Ware Terrace Incorporated: Nonprofit Profile, Financials & Form 990 (EIN 58-1521907)

Revenue by fiscal year
FY2020	$416K
FY2021	$390K
FY2022	$315K
FY2023	$297K
FY2024	$308K
FY2025	$306K

Expenses by fiscal year
FY2020	$281K
FY2021	$269K
FY2022	$248K
FY2023	$228K
FY2024	$233K
FY2025	$257K

Net assets by fiscal year
FY2020	$971K
FY2021	$1.1M
FY2022	$1.2M
FY2023	$1.2M
FY2024	$1.3M
FY2025	$1.4M

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Sep 1983.

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

Where the money goes

100 cents of each dollar spent went to programs.

100%

Program services 100% · $257K

Form 990 Part IX, line 25. Every line is in By the numbers.

Something off? Claim to add context

Who runs it and what they're paid

3 people listed on the 990.

Part VII, Section A · reportable compensation

C Billups

President

$0Pt VII · Sec A

S Burden

Secretary

$0Pt VII · Sec A

Ronald Paulk

CFO

$0Pt VII · Sec A

See Ware Terrace Incorporated executive salaries →

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

Builds and manages affordable apartments for low-income families.

Questions for Ware Terrace Incorporated

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1 program · $257K · in their own filed words · FY2024

01

The purpose of this organization was to construct and operate an apartment complex of 40 units under section 8 of the national housing act. Such projects are regulated by hud.

Form 990 Part III, line 4, FY2024. The organization’s own words, as filed with the IRS. Find it at the IRS (EIN 58-1521907) · Dispute this line

$257Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Federal money

Single Audit · Federal Audit Clearinghouse · money spent from federal programs

Year ending Oct 2019 · $883K federal money spent

Supportive Housing for the ElderlyDepartment of Housing and Urban Development · ALN 14.157 · Direct$571K

Section 8 New Construction and Substantial RehabilitationDepartment of Housing and Urban Development · ALN 14.182 · Direct$312K

The auditor reported no findings.

Year ending Oct 2018 · $871K federal money spent

Supportive Housing for the ElderlyDepartment of Housing and Urban Development · ALN 14.157 · Direct$619K

Section 8 Housing Assistance PaymentsDepartment of Housing and Urban Development · ALN 14.182 · Direct$253K

The auditor reported no findings.

Year ending Oct 2017 · $951K federal money spent

Supportive Housing for the ElderlyDepartment of Housing and Urban Development · ALN 14.157 · Direct$662K

Section 8 Housing Assistance PaymentsDepartment of Housing and Urban Development · ALN 14.182 · Direct$289K

The auditor reported no findings.

Year ending Oct 2016 · $998K federal money spent

Supportive Housing for the ElderlyDepartment of Housing and Urban Development · ALN 14.157 · Direct$662K

Section 8 Housing Assistance PaymentsDepartment of Housing and Urban Development · ALN 14.182 · Direct$336K

The auditor reported no findings.

By the numbers

The FY2025 990, line by line.

