Partners For Homeownership Inc in Winston Salem, North Carolina (NC)

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Partners For Homeownership Inc
Employer Identification Number (EIN)581669973
Name of OrganizationPartners For Homeownership Inc
Address995 W Northwest Blvd, Winston Salem, NC 27101-1215
ActivitiesArea development, redevelopment of renewal
SubsectionCharitable Organization
Ruling Date04/1986
DeductibilityContributions are deductible
FoundationOrganizations operated solely for the benefit of and in conjunction with organizations described in 10 through 16 above
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2008
Assets$1,000,000 to $4,999,999
Income$100,000 to $499,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$2,127,899
Amount of Income$333,932
Form 990 Revenue Amount$333,932
National Taxonomy of Exempt Entities (NTEE)Housing, Shelter: Housing Development, Construction, Management


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Amount of income in 2008: $333,932
This organization: 

 $333,932
Other organizations performing similar types of work: 

 $914,408

Assets in 2008: $2,127,899
Partners For Homeownership Inc: 

 $2,127,899
Other organizations performing similar types of work: 

 $2,572,607

Expenses in 2007: $615,098
Partners For Homeownership Inc: 

 $615,098
Other organizations performing similar types of work: 

 $776,462

Income to expenses ratio in 2007: 1.0
Partners For Homeownership Inc: 

 1.0
Other organizations performing similar types of work: 

 1.0

Expenses allocated to program services in 2007: 75.1%
Partners For Homeownership Inc: 

 75.1%
Other organizations performing similar types of work: 

 90.8%

Number of employees in 2007: 4
This organization: 

 4
Other organizations performing similar types of work: 

 2

Employees paid over $50,000 in 2007: 25.0%
Partners For Homeownership Inc: 

 25.0%
Other organizations performing similar types of work: 

 0.0%

Grants share in income in 2007: 33.6%
This organization: 

 33.6%
Other organizations performing similar types of work: 

 0.3%

Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Expenses for 2007

Functional Expenses for 2007 ($)

