2026-08-17T11:08:17-05:00 2025-09-30 333709623 COHNREZNICK ADVISORY LLC 3560 LENOX ROAD NE SUITE 2900 ATLANTA GA 30326 990 2024-10-01 561831053 FORSYTH ECONOMIC VENTURES INC FORS 3367278500 901 CLEVELAND AVE WINSTONSALEM NC 27101 THEODORE ORTIVIZ EXECUTIVE DIRECTOR 3367278500 2026-08-13 1 1 ANDREW P SMITH P01281742 4048479447 2026-08-13 2024 2025-03-06 01:10:19Z X THEODORE ORTIVIZ 901 CLEVELAND AVE WINSTONSALEM NC 27101 1803011 0 X N/A X 1993 NC TO FACILITATE THE ORGANIZATION AND ADMINISTRATION OF INNOVATIVE PROJECTS TO PROVIDE HOUSING FOR PERSON OF LOW AND MODERATE INCOME AND IMPROVE THEIR QUALITY OF LIFE. 9 9 0 9 1042981 29130 0 0 1336719 751874 -21000 983388 66507 49828 1382226 1785090 0 464010 0 0 165354 139004 0 0 0 1600536 1118052 1765890 1721066 -383664 64024 6991152 5562147 5850017 4356374 1141135 1205773 IN CONJUNCTION WITH THE HOUSING AUTHORITY OF WINSTON-SALEM, TO FACILITATE THE ORGANIZATION AND ADMINISTRATION OF INNOVATIVE PROJECTS TO PROVIDE HOUSING FOR PERSONS OF LOW AND MODERATE INCOME AND IMPROVE THEIR QUALITY OF LIFE. 0 0 1721066 742109 TO PROVIDE HOUSING FOR PERSONS OF LOW AND MODERATE INCOME AND IMPROVE THEIR QUALITY OF LIFE. FORSYTH ECONOMIC VENTURES, INC. IS A PARTNER, OWNER, OR INTEREST HOLDER OF VARIOUS HOUSING PROJECTS, DEVELOPMENT AND CONSTRUCTION PROJECTS. 1721066 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 1 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NC X NANCY THOMAS 3367278500 901 CLEVELAND AVE WINSTONSALEM NC 27101 ALFRED ADAMS OUTGOING DIRECTOR 2.00 X 0 0 0 ANDREW PERKINS OUTGOING CHAIR 2.00 X 0 0 0 ART GIBEL DIRECTOR 2.00 X 0 0 0 ARTHUR DARK DIRECTOR 2.00 X 0 0 0 BETSY ANNESE VICE CHAIR 2.00 X 0 0 0 CHRISTOPHER LEAK DIRECTOR 2.00 X 0 0 0 DAWNIELLE GRACE DIRECTOR 2.00 X 0 0 0 FELICIA BRINSON DIRECTOR 2.00 X 0 0 0 KATHY STITTS OUTGOING DIRECTOR 2.00 X 0 0 0 VIVIAN PEREZ CHANDLER DIRECTOR 2.00 X 0 0 0 WAYNE ELLIS DIRECTOR 2.00 X 0 0 0 WILLIAM ROSE CHAIR 2.00 X 0 0 0 KEVIN CHESHIRE OUTGOING CEO 2.00 40.00 X 0 178897 35050 THEODORE ORTIVIZ CEO 2.00 40.00 X 0 57937 11587 0 236834 46637 0 0 1 0 0 RENTAL INCOME 531120 751874 710202 41672 751874 1001309 17921 983388 983388 -17921 1001309 MISCELLANEOUS REVENUE 531120 49828 49828 49828 1785090 742109 1042981 0 464010 464010 139004 139004 2190 2190 5450 5450 141 141 168211 168211 81821 81821 191589 191589 248130 248130 MAINTENANCE - CONTRACTS 205203 205203 MAINTENANCE - LABOR 121008 121008 MAINTENANCE - MATERIALS 54672 54672 39637 39637 1721066 1721066 0 0 X 815653 1540638 6233 8800 50690 