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Gladstone Housing INC

Tax-deductible

Charlotte, NC501(c)(3)HousingEIN 58-2168448Revenue $146K in FY2025

On file with the IRSnchsm.orgPo Box 2203, 28241-2203 · Charlotte, NCTax-exempt since Jul 1995Publicly supported charity — 170(b)(1)(A)(vi)

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Own and operate a 12 unit apartment complex under section 811 of the national Housing act of 1959 for the physically handicapped.

501(c)(3) charity; gifts are tax-deductible.
96¢ of each $1 spent went to programs.
Run by 7 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

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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 6
filings with a surplus
Average deficit $34K a year · 25% of revenue · last 6 filings
Concern: a surplus in 0 of the last 6 filings.
Pt I · Ln 19 · 6 filings
Spent on programs
96%
of spending
Looks good: 96% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
6 mo
of spending, in cash
Looks good: 5.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$26K
5% of total assets
Looks good: liabilities are 5% of assets; 50% or less.
Pt X · Ln 26
Independent board members
4
of 4 voting members
Looks good: 4 of 4 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$146K
+7% vs prior year
Spent
$188K
To programs
96%
Net assets
$526K
By yearFY2020–FY2025
Revenue
$146K
FY2025▲ +7%
Tap a bar for its year
Revenue by fiscal year
FY2020$127K
FY2021$134K
FY2022$134K
FY2023$133K
FY2024$136K
FY2025$146K
Expenses
$188K
FY2025▲ +14%
Tap a bar for its year
Expenses by fiscal year
FY2020$154K
FY2021$153K
FY2022$156K
FY2023$195K
FY2024$165K
FY2025$188K
Net assets
$526K
FY2025▼ -8%
Tap a bar for its year
Net assets by fiscal year
FY2020$701K
FY2021$682K
FY2022$660K
FY2023$598K
FY2024$569K
FY2025$526K

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

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2025. IRS ruling in Jul 1995.

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

Where the money goes

96 cents of each dollar spent went to programs.

Program services 96% · $181K Management & general 4% · $8K

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

6 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
$0Pt VII · Sec A
$0Pt VII · Sec A
Diane Evans
Director
$0Pt VII · Sec A
Tammy Vernon
Outgoing Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
See Gladstone Housing 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 physically handicapped individuals in a 12-unit apartment complex.

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Provided by the organization

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1 program · $181K · in their own filed words · FY2024
01

