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Korner Homes INC

Tax-deductible

Winstonsalem, NC501(c)(3)HousingEIN 58-1394455

Own and operate an 80 unit apartment complex for the elderly under section 207/223(f) of the national housing act.

501(c)(3) charity; gifts are tax-deductible.
98¢ 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

FY2025 · 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
6 of 6
filings with a surplus
Average surplus $83K a year · 11% of revenue · last 6 filings
Looks good: a surplus in 6 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
98%
of spending
Looks good: 98% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
13 mo
of spending, in cash
Looks good: 13.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2.1M
129% of total assets
Concern: liabilities are 129% of assets; over 80%.
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
$831K
+6% vs prior year
Spent
$663K
To programs
98%
Net assets
−$466K
By yearFY2020–FY2025
Revenue
$831K
FY2025▲ +6%
Revenue by fiscal year
FY2020$710K
FY2021$750K
FY2022$757K
FY2023$776K
FY2024$785K
FY2025$831K
Expenses
$663K
FY2025▲ +0.6%
Expenses by fiscal year
FY2020$661K
FY2021$729K
FY2022$716K
FY2023$686K
FY2024$659K
FY2025$663K
Net assets
−$466K
FY2025▲ +26%
Net assets by fiscal year
FY2020−$912K
FY2021−$891K
FY2022−$850K
FY2023−$760K
FY2024−$634K
FY2025−$466K

From the FY2025 Form 990 (year ending June 2025) · see the original

Give Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in May 1980.

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

Where the money goes

98 cents of each dollar spent went to programs.

Program services 98% · $651K Management & general 2% · $13K

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

Who runs it and what they're paid

6 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2024); the FY2025 filing did not itemize Part VII
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
Diane Evans
Director
$0Pt VII · Sec A
Tammy Vernon
Outgoing Treaurer
$0Pt VII · Sec A
$0Pt VII · Sec A
See Korner Homes INC 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 seniors in an 80-unit apartment complex.

Provided by the organization

This section is blank until Korner Homes INC claims this page.

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1 program service account for $651K of program spending, described in the organization's own filed words · FY2024.
01

Operating an 80 unit apartment complex for the low income elderly

$651Kprogram expense

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By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$831K
Ln 12
Gifts and grantsLn 1h$543K
Fees for servicesLn 2g$285K
Investment incomeLn 3$4K
Money outPt IX
$663K
Ln 25
Programscol B$651K
Managementcol C$13K
Owns and owesPt X
−$466K
net assets · Ln 32
Cash and savingsLn 1–2$735K
Total assetsLn 16$1.6M
LiabilitiesLn 26$2.1M
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$543K
Government grantsLn 1e$543K
Fees for servicesLn 2g$285K
Investment incomeLn 3$4K
Total revenueLn 12$831K
Assets in detailPt X, end of year
CashLn 1$59K
SavingsLn 2$676K
Cash and savings togetherLn 1–2$735K
Land, buildings, equipmentLn 10c$730K
Other assetsLn 15$32K
Total assetsLn 16$1.6M
LiabilitiesLn 26$2.1M
Net assetsLn 32−$466K
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 FY25End FY25
Cash and savingsLn 1–2$609K$735K
Land, buildings, equipmentLn 10c$756K$730K
Total assetsLn 16$1.5M$1.6M
LiabilitiesLn 26$2.1M$2.1M
Net assetsLn 32−$634K−$466K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$55K$55K
Legal feesLn 11b$2K$2K
Accounting feesLn 11c$6K$6K
Advertising and promotionLn 12$554$554
Office expensesLn 13$26K$26K
OccupancyLn 16$17K$17K
Conferences, conventions and meetingsLn 19$4K$4K
InterestLn 20$81K$81K
Depreciation, depletion and amortizationLn 22$41K$41K
InsuranceLn 23$88K$88K
Other expenses (24a–d)Ln 24$253K$253K
All other expensesLn 24e$90K$83K$6K
Total functional expensesLn 25$663K$651K$13K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $831K$663K$168K−$466K 990 PDF
FY2024 $785K$659K$126K−$634K 990 PDF
FY2023 $776K$686K$90K−$760K 990 PDF
FY2022 $757K$716K$41K−$850K 990 PDF
FY2021 $750K$729K$21K−$891K 990 PDF
FY2020 $710K$661K$50K−$912K 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 FY2025 990 (4 parts)
Part VIII · Statement of revenue $831,351 across 5 lines filed
VIII-1e Government grants$542,663
VIII-1h Total contributions, gifts and grants$542,663
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $284,935$284,935
VIII-3 Investment incomeExcluded from tax $3,753$3,753
VIII-12 Total revenueRelated to mission $284,935 · Unrelated business $0 · Excluded from tax $3,753$831,351
Part IX · Statement of functional expenses $663,363 across 12 lines filed
IX-11a Management feesPrograms $54,770$54,770
IX-11b Legal feesPrograms $2,120$2,120
IX-11c Accounting feesManagement $6,326$6,326
IX-12 Advertising and promotionPrograms $554$554
IX-13 Office expensesPrograms $26,261$26,261
IX-16 OccupancyPrograms $16,632$16,632
IX-19 Conferences, conventions and meetingsPrograms $3,943$3,943
IX-20 InterestPrograms $80,855$80,855
IX-22 Depreciation, depletion and amortizationPrograms $41,193$41,193
IX-23 InsurancePrograms $88,336$88,336
IX-24 Other expenses (24a–d)Programs $252,848$252,848
IX-24e All other expensesPrograms $83,059 · Management $6,466$89,525
IX-25 Total functional expensesPrograms $650,571 · Management $12,792 · Fundraising $0$663,363
Part X · Balance sheet $1,585,499 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $5,969$59,304
X-2 Savings and temporary cash investmentsStart of year $602,577$675,817
X-4 Accounts receivableStart of year $5,072$3,267
X-9 Prepaid expenses and deferred chargesStart of year $4,784$4,376
X-10c Land, buildings and equipment, netStart of year $755,748$730,252
X-14 Intangible assetsStart of year $85,580$80,645
X-15 Other assetsStart of year $30,050$31,838
X-16 Total assetsStart of year $1,489,780$1,585,499
X-17 Accounts payable and accrued expensesStart of year $33,969$42,778
X-19 Deferred revenueStart of year $247$893
X-25 Other liabilitiesStart of year $30,050$31,838
X-26 Total liabilitiesStart of year $2,123,758$2,051,489
X-27 Net assets without donor restrictionsStart of year −$633,978−$465,990
X-32 Total net assets or fund balancesStart of year −$633,978−$465,990
X-33 Total liabilities and net assetsStart of year $1,489,780$1,585,499
Part XI · Reconciliation of net assets −$465,990 net assets at year end
XI-1 Total revenue$831,351
XI-2 Total expenses$663,363
XI-3 Revenue less expenses$167,988
XI-4 Net assets at start of year−$633,978
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$465,990

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

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