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McDowell Housing Corporation

Tax-deductible

Greenville, SC501(c)(3)Housing EIN 56-1236679Revenue $611K in FY2024Latest return filed Jun 17, 2025

On file with the IRSPo Box 5539, 29606-5539 · Greenville, SCTax-exempt since Feb 1980Publicly supported — 509(a)(2)

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To provide low income Housing to families and individuals in marion, north carolina.

501(c)(3) charity; gifts are tax-deductible.
80¢ of each $1 spent went to programs.
Run by 7 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

Before you give

FY2024 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 5
filings with a surplus
Average surplus $56K a year · 9% of revenue · last 5 filings
Fine: a surplus in 4 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Plus $424K in investments, Pt X · Ln 11–13
Fine: 0.3 months of spending in cash, plus $424K in investments.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.4M
130% of total assets
Concern: liabilities are 130% of assets; over 80%.
Pt X · Ln 26
Independent board members
6
of 6 voting members
Looks good: 6 of 6 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$611K
+2% vs prior year
Spent
$605K
To programs
80%
Net assets
−$315K
By yearFY2020–FY2024
Revenue
$611K
FY2024▲ +2%
Tap a bar for its year
Revenue by fiscal year
FY2020$571K
FY2021$576K
FY2022$586K
FY2023$597K
FY2024$611K
Expenses
$605K
FY2024▼ -2%
Tap a bar for its year
Expenses by fiscal year
FY2020$470K
FY2021$459K
FY2022$511K
FY2023$617K
FY2024$605K
Net assets
−$315K
FY2024▲ +2%
Tap a bar for its year
Net assets by fiscal year
FY2020−$494K
FY2021−$376K
FY2022−$302K
FY2023−$322K
FY2024−$315K

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Feb 1980.

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

Where the money goes

80 cents of each dollar spent went to programs.

Program services 80% · $486K Management & general 20% · $119K

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
Larry Ramsey
President
$0Pt VII · Sec A
Allen McKinney
Vice President
$0Pt VII · Sec A
James Washburn
Secretary/Treasurer
$0Pt VII · Sec A
Larry Byrd
Director
$0Pt VII · Sec A
Jane Woodard
Director
$0Pt VII · Sec A
Doug Johnson
Director
$0Pt VII · Sec A
See McDowell Housing Corporation executive salaries →

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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

Provides affordable housing for families and individuals in Marion, North Carolina.

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Provided by the organization

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1 program · $486K · in their own filed words · FY2024
01

Mcdowell housing corporation, a north carolina notforprofit corporation, was organized to construct, own and operate a 60UNIT apartment community in marion, north carolina, known as blue ridge terrace apartments, pursuant to section 223(f) of the national housing act as amended.

