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Assembly Terrace INC

Tax-deductible

Winston Salem, NC501(c)(3)HousingEIN 58-2044986

The not for profit corporation was organized to own and operate a 60 unit apartment community in winston salem, NC known as assembly terrace apartments. IT was organized pursuant to section 202 of the national housing act as amended and has entered into the standard fha regulatory agreements, which govern the operation of the community, with the federal housing administration section of hud. A project rental assistance contract (prac) provides rent assistance for low income families (or persons).

501(c)(3) charity; gifts are tax-deductible.
65¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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
0 of 5
filings with a surplus
Average deficit $54K a year · 13% of revenue · last 5 filings
Concern: a surplus in 0 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
65%
of spending
Fine: 65% of spending went to programs; 65% to 75%.
Pt IX · Ln 25 · col B
Cash reserves
<1 mo
of spending, in cash
Concern: 0.4 months of spending in cash; under 2 weeks.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$3.4M
257% of total assets
Concern: liabilities are 257% of assets; over 80%.
Pt X · Ln 26
Independent board members
8
of 8 voting members
Looks good: 8 of 8 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$452K
+4% vs prior year
Spent
$515K
To programs
65%
Net assets
−$2.1M
By yearFY2021–FY2025
Revenue
$452K
FY2025▲ +4%
Revenue by fiscal year
FY2021$411K
FY2022$410K
FY2023$411K
FY2024$437K
FY2025$452K
Expenses
$515K
FY2025▲ +6%
Expenses by fiscal year
FY2021$448K
FY2022$486K
FY2023$451K
FY2024$488K
FY2025$515K
Net assets
−$2.1M
FY2025▼ -3%
Net assets by fiscal year
FY2021−$1.9M
FY2022−$1.9M
FY2023−$2.0M
FY2024−$2.0M
FY2025−$2.1M

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

Form 990 (PDF) Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in May 1993.

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

Where the money goes

65 cents of each dollar spent went to programs.

Program services 65% · $335K Management & general 35% · $180K

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

Who runs it and what they're paid

8 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
Boris Elder
Vice President
$0Pt VII · Sec A
Rodney Ashby
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
David Henson
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
See Assembly Terrace 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 and rental assistance for low-income families in Winston-Salem.

Provided by the organization

This section is blank until Assembly Terrace INC claims this page.

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1 program service account for $335K of program spending, described in the organization's own filed words · FY2024.
01

The not for profit corporation was organized to own and operate a 60 unit apartment community in winston salem, NC known as assembly terrace apartments. It was organized pursuant to section 202 of the national housing act as amended and has entered into the standard fha regulatory agreements, which govern the operation of the community…

$335Kprogram 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
$452K
Ln 12
Fees for servicesLn 2g$270K
Gifts and grantsLn 1h$166K
Investment incomeLn 3$10K
Money outPt IX
$515K
Ln 25
Programscol B$335K
Managementcol C$180K
Owns and owesPt X
−$2.1M
net assets · Ln 32
Cash and savingsLn 1–2$16K
Total assetsLn 16$1.3M
LiabilitiesLn 26$3.4M
PeoplePt VI, VII
8
listed · VII A
PaidVII A0
Voting boardVI 1a8
IndependentVI 1b8
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$166K
Government grantsLn 1e$166K
Fees for servicesLn 2g$270K
Investment incomeLn 3$10K
Other incomeLn 4–11$6K
Total revenueLn 12$452K
Assets in detailPt X, end of year
CashLn 1$16K
Cash and savings togetherLn 1–2$16K
InvestmentsLn 11–13$249K
Land, buildings, equipmentLn 10c$977K
Other assetsLn 15$80K
Total assetsLn 16$1.3M
LiabilitiesLn 26$3.4M
Net assetsLn 32−$2.1M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
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$15K$16K
InvestmentsLn 11–13$241K$249K
Land, buildings, equipmentLn 10c$1.1M$977K
Total assetsLn 16$1.4M$1.3M
LiabilitiesLn 26$3.4M$3.4M
Net assetsLn 32−$2.0M−$2.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$59K$59K
Accounting feesLn 11c$7K$7K
Advertising and promotionLn 12$158$158
Office expensesLn 13$15K$15K
Information technologyLn 14$2K$2K
OccupancyLn 16$243K$243K
TravelLn 17$4K$4K
Conferences, conventions and meetingsLn 19$611$611
Depreciation, depletion and amortizationLn 22$76K$76K
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$108K$15K$92K
Total functional expensesLn 25$515K$335K$180K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $452K$515K−$64K−$2.1M 990 PDF
FY2024 $437K$488K−$51K−$2.0M 990 PDF
FY2023 $411K$451K−$41K−$2.0M 990 PDF
FY2022 $410K$486K−$76K−$1.9M 990 PDF
FY2021 $411K$448K−$37K−$1.9M 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 $451,792 across 6 lines filed
VIII-1e Government grants$165,895
VIII-1h Total contributions, gifts and grants$165,895
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $269,898$269,898
VIII-3 Investment incomeExcluded from tax $9,929$9,929
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $6,070$6,070
VIII-12 Total revenueRelated to mission $269,898 · Unrelated business $0 · Excluded from tax $15,999$451,792
Part IX · Statement of functional expenses $515,387 across 11 lines filed
IX-11a Management feesManagement $58,519$58,519
IX-11c Accounting feesManagement $6,679$6,679
IX-12 Advertising and promotionManagement $158$158
IX-13 Office expensesManagement $15,304$15,304
IX-14 Information technologyManagement $2,369$2,369
IX-16 OccupancyPrograms $242,941$242,941
IX-17 TravelManagement $3,795$3,795
IX-19 Conferences, conventions and meetingsManagement $611$611
IX-22 Depreciation, depletion and amortizationPrograms $75,650$75,650
IX-23 InsurancePrograms $1,563$1,563
IX-24 Other expenses (24a–d)Programs $15,298 · Management $92,500$107,798
IX-25 Total functional expensesPrograms $335,452 · Management $179,935 · Fundraising $0$515,387
Part X · Balance sheet $1,326,079 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $14,646$15,844
X-4 Accounts receivableStart of year $2,969$3,894
X-10c Land, buildings and equipment, netStart of year $1,052,512$976,862
X-13 Program-related investmentsStart of year $240,884$249,154
X-15 Other assetsStart of year $74,801$80,325
X-16 Total assetsStart of year $1,385,812$1,326,079
X-17 Accounts payable and accrued expensesStart of year $15,539$18,577
X-19 Deferred revenueStart of year $934$22
X-25 Other liabilitiesStart of year $25,731$27,467
X-26 Total liabilitiesStart of year $3,409,604$3,413,466
X-27 Net assets without donor restrictionsStart of year −$2,023,792−$2,087,387
X-32 Total net assets or fund balancesStart of year −$2,023,792−$2,087,387
X-33 Total liabilities and net assetsStart of year $1,385,812$1,326,079
Part XI · Reconciliation of net assets −$2,087,387 net assets at year end
XI-1 Total revenue$451,792
XI-2 Total expenses$515,387
XI-3 Revenue less expenses−$63,595
XI-4 Net assets at start of year−$2,023,792
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$2,087,387

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

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