Coa Senior Housing Inc
Nonprofit profile at a glance
- EIN
- 561855098
- IRS 990 coverage
- 2011–2024
- Forms available
- Form 990 2024
- Location
- Smithfield, NC, USA
- Phone
- 9199346066
- Rating
- 81
- Verdict
- STRONG
- Rating confidence
- Moderate
- Sector
- Senior Citizens' Housing/Retirement Communities
Reported finances
- Revenue
- $258,481
- Expenses
- $315,993
- Assets
- $844,405
- Liabilities
- $2,275,830
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
3 people listed
People named in this filing
- LEE BYRD (SEC./TREASUR)
- JIMMY PARKER (CHAIR)
- STEVE STRICKLAND (VICE CHAIR)
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
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
What it reported doing in 2024
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.
Operating model
- Revenue model
- Earned-program. 66% 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
STRONG - A large share of available resources goes toward mission work and the filed numbers largely add up. Some filing-based governance responses are negative or unanswered and expenses are high relative to revenue.
Rating breakdown
- Financial Efficiency: 85
- Transparency & Controls: 92
- Accountability: 70
- Sustainability: 34
- Growth: 80
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 100%; rating input score 100
- Program expense ratio: 87.7%; rating input score 88
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 100%; rating input score 100; 64th percentile among comparable filings
- Pay-setting controls: Limited
- Foreign activity oversight: Limited
- Grant itemization coverage: Limited
- Major donor itemization: Yes; rating input score 100
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 63rd percentile among comparable filings
- Governance controls: 2 of 7 controls in place; rating input score 29
- Conflict-of-interest policy: Fail
- Whistleblower policy: Fail
- Document-retention policy: Fail
- CEO compensation review process: NotApplicable
- Other executive compensation review process: NotApplicable
- Form 990 shared with the board: Fail
- Board meeting minutes documented: Pass
- Audit committee oversight: Fail
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: -22.2%; rating input score 13; 13th percentile among comparable filings
- Total-asset coverage ratio: 2.67; rating input score 66; 66th percentile among comparable filings
- Liabilities to assets ratio: 2.7; rating input score 1; 1st percentile among comparable filings
- Officer compensation ratio: 0%; rating input score 69; 69th percentile among comparable filings
Growth
- Program expense growth: 1.3% per year; rating input score 100; 36th percentile among comparable filings
- Revenue growth: 3.5% per year; rating input score 100; 44th percentile among comparable filings
- Asset growth: -4% per year; rating input score 0; 12th percentile among comparable filings
Details
- Where the money goes: 100% of revenue deployed · 87.7% of spending went to programs
- Governance: 3 of 3 board members independent · 2 of 7 filing controls reported
- Programs: 1 filed program accomplishment · $277K in reported program spending
- Leadership: top reported pay $0 · 3 people listed
- Consistency: 22 of 22 current checks pass
- Schedules: 4 filed schedules · includes major donors
- Filing history: 13 filing years from 2011 to 2024
- Contacts: How to reach this organization
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- 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: Governance controls: 5 of 7 not reported.
- High — Sustainability: Operating margin scored 13/100.
- High — Growth: Asset growth scored 0/100.
- High — Sustainability: Liabilities to assets ratio scored 1/100.