2025-06-03T10:51:45-05:00 2024-12-31 351750664 DAUBY O'CONNOR & ZALESKI LLC 501 CONGRESSIONAL BLVD 300 CARMEL IN 46032 990 2024-01-01 541549760 COVENANT PLACE INC COVE 3367650424 517 W MAIN STREET SMITHFIELD VA 23430 BARBARA P WIGGINS PRESIDENT 3367650424 2025-06-03 1 0 JACOB A SOWERS P01712829 3178485700 2024 2025-03-06 01:10:19Z BARBARA P WIGGINS 517 W MAIN STREET SMITHFIELD VA 23430 342607 0 X N/A X 1993 VA THE NOT FOR PROFIT CORPORATION WAS ORGANIZED TO OWN AND OPERATE A 40 UNIT APARTMENT COMMUNITY IN SMITHFIELD, VA KNOWN AS COVENANT PLACE APARTMENTS. IT WAS ORGANIZED PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT AS AMENDED AND HAS ENTERED INTO THE STANDARD FHA REGULATORY AGREEMENTS, WHICH GOVERN THE OPERATION OF THE COMMUNITY, WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC) PROVIDES RENT ASSISTANCE FOR LOW INCOME FAMILIES (OR PERSONS), WHILE HUD PAYS THE BALANCE OF THE RENT. 8 8 0 0 0 0 176165 182540 150904 151942 35 6341 1814 1784 328918 342607 0 0 0 0 0 0 0 0 0 338366 323369 338366 323369 -9448 19238 553883 575268 1659115 1661262 -1105232 -1085994 X THE NOT FOR PROFIT CORPORATION WAS ORGANIZED TO OWN AND OPERATE A 40 UNIT APARTMENT COMMUNITY IN SMITHFIELD, VA KNOWN AS COVENANT PLACE APARTMENTS. IT WAS ORGANIZED PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT AS AMENDED AND HAS ENTERED INTO THE STANDARD FHA REGULATORY AGREEMENTS, WHICH GOVERN THE OPERATION OF THE COMMUNITY, WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC) PROVIDES RENT ASSISTANCE FOR LOW INCOME FAMILIES (OR PERSONS), WHILE HUD PAYS THE BALANCE OF THE RENT. 0 0 180453 151942 THE NOT FOR PROFIT CORPORATION WAS ORGANIZED TO OWN AND OPERATE A 40 UNIT APARTMENT COMMUNITY IN SMITHFIELD, VA KNOWN AS COVENANT PLACE APARTMENTS. IT WAS ORGANIZED PURSUANT TO SECTION 202 OF THE NATIONAL HOUSING ACT AS AMENDED AND HAS ENTERED INTO THE STANDARD FHA REGULATORY AGREEMENTS, WHICH GOVERN THE OPERATION OF THE COMMUNITY, WITH THE FEDERAL HOUSING ADMINISTRATION SECTION OF HUD. A PROJECT RENTAL ASSISTANCE CONTRACT (PRAC) PROVIDES RENT ASSISTANCE FOR LOW INCOME FAMILIES (OR PERSONS), WHILE HUD PAYS THE BALANCE OF THE RENT. 180453 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 1 0 0 0 0 0 1 1 0 0 1 0 0 1 0 0 0 X LAURA GRIMES 3367650424 PO BOX 25168 WINSTONSALEM NC 271145168 X BARBARA P WIGGINS PRESIDENT 20.00 0.00 X X 0 0 0 DEA E CHARLES WOODSON VICE PRESIDENT 20.00 0.00 X X 0 0 0 PHYLLIS WHITE MEMBER 20.00 0.00 X 0 0 0 LOIS GWALTNEY MEMBER 20.00 0.00 X 0 0 0 MARJORIE WOODARD MEMBER 20.00 0.00 X 0 0 0 ELLEN RUSH MEMBER 20.00 0.00 X 0 0 0 ADRIAN FOSTER MEMBER 20.00 0.00 X 0 0 0 REV JAMES HARRISON MEMBER 20.00 0.00 X 0 0 0 HAZEL EDWARDS MEMBER 20.00 0.00 X 0 0 0 0 0 0 0 0 0 0 0 182540 182540 RENTAL INCOME 531110 151942 151942 151942 6341 6341 LAUNDRY & VENDING 531110 1712 1712 OTHER REVENUE-MISC. 531110 68 68 TENANT CHARGES 531110 4 4 1784 342607 151942 0 8125 67455 67455 6410 6410 117 117 8336 8336 2432 2432 174863 174863 845 845 388 388 5590 5590 678 678 MTG CO EMPLOYEE CHARGEB 56255 56255 323369 180453 142916 0 6007 349550 491 340 9983 13338 1675257 1473901 201246 201356 322117 