Preservation Housing Partners
- Assets
- $17.7m
- Revenue
- $2.9m
- Investments
- $0.0
- Employees
- 2
- Location
- Bloomfield Hills, MI
- Founding
- 06/2006
- Data as of
- 12/2022
- EIN
- 20-3708317
Organization Overview
Preservation Housing Partners is located in Bloomfield Hills, MI. The organization was established in 2006. 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. As of 12/2022, Preservation Housing Partners employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Preservation Housing Partners 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 12/2022, Preservation Housing Partners generated $2.9m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $3.1m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (0.7%) per year over the past 8 years. 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
TO CREATE AND PRESERVE AFFORDABLE HOUSING FOR VERY LOW THROUGH MODERATE INCOME TENANTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION WAS FORMED ON OCTOBER 24, 2005 UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. THE PURPOSE OF THE CORPORATION IS TO CREATE AND PRESERVE AFFORDABLE HOUSING THROUGH THE INVESTMENT, CONSTRUCTION OR ACQUISITION AND REHABILITATION OF MULTIFAMILY RESIDENTIAL REAL ESTATE FOR VERY LOW, LOW, AND MODERATE INCOME TENANTS. IN ADDITION, THE CORPORATION INVESTED IN TWO AFFORDABLE HOUSING COMMUNITIES WHOSE PROPERTY ALSO QUALIFIED FOR HISTORIC REHABILITATION TAX CREDITS IN ACCORDANCE WITH SECTION 47 OF THE IRC.AS OF DECEMBER 31, 2022, THE CORPORATION HAS A 100% OWNERSHIP INTEREST IN SEVEN ENTITIES THAT OWN AND OPERATE AFFORDABLE HOUSING COMMUNITIES. FURTHER DETAILS ON ENTITIES OWNED: - PHP FOX HAVEN LLC ("FOX HAVEN") OWNS A 48 UNIT APARTMENT COMMUNITY LOCATED IN RALEIGH, NORTH CAROLINA OPERATING AS FOX HAVEN APARTMENTS.- PHP HERITAGE HOUSE LIMITED PARTNERSHIP ("HERITAGE HOUSE") OWNS AN 80 UNIT APARTMENT COMMUNITY LOCATED IN LEWISBURG, PENNSYLVANIA OPERATING AS HERITAGE HOUSE APARTMENTS.- PHP LEWIS VILLAGE LLC ("LEWIS VILLAGE") OWNS A 37 UNIT APARTMENT COMMUNITY LOCATED IN ELIZABETHTOWN, NORTH CAROLINA OPERATING AS LEWIS VILLAGE APARTMENTS.- PHP NORTHWOODS LLC ("NORTHWOODS") OWNS A 50 UNIT APARTMENT COMPLEX LOCATED IN BURGAW, NORTH CAROLINA OPERATING AS NORTHWOODS APARTMENTS.- PHP ST. ANDREW'S HOMES LLC ("ST. ANDREW'S") OWNS A 34 UNIT APARTMENT COMPLEX LOCATED IN CHARLOTTE, NORTH CAROLINA OPERATING AS ST. ANDREW'S HOMES APARTMENTS.- PHP WALNUT WOODS LLC ("WALNUT WOODS") OWNS A 36 UNIT APARTMENT COMPLEX LOCATED IN RALEIGH, NORTH CAROLINA OPERATING AS WALNUT WOODS APARTMENTS.- PHP SPRING BROOK MANOR LLC ("SPRING BROOK MANOR") OWNS A 30 UNIT APARTMENT COMPLEX LOCATED IN EATON RAPIDS, MICHIGAN OPERATING AS SPRING BROOK MANOR APARTMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Robert S Diedrich President | OfficerTrustee | 40 | $359,000 |
Stephen Buffa Vice President | OfficerTrustee | 0.2 | $0 |
Michael Mulligan Secretary | OfficerTrustee | 0.2 | $0 |
Michael Jepsen Director | Trustee | 0.2 | $0 |
Daniel Angeli Director | Trustee | 0.2 | $0 |
Michael S Diedrich Treasurer | Officer | 40 | $170,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,659,584 |
| 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 | $1,659,584 |
| Total Program Service Revenue | $1,146,112 |
| Investment income | $67,580 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$30,966 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,883,171 |
| 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 | $596,430 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $2,905 |
| Payroll taxes | $36,818 |
| Fees for services: Management | $178,816 |
| Fees for services: Legal | $557 |
| Fees for services: Accounting | $67,186 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,572 |
| Office expenses | $91,242 |
| Information technology | $12,056 |
| Royalties | $0 |
| Occupancy | $1,244,881 |
| Travel | $6,519 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,227 |
| Interest | $81,849 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $324,157 |
| Insurance | $46,971 |
| All other expenses | $0 |
| Total functional expenses | $3,114,772 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,906,938 |
| Savings and temporary cash investments | $178,741 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $207,038 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $788,332 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $139,396 |
| Net Land, buildings, and equipment | $8,381,792 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,796,854 |
| Intangible assets | $139,957 |
| Other assets | $123,085 |
| Total assets | $17,662,133 |
| Accounts payable and accrued expenses | $236,053 |
| Grants payable | $0 |
| Deferred revenue | $18,982 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $413,461 |
| Secured mortgages and notes payable | $9,043,584 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $122,856 |
| Total liabilities | $9,834,936 |
| Net assets without donor restrictions | $7,827,197 |
| 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 | $17,662,133 |