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Millbrook Homes INC FY2024 filing

Tax-deductible

Winstonsalem, NC501(c)(3)HousingEIN 56-1983872Revenue $862K in FY2024

On file with the IRSnchsm.org2585 W Clemmonsville Rd Suite 102, 27127-8704 · Winstonsalem, NCTax-exempt since Dec 1996Publicly supported — 509(a)(2)

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Own and operate a 144 unit apartment complex for low income individuals under section 236 of the national housing act of 1959.

501(c)(3) charity; gifts are tax-deductible.
99¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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
FY2025
latest Form 990
Looks good: the latest return is for FY2025, 1 tax year back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
4 of 6
filings with a surplus
Average deficit $7K a year · under 1% of revenue · last 6 filings
Fine: a surplus in 4 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
99%
of spending
Looks good: 99% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
10 mo
of spending, in cash
Looks good: 9.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$276K
17% of total assets
Looks good: liabilities are 17% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$862K
+0.07% vs prior year
Spent
$861K
To programs
99%
Net assets
$1.3M
By yearFY2020–FY2025
Revenue
$862K
FY2024+0.07%
Tap a bar for its year
Revenue by fiscal year
FY2020$823K
FY2021$820K
FY2022$857K
FY2023$862K
FY2024$862K
FY2025$889K
Expenses
$861K
FY2024▲ +3%
Tap a bar for its year
Expenses by fiscal year
FY2020$847K
FY2021$902K
FY2022$837K
FY2023$839K
FY2024$861K
FY2025$866K
Net assets
$1.3M
FY2024+0.09%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.4M
FY2021$1.3M
FY2022$1.3M
FY2023$1.3M
FY2024$1.3M
FY2025$1.3M

From the FY2024 Form 990 (year ending June 2024) · figures checked against the IRS filing · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Dec 1996.

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

Where the money goes

99 cents of each dollar spent went to programs.

Program services 99% · $853K Management & general 1% · $9K

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

5 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2023); the FY2024 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
Gary Merritt
Director
$0Pt VII · Sec A
Diane Evans
Director
$0Pt VII · Sec A
Tammy Vernon
Treasurer
$0Pt VII · Sec A
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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 low-income individuals in a 144-unit apartment complex.

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Provided by the organization

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1 program · $853K · in their own filed words · FY2023
01

Operating a 144 unit apartment complex for low income individuals under section 236 of the U.S. Housing act of 1959.

$853Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$862K
Ln 12
Fees for servicesLn 2g$807K
Gifts and grantsLn 1h$55K
Investment incomeLn 3$51
Money outPt IX
$861K
Ln 25
Programscol B$853K
Managementcol C$9K
Owns and owesPt X
$1.3M
net assets · Ln 32
Cash and savingsLn 1–2$692K
Total assetsLn 16$1.6M
LiabilitiesLn 26$276K
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$55K
Government grantsLn 1e$55K
Fees for servicesLn 2g$807K
Investment incomeLn 3$51
Total revenueLn 12$862K
Assets in detailPt X, end of year
CashLn 1$151K
SavingsLn 2$541K
Cash and savings togetherLn 1–2$692K
Land, buildings, equipmentLn 10c$862K
Other assetsLn 15$29K
Total assetsLn 16$1.6M
LiabilitiesLn 26$276K
Net assetsLn 32$1.3M
OperationsPt I, VI
EmployeesI 50
VolunteersI 67
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$744K$692K
Land, buildings, equipmentLn 10c$845K$862K
Total assetsLn 16$1.6M$1.6M
LiabilitiesLn 26$317K$276K
Net assetsLn 32$1.3M$1.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$88K$88K
Legal feesLn 11b$4K$4K
Accounting feesLn 11c$6K$6K
Advertising and promotionLn 12$373$373
Office expensesLn 13$17K$17K
OccupancyLn 16$73K$73K
InterestLn 20$2K$2K
Depreciation, depletion and amortizationLn 22$133K$133K
InsuranceLn 23$105K$105K
Other expenses (24a–d)Ln 24$361K$361K
All other expensesLn 24e$72K$69K$3K
Total functional expensesLn 25$861K$853K$9K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $889K$866K$24K$1.3M 990 PDF
FY2024 Viewing $862K$861K$1K$1.3M 990 PDF
FY2023 $862K$839K$22K$1.3M 990 PDF
FY2022 $857K$837K$19K$1.3M 990 PDF
FY2021 $820K$902K−$82K$1.3M 990 PDF
FY2020 $823K$847K−$25K$1.4M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2024 990 (6 parts)
Part I · Summary $862,444 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $55,583$55,043
I-9 Program service revenuePrior year $806,195$807,350
I-10 Investment incomePrior year $46$51
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $861,824$862,444
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 $839,349$861,190
I-18 Total expensesPrior year $839,349$861,190
I-19 Revenue less expensesPrior year $22,475$1,254
Part VI · Governance 4 of 4 board members independent, 3 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $862,444 across 5 lines filed
VIII-1e Government grants$55,043
VIII-1h Total contributions, gifts and grants$55,043
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $807,350$807,350
VIII-3 Investment incomeExcluded from tax $51$51
VIII-12 Total revenueRelated to mission $807,350 · Unrelated business $0 · Excluded from tax $51$862,444
Part IX · Statement of functional expenses $861,190 across 11 lines filed
IX-11a Management feesPrograms $87,867$87,867
IX-11b Legal feesPrograms $4,461$4,461
IX-11c Accounting feesManagement $6,037$6,037
IX-12 Advertising and promotionPrograms $373$373
IX-13 Office expensesPrograms $16,648$16,648
IX-16 OccupancyPrograms $72,827$72,827
IX-20 InterestPrograms $1,546$1,546
IX-22 Depreciation, depletion and amortizationPrograms $132,840$132,840
IX-23 InsurancePrograms $105,456$105,456
IX-24 Other expenses (24a–d)Programs $361,443$361,443
IX-24e All other expensesPrograms $69,136 · Management $2,556$71,692
IX-25 Total functional expensesPrograms $852,597 · Management $8,593 · Fundraising $0$861,190
Part X · Balance sheet $1,600,152 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $261,771$150,979
X-2 Savings and temporary cash investmentsStart of year $482,430$540,789
X-4 Accounts receivableStart of year $15,904$15,571
X-9 Prepaid expenses and deferred chargesStart of year $1,752$1,595
X-10c Land, buildings and equipment, netStart of year $845,289$861,972
X-15 Other assetsStart of year $32,192$29,246
X-16 Total assetsStart of year $1,639,338$1,600,152
X-17 Accounts payable and accrued expensesStart of year $39,262$39,040
X-19 Deferred revenueStart of year $7,805$1,949
X-24 Unsecured notes and loans payableStart of year $65,703$65,703
X-25 Other liabilitiesStart of year $32,396$29,574
X-26 Total liabilitiesStart of year $316,829$276,389
X-27 Net assets without donor restrictionsStart of year $1,322,509$1,323,763
X-32 Total net assets or fund balancesStart of year $1,322,509$1,323,763
X-33 Total liabilities and net assetsStart of year $1,639,338$1,600,152
Part XI · Reconciliation of net assets $1,323,763 net assets at year end
XI-1 Total revenue$862,444
XI-2 Total expenses$861,190
XI-3 Revenue less expenses$1,254
XI-4 Net assets at start of year$1,322,509
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,323,763

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

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