Fairhaven Apartments Inc
- Assets
- $1.8m
- Revenue
- $563.4k
- Investments
- $0.0
- Employees
- 5
- Location
- Lawrenceburg, IN
- Founding
- 12/1977
- Data as of
- 12/2023
- EIN
- 23-7333862
Organization Overview
Fairhaven Apartments Inc is located in Lawrenceburg, IN. The organization was established in 1977. According to its NTEE Classification (N52) the organization is classified as: Fairs, under the broad grouping of Recreation & Sports and related organizations. As of 12/2023, Fairhaven Apartments Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Fairhaven Apartments Inc is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 12/2023, Fairhaven Apartments Inc generated $563.4k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 15.8% each year . All expenses for the organization totaled $423.2k during the year ending 12/2023. While expenses have increased by 12.1% per year over the past 6 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AFFORDABLE RENTAL HOUSING ARRANGEMENTS FOR LOW INCOME SENIOR CITIZENS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE MANAGEMENT AND OPERATION OF 65 APARTMENTS FOR ELIGIBLE LOW INCOME ELDERLY PERSONS IN AND AROUND LAWRENCEBURG, INDIANA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Kime Board Member | Trustee | 2 | $0 |
Paul Seymour Board Member | Trustee | 2 | $0 |
Gerald D King President | Officer | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $265,908 |
| 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 | $265,908 |
| Total Program Service Revenue | $292,624 |
| Investment income | $56 |
| 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 | $563,385 |
| 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 | $70,229 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,783 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $35,775 |
| Fees for services: Accounting | $7,027 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $676 |
| Office expenses | $2,749 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $61,140 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,150 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $144,055 |
| Insurance | $18,186 |
| All other expenses | $592 |
| Total functional expenses | $423,170 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $41,275 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Net Land, buildings, and equipment | $1,737,722 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $55,505 |
| Total assets | $1,834,502 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $97,862 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $17,438 |
| Total liabilities | $115,300 |
| Net assets without donor restrictions | $1,719,202 |
| 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 | $1,834,502 |