Operating a section 811 apartment complex for the physically handicapped

$181Kprogram expense

By the numbers

The FY2025 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$146K
Ln 12
Gifts and grantsLn 1h$100K
Fees for servicesLn 2g$45K
Investment incomeLn 3$7
Money outPt IX
$188K
Ln 25
Programscol B$181K
Managementcol C$8K
Owns and owesPt X
$526K
net assets · Ln 32
Cash and savingsLn 1–2$89K
Total assetsLn 16$552K
LiabilitiesLn 26$26K
PeoplePt VI, VII
6
listed · VII A
PaidVII A0
Voting boardVI 1a4
IndependentVI 1b4
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$100K
Government grantsLn 1e$100K
Fees for servicesLn 2g$45K
Investment incomeLn 3$7
Total revenueLn 12$146K
Assets in detailPt X, end of year
CashLn 1$5K
SavingsLn 2$84K
Cash and savings togetherLn 1–2$89K
Land, buildings, equipmentLn 10c$459K
Other assetsLn 15$3K
Total assetsLn 16$552K
LiabilitiesLn 26$26K
Net assetsLn 32$526K
OperationsPt I, VI
EmployeesI 50
VolunteersI 67
Fiscal year endsHeaderJune
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY25End FY25
Cash and savingsLn 1–2$104K$89K
Land, buildings, equipmentLn 10c$494K$459K
Total assetsLn 16$603K$552K
LiabilitiesLn 26$34K$26K
Net assetsLn 32$569K$526K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$15K$15K
Legal feesLn 11b$2K$2K
Accounting feesLn 11c$6K$6K
Advertising and promotionLn 12$131$131
Office expensesLn 13$11K$11K
OccupancyLn 16$26K$26K
Conferences, conventions and meetingsLn 19$165$165
Depreciation, depletion and amortizationLn 22$35K$35K
InsuranceLn 23$17K$17K
Other expenses (24a–d)Ln 24$65K$65K
All other expensesLn 24e$11K$9K$2K
Total functional expensesLn 25$188K$181K$8K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2025 Latest Viewing $146K$188K−$43K$526K 990 PDF
FY2024 $136K$165K−$29K$569K 990 PDF
FY2023 $133K$195K−$62K$598K 990 PDF
FY2022 $134K$156K−$22K$660K 990 PDF
FY2021 $134K$153K−$19K$682K 990 PDF
FY2020 $127K$154K−$27K$701K 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 FY2025 990 (6 parts)
Part I · Summary $145,674 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $93,096$100,484
I-9 Program service revenuePrior year $44,018$45,183
I-10 Investment incomePrior year −$1,237$7
I-11 Other revenuePrior year $0$0
I-12 Total revenuePrior year $135,877$145,674
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 $165,366$188,476
I-18 Total expensesPrior year $165,366$188,476
I-19 Revenue less expensesPrior year −$29,489−$42,802
Part VI · Governance 4 of 4 board members independent, 4 to look at
VI-1a Voting members of the governing body4
VI-1b Independent voting members4
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
VI-14 Document retention and destruction policyNo
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
Part VIII · Statement of revenue $145,674 across 5 lines filed
VIII-1e Government grants$100,484
VIII-1h Total contributions, gifts and grants$100,484
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $45,183$45,183
VIII-3 Investment incomeExcluded from tax $7$7
VIII-12 Total revenueRelated to mission $45,183 · Unrelated business $0 · Excluded from tax $7$145,674
Part IX · Statement of functional expenses $188,476 across 11 lines filed
IX-11a Management feesPrograms $14,794$14,794
IX-11b Legal feesPrograms $2,096$2,096
IX-11c Accounting feesManagement $5,836$5,836
IX-12 Advertising and promotionPrograms $131$131
IX-13 Office expensesPrograms $11,297$11,297
IX-16 OccupancyPrograms $26,049$26,049
IX-19 Conferences, conventions and meetingsPrograms $165$165
IX-22 Depreciation, depletion and amortizationPrograms $35,430$35,430
IX-23 InsurancePrograms $16,607$16,607
IX-24 Other expenses (24a–d)Programs $64,807$64,807
IX-24e All other expensesPrograms $9,259 · Management $2,005$11,264
IX-25 Total functional expensesPrograms $180,635 · Management $7,841 · Fundraising $0$188,476
Part X · Balance sheet $552,010 assets, 14 lines filed
X-1 Cash, non-interest-bearingStart of year $5,993$4,523
X-2 Savings and temporary cash investmentsStart of year $97,595$84,105
X-4 Accounts receivableStart of year $1,670$1,470
X-9 Prepaid expenses and deferred chargesStart of year $144$107
X-10c Land, buildings and equipment, netStart of year $494,318$458,888
X-15 Other assetsStart of year $3,296$2,917
X-16 Total assetsStart of year $603,016$552,010
X-17 Accounts payable and accrued expensesStart of year $31,123$23,136
X-19 Deferred revenueStart of year $4$166
X-25 Other liabilitiesStart of year $3,296$2,917
X-26 Total liabilitiesStart of year $34,423$26,219
X-27 Net assets without donor restrictionsStart of year $568,593$525,791
X-32 Total net assets or fund balancesStart of year $568,593$525,791
X-33 Total liabilities and net assetsStart of year $603,016$552,010
Part XI · Reconciliation of net assets $525,791 net assets at year end
XI-1 Total revenue$145,674
XI-2 Total expenses$188,476
XI-3 Revenue less expenses−$42,802
XI-4 Net assets at start of year$568,593
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$525,791

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

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