The Elms INC

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To provide housing facilities to elderly persons & handicapped persons. Such facilities are specifically designed to meet physical, social, psychological & lifestyle needs of the tenants.

Form 990 Part I, line 1, FY2025. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 22-2475565) · Dispute this line
501(c)(3) charity; gifts are tax-deductible.
91¢ of each $1 spent went to programs.
Run by 5 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2025 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
The IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2025
latest Form 990
The latest return is for FY2025, 1 tax year back.
IRS e-file · Filing history
Surplus or deficit
2 of 6
filings with a surplus
Average deficit $72K a year · 9% of revenue · last 6 filings
A surplus in 2 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
91%
of spending
91% of spending went to programs.
Pt IX · Ln 25 · col B
0.5 mo
of spending, in cash
0.5 months of spending in cash.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$4.0M
225% of total assets
Liabilities are 225% of assets.
Pt X · Ln 26
Independent board members
5
of 5 voting members
5 of 5 voting members are independent.
Pt VI · Ln 1a–1b
Revenue
$933K
+17% vs prior year
Spent
$827K
To programs
91%
Net assets
−$2.2M
By yearFY2020–FY2025
Revenue
$933K
FY2025▲ +17%
Tap a bar for its year
Revenue by fiscal year
FY2020$730K
FY2021$731K
FY2022$790K
FY2023$838K
FY2024$797K
FY2025$933K
Expenses
$827K
FY2025▲ +8%
Tap a bar for its year
Expenses by fiscal year
FY2020$893K
FY2021$951K
FY2022$886K
FY2023$923K
FY2024$768K
FY2025$827K
Net assets
−$2.2M
FY2025▲ +5%
Tap a bar for its year
Net assets by fiscal year
FY2020−$2.0M
FY2021−$2.2M
FY2022−$2.3M
FY2023−$2.4M
FY2024−$2.3M
FY2025−$2.2M

From the FY2025 Form 990 (year ending July 2025) · figures checked against the IRS filing · see the original

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Nov 1983.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

91 cents of each dollar spent went to programs.

Program services 91% · $757K Management & general 9% · $70K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation
Director/Chairman
$0Pt VII · Sec A
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
President/Treasurer
$0Pt VII · Sec A
See The Elms INC executive salaries →

Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Offers housing facilities for elderly and disabled individuals.

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1 program · $757K · in their own filed words · FY2024
01

47 apartments provided for rental use to elderly persons and handicapped persons with housing facilities and services specifically designed to meet their physical, social, psychological and lifestyle needs.

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 22-2475565) · Dispute this line
$757Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Federal money

Single Audit · Federal Audit Clearinghouse · money spent from federal programs
Year ending Jul 2025 · $4.7M federal money spent
Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing ProjectsDepartment of Housing and Urban Development · ALN 14.155 · Direct$4.0M
Section 8 Housing Assistance Payments ProgramDepartment of Housing and Urban Development · ALN 14.195 · Direct$684K

The auditor reported: a weakness in money controls.

Year ending Jul 2024 · $4.7M federal money spent
Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing ProjectsDepartment of Housing and Urban Development · ALN 14.155 · Direct$4.1M
Section 8 Housing Assistance Payments ProgramDepartment of Housing and Urban Development · ALN 14.195 · Direct$584K

The auditor reported: a weakness in money controls.

Year ending Jul 2023 · $4.8M federal money spent
Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing ProjectsDepartment of Housing and Urban Development · ALN 14.155 · Direct$4.2M
Section 8 Housing Assistance Payments ProgramDepartment of Housing and Urban Development · ALN 14.195 · Direct$572K

The auditor reported: a weakness in money controls.

Year ending Jul 2022 · $4.9M federal money spent
Mortgage Insurance for the Purchase or Refinancing of Existing Multifamily Housing ProjectsDepartment of Housing and Urban Development · ALN 14.155 · Direct$4.3M
Section 8 Housing Assistance Payment ProgramDepartment of Housing and Urban Development · ALN 14.195 · Direct$588K

The auditor reported no findings.

By the numbers

The FY2025 990, line by line.

