philanthropy.org | 990 Resource | FAQ Verify yourself
Sign in

Assembly Terrace INC FY2021 filing

Tax-deductible

Winston Salem, NC501(c)(3)HousingEIN 58-2044986Revenue $411K in FY2021

On file with the IRS3731 University Parkway, 27106-4042 · Winston Salem, NCTax-exempt since May 1993Publicly supported — 509(a)(2)

Tell your story. Claim this org

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.
69¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2021 · 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
69%
of spending
Fine: 69% 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
220% of total assets
Concern: liabilities are 220% of assets; over 80%.
Pt X · Ln 26
Independent board members
9
of 9 voting members
Looks good: 9 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$411K
Spent
$448K
To programs
69%
Net assets
−$1.9M
By yearFY2021–FY2025
Revenue
$411K
FY2021
Tap a bar for its year
Revenue by fiscal year
FY2021$411K
FY2022$410K
FY2023$411K
FY2024$437K
FY2025$452K
Expenses
$448K
FY2021
Tap a bar for its year
Expenses by fiscal year
FY2021$448K
FY2022$486K
FY2023$451K
FY2024$488K
FY2025$515K
Net assets
−$1.9M
FY2021
Tap a bar for its year
Net assets by fiscal year
FY2021−$1.9M
FY2022−$1.9M
FY2023−$2.0M
FY2024−$2.0M
FY2025−$2.1M

From the FY2021 Form 990 (year ending June 2021) · see the original

990 PDF Claim
You’re viewing the FY2021 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 1993.

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

Where the money goes

69 cents of each dollar spent went to programs.

Program services 69% · $310K Management & general 31% · $138K

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

Something off? Claim to fix it

Who runs it and what they're paid

11 people listed on the 990.

Part VII, Section A · reportable compensation · most recent filed roster (FY2020); the FY2021 filing did not itemize Part VII
$0Pt VII · Sec A
Boris Elder
Vice President
$0Pt VII · Sec A
$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
See Assembly Terrace INC executive salaries →

On this list? Claim this org

Something off? Claim to fix it

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.

Questions for Assembly Terrace INC

Tap to ask. Assembly Terrace INC sees how many people are interested.

Your first name shows with your question. Assembly Terrace INC answers here, for everyone.

Provided by the organization

Know this org? Add your story

1 program · $310K · in their own filed words · FY2020
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…

$310Kprogram expense

By the numbers

The FY2021 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$411K
Ln 12
Fees for servicesLn 2g$227K
Gifts and grantsLn 1h$170K
Other incomeLn 4–11$14K
Money outPt IX
$448K
Ln 25
Programscol B$310K
Managementcol C$138K
Owns and owesPt X
−$1.9M
net assets · Ln 32
Cash and savingsLn 1–2$15K
Total assetsLn 16$1.5M
LiabilitiesLn 26$3.4M
PeoplePt VI, VII
11
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b9
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$170K
Government grantsLn 1e$170K
Fees for servicesLn 2g$227K
Investment incomeLn 3$94
Other incomeLn 4–11$14K
Gains on assetsLn 7−$1K
Total revenueLn 12$411K
Assets in detailPt X, end of year
CashLn 1$15K
Cash and savings togetherLn 1–2$15K
InvestmentsLn 11–13$172K
Land, buildings, equipmentLn 10c$1.3M
Other assetsLn 15$72K
Total assetsLn 16$1.5M
LiabilitiesLn 26$3.4M
Net assetsLn 32−$1.9M
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 FY21End FY21
Cash and savingsLn 1–2$13K$15K
InvestmentsLn 11–13$151K$172K
Land, buildings, equipmentLn 10c$1.4M$1.3M
Total assetsLn 16$1.6M$1.5M
LiabilitiesLn 26$3.4M$3.4M
Net assetsLn 32−$1.8M−$1.9M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$54K$54K
Accounting feesLn 11c$5K$5K
Advertising and promotionLn 12$950$950
Office expensesLn 13$17K$17K
Information technologyLn 14$2K$2K
OccupancyLn 16$232K$232K
TravelLn 17$1$1
Conferences, conventions and meetingsLn 19$109$109
Depreciation, depletion and amortizationLn 22$78K$78K
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$57K$165$57K
Total functional expensesLn 25$448K$310K$138K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest $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 Viewing $411K$448K−$37K−$1.9M 990 PDF

