Merchants Affordable Housing Corp
- Assets
- $2.1m
- Revenue
- $583.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Carmel, IN
- Founding
- 11/2008
- Data as of
- 06/2022
- EIN
- 26-3697620
Organization Overview
Merchants Affordable Housing Corp is located in Carmel, IN. The organization was established in 2008. According to its NTEE Classification (P99) the organization is classified as: Human Services N.E.C., under the broad grouping of Human Services and related organizations. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Merchants Affordable Housing Corp 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, Merchants Affordable Housing Corp generated $583.3k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.2%) each year. All expenses for the organization totaled $586.3k during the year ending 06/2022. 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 PROVIDE LOW-INCOME HOUSING TO THE ELDERLY AND DISABLED. TENANTS PAY A PORTION OF THE RENT BASED ON ABILITY TO PAY AS DETERMINED BY HUD. RENTS ARE SUBSIDIZED BY HUD.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED LOW INCOME HOUSING TO THE ELDERLY TENANTS. TENANT RENTS WERE APPPROVED AND SUBSIDIZED BY THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Petrie President/secretary | OfficerTrustee | 0 | $0 |
Bruce R Baird Vice-President/treasurer | OfficerTrustee | 0 | $0 |
Thomas Marendt Director | Trustee | 0 | $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 | $582,097 |
| Investment income | $1,187 |
| 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 | $583,284 |
| 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 | $99,840 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $11,496 |
| Payroll taxes | $12,144 |
| Fees for services: Management | $29,398 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $12,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $20,413 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $82,836 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $64,671 |
| Insurance | $17,049 |
| All other expenses | $8,976 |
| Total functional expenses | $586,346 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $25,739 |
| Savings and temporary cash investments | $10,583 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,364 |
| 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 | $21,917 |
| Net Land, buildings, and equipment | $1,213,906 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $64,231 |
| Other assets | $746,894 |
| Total assets | $2,087,634 |
| Accounts payable and accrued expenses | $113,881 |
| Grants payable | $0 |
| Deferred revenue | $1,831 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $1,782,751 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $10,500 |
| Total liabilities | $1,908,963 |
| Net assets without donor restrictions | $178,671 |
| 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 | $2,087,634 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Merchants Affordable Housing Corp has recieved totaling $100,000.
| Awarding Organization | Amount |
|---|---|
Richard And Beverly Dilling Foundation Inc Logansport, IN PURPOSE: GENERAL CONTRIBUTION | $50,000 |
Richard And Beverly Dilling Foundation Inc Logansport, IN PURPOSE: GENERAL CONTRIBUTION | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Presbyterian Homes Skokie, IL | $460,360,428 | $88,918,255 |
Corporate America Family Credit Elgin, IL | $809,180,688 | $33,061,096 |
Renaissance Social Services Inc Chicago, IL | $2,138,317 | $6,632,596 |
National Council Of The United States Society Of St Vincent De Pa Maryland Heights, MO | $13,687,159 | $9,469,574 |
Hamdard Center For Health And Human Services Nfp Addison, IL | $4,418,541 | $7,412,868 |
Community Memorial Foundation Hinsdale, IL | $100,177,205 | $2,649,104 |
Korean-American Senior Center Inc Chicago, IL | $3,306,753 | $5,703,474 |
Make-A-Wish Foundation Of Missouri And Kansas Ballwin, MO | $7,006,477 | $5,966,300 |
Nurses For Newborns Maplewood, MO | $4,515,132 | $4,457,590 |
On My Own Inc Nevada, MO | $3,816,358 | $3,622,772 |
Coordinated Advice And Referral Program For Legal Services Chicago, IL | $2,874,944 | $4,385,388 |
Illinois Child Care Bureau Chicago, IL | $364,682 | $4,111,886 |