1The main four
Money inPt VIII
$933K
Ln 12
Fees for servicesLn 2g$841K
Other incomeLn 4–11$90K
Investment incomeLn 3$2K
Money outPt IX
$827K
Ln 25
Programscol B$757K
Managementcol C$70K
Owns and owesPt X
−$2.2M
net assets · Ln 32
Cash and savingsLn 1–2$34K
Total assetsLn 16$1.8M
LiabilitiesLn 26$4.0M
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$841K
Investment incomeLn 3$2K
Other incomeLn 4–11$90K
Gains on assetsLn 7$19K
Total revenueLn 12$933K
Assets in detailPt X, end of year
CashLn 1$34K
Cash and savings togetherLn 1–2$34K
Accounts receivableLn 4$54K
Notes and loans receivableLn 7$58K
Prepaid expenses and deferred chargesLn 9$46K
Land, buildings, equipmentLn 10c$1.0M
Other assetsLn 15$563K
Total assetsLn 16$1.8M
LiabilitiesLn 26$4.0M
Net assetsLn 32−$2.2M
OperationsPt I, VI
EmployeesI 50
VolunteersI 65
Fiscal year endsHeaderJuly
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$99K$34K
Land, buildings, equipmentLn 10c$1.2M$1.0M
Total assetsLn 16$1.8M$1.8M
LiabilitiesLn 26$4.2M$4.0M
Net assetsLn 32−$2.3M−$2.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$43K$43K
Legal feesLn 11b$144$144
Accounting feesLn 11c$19K$19K
Other fees for servicesLn 11g$146K$146K
Advertising and promotionLn 12$895$895
Office expensesLn 13$8K$8K
OccupancyLn 16$331K$331K
Depreciation, depletion and amortizationLn 22$162K$162K
InsuranceLn 23$43K$43K
Other expenses (24a–d)Ln 24$75K$75K
Total functional expensesLn 25$827K$757K$70K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest ViewingFiled with the IRS Jun 15, 2026 $933K$827K$106K−$2.2M 990 PDF
FY2024Filed with the IRS Jun 16, 2025 $797K$768K$30K−$2.3M 990 PDF
FY2023Filed with the IRS Jun 17, 2024 $838K$923K−$85K−$2.4M 990 PDF
FY2022Filed with the IRS Jun 15, 2023 $790K$886K−$96K−$2.3M 990 PDF
FY2021Filed with the IRS Jun 15, 2022 $731K$951K−$221K−$2.2M 990 PDF
FY2020Filed with the IRS Jun 15, 2021 $730K$893K−$163K−$2.0M 990 PDF

Schedules filed Part IV

A · Public support D · Assets and endowments O · Explanations R · Related orgs
See the full FY2025 990
Part I · Summary $932,502 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $727,729$840,972
I-10 Investment incomePrior year $1,728$21,188
I-11 Other revenuePrior year $67,753$70,342
I-12 Total revenuePrior year $797,210$932,502
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $767,509$826,939
I-18 Total expensesPrior year $767,509$826,939
I-19 Revenue less expensesPrior year $29,701$105,563
Part VI · Governance 5 of 5 board members independent, 1 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $932,502 across 6 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $840,972$840,972
VIII-3 Investment incomeExcluded from tax $1,874$1,874
VIII-6 Net rental income or lossExcluded from tax $65,091$65,091
VIII-7 Net gain or loss on sales of assetsExcluded from tax $19,314$19,314
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $5,251$5,251
VIII-12 Total revenueRelated to mission $840,972 · Unrelated business $0 · Excluded from tax $91,530$932,502
Part IX · Statement of functional expenses $826,939 across 10 lines filed
IX-11a Management feesManagement $42,687$42,687
IX-11b Legal feesManagement $144$144
IX-11c Accounting feesManagement $19,070$19,070
IX-11g Other fees for servicesPrograms $145,709$145,709
IX-12 Advertising and promotionManagement $895$895
IX-13 Office expensesManagement $7,601$7,601
IX-16 OccupancyPrograms $330,749$330,749
IX-22 Depreciation, depletion and amortizationPrograms $162,362$162,362
IX-23 InsurancePrograms $42,902$42,902
IX-24 Other expenses (24a–d)Programs $74,820$74,820
IX-25 Total functional expensesPrograms $756,542 · Management $70,397 · Fundraising $0$826,939
Part X · Balance sheet $1,786,398 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $99,314$33,757
X-4 Accounts receivableStart of year $9,120$53,705
X-7 Notes and loans receivableStart of year $65,000$57,500
X-9 Prepaid expenses and deferred chargesStart of year $43,089$46,294
X-10c Land, buildings and equipment, netStart of year $1,161,567$1,031,850
X-15 Other assetsStart of year $457,409$563,292
X-16 Total assetsStart of year $1,835,499$1,786,398
X-17 Accounts payable and accrued expensesStart of year $55,438$26,407
X-21 Escrow or custodial accountsStart of year $17,853$17,249
X-23 Secured mortgages and notes payableStart of year $4,032,228$3,941,868
X-25 Other liabilitiesStart of year $59,709$25,040
X-26 Total liabilitiesStart of year $4,165,228$4,010,564
X-27 Net assets without donor restrictionsStart of year −$2,329,729−$2,224,166
X-32 Total net assets or fund balancesStart of year −$2,329,729−$2,224,166
X-33 Total liabilities and net assetsStart of year $1,835,499$1,786,398
Part XI · Reconciliation of net assets −$2,224,166 net assets at year end
XI-1 Total revenue$932,502
XI-2 Total expenses$826,939
XI-3 Revenue less expenses$105,563
XI-4 Net assets at start of year−$2,329,729
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$2,224,166

Form 990 e-file FY2025 from the IRS (about our sources) · Classification, formation year and address from the IRS Business Master File

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