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Marion West INC EIN 56-2153108 Form 990 (PDF) Claim this org

Marion West INC

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Provides affordable housing for seniors with limited income. For fiscal year 2023 it reported $205K in revenue, $273K in expenses, and $1.3M in net assets.Pt I

Type
Public charity (501(c)(3)) · Housing
Location
Shelby, NC
Filings
2 on file (2021–2023)
Revenue
$205KFY2023
Expenses
$273K
Net assets
$1.3M
People
5
Filings
2
Updates
0
More identity details & actions ⌄
EIN  56-2153108 Public charity (501(c)(3)) Shelby, NC
Form 990 (PDF)
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Size
$100K–1M
What they do
Provides affordable housing for seniors with limited income.
Leadership
Dick Strachan · President
Money in and out
$205K revenue, $273K expenses
Bottom line
95% program efficiency
Where the money goes · FY2023
Total revenue
$205K
Pt VIII · Ln 12
Total expenses
$273K
Pt IX · Ln 25
Net assets
$1.3M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): −$68K
Where spending went · Part IX cols B–D
Program services $0.95 Management & general $0.05
Program efficiency
95%
of spending reaches programs-0.5% vs prior filing year
Operating runway
4.2mo
months of highly liquid reserves at operating expense rate▼ -51% vs prior filing year
Surplus margin
-33%
revenue over expenses, this year▼ -67% vs prior filing year

Summary of the Filing

Part I · fiscal year 2023 · Form 990
Revenue
$205K
FY2023-0.3%
Expenses
$273K
FY2023▲ +11%
Total assets
$1.4M
FY2023▼ -12%
Total liabilities
$32K
FY2023▲ +9%
Total revenue
$205K
Pt VIII · Ln 12
Total expenses
$273K
Pt IX · Ln 25
Net assets
$1.3M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19−$68K
Total assetsPt X · Ln 16$1.4M
Program-expense ratioPt IX · col B95%
Voting members of governing bodyPt I · Ln 35
Independent voting membersPt I · Ln 45

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CMarion West INC
EINHdr · item D56-2153108
Principal addressHdr · item CShelby, NC
WebsiteHdr · item Jnone reported
Year of formationHdr · item Lpending
State of legal domicileHdr · item MNC
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFHousing (L22)
Ruling yearIRS BMFNov 1999

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a5
Independent voting membersPt VI · Ln 1b5
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation · most recent filed roster (FY2022); the FY2023 filing did not itemize Part VII
Dick Strachan
President
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
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Mission & Programs · Part III

Where the work happens

1 program service account for $260K of program spending, described in the organization's own filed words · FY2022.
01

37 unit apartment facility for the elderly under section 202 of the U.S. Housing act of 1959, as amended.

$260Kprogram expense

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Statement of Revenue

Part VIII
Program service revenue$110K · 53%
Contributions & grants$87K · 42%
Other revenue$9K · 4%
Program service revenue53%$110K
Contributions & grants42%$87K
Other revenue4%$9K
Investment income$263
— government grantsLn 1e$87K
Total revenueLn 12$205K

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.95 Management & general $0.05
Program services95%$260K
Management & general5%$13K
Total functional expensesLn 25$273K

Balance Sheet

Part X · end of year
CashLn 1$95K
Total assetsLn 16$1.4M
Total liabilitiesLn 26$32K
Total net assetsLn 32$1.3M
Months of cash on handcomputed4.2

Financial Metrics

Form 990 · FY2023 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $95K · Operating expenses/yr $273K
4.2 months
Where the money goes
Program services
Program services $260K · Total expenses $273K
95%
Management & General
Management & general $13K · Total expenses $273K
5%
Fundraising
Fundraising $0 · Total expenses $273K
0%
Cost to raise $1
Fundraising expense (2-yr avg) $0 · Solicited contributions (2-yr avg) $0
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $87K · Total revenue $205K
42%
Government reliance
Government grants $87K · Total revenue $205K
42%
Earned-income share
Program service revenue $110K · Total revenue $205K
53%
Investment reliance
Investment income $263 · Total revenue $205K
+0.1%
Program self-sufficiency
Program service revenue $110K · Total expenses $273K
40%
Growth & trend
Revenue growth (YoY)
This year $205K · Prior year $206K
-0.3%
Net-asset trend (YoY)
End of year $1.3M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $205K · Expenses $273K
-33%
Liabilities-to-Assets
Total liabilities — · Total assets $1.4M
—
Net-asset ratio
Net assets $1.3M · Total assets $1.4M
98%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $1.4M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Dick Strachan · Reported title PRESIDENT · Highest reported compensation $0 · Total expenses $273K
0%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) — · Total expenses $273K
—
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 95%——
Overhead ratio 5%——
Fundraising cost ratio 0%——
Revenue growth -0.3%——
Legal fee ratio 0.06%——
Accounting fee ratio 4%——

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2023 (Latest)$205K revenue · viewing · ⤓ 990 PDF
FY2022not on file
FY2021$206K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2023IRS
Classification, formation year, addressIRS Business Master File
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