10684 14039 0 553883 575268 16936 16963 71 40 1623000 1623000 19108 21259 1659115 1661262 X -1105232 -1085994 -1105232 -1085994 553883 575268 19238 0 X X 0 1 X 1 1 1 X 193100 190204 185401 176165 182540 927410 129492 125203 132298 150904 151942 689839 322592 315407 317699 327069 334482 1617249 0 0 0 1617249 50 32 34 35 6341 6492 50 32 34 35 6341 6492 2475 2280 22577 1814 1784 30930 325117 317719 340310 328918 342607 1654671 0.97740 0.98040 0.00390 0.00010 X SCHEDULE A, PART III, LINE 12: MISCELLANEOUS INCOME CONSISTS OF TENANT CHARGES, LAUNDRY AND VENDING CHARGES AND OTHER INCOME ITEMS FOR SERVICES PROVIDED FOR THE CONVENIENCE OF THE TENANTS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 72773 72773 1484409 1366991 117418 100660 89495 11165 17415 17415 0 201356 SECURITY DEPOSITS 13760 ACCRUED WAGES PAYABLE 6293 ACCRUED PAYROLL TAXES PAYABLE 486 ACCRUED PROPERTY TAXES 720 21259 X 342607 0 342607 0 342607 324125 756 756 323369 0 323369 PART X, LINE 2: THE CORPORATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE AND STATE INCOME TAX AND HAS BEEN CLASSIFIED AS AN OTHER THAN PRIVATE FOUNDATION. ACCORDINGLY, NO PROVISION FOR FEDERAL AND STATE TAXES ON REVENUE AND INCOME HAS BEEN RECOGNIZED IN THE ACCOMPANYING FINANCIAL STATEMENTS. GENERALLY, THE FEDERAL AND STATE TAX RETURNS WERE SUBJECT TO EXAMINATIONS FROM THE THREE YEARS AFTER THE LATER OF THE ORIGINAL OR EXTENDED DUE DATE OR THE DATE FILED WITH THE APPLICABLE TAX AUTHORITY. PART XII, LINE 2D - OTHER ADJUSTMENTS: BOOK/TAX DEPRECIATION ADJUSTMENT 756. FORM 990, PART VI, SECTION A, LINE 3 COVENANT PLACE, INC. IS MANAGED BY COMMUNITY MANAGEMENT CORPORATION, A PROFESSIONAL PROPERTY MANAGEMENT COMPANY. COMMUNITY MANGEMENT CORPORATION HAS A PROJECT OWNER'S & MANAGEMENT CERTIFICATION FOR MULTIFAMILY HOUSING PROJECTS WITH THE US DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT. UNDER THIS CERTIFICATION HUD HAS APROVED COMMUNITY MANAGEMENT CORPORATION TO MANAGE THE CREST STREET COMMUNITY ELDERING HOUSING PROPERTY. FORM 990, PART VI, SECTION B, LINE 11B THE OUTSIDE INDEPENDENT ACCOUNTANT FORWARDS A DRAFT OF FORM 990 TO THE MANAGEMENT COMPANY, WHICH IN TURN DISBURSES A COMPLETE COPY OF THE 990 TO THE BOARD OF DIRECTORS FOR THIER REVIEW. UPON BOARD APPROVAL, THE BOARD PRESIDENT NOTIFIES THE MANAGEMENT COMPANY TO COMMUNICATE APPROVAL TO THE OUTSIDE ACCOUNTANT, WHICH ISSUES A FINAL RETURN FOR THE BOARD PRESIDENT TO SIGN AND FILE. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION DOES NOT COMPENSATE OFFICERS OR KEY EMPLOYEES (SEE PAGE 7, PART VII). FORM 990, PART VI, SECTION C, LINE 19 FORM 990 AND ALL RELATED FINANCIAL AND POLICY INFORMATION ARE MADE AVAILABLE TO THE PUBLIC UPON WRITTEN REQUEST. FORM 990, PAGE 12, PART XII, LINE 2C OVERVIEW OF AUDIT FUNCTION THE MANAGEMENT COMPANY RECEIVES A COPY OF THE AUDIT. PRIOR TO THE FINALIZATION OF THE AUDIT, A COPY OF THE AUDIT IS GIVEN TO ALL OF THE BOARD MEMBERS FOR THEIR COMMENTS. WHEN THE AUDIT IS UP FOR BID, THE BOARD DISCUSSES THE RELATIONSHIP WITH THE CURRENT AUDITORS AND MAKES A DETERMINATION AS TO WHETHER TO MAINTAIN THIS RELATIONSHIP OR CHANGE TO A NEW AUDITING FIRM.