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001200220032004200520062007
Total revenue$110,167$445,345$960,527$1,232,538$1,304,750$629,601$956,715$626,284
Contributions, gifts, grants, and similar amounts received$86,796$144,243$455,019$150,356$313,725$212,165$288,852$210,223
Contributions to donor advised funds$0$0
Direct public support$21,275$29,613$10,530$50,365$40,172$55,896$119,446$39,731
Indirect public support$65,521$0$4,989$0$0$0$0$0
Government contributions (grants)$0$114,630$439,500$100,000$273,553$156,269$169,406$170,492
Program service revenue including government fees and contracts$0$297,748$504,277$1,081,500$986,514$413,420$656,559$412,445
Membership dues and assessments$0$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$7,524$3,354$1,231$673$303$259$51$0
Dividends and interest from securities$0$0$0$0$0$0$0$27
Net rental income or (loss)$0$0$0$0$4,208$3,757$3,589$3,589
Gross rents$0$0$0$0$4,208$3,757$3,589$3,589
Less: rental expenses$0$0$0$0$0$0$0$0
Other investment income$0$0$0$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$15,847$0$0$0$0$0$0$0
Gross amount from sales of assets other than inventory$66,500$0$0$0$0$0$0$0
Less: cost or other basis and sales expenses$50,653$0$0$0$0$0$0$0
Net income or (loss) from special events and activities$0$0$0$0$0$0$7,664$0
Gross revenue$0$0$0$0$0$0$10,411$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$2,747$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0$0
Total expenses$144,760$458,509$659,706$1,313,270$1,245,389$669,267$899,722$615,098
Program services$128,743$415,046$612,885$1,240,688$1,196,071$601,494$780,934$462,190
Management and general$16,017$43,463$46,821$72,582$49,318$54,212$101,291$141,317
Fundraising$0$0$0$0$0$13,561$17,497$11,591
Payments to affiliates$0$0$0$0$0$0$0$0
Net assets or fund balances at end of year$180,115$176,551$463,872$104,377$163,738$124,072$181,065$192,251
Excess or (deficit) for the year$-34,593$-13,164$300,821$-80,732$59,361$-39,666$56,993$11,186
Net assets or fund balances at beginning of year$200,973$180,115$176,551$463,872$104,377$163,738$124,072$181,065
Other changes in net assets or fund balances$13,735$9,600$-13,500$-278,763$0$0$0$0
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$615,098$462,190$141,317$11,591
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$105,282$65,082$32,640$7,560
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$30,639$0$30,639$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$17,090$8,671$7,797$622
Payroll taxes$13,748$6,101$6,958$689
Professional fundraising fees$1,790$0$0$1,790
Accounting fees$0$0$0$0
Legal fees$0$0$0$0
Supplies$15,282$8,737$6,545$0
Telephone$6,885$1,377$5,508$0
Postage and shipping$0$0$0$0
Occupancy$17,705$11,508$5,312$885
Equipment rental and maintenance$0$0$0$0
Printing and publications$0$0$0$0
Travel$0$0$0$0
Conferences, conventions, and meetings$1,853$1,824$29$0
Interest$1,855$1,374$481$0
Depreciation, depletion, etc.$1,720$0$1,720$0
Other expenses not covered above$401,249$357,516$43,688$45
Balance Sheets
20002001200220032004200520062007
Total assets$324,709$1,696,241$3,225,915$2,912,043$2,326,119$2,649,292$2,177,141$2,041,972
Cash - non-interest-bearing$30,589$26,948$31,673$14,754$37,390$16,455$27,921$11,221
Savings and temporary cash investments$0$3,000$48,955$22,699$3,361$1,732$3,117$0
Accounts receivable less allowance for doubtful accounts$0$0$113,000$0$0$0$0$24,200
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0$0$0$0
Grants receivable$4,271$0$65,000$25,000$25,000$67,500$67,500$37,500
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$24,000$28,837$2,108$232,250$206,500$73,000$57,500$15,000
Inventories for sale or use$0$1,542,480$2,948,784$2,591,667$2,029,573$2,476,029$2,006,736$1,940,731
Prepaid expenses and deferred charges$892$892$1,790$14,813$18,570$10,679$11,006$5,556
Investments - publicly-traded securities$0$0
Investments - other securities$0$0$0$0$0$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$0$0
Investments - other$0$0$0$0$0$0$0$0
Land, buildings, and equipment less accumulated depreciation$9,659$11,144$14,605$10,860$5,725$3,897$3,361$7,764
Other assets, including program-related investments$255,298$82,940$0$0$0$0$0$0
Total liabilities$144,594$1,519,690$2,762,043$2,807,666$2,162,381$2,525,220$1,996,076$1,849,721
Accounts payable and accrued expenses$2,062$17,080$35,876$59,252$9,017$88,118$20,765$20,845
Grants payable$0$0$0$0$0$0$0$0
Deferred revenue$0$0$0$231,661$125,041$45,500$65,000$15,000
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0$0$0
Mortgages and other notes payable$141,032$1,500,075$2,717,167$2,507,856$2,025,976$2,390,102$1,907,311$1,813,776
Other liabilities$1,500$2,535$9,000$8,897$2,347$1,500$3,000$100
Total liabilities and net assets/fund balances$324,709$1,696,241$3,225,915$2,912,043$2,326,119$2,649,292$2,177,141$2,041,972
Total net assets or fund balances$180,115$176,551$463,872$104,377$163,738$124,072$181,065$192,251
