3 Cherry Way Homeowner Association

Nonprofit profile at a glance

EIN
474181657
IRS 990 coverage
2024–2024
Forms available
Form 990 2024
Location
Huntersville, NC, USA
Phone
7048757299
Rating
61
Verdict
SUPPORTED
Rating confidence
Moderate

Reported finances

Revenue
$629,824
Expenses
$437,207
Assets
$1,302,383
Liabilities
$47,804

Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.

Leadership & pay

5 people listed

Executive titles in this filing

  • KARRY BROCKMAN (PRESIDENT)

People named in this filing

  • MARGE BARNES (SECRETARY)
  • KARRY BROCKMAN (PRESIDENT)
  • CINDY DUBAC (VICE-PRESIDN)

Selected names, not a complete roster or a statement of current roles. Open leadership details for the complete filed list.

Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.

Overview

Mission

To manage, maintain, operate, care for and administer the development, including, but not limited to, the common areas and public roads, to enforce the convenents, restrictions, easements, etc.

Operating model

Revenue model
Earned-program. 88% of the money available for current operations came from fees and other program revenue.
Distribution model
Direct operator. The filing allocates 100% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.

The verdict

SUPPORTED - The filed numbers largely add up and a large share of total spending goes to programs. A relatively small share of voting board members are independent and a relatively small share of available resources goes toward mission work.

Rating breakdown

  • Financial Efficiency: 64
  • Transparency & Controls: 90
  • Accountability: 24
  • Sustainability: 78
  • Growth: NotEnoughData

Detailed rating inputs

Financial Efficiency

  • Mission deployment rate: 57.9%; rating input score 58
  • Program expense ratio: 94.3%; rating input score 94
  • Fundraising efficiency: Limited

Transparency & Controls

  • Consistency checks: 100%; rating input score 100; 63rd percentile among comparable filings
  • Pay-setting controls: Limited
  • Foreign activity oversight: Limited
  • Grant itemization coverage: Limited
  • Major donor itemization: Limited
  • Related-party transparency: Limited

Accountability

  • Independent voting board: 0%; rating input score 0; 5th percentile among comparable filings
  • Governance controls: 4 of 7 controls in place; rating input score 57
    • Conflict-of-interest policy: Pass
    • Whistleblower policy: Fail
    • Document-retention policy: Pass
    • CEO compensation review process: NotApplicable
    • Other executive compensation review process: NotApplicable
    • Form 990 shared with the board: Pass
    • Board meeting minutes documented: Pass
    • Audit committee oversight: Missing
    • Independent financial-statement audit: Fail

Sustainability

  • Operating margin: 30.6%; rating input score 85; 85th percentile among comparable filings
  • Total-asset coverage ratio: 2.98; rating input score 75; 75th percentile among comparable filings
  • Liabilities to assets ratio: 0.04; rating input score 56; 56th percentile among comparable filings
  • Officer compensation ratio: 0%; rating input score 81; 81st percentile among comparable filings

Growth

  • Program expense growth: Limited
  • Revenue growth: Limited
  • Asset growth: Limited

Details

  • Where the money goes: 57.9% of revenue deployed · 94.3% of spending went to programs
  • Governance: 0 of 5 board members independent · 4 of 7 filing controls reported
  • Programs: 1 filed program accomplishment · $412K in reported program spending
  • Leadership: top reported pay $0 · 5 people listed
  • Consistency: 16 of 16 current checks pass
  • Schedules: 2 filed schedules
  • Contacts: How to reach this organization
  • People: Everyone the filings name, and which of them the filings identify by more than a name.

Key Signals

Signals prioritize questions for review. They are not findings of misconduct.

  • High — Accountability: Independent voting board scored 0/100.
  • Review — Financial Efficiency: Mission deployment rate scored 58/100.
  • Review — Accountability: Governance controls: 2 of 6 not reported.
  • Review — Sustainability: Liabilities to assets ratio scored 56/100.