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Korner Homes INC FY2023 filing

Tax-deductible

Winstonsalem, NC501(c)(3)Housing EIN 58-1394455Revenue $776K in FY2023

On file with the IRSnchsm.org2585 W Clemmonsville Rd Suite 102, 27127-8704 · Winstonsalem, NCTax-exempt since May 1980Publicly supported charity — 170(b)(1)(A)(vi)

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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.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2023 · 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
9 mo
of spending, in cash
Looks good: 9.4 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$2.2M
153% of total assets
Concern: liabilities are 153% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$776K
+2% vs prior year
Spent
$686K
To programs
98%
Net assets
−$760K
By yearFY2020–FY2025
Revenue
$776K
FY2023▲ +2%
Tap a bar for its year
Revenue by fiscal year
FY2020$710K
FY2021$750K
FY2022$757K
FY2023$776K
FY2024$785K
FY2025$831K
Expenses
$686K
FY2023▼ -4%
Tap a bar for its year
Expenses by fiscal year
FY2020$661K
FY2021$729K
FY2022$716K
FY2023$686K
FY2024$659K
FY2025$663K
Net assets
−$760K
FY2023▲ +11%
Tap a bar for its year
Net assets by fiscal year
FY2020−$912K
FY2021−$891K
FY2022−$850K
FY2023−$760K
FY2024−$634K
FY2025−$466K

From the FY2023 Form 990 (year ending June 2023) · figures checked against the IRS filing · see the original

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You’re viewing the FY2023 filing — not the latest on file. See the latest (FY2025) →

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% · $669K Management & general 2% · $16K

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 (FY2022); the FY2023 filing did not itemize Part VII
$0Pt VII · Sec A
Mallory Oates
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
Tammy Vernon
Treasurer
$0Pt VII · Sec A
John Nichols
Asst. Secretary/Asst. VP
$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.

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1 program · $669K · in their own filed words · FY2022
01

Operating an 80 unit apartment complex for the low income elderly

$669Kprogram expense

By the numbers

The FY2023 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$776K
Ln 12
Gifts and grantsLn 1h$523K
Fees for servicesLn 2g$251K
Investment incomeLn 3$2K
Money outPt IX
$686K
Ln 25
Programscol B$669K
Managementcol C$16K
Owns and owesPt X
−$760K
net assets · Ln 32
Cash and savingsLn 1–2$535K
Total assetsLn 16$1.4M
LiabilitiesLn 26$2.2M
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$523K
Government grantsLn 1e$523K
Fees for servicesLn 2g$251K
Investment incomeLn 3$2K
Total revenueLn 12$776K
Assets in detailPt X, end of year
CashLn 1$2K
SavingsLn 2$533K
Cash and savings togetherLn 1–2$535K
Land, buildings, equipmentLn 10c$775K
Other assetsLn 15$29K
Total assetsLn 16$1.4M
LiabilitiesLn 26$2.2M
Net assetsLn 32−$760K
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 FY23End FY23
Cash and savingsLn 1–2$491K$535K
Land, buildings, equipmentLn 10c$817K$775K
Total assetsLn 16$1.4M$1.4M
LiabilitiesLn 26$2.3M$2.2M
Net assetsLn 32−$850K−$760K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$51K$51K
Accounting feesLn 11c$6K$6K
Office expensesLn 13$23K$23K
OccupancyLn 16$13K$13K
Conferences, conventions and meetingsLn 19$960$960
InterestLn 20$87K$87K
Depreciation, depletion and amortizationLn 22$59K$59K
InsuranceLn 23$60K$60K
Other expenses (24a–d)Ln 24$262K$262K
All other expensesLn 24e$124K$113K$11K
Total functional expensesLn 25$686K$669K$16K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $831K$663K$168K−$466K 990 PDF
FY2024 $785K$659K$126K−$634K 990 PDF
FY2023 Viewing $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 R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2023 990 (6 parts)
Part I · Summary $775,589 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $525,947$522,739
I-9 Program service revenuePrior year $230,811$251,278
I-10 Investment incomePrior year $337$1,572
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $757,095$775,589
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 $716,499$685,755
I-18 Total expensesPrior year $716,499$685,755
I-19 Revenue less expensesPrior year $40,596$89,834
Part VI · Governance 3 of 3 board members independent, 3 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
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 $775,589 across 5 lines filed
VIII-1e Government grants$522,739
VIII-1h Total contributions, gifts and grants$522,739
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $251,278$251,278
VIII-3 Investment incomeExcluded from tax $1,572$1,572
VIII-12 Total revenueRelated to mission $251,278 · Unrelated business $0 · Excluded from tax $1,572$775,589
Part IX · Statement of functional expenses $685,755 across 10 lines filed
IX-11a Management feesPrograms $50,922$50,922
IX-11c Accounting feesManagement $5,776$5,776
IX-13 Office expensesPrograms $22,811$22,811
IX-16 OccupancyPrograms $13,265$13,265
IX-19 Conferences, conventions and meetingsPrograms $960$960
IX-20 InterestPrograms $87,014$87,014
IX-22 Depreciation, depletion and amortizationPrograms $59,388$59,388
IX-23 InsurancePrograms $59,861$59,861
IX-24 Other expenses (24a–d)Programs $261,797$261,797
IX-24e All other expensesPrograms $113,251 · Management $10,710$123,961
IX-25 Total functional expensesPrograms $669,269 · Management $16,486 · Fundraising $0$685,755
Part X · Balance sheet $1,440,247 assets, 15 lines filed
X-1 Cash, non-interest-bearingStart of year $7,662$1,993
X-2 Savings and temporary cash investmentsStart of year $483,084$532,971
X-4 Accounts receivableStart of year $5,284$6,207
X-9 Prepaid expenses and deferred chargesStart of year $9,728$5,053
X-10c Land, buildings and equipment, netStart of year $816,540$774,987
X-14 Intangible assetsStart of year $95,451$90,515
X-15 Other assetsStart of year $27,787$28,521
X-16 Total assetsStart of year $1,445,536$1,440,247
X-17 Accounts payable and accrued expensesStart of year $46,585$31,907
X-19 Deferred revenueStart of year $4,366$289
X-25 Other liabilitiesStart of year $27,787$28,521
X-26 Total liabilitiesStart of year $2,295,575$2,200,452
X-27 Net assets without donor restrictionsStart of year −$850,039−$760,205
X-32 Total net assets or fund balancesStart of year −$850,039−$760,205
X-33 Total liabilities and net assetsStart of year $1,445,536$1,440,247
Part XI · Reconciliation of net assets −$760,205 net assets at year end
XI-1 Total revenue$775,589
XI-2 Total expenses$685,755
XI-3 Revenue less expenses$89,834
XI-4 Net assets at start of year−$850,039
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$760,205

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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