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001200220032004200520062007
Total revenue$110,167$445,345$960,527$1,232,538$1,304,750$629,601$0$0
Total revenue, gains, and other support per audited financial statements$111,902$454,945$960,527$1,232,538$1,304,750$629,601$0$0
Other expenses$1,735$9,600$0$0$0$0$0$0
Net unrealized gains on investments$0$0$0$0$0$0$0$0
Donated services and use of facilities$1,735$9,600$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001200220032004200520062007
Total expenses$144,760$458,509$659,706$1,313,270$1,245,389$669,267$0$0
Total expenses and losses per audited financial statements$144,760$458,509$659,706$1,313,270$1,245,389$669,267$0$0
Other revenue$0$0$0$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Other expenses$0$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
40$65,288$1,712$0
40$37,919$363$0
40$37,919$363$0
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings17
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?No
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?No
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 20064
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$3,964$412,097
Program service revenue
Program service revenue 1000000$000$0$412,070
Program service revenue 2000000$0Income from an activity that is not regularly carried on (section 512(a)(1))$375$0
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$000$0$0
Dividends and interest from securities000000$000$0$27
Net rental income or (loss) from real estate
debt-financed property000000$0Real property rental income that does not depend on the income or profits derived by the person leasing the property and is excluded by section 512(b)(3)$3,589$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isNot controlled by disqualified persons/supports non private foundation
Type of supporting organizationType I
Information about the supported organizations
Employer identification number (EIN)Name of organizationType of organizationIs the supported organization listed in the supporting organization's governing documents?Amount of support
566037615Winston-Salem FoundationOrganization that receives a substantial part of its support from a governmental unit or from the general publicYes$70,000
Total$70,000
Support Schedule
19992000200120022003200420052006
Total$72,380$160,320$445,345$960,527$1,232,538$1,300,542$0$0
Gifts, grants, and contributions received$67,529$86,796$144,243$455,019$150,365$313,725$0$0
Membership fees received$0$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$66,000$297,748$504,277$1,081,500$986,514$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$4,851$7,524$3,354$1,231$673$303$0$0
Net income from unrelated business activities not included above$0$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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2Habitat For Humanity International Inc, Henderson County1111 Keith St, Hendersonvlle, NC 28792-5810NC1987-01$2,763,359
3Housing Opportunities Inc4600 Dundas Dr, Greensboro, NC 27407-1612NC1992-09$2,689,587
4Housing By St Laurence Inc1525 W W T Harris Blvd, Charlotte, NC 28262-8522NC1998-07$1,808,175
5Prosperity Unlimited IncPO BOX 1095, Concord, NC 28026-1095NC1994-08$1,275,608
6Mid-East Development Corporation1385 John Small Ave, Washington, NC 27889-3842NC1990-08$395,929
7Community Developers Of Beaufort- Hyde IncPO BOX 115, Belhaven, NC 27810-0115NC1986-12$372,380
8Partners For Homeownership Inc995 W Northwest Blvd, Winston Salem, NC 27101-1215NC1986-04$333,932
9Habitat For Humanity International, Pilot Mountain AreaPO BOX 671, Pilot Mtn, NC 27041-0671NC1987-01$79,598
10Fairhaven Healthcare Center Inc35 Avco Rd, Haverhill, MA 01835-6936MA2007-11$15,699,503
11Reach Community Development Inc4150 Sw Moody Ave, Portland, OR 97239-4417OR1982-09$11,702,112
12St Ambrose Housing Aid Center Inc321 E 25th St, Baltimore, MD 21218-5303MD1992-07$9,841,406
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16Asheville Assisted Housing Inc165 S French Broad Ave, Asheville, NC 28801-3900NC1987-05$1,886,261
17Sandy Run Missionary Baptist Church Apartment 1 Inc200 Coleman Dr, Jacksonville, NC 28546-6830NC1974-10$1,371,731
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Number of organizations performing similar types of work
Alaska2
Alabama2
Arkansas9
Arizona8
California114
Colorado16
Connecticut18
District of Columbia3
Delaware5
Florida41
Georgia22
Hawaii2
Iowa7
Idaho2
Illinois33
Indiana13
Kansas4
Kentucky12
Louisiana13
Massachusetts39
Maryland21
Maine7
Michigan31
Minnesota30
Missouri12
Mississippi3
Montana3
North Carolina23
North Dakota1
Nebraska3
New Hampshire7
New Jersey14
New Mexico3
Nevada6
New York110
Ohio32
Oklahoma2
Oregon11
Pennsylvania33
Rhode Island6
South Carolina4
South Dakota2
Tennessee22
Texas44
Utah6
Virginia25
Vermont8
Washington15
Wisconsin17
West Virginia7
International2
Total875

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