2797 5598042 1715801 6011439 3882241 107137 127671 6991152 5562147 490033 345422 24035 20835 5335949 3980751 0 9366 5850017 4356374 X 1069485 1100623 71650 105150 1141135 1205773 6991152 5562147 X 64024 614 X 0 0 0 X X 1 HAWS 566003102 6 1 0 0 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 441327 441327 5156715 1715801 3440914 3882241 OTHER LIABILITIES 9366 9366 1 HOUSING AUTHORITY OF WINSTON SALEM 500 W 4TH STREET WINSTONSALEM NC 27101 566003102 464010 0 FMV THE LOEWY BUILDING WAS COLLATERAL TO A LINE OF CREDIT THAT WAS IN FORSYTH ECONOMIC VENTURE'S NAME, SALE PROCEEDS WERE USED FOR THE PAYOFF AT CLOSING. 1 0 0 0 0 0 0 0 0 0 KEVIN CHESHIRE OUTGOING CEO 0 178897 0 0 0 0 0 0 0 35050 0 213947 0 0 FORM 990, PART VI, SECTION A, LINE 6 THE HOUSING AUTHORITY OF THE CITY OF WINSTON-SALEM IS THE SOLE MEMBER OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 11B THE 990 RETURN IS REVIEWED BY THE CFO AND DIRECTOR OF FINANCE. THE INFORMATION IS DISCUSSED WITH THE BOARD AND COPIES OF ALL RETURNS ARE AVAILABLE FOR THEIR REVIEW. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION HAS A WRITTEN CONFLICT OF INTEREST POLICY. THAT POLICY IS DISTRIBUTED AND REVIEWED WITH ALL EMPLOYEES AND BOARD MEMBERS YEARLY. THEY ARE REQURED TO SIGN THAT THEY HAVE RECEIVED, READ AND UNDERSTAND THE POLICY. THAT INFORMATION IS KEPT IN THE PERSONNEL FILES. FORM 990, PART VI, SECTION C, LINE 19 ALL INFORMATION GOVERNING THE AUTHORITY AND ITS INSTRUMENTALITIES ARE AVAILABLE FOR REVIEW AT THE HOUSING AUTHORITY. THOSE DOCUMENTS ARE ALSO INCLUDED IN OUR ANNUAL PLAN THAT IS POSTED ON HUD'S WEBSITE ANNUALLY. FORM 990, PART X, LINE 23 FORSYTH ECONOMIC VENTURES, INC., A BLENDED COMPONENT UNIT OF THE AUTHORITY, OBTAINED FINANCING TO REPAY THE $2,200,000 WELLS FARGO BANK LOAN WITH A LOAN OF $2,000,000 FROM FIRST CITIZENS BANK. THE LOAN CARRIES AN INTEREST RATE OF 3.5%. THE LOAN IS SECURED BY THE LOEWY BUILDING AND WAS SET TO MATURE ON MARCH 18, 2023. THE LOAN WAS REFINANCED AS NOW HAS AN INEREST RATE OF 5.4% AND MATURES ON JUNE 25, 2028. MONTHLY PAYMENTS OF PRINCIPAL AND INTEREST ARE NOW DUE IN THE AMOUNT OF $11,150. THE ENTIRE BALANCE OF THE LOAN WAS PAID OFF DURING THE YEAR ENDED SEPTEMBER 30, 2025. FORSYTH ECONOMIC VENTURES, INC., A BLENDED COMPONENT UNIT OF THE AUTHORITY, EXECUTED A LOAN AGREEMENT WITH THE CITY OF WINSTON-SALEM IN THE AMOUNT OF $1,600,000. $900,000 SHALL BE DISBURSED AT CLOSING FOR THE ACQUISITION OF THE PROPERTY AND CARRIES AN INTEREST RATE OF 0%. REPAYMENT OF THE LOAN IN FULL IS DUE