2025-11-11T08:17:38-05:00 2024-12-31 561425237 O DOUGLAS COVINGTON 1031 SUMMIT AVE STE 2E1 GREENSBORO NC 27405 990 2024-01-01 561855098 COA SENIOR HOUSING INC COAS 9199346066 1363 W MARKET STREET SMITHFIELD NC 27577 JIMMY PARKER CHAIR 9199346066 2025-11-06 true O DOUGLAS COVINGTON P01266208 3362725618 2025-11-06 2024 2025-03-06 01:10:19Z JIMMY PARKER 1363 WEST MARKET STREET SMITHFIELD NC 27577 258481 false X N/A X 1994 NC THE ORGANIZATION WAS FORMED AS A NON-PROFIT CORPORATION FOR THE PURPOSE OF CONSTRUCTING AND OPERATING A RENTAL HOUSING PROJECT UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. THE PROJECT CONSISTS OF 36 HUD-ASSISTED ELDERLY HOUSING UNITS AND 1 MARKET RATE UNIT CURRENTLY BEING USED AS AN ADMINISTRATIVE RENT-FREE UNIT IN CLAYTON, NORTH CAROLINA AND IS CURRENTLY OPERATING UNDER THE NAME OF VILLAGE GARDENS. OCCUPANCY WAS APPROVED BY HUD ON OCTOBER 21, 1996. 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 PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD UNDER A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC). DURING THE YEAR ENDED DECEMBER 31, 2024, RENTAL REVENUE FROM HUD TOTALED 88,049, REPRESENTING 37.9% OF TOTAL REVENUE. FINANCING WAS PROVIDED BY HUD WITH A SECTION 202 CAPITAL ADVANCE. THE PROJECT'S CAPITAL ADVANCE TOGETHER WITH IT 3 3 5 0 93270 88049 162554 169407 798 1025 0 256622 258481 0 0 0 0 0 288234 315993 288234 315993 -31612 -57512 892467 844405 2271707 2275830 -1379240 -1431425 X THE ORGANIZATION WAS FORMED AS A NON-PROFIT CORPORATION FOR THE PURPOSE OF CONSTRUCTING AND OPERATING A RENTAL HOUSING PROJECT UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. THE PROJECT CONSISTS OF 36 HUD-ASSISTED ELDERLY HOUSING UNITS AND 1 MARKET RATE UNIT CURRENTLY BEING USED AS AN ADMINISTRATIVE RENT-FREE UNIT IN CLAYTON, NORTH CAROLINA AND IS CURRENTLY OPERATING UNDER THE NAME OF VILLAGE GARDENS. OCCUPANCY WAS APPROVED BY HUD ON OCTOBER 21, 1996. 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 PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD UNDER A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC). DURING THE YEAR ENDED DECEMBER 31, 2024, RENTAL REVENUE FROM HUD TOTALED 88,049, REPRESENTING 37.9% OF TOTAL REVENUE. FINANCING WAS PROVIDED BY HUD WITH A SECTION 202 CAPITAL ADVANCE. THE PROJECT'S CAPITAL ADVANCE TOGETHER WITH IT false false 276970 169407 THE ORGANIZATION WAS FORMED AS A NON-PROFIT CORPORATION FOR THE PURPOSE OF CONSTRUCTING AND OPERATING A RENTAL HOUSING PROJECT UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. THE PROJECT CONSISTS OF 36 HUD-ASSISTED ELDERLY HOUSING UNITS AND 1 MARKET RATE UNIT CURRENTLY BEING USED AS AN ADMINISTRATIVE RENT-FREE UNIT IN CLAYTON, NORTH CAROLINA AND IS CURRENTLY OPERATING UNDER THE NAME OF VILLAGE GARDENS. OCCUPANCY WAS APPROVED BY HUD ON OCTOBER 21, 1996. 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 PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD UNDER A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC). DURING THE YEAR ENDED DECEMBER 31, 2024, RENTAL REVENUE FROM HUD TOTALED 88,049, REPRESENTING 37.9% OF TOTAL REVENUE. FINANCING WAS PROVIDED BY HUD WITH A SECTION 202 CAPITAL ADVANCE. THE PROJECT'S CAPITAL ADVANCE TOGETHER WITH ITS PROJECT RENTAL ASSISTANCE CONTRACT (PRAC) IS ITS MAJOR HUD PROGRAM. 