD CHARLOTTE NC 28205 322825 false X N/A X 1985 NC 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 5 5 0 0 209470 212864 104377 109606 206 -3704 0 314053 318766 0 0 0 0 0 275678 306145 275678 306145 38375 12621 1275725 1183428 1505436 1400518 -229711 -217090 X 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 false false 267789 109606 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. 267789 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 4 0 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 X BEACON MANAGEMENT CORPORATION 3365459000 408 BATTLEGROUND AVENUE GREENSBORO NC 27401 X OLONDA CARR DIRECTOR X 0 0 0 WARREN LASANE DIRECTOR X 0 0 0 WALTER R NELSON DIRECTOR X 0 0 0 GRACE SOLOMON ASSISTANT SE X X 0 0 0 DR JAMES THOMAS CHAIR X X 0 0 0 false false false 212864 212864 APARTMENTS CHARLOTTE NC 109606 109606 109606 355 355 4059 -4059 -4059 -4059 318766 105547 355 X 25052 25052 13981 13981 11052 11052 2252 2252 41741 41741 37106 37106 42032 42032 MANAGERS SALARY 34319 34319 REPAIRS 32331 32331 REPAIRS PAYROLL 23645 23645 SUPPLIES 10309 10309 32325 32325 306145 267789 38356 0 25953 25337 14554 15136 7568 2254 6565 7092 1738529 1205705 471798 532824 610653 553759 48584 47026 90050 1275725 1183428 93351 16776 1394995 1366118 17090 17624 1505436 1400518 X -229711 -217090 -229711 -217090 1275725 1183428 12621 X false true X false true true X 203407 207515 209291 209470 212864 1042547 203407 207515 209291 209470 212864 1042547 1042547 212 178 166 206 355 1117 1043664 495644 0.99890 0.99910 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 84930 84930 1568013 1139175 428838 85586 66530 19056 532824 RESERVE FOR REPLACEMENTS 464214 DEBT SERVICE SAVINGS ESCROW 84452 RESIDUAL RECEIPTS RESERVE 5093 553759 SECURITY DEPOSITS CONTRA 11892 ACCRUED INTEREST 3062 ACCRUED MANAGEMENT FEES 2075 PREPAID RENT 595 17624 X 318766 318766 318766 306145 306145 306145 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 PROJECTS 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 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. FORM 990, PAGE 2, PART III, 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. FORM 990, PAGE 6, PART VI, LINE 3 THE PROJECT PAYS A MANAGEMENT FEE EQUAL TO 7.82% OF RENT AND OTHER INCOME COLLECTED TO BEACON MANAGEMENT CORPORATION. FOR THE YEAR ENDED DECEMBER 31, 2023 THE FEE AMOUNTED TO 25,052. THE PROJECT ALSO REIMBURSES BEACON MANAGEMENT CORPORATION FRONT LINE ACCOUNTING AND ADMISTRATIVE EXPENSES. THIS REIMBURSEMENT AMOUNTED TO 6,552 FOR THE YEAR ENDED DECEMBER 31, 2023. AT DECEMBER 31, 2023, BEACON MANAGEMENT CORPORATION WAS OWED 2,075 IN ACCRUED MANAGEMENT FEES. IN ADDTION, THE PROJECT REIMBURSES BEACON MANAGEMENT CORPORATION FOR WAGES, PAYROLL TAXES AND BENEFITS FOR ITS ON- SITE STAFF. FOR THE YEAR ENDING DECEMBER 31, 2023, THESE REIMBURSEMENTS AMOUNTED TO 64,086. 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 AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. FORM 990, PART IX, LINE 24E OFFICE SUPPLIES 8,911 0 0 HEATING/COOLING REPAIR & MAINTENANCE 8,850 0 0 GARBAGE AND TRASH REMOVAL 5,426 0 0 MORTGAGE INSURANCE PREMIUMS 3,430 0 0 ELDERLY CARE EXPENSES 2,339 0 0 MISCELLANEOUS ADMINISTRATIVE EXP 2,307 0 0 CREDIT LOSSES 1,062 0 0 TOTAL 32,325 0 0