$486Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$611K
Ln 12
Gifts and grantsLn 1h$412K
Fees for servicesLn 2g$189K
Other incomeLn 4–11$10K
Money outPt IX
$605K
Ln 25
Programscol B$486K
Managementcol C$119K
Owns and owesPt X
−$315K
net assets · Ln 32
Cash and savingsLn 1–2$15K
Total assetsLn 16$1.1M
LiabilitiesLn 26$1.4M
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a6
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$412K
Government grantsLn 1e$412K
Fees for servicesLn 2g$189K
Investment incomeLn 3$273
Other incomeLn 4–11$10K
Total revenueLn 12$611K
Assets in detailPt X, end of year
CashLn 1$15K
Cash and savings togetherLn 1–2$15K
InvestmentsLn 11–13$424K
Land, buildings, equipmentLn 10c$525K
Other assetsLn 15$21K
Total assetsLn 16$1.1M
LiabilitiesLn 26$1.4M
Net assetsLn 32−$315K
OperationsPt I, VI
EmployeesI 50
VolunteersI 67
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$11K$15K
InvestmentsLn 11–13$356K$424K
Land, buildings, equipmentLn 10c$537K$525K
Total assetsLn 16$1.1M$1.1M
LiabilitiesLn 26$1.4M$1.4M
Net assetsLn 32−$322K−$315K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$39K$39K
Accounting feesLn 11c$6K$6K
Office expensesLn 13$28K$28K
OccupancyLn 16$284K$284K
Conferences, conventions and meetingsLn 19$1K$1K
InterestLn 20$55K$55K
Depreciation, depletion and amortizationLn 22$43K$43K
InsuranceLn 23$34K$34K
Other expenses (24a–d)Ln 24$115K$71K$44K
Total functional expensesLn 25$605K$486K$119K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest ViewingFiled with the IRS Jun 17, 2025 $611K$605K$6K−$315K 990 PDF
FY2023Filed with the IRS Oct 23, 2024 $597K$617K−$20K−$322K 990 PDF
FY2022Filed with the IRS Nov 15, 2023 $586K$511K$75K−$302K 990 PDF
FY2021Filed with the IRS Nov 1, 2022 $576K$459K$117K−$376K 990 PDF
FY2020Filed with the IRS Nov 8, 2021 $571K$470K$100K−$494K 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2024 990 (6 parts)
Part I · Summary $611,186 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $402,110$411,536
I-9 Program service revenuePrior year $175,155$189,290
I-10 Investment incomePrior year $195$273
I-11 Other revenuePrior year $19,174$10,087
I-12 Total revenuePrior year $596,634$611,186
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 $616,829$604,934
I-18 Total expensesPrior year $616,829$604,934
I-19 Revenue less expensesPrior year −$20,195$6,252
Part VI · Governance 6 of 6 board members independent, 3 to look at
VI-1a Voting members of the governing body6
VI-1b Independent voting members6
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
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
Part VIII · Statement of revenue $611,186 across 6 lines filed
VIII-1e Government grants$411,536
VIII-1h Total contributions, gifts and grants$411,536
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $189,290$189,290
VIII-3 Investment incomeExcluded from tax $273$273
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $10,087$10,087
VIII-12 Total revenueRelated to mission $189,290 · Unrelated business $0 · Excluded from tax $10,360$611,186
Part IX · Statement of functional expenses $604,934 across 9 lines filed
IX-11a Management feesManagement $39,231$39,231
IX-11c Accounting feesManagement $6,500$6,500
IX-13 Office expensesManagement $28,046$28,046
IX-16 OccupancyPrograms $283,734$283,734
IX-19 Conferences, conventions and meetingsManagement $1,325$1,325
IX-20 InterestPrograms $54,540$54,540
IX-22 Depreciation, depletion and amortizationPrograms $42,598$42,598
IX-23 InsurancePrograms $33,639$33,639
IX-24 Other expenses (24a–d)Programs $71,408 · Management $43,913$115,321
IX-25 Total functional expensesPrograms $485,919 · Management $119,015 · Fundraising $0$604,934
Part X · Balance sheet $1,063,931 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $11,081$15,363
X-4 Accounts receivableStart of year $4,546$5,147
X-9 Prepaid expenses and deferred chargesStart of year $83,710$9,583
X-10c Land, buildings and equipment, netStart of year $537,192$524,967
X-13 Program-related investmentsStart of year $356,179$424,122
X-14 Intangible assetsStart of year $67,084$63,529
X-15 Other assetsStart of year $19,389$21,220
X-16 Total assetsStart of year $1,079,181$1,063,931
X-17 Accounts payable and accrued expensesStart of year $7,508$28,004
X-19 Deferred revenueStart of year $326$1,008
X-25 Other liabilitiesStart of year $104,696$106,998
X-26 Total liabilitiesStart of year $1,400,876$1,379,374
X-27 Net assets without donor restrictionsStart of year −$321,695−$315,443
X-32 Total net assets or fund balancesStart of year −$321,695−$315,443
X-33 Total liabilities and net assetsStart of year $1,079,181$1,063,931
Part XI · Reconciliation of net assets −$315,443 net assets at year end
XI-1 Total revenue$611,186
XI-2 Total expenses$604,934
XI-3 Revenue less expenses$6,252
XI-4 Net assets at start of year−$321,695
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$315,443

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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