Download 990

from philanthropy.org

1The main four

Money inPt VIII

$306K

Ln 12

Fees for servicesLn 2g$295K

Investment incomeLn 3$12K

Money outPt IX

$257K

Ln 25

Programscol B$257K

Owns and owesPt X

$1.4M

net assets · Ln 32

Cash and savingsLn 1–2$1.1M

Total assetsLn 16$1.5M

LiabilitiesLn 26$127K

PeoplePt VI, VII

3

listed · VII A

PaidVII A0

Voting boardVI 1a2

IndependentVI 1b2

2In more detail

Revenue in detailPt VIII

Fees for servicesLn 2g$295K

Investment incomeLn 3$12K

Total revenueLn 12$306K

Assets in detailPt X, end of year

SavingsLn 2$1.1M

Cash and savings togetherLn 1–2$1.1M

Accounts receivableLn 4$2K

Land, buildings, equipmentLn 10c$372K

Total assetsLn 16$1.5M

LiabilitiesLn 26$127K

Net assetsLn 32$1.4M

OperationsPt I, VI

EmployeesI 50

Fiscal year endsHeaderOctober

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

Line	Start FY25	End FY25
Cash and savingsLn 1–2	$1.4M	$1.1M
Land, buildings, equipmentLn 10c	$118K	$372K
Total assetsLn 16	$1.5M	$1.5M
LiabilitiesLn 26	$211K	$127K
Net assetsLn 32	$1.3M	$1.4M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Other salaries and wagesLn 7	$11K	$11K
Payroll taxesLn 10	$1K	$1K
Management feesLn 11a	$15K	$15K
Accounting feesLn 11c	$7K	$7K
Office expensesLn 13	$8K	$8K
OccupancyLn 16	$142K	$142K
InterestLn 20	$11K	$11K
Depreciation, depletion and amortizationLn 22	$24K	$24K
InsuranceLn 23	$36K	$36K
Other expenses (24a–d)Ln 24	$848	$848
Total functional expensesLn 25	$257K	$257K	$0	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2025 Latest ViewingFiled with the IRS Feb 1, 2026	$306K	$257K	$49K	$1.4M	990 PDF
FY2024Filed with the IRS Sep 15, 2025	$308K	$233K	$75K	$1.3M	990 PDF
FY2023Filed with the IRS Mar 15, 2024	$297K	$228K	$70K	$1.2M	990 PDF
FY2022Filed with the IRS Feb 15, 2023	$315K	$248K	$67K	$1.2M	990 PDF
FY2021Filed with the IRS Feb 8, 2022	$390K	$269K	$121K	$1.1M	990 PDF
FY2020Filed with the IRS Jun 23, 2021	$416K	$281K	$135K	$971K	990 PDF

Schedules filed Part IV

A · Public support I · Grants O · Explanations

See the full FY2025 990

Part I · Summary $306,296 revenue, 12 lines filed

I-8 Contributions and grants$0

I-9 Program service revenuePrior year $296,178$294,687

I-10 Investment incomePrior year $11,631$11,609

I-11 Other revenue$0

I-12 Total revenuePrior year $307,809$306,296

I-13 Grants and similar amounts paid$0

I-14 Benefits paid to members$0

I-15 Salaries and benefitsPrior year $35,074$11,889

I-16a Professional fundraising fees$0

I-17 Other expensesPrior year $198,048$244,926

I-18 Total expensesPrior year $233,122$256,815

I-19 Revenue less expensesPrior year $74,687$49,481

Part VI · Governance 2 of 2 board members independent, 3 to look at

VI-1a Voting members of the governing body2

VI-1b Independent voting members2

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 $306,296 across 4 lines filed

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $294,687$294,687

VIII-3 Investment incomeRelated to mission $11,609$11,609

VIII-8 Net income from fundraising events$0

VIII-12 Total revenueRelated to mission $306,296 · Unrelated business $0 · Excluded from tax $0$306,296

Part IX · Statement of functional expenses $256,815 across 10 lines filed

IX-7 Other salaries and wagesPrograms $10,837$10,837

IX-10 Payroll taxesPrograms $1,052$1,052

IX-11a Management feesPrograms $15,445$15,445

IX-11c Accounting feesPrograms $6,908$6,908

IX-13 Office expensesPrograms $8,241$8,241

IX-16 OccupancyPrograms $141,711$141,711

IX-20 InterestPrograms $11,497$11,497

IX-22 Depreciation, depletion and amortizationPrograms $24,384$24,384

IX-23 InsurancePrograms $35,892$35,892

IX-24 Other expenses (24a–d)Programs $848$848

IX-25 Total functional expensesPrograms $256,815 · Management $0 · Fundraising $0$256,815

Part X · Balance sheet $1,479,936 assets, 11 lines filed

X-2 Savings and temporary cash investmentsStart of year $1,390,009$1,105,266

X-4 Accounts receivableStart of year $1,093$2,186

X-10c Land, buildings and equipment, netStart of year $118,337$372,484

X-16 Total assetsStart of year $1,514,195$1,479,936

X-17 Accounts payable and accrued expensesStart of year $32,405$39,564

X-23 Secured mortgages and notes payableStart of year $172,651$82,102

X-25 Other liabilitiesStart of year $5,963$5,613

X-26 Total liabilitiesStart of year $211,019$127,279

X-27 Net assets without donor restrictionsStart of year $1,303,176$1,352,657

X-32 Total net assets or fund balancesStart of year $1,303,176$1,352,657

X-33 Total liabilities and net assetsStart of year $1,514,195$1,479,936

Part XI · Reconciliation of net assets $1,352,657 net assets at year end

XI-1 Total revenue$306,296

XI-2 Total expenses$256,815

XI-3 Revenue less expenses$49,481

XI-4 Net assets at start of year$1,303,176

XI-9 Other changes in net assets$0

XI-10 Net assets at end of year$1,352,657

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

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Ware Terrace Incorporated

Before you give

Is it real?

Where the money goes

Who runs it and what they're paid

Questions the 990 asks

Programs and updates

Questions for Ware Terrace Incorporated

Funders

Federal money

By the numbers

Filing history

Schedules filed Part IV