Midpen Housing Corporation
- Assets
- $339.1m
- Revenue
- $55.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Foster City, CA
- Founding
- 01/1971
- Data as of
- 12/2023
- EIN
- 23-7089977
Organization Overview
Midpen Housing Corporation is located in Foster City, CA. The organization was established in 1971. 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 an independent organization and not affiliated with a larger national or regional group of organizations. Midpen Housing Corporation 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 12/2023, Midpen Housing Corporation generated $55.7m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 12.6% each year . All expenses for the organization totaled $36.5m during the year ending 12/2023. While expenses have increased by 12.2% per year over the past 9 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.
Since 2015, Midpen Housing Corporation has awarded 79 individual grants totaling $24,856,174. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
IN CONJUNCTION WITH RELATED ORGANIZATIONS, MIDPEN HOUSING CORPORATION'S MISSION IS TO PROVIDE SAFE, AFFORDABLE HOUSING OF HIGH QUALITY TO THOSE IN NEED; TO ESTABLISH STABILITY AND OPPORTUNITY IN THE LIVES OF RESIDENTS; AND TO FOSTER DIVERSE COMMUNITIES THAT ALLOW PEOPLE FROM ALL ETHNIC, SOCIAL AND ECONOMIC BACKGROUNDS TO LIVE IN DIGNITY, HARMONY, AND MUTUAL RESPECT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION DEVELOPS AND OPERATES SAFE AND AFFORDABLE HOUSING OF HIGH QUALITY FOR LOW- AND VERY-LOW INCOME INDIVIDUALS AND FAMILIES, INCLUDING ELDERLY AND DISABLED PERSONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Eric Harrison Chairperson | OfficerTrustee | 2 | $0 |
Jessica Garcia-Kohl Vice Chairperson | OfficerTrustee | 2 | $0 |
Gina Diaz Secretary | OfficerTrustee | 2 | $0 |
Enrique Torres Treasurer | OfficerTrustee | 2 | $0 |
Terry Freeman Director | Trustee | 2 | $0 |
Renee Mcdonnell Director | Trustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lindquist Von Husen & Loyce Llp Outsource Accounting Service | 12/30/23 | $355,625 |
Xantrion Inc Data Storage/it Service | 12/30/23 | $612,985 |
Van Meter Williams Pollack Llp Architectural Service | 12/30/23 | $207,669 |
Realpage Inc Outsource Accounting Service | 12/30/23 | $167,589 |
Connecting Healthcare Consulting Service For Hipaa | 12/30/23 | $142,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $11,515,743 |
| Government grants | $13,197,662 |
| All other contributions, gifts, grants, and similar amounts not included above | $153,792 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $24,867,197 |
| Total Program Service Revenue | $25,271,670 |
| Investment income | $5,551,444 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $7,272 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $55,697,583 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $7,693,909 |
| 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 | $15,408,257 |
| Pension plan accruals and contributions | $1,104,160 |
| Other employee benefits | $1,510,176 |
| Payroll taxes | $1,116,857 |
| Fees for services: Management | $43,208 |
| Fees for services: Legal | $898,692 |
| Fees for services: Accounting | $114,169 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,254,037 |
| Advertising and promotion | $78,109 |
| Office expenses | $1,010,884 |
| Information technology | $1,142,184 |
| Royalties | $0 |
| Occupancy | $1,217,871 |
| Travel | $213,511 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $127,159 |
| Interest | $133,364 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $502,785 |
| Insurance | $83,094 |
| All other expenses | $237,945 |
| Total functional expenses | $36,466,328 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $100 |
| Savings and temporary cash investments | $34,398,982 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,436,574 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $205,930,396 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $699,932 |
| Net Land, buildings, and equipment | $7,607,482 |
| Investments—publicly traded securities | $52,874,734 |
| Investments—other securities | $0 |
| Investments—program-related | $1,324,607 |
| Intangible assets | $0 |
| Other assets | $18,789,335 |
| Total assets | $339,062,142 |
| Accounts payable and accrued expenses | $13,858,858 |
| Grants payable | $0 |
| Deferred revenue | $13,467,940 |
| 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 | $23,432,146 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,887,541 |
| Total liabilities | $52,646,485 |
| Net assets without donor restrictions | $286,415,657 |
| 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 | $339,062,142 |
Grants Awarded
Over the last fiscal year, Midpen Housing Corporation has awarded $7,652,809 in support to 13 organizations.
| Grant Recipient | Amount |
|---|---|
CALIFORNIA HOUSING CONSORTIUM PURPOSE: FOR ANNUAL DONATION | $7,500 |
EASY BAY HOUSING ORGANIZATIONS PURPOSE: FOR ANNUAL DONATION | $7,600 |
HOUSING LEADERSHIP COUNCIL OF SAN MATEO PURPOSE: FOR ANNUAL DONATION | $9,300 |
NEW WAY HOMES INC PURPOSE: FOR ANNUAL DONATION | $10,000 |
HOUSING CALIFORNIA PURPOSE: FOR ANNUAL DONATION | $13,500 |
NON PROFIT HOUSING ASSOCIATIONS OF NORTHERN CA PURPOSE: FOR ANNUAL DONATION | $12,500 |