The Willows INC FY2024 filing

Tax-deductible

Martin, TN501(c)(3)Since 1994HousingEIN 58-2131250

Apartment complex under section 202 of the national housing act, for low-income, handicapped, and elderly persons.

501(c)(3) charity; gifts are tax-deductible.
79¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
0 of 4
filings with a surplus
Average deficit $34K a year · 27% of revenue · last 4 filings
Concern: a surplus in 0 of the last 4 filings.
Pt I · Ln 19 · 4 filings
Spent on programs
79%
of spending
Looks good: 79% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
7 mo
of spending, in cash
Looks good: 6.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$31K
6% of total assets
Looks good: liabilities are 6% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$126K
+4% vs prior year
Spent
$163K
To programs
79%
Net assets
$502K
By yearFY2021–FY2024
Revenue
$126K
FY2024▲ +4%
Revenue by fiscal year
FY2021$126K
FY2022$124K
FY2023$121K
FY2024$126K
FY2024$149K
Expenses
$163K
FY2024▼ -3%
Expenses by fiscal year
FY2021$154K
FY2022$149K
FY2023$167K
FY2024$163K
FY2024$181K
Net assets
$502K
FY2024▼ -7%
Net assets by fiscal year
FY2021$609K
FY2022$585K
FY2023$539K
FY2024$502K
FY2024$470K

From the FY2024 Form 990 (year ending June 2024) · see the original

You’re viewing the FY2024 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Aug 1995.

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

Where the money goes

79 cents of each dollar spent went to programs.

Program services 79% · $129K Management & general 21% · $34K

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 (FY2023); the FY2024 filing did not itemize Part VII
Vice Chairma
$0Pt VII · Sec A
Commisioner
$0Pt VII · Sec A
$0Pt VII · Sec A
Commissioner
$0Pt VII · Sec A
Commissioner
$0Pt VII · Sec A
Executive Di
$0Pt VII · Sec A
See The Willows 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 low-income, handicapped, and elderly individuals.

Provided by the organization

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1 program service account for $129K of program spending, described in the organization's own filed words · FY2023.
01

Apartment complex under section 202 of the national housing act, for low- income, handicapped, and elderly persons.

$129Kprogram expense

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Funders

Who pays for it.

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

By the numbers

The FY2024 990, line by line.

1The main four
Money inPt VIII
$126K
Ln 12
Fees for servicesLn 2g$65K
Gifts and grantsLn 1h$58K
Other incomeLn 4–11$2K
Money outPt IX
$163K
Ln 25
Programscol B$129K
Managementcol C$34K
Owns and owesPt X
$502K
net assets · Ln 32
Cash and savingsLn 1–2$92K
Total assetsLn 16$533K
LiabilitiesLn 26$31K
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$58K
Government grantsLn 1e$58K
Noncash giftsLn 1g$58K
Fees for servicesLn 2g$65K
Investment incomeLn 3$11
Other incomeLn 4–11$2K
Total revenueLn 12$126K
Assets in detailPt X, end of year
CashLn 1$7K
SavingsLn 2$85K
Cash and savings togetherLn 1–2$92K
Land, buildings, equipmentLn 10c$430K
Other assetsLn 15$5K
Total assetsLn 16$533K
LiabilitiesLn 26$31K
Net assetsLn 32$502K
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$110K$92K
Land, buildings, equipmentLn 10c$449K$430K
Total assetsLn 16$568K$533K
LiabilitiesLn 26$29K$31K
Net assetsLn 32$539K$502K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$18K$18K
Other employee benefitsLn 9$1K$1K
Management feesLn 11a$12K$12K
Accounting feesLn 11c$7K$7K
Other fees for servicesLn 11g$14K$14K
Office expensesLn 13$13K$13K
OccupancyLn 16$65K$65K
TravelLn 17$128$128
Depreciation, depletion and amortizationLn 22$31K$31K
Other expenses (24a–d)Ln 24$136$136
Total functional expensesLn 25$163K$129K$34K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Viewing $126K$163K−$37K$502K 990 PDF
FY2023 $121K$167K−$46K$539K 990 PDF
FY2022 $124K$149K−$25K$585K 990 PDF
FY2021 $126K$154K−$28K$609K 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 FY2024 990 (4 parts)
Part VIII · Statement of revenue $125,801 across 7 lines filed
VIII-1e Government grants$58,438
VIII-1g Noncash contributions (included above)$58,438
VIII-1h Total contributions, gifts and grants$58,438
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $65,432$65,432
VIII-3 Investment incomeRelated to mission $11$11
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $1,920$1,920
VIII-12 Total revenueRelated to mission $67,363$125,801
Part IX · Statement of functional expenses $162,536 across 10 lines filed
IX-7 Other salaries and wagesPrograms $18,059$18,059
IX-9 Other employee benefitsPrograms $1,445$1,445
IX-11a Management feesManagement $12,213$12,213
IX-11c Accounting feesManagement $7,368$7,368
IX-11g Other fees for servicesManagement $13,952$13,952
IX-13 Office expensesPrograms $12,909$12,909
IX-16 OccupancyPrograms $65,204$65,204
IX-17 TravelPrograms $128$128
IX-22 Depreciation, depletion and amortizationPrograms $31,122$31,122
IX-24 Other expenses (24a–d)Programs $136$136
IX-25 Total functional expensesPrograms $129,003 · Management $33,533 · Fundraising $0$162,536
Part X · Balance sheet $532,534 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $9,770$6,601
X-2 Savings and temporary cash investmentsStart of year $100,011$85,101
X-4 Accounts receivableStart of year $708$393
X-9 Prepaid expenses and deferred chargesStart of year $3,094$5,196
X-10c Land, buildings and equipment, netStart of year $449,252$430,085
X-15 Other assetsStart of year $4,771$5,158
X-16 Total assetsStart of year $567,606$532,534
X-17 Accounts payable and accrued expensesStart of year $28,951$30,614
X-26 Total liabilitiesStart of year $28,951$30,614
X-32 Total net assets or fund balancesStart of year $538,655$501,920
X-33 Total liabilities and net assetsStart of year $567,606$532,534
Part XI · Reconciliation of net assets $501,920 net assets at year end
XI-1 Total revenue$125,801
XI-2 Total expenses$162,536
XI-3 Revenue less expenses−$36,735
XI-4 Net assets at start of year$538,655
XI-10 Net assets at end of year$501,920

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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