More to add? Claim this org

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 FY2021 990 (6 parts)
Part I · Summary $411,164 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $162,342$170,254
I-9 Program service revenuePrior year $229,826$227,393
I-10 Investment incomePrior year −$1,098−$1,086
I-11 Other revenuePrior year $8,331$14,603
I-12 Total revenuePrior year $399,401$411,164
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 $448,244$447,923
I-18 Total expensesPrior year $448,244$447,923
I-19 Revenue less expensesPrior year −$48,843−$36,759
Part VI · Governance 9 of 9 board members independent, 3 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members9
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 $411,164 across 7 lines filed
VIII-1e Government grants$170,254
VIII-1h Total contributions, gifts and grants$170,254
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $227,393$227,393
VIII-3 Investment incomeExcluded from tax $94$94
VIII-7 Net gain or loss on sales of assetsRelated to mission −$1,180−$1,180
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Excluded from tax $14,603$14,603
VIII-12 Total revenueRelated to mission $226,213 · Unrelated business $0 · Excluded from tax $14,697$411,164
Part IX · Statement of functional expenses $447,923 across 11 lines filed
IX-11a Management feesManagement $53,807$53,807
IX-11c Accounting feesManagement $5,364$5,364
IX-12 Advertising and promotionManagement $950$950
IX-13 Office expensesManagement $17,498$17,498
IX-14 Information technologyManagement $1,930$1,930
IX-16 OccupancyPrograms $232,176$232,176
IX-17 TravelManagement $1$1
IX-19 Conferences, conventions and meetingsManagement $109$109
IX-22 Depreciation, depletion and amortizationPrograms $77,543$77,543
IX-23 InsuranceManagement $1,504$1,504
IX-24 Other expenses (24a–d)Programs $165 · Management $56,876$57,041
IX-25 Total functional expensesPrograms $309,884 · Management $138,039 · Fundraising $0$447,923
Part X · Balance sheet $1,546,283 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $12,820$14,954
X-4 Accounts receivableStart of year $2,565$6,367
X-10c Land, buildings and equipment, netStart of year $1,351,097$1,281,115
X-13 Program-related investmentsStart of year $150,802$171,515
X-15 Other assetsStart of year $66,526$72,332
X-16 Total assetsStart of year $1,583,810$1,546,283
X-17 Accounts payable and accrued expensesStart of year $13,985$12,766
X-19 Deferred revenueStart of year $452$248
X-25 Other liabilitiesStart of year $21,182$21,837
X-26 Total liabilitiesStart of year $3,403,019$3,402,251
X-27 Net assets without donor restrictionsStart of year −$1,819,209−$1,855,968
X-32 Total net assets or fund balancesStart of year −$1,819,209−$1,855,968
X-33 Total liabilities and net assetsStart of year $1,583,810$1,546,283
Part XI · Reconciliation of net assets −$1,855,968 net assets at year end
XI-1 Total revenue$411,164
XI-2 Total expenses$447,923
XI-3 Revenue less expenses−$36,759
XI-4 Net assets at start of year−$1,819,209
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$1,855,968

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

Similar organizations you could support · Compare with another nonprofit

Names, privacy, and removal requests More

The names, titles, and compensation shown on this page are reproduced from IRS Form 990 filings, which are public records.

Philanthropy.org does not alter the content of those filings. All information appears exactly as reported by the filing organization for the tax year shown.

We publish only information contained in the public IRS filing — and less than the filing contains. Our profile pages do not display street addresses, telephone numbers, personal email addresses, or other personal contact information, even where the filing includes them.

Many people share the same name. A name shown on this page reflects only what one organization reported in one IRS filing for one tax year. It should not be interpreted as identifying any other individual with the same or a similar name.

If you are no longer affiliated with the organization, your name will generally stop appearing in future IRS filings once the organization no longer reports you. Pages for tax years in which you were reported remain published because those filings remain part of the public record.

Philanthropy.org does not alter or remove IRS filing records. Removing a page from this website would not remove the underlying IRS filing, which remains publicly available from the IRS and other publishers of the same information.

If you believe the IRS filing itself is inaccurate, corrections must be made by the filing organization or the IRS directly.

Your org? Add context

Made it to the end? Claim this org

All figures are derived from public IRS Form 990 filings and are presented without evaluation of any organization. philanthropy.org does not rate, score, or rank organizations, including the pay comparisons above.