Valley Residential Services
- Assets
- $8.4m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 20
- Location
- Wasilla, AK
- Founding
- 07/1999
- Data as of
- 06/2022
- EIN
- 31-1645473
Organization Overview
Valley Residential Services is located in Wasilla, AK. The organization was established in 1999. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., under the broad grouping of Housing & Shelter and related organizations. As of 06/2022, Valley Residential Services employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Valley Residential Services 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, Valley Residential Services generated $3.6m in total revenue. This organization has experienced exceptional growth, as over the past 3 years, it has increased revenue by an average of 30.0% each year . All expenses for the organization totaled $3.7m during the year ending 06/2022. While expenses have increased by 32.4% per year over the past 3 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO BUILD, ACQUIRE, OWN AND OPERATE AFFORDABLE HOUSING FOR LOW INCOME DISABLED INDIVIDUALS
Describe the Organization's Program Activity:
FOREST HILLS 2001 - HOUSING FOR LOW INCOME INDIVIDUALS IN THE WASILLA, ALASKA AREA
FOREST HILLS 2003 - HOUSING FOR LOW INCOME INDIVIDUALS IN WASILLA, ALASKA.
SWANSON HOUSE - ACCOUNTS FOR THE BALANCES AND ACTIVITIES ASSOCIATED WITH THE SWANSON HOUSE, A HOUSING PROJECT FOR LOW-INCOME INDIVIDUALS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John Weaver CEO | Officer | 40 | $121,354 |
Teri Tess VP Of Accountin | Officer | 40 | $65,424 |
Carolyn Covington Secretary | Trustee | 0 | $0 |
Mark Larson Director | Trustee | 0 | $0 |
Russell Joyce Vice President | Trustee | 0 | $0 |
Valerie Mittelstead President | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,470,851 |
| All other contributions, gifts, grants, and similar amounts not included above | $434,896 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,905,747 |
| Total Program Service Revenue | $1,697,502 |
| Investment income | $102 |
| 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 | $3,603,351 |
| 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. | $186,778 |
| Compensation of current officers, directors, key employees. | $154,066 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $212,970 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $32,794 |
| Payroll taxes | $15,678 |
| Fees for services: Management | $43,582 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $10,861 |
| Advertising and promotion | $0 |
| Office expenses | $18,602 |
| 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 | $106,223 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $214,718 |
| Insurance | $83,075 |
| All other expenses | $365,917 |
| Total functional expenses | $3,741,977 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $700,135 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $369,722 |
| Accounts receivable, net | $275,837 |
| 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 | $59,149 |
| Net Land, buildings, and equipment | $6,642,562 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $400,617 |
| Total assets | $8,448,022 |
| Accounts payable and accrued expenses | $757,195 |
| 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 | $1,614,117 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $94,150 |
| Total liabilities | $2,465,462 |
| Net assets without donor restrictions | $2,990,538 |
| Net assets with donor restrictions | $2,992,022 |
| 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 | $8,448,022 |