ON THE SALE OR TRANSFER OF THE PROPERTY. THE REMAINING $700,000, FOR THE DEMOLITION AND REHABILITATION OF THE DWELLING UNITS SHALL BE DEFERRED FOR THE FIRST 20 YEAR PERIOD. DURING THIS PERIOD, A PAYMENT IN LIEU OF TAXES WILL NOT EXCEED $10,000. HALF OF THE PAYMENT WILL GO TOWARDS REDUCING THE LOAN BALANCE. FOLLOWING THE DEFERRAL PERIOD THE LOAN SHALL BECOME AN AMORTIZING LOAN WITH NO INTEREST FOR AN ADDITIONAL 20 YEARS. THE LOAN IS SECURED BY A DEED OF TRUST AND MATURES 40 YEARS FROM THE COMMENCEMENT DATE. THE END OF YEAR BALANCE DUE IS $1,405,294. FORSYTH ECONOMIC VENTURES, INC., A BLENDED COMPONENT UNIT OF THE AUTHORITY, EXECUTED A PROMISSORY NOTE WITH FIRST BANK IN THE AMOUNT OF $1,420,000. THE LOAN CARRIES AN INTEREST RATE OF 4%. THE LOAN IS SECURED BY THE LOEWY BUILDING AND MATURES ON MAY 12, 2022. IN APRIL 2022, THE LOAN WAS REFINANCED WITH AN INTEREST RATE OF 3.99% AND A MATURITY DATE OF 2032. MONTHLY PAYMENTS OF PRINCIPAL AND INTEREST ARE DUE IN THE AMOUNT OF $7,471. ACCRUED INTEREST AS OF SEPTEMBER 30, 2025 IS $2,240. THE END OF YEAR BALANCE DUE IS $1,182,474. FORSYTH ECONOMIC VENTURES, INC., A BLENDED COMPONENT UNIT OF THE AUTHORITY, EXECUTED A PROMISSORY NOTE THAT ASSUMES THE DEBT FROM THE NORTH CAROLINA HOUSING FINANCE AGENCY IN THE AMOUNT OF $600,000. THE LOAN IS SUBJECT TO FORGIVENESS AS LONG AS THE AUTHORITY IS PROVIDING HOUSING TO NINE OF THE UNITS OF THE COMMONS THAT ARE NOTED TO BE AVAILABLE FOR FAMILIES AT OR BELOW 50% OF THE AREA MEDIAN INCOME AND WILL BE FORGIVEN IN 2041. THE NOTE DOES NOT ACCRUE INTEREST. THE END OF YEAR BALANCE DUE IS $600,000. FORSYTH ECONOMIC VENTURES, INC., A BLENDED COMPONENT UNIT OF THE AUTHORITY, EXECUTED A PROMISSORY NOTE WITH FIRST CITIZENS BANK. THE LOAN CARRIES AN INTEREST RATE OF 3.99%. THE LOAN IS SECURED BY A DEED OF TRUST AND MATURES ON APRIL 7, 2032. MONTHLY PAYMENTS OF PRINCIPAL AND INTEREST ARE DUE IN THE AMOUNT OF $5,477. ACCRUED INTEREST AS OF SEPTEMBER 30, 2025 IS $6,092. THE END OF YEAR BALANCE DUE IS $792,984. FORM 990, PART XI, LINE 9: OTHER CHANGES IN NET ASSETS 614. HOUSING AUTHORITY OF WINSTON SALEM 500 W 4TH STREET WINSTONSALEM NC 27101 566003102 HOUSING DEVELOPMENT NC N/A 1 DRAYTON PINES INC 500 W 4TH STREET WINSTONSALEM NC 27101 814265588 HOUSING DEVELOPMENT NC 501(C)(3) N/A 0 FORSYTH REAL ESTATE DEVELOPMENT LLC 500 W 4TH STREET SUITE 300 WINSTONSALEM NC 27101 830453732 PROP ACQ & DE NC N/A C 178933 4115754 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 HOUSING AUTHORITY OF WINSTON SALEM O 139004 CASH