276970 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 11 0 5 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 W MARKET STREET SMITHFIELD NC 27577 X LEE BYRD SEC./TREASUR 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 88049 88049 APARTMENTS SMITHFIELD NC 143108 143108 HUD ALL. SELF CHGD MGT FEE 26299 26299 169407 1025 1025 258481 169407 1025 24974 24974 14049 14049 26299 26299 58318 58318 56983 56983 REPAIRS 47514 47514 PAYROLL 25349 25349 OFFICE SALARIES 21096 21096 HEATING/COOLING REPAIR & 16370 16370 25041 25041 315993 276970 39023 0 15365 10428 13975 14350 1181 2079 10548 2370508 1672534 747529 697974 114417 88889 20137 892467 844405 8267 10286 973 1526 2243000 2243000 19467 21018 2271707 2275830 X -1379240 -1431425 -1379240 -1431425 892467 844405 X -57512 5327 X false true X false true true X 109253 105086 101868 93270 88049 497526 109253 105086 101868 93270 88049 497526 497526 221 148 180 798 1025 2372 499898 788832 0.99530 0.99680 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 84647 84647 2182134 1581842 600292 47409 47409 56318 43283 13035 697974 RESERVE FOR REPLACEMENTS ESCROW 77999 RESIDUAL RECEIPTS ESCROW 10890 88889 SECURITY DEPOSITS 14350 ACCRUED MANAGEMENT FEES 3028 ADVANCE - JOHNSTON COUNTY C O A 2161 ACCRUED PAYROLL TAXES 1310 ADVANCE - TRIANGLE HSG. DEV. CORP. 169 21018 X 258481 258481 258481 310666 310666 5327 5327 315993 SCHEDULE D, PAGE 3, PART X 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, 2024, 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, 2024. 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 2021. SCHEDULE D, PAGE 4, PART XII, LINE 4B BOOK / TAX DEPRECIATION DIFFERENCE 5,327 FORM 990 - ORGANIZATION'S MISSION THE ORGANIZATION WAS FORMED AS A NON-PROFIT CORPORATION FOR THE PURPOSE OF CONSTRUCTING AND OPERATING A RENTAL HOUSING PROJECT UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. THE PROJECT CONSISTS OF 36 HUD-ASSISTED ELDERLY HOUSING UNITS AND 1 MARKET RATE UNIT CURRENTLY BEING USED AS AN ADMINISTRATIVE RENT-FREE UNIT IN CLAYTON, NORTH CAROLINA AND IS CURRENTLY OPERATING UNDER THE NAME OF VILLAGE GARDENS. OCCUPANCY WAS APPROVED BY HUD ON OCTOBER 21, 1996. 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 PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD UNDER A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC). DURING THE YEAR ENDED DECEMBER 31, 2024, RENTAL REVENUE FROM HUD TOTALED 88,049, REPRESENTING 37.9% OF TOTAL REVENUE. FINANCING WAS PROVIDED BY HUD WITH A SECTION 202 CAPITAL ADVANCE. THE PROJECT'S CAPITAL ADVANCE TOGETHER WITH ITS PROJECT RENTAL ASSISTANCE CONTRACT (PRAC) IS ITS MAJOR HUD PROGRAM. FORM 990, PAGE 2, PART III, LINE 4A THE ORGANIZATION WAS FORMED AS A NON-PROFIT CORPORATION FOR THE PURPOSE OF CONSTRUCTING AND OPERATING A RENTAL HOUSING PROJECT UNDER SECTION 202 OF THE NATIONAL HOUSING ACT. THE PROJECT CONSISTS OF 36 HUD-ASSISTED ELDERLY HOUSING UNITS AND 1 MARKET RATE UNIT CURRENTLY BEING USED AS AN ADMINISTRATIVE RENT-FREE UNIT IN CLAYTON, NORTH CAROLINA AND IS CURRENTLY OPERATING UNDER THE NAME OF VILLAGE GARDENS. OCCUPANCY WAS APPROVED BY HUD ON OCTOBER 21, 1996. 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 PROJECT'S RENTAL INCOME IS RECEIVED FROM HUD UNDER A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC). DURING THE YEAR ENDED DECEMBER 31, 2024, RENTAL REVENUE FROM HUD TOTALED 88,049, REPRESENTING 37.9% OF TOTAL REVENUE. FINANCING WAS PROVIDED BY HUD WITH A SECTION 202 CAPITAL ADVANCE. THE PROJECT'S CAPITAL ADVANCE TOGETHER WITH ITS PROJECT RENTAL ASSISTANCE CONTRACT (PRAC) IS ITS MAJOR HUD PROGRAM. 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 10.92% OF RENT COLLECTED. FOR THE YEAR ENDED DECEMBER 31, 2024, THE FEE AMOUNTED TO 24,974. 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, 2024, THE PROJECT TRANSFERRED 26,299 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, 2024, THE PROJECT USED 26,299 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 10,799 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 AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. FORM 990, PART XI, LINE 9 BOOK / TAX DEPRECIATION DIFFERENCE 5,327