Lifeworks Affordable Housing Corporation
- Assets
- $8.5m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Austin, TX
- Founding
- 05/2001
- Data as of
- 09/2023
- EIN
- 31-1753071
Organization Overview
Lifeworks Affordable Housing Corporation is located in Austin, TX. The organization was established in 2001. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, 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. Lifeworks Affordable 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 09/2023, Lifeworks Affordable Housing Corporation generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.5% each year . All expenses for the organization totaled $1.1m during the year ending 09/2023. While expenses have increased by 17.7% per year over the past 7 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2023
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION COMPLETED THE CONSTRUCTION OF AN APARTMENT DEVELOPMENT FOR LOW-INCOME RESIDENTS. FUNDS ARE USED FOR OPERATING COSTS OF THE DEVELOPMENT, INCLUDING INTEREST, FEES AND MAINTENANCE COSTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Larry Greenberg Board Member | 1 | $0 | |
Jim Hopke Secretary | 1 | $0 | |
Ashley Thomas Board Member | 1 | $0 | |
Franklin Fisher Board Member | 1 | $0 | |
Susan Mcdowell President | 1 | $0 | |
Kate Bennett Gentile Chief Operating Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $374,813 |
| Interest on Savings | $1,299 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $0 |
| Capital Gain Net Income | $0 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $674,625 |
| Total Revenue | $1,050,737 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $144,117 |
| Pension plans, employee benefits | $20,839 |
| Interest | $0 |
| Taxes | $50,448 |
| Depreciation | $185,831 |
| Occupancy | $83,953 |
| Travel, conferences, and meetings | $1,385 |
| Printing and publications | $0 |
| Other expenses | $311,784 |
| Total operating and administrative expenses | $1,071,137 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $1,071,137 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $540,418 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $40,745 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $0 |
| Net Land, buildings, and equipment | $7,911,668 |
| Other assets | $0 |
| Total assets | $8,492,831 |
| Accounts payable and accrued expenses | $570,637 |
| Grants payable | $0 |
| Deferred revenue | $28,900 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $6,956,253 |
| Other liabilities | $975 |
| Total liabilities | $7,556,765 |