Victory Heights Inc
- Assets
- $10.1m
- Revenue
- $908.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Rockville, MD
- Founding
- 03/1946
- Data as of
- 06/2022
- EIN
- 14-1869907
Organization Overview
Victory Heights Inc is located in Rockville, MD. The organization was established in 1946. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Victory Heights Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 06/2022, Victory Heights Inc generated $908.0k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.3% each year. All expenses for the organization totaled $1.1m during the year ending 06/2022. While expenses have increased by 0.5% per year over the past 7 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
AFFORDABLE HOUSING AND SERVICES
Describe the Organization's Program Activity:
Part 3 - Line 4a
75 RENTAL APARTMENT UNITS PROVIDING AFFORDABLE HOUSING AND RELATED SOCIAL SERVICES TO VERY-LOW-INCOME INDEPENDENT SENIOR CITIZENS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Leila A Finucane President & CEO | Officer | 1 | $0 |
Jacqueline R Smedley Vice President | OfficerTrustee | 1 | $0 |
Michelle M Limeres Treasurer | OfficerTrustee | 1 | $0 |
Jeffrey Blackwell Asst Secretary | OfficerTrustee | 1 | $0 |
John D Spencer Senior Vice President Thru 5 | 1 | $0 | |
Edward Creskoff Outgoing Secretary | OfficerTrustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $907,973 |
| Investment income | $34 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $908,007 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $91,517 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $47,311 |
| Payroll taxes | $15,748 |
| Fees for services: Management | $63,389 |
| Fees for services: Legal | $148 |
| Fees for services: Accounting | $15,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $82,861 |
| Advertising and promotion | $524 |
| Office expenses | $20,080 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $63 |
| Travel | $1,209 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $356,013 |
| Insurance | $0 |
| All other expenses | $20,568 |
| Total functional expenses | $1,089,327 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $72,605 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $711 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,085 |
| Net Land, buildings, and equipment | $9,412,262 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $611,394 |
| Total assets | $10,100,057 |
| Accounts payable and accrued expenses | $71,146 |
| Grants payable | $0 |
| Deferred revenue | $2,461 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $4,250,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $35,589 |
| Total liabilities | $4,359,196 |
| Net assets without donor restrictions | $5,740,861 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $10,100,057 |