Newport Millennium Housing Corporation Iii
- Assets
- $14.3m
- Revenue
- $2.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Newport, KY
- Founding
- 06/2001
- Data as of
- 12/2021
- EIN
- 31-1762432
Organization Overview
Newport Millennium Housing Corporation Iii is located in Newport, KY. The organization was established in 2001. 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. Newport Millennium Housing Corporation Iii 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 12/2021, Newport Millennium Housing Corporation Iii generated $2.2m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 13.9% each year . All expenses for the organization totaled $460.4k during the year ending 12/2021. While expenses have increased by 19.3% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
CREATE LOW INCOME HOUSING THROUGH THE ACQUISITION OF PROPERTY FOR DEVELOPMENT AND OPERATION OF MULTI-INCOME HOUSING PROJECTS IN NEWPORT, KENTUCKY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PARTNERED WITH DEVELOPERS FOR THE DEVELOPMENT OF A SENIOR HIGH RISE BUILDING AND A SEPARATE TWENTY UNIT BUILDING USING HOPE VI FUNDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Guidugli President | Officer | 6 | $20,410 |
Ron Rawe Treasurer | Officer | 2 | $3,942 |
Linda Fields Vice Pres/secretary | Officer | 1 | $2,538 |
Michael Chalk Chairperson | OfficerTrustee | 1 | $0 |
Carolyn Duff Board Member | Trustee | 1 | $0 |
Joseph Mumper Board Member | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Wr Colors & Services Inc Construction | 12/30/21 | $215,883 |
Forge Lumber Construction | 12/30/21 | $190,823 |
Woeste Builders Inc Construction | 12/30/21 | $163,407 |
Dwane Smith Masonry Llc Construction | 12/30/21 | $163,405 |
Fred Espenscheid Plumbing Construction | 12/30/21 | $133,877 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,973,226 |
| Government grants | $390,996 |
| 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 | $2,364,222 |
| Total Program Service Revenue | $253,328 |
| Investment income | $72,161 |
| 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 | -$487,025 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,207,566 |
| 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. | $26,890 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $141,847 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $32,300 |
| Payroll taxes | $12,784 |
| Fees for services: Management | $6,103 |
| Fees for services: Legal | $1,541 |
| Fees for services: Accounting | $8,856 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15 |
| Advertising and promotion | $245 |
| Office expenses | $3,098 |
| Information technology | $1,901 |
| Royalties | $0 |
| Occupancy | $103,481 |
| Travel | $2,629 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $8,669 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $86,447 |
| Insurance | $20,033 |
| All other expenses | $3,583 |
| Total functional expenses | $460,422 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $281,031 |
| Savings and temporary cash investments | $1,777,100 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,264 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $3,574,481 |
| Prepaid expenses and deferred charges | $6,960 |
| Net Land, buildings, and equipment | $3,182,902 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $5,466,336 |
| Intangible assets | $0 |
| Other assets | $4,195 |
| Total assets | $14,297,269 |
| Accounts payable and accrued expenses | $12,518 |
| 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 | $360,880 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $16,445 |
| Total liabilities | $389,843 |
| Net assets without donor restrictions | $11,697,575 |
| Net assets with donor restrictions | $2,209,851 |
| 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 | $14,297,269 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Church Residences Columbus, OH | $160,821,916 | $104,850,885 |
Christian Relief Services Charities Inc Alexandria, VA | $142,752,068 | $55,470,301 |
Center For The Developmentally Disabled Kansas City, MO | $14,632,501 | $18,017,450 |
Lester And Rosalie Anixter Center Chicago, IL | $16,517,406 | $29,142,038 |
Community Housing Network Inc Columbus, OH | $58,364,637 | $14,874,820 |
Over The Rhine Community Housing Cincinnati, OH | $24,358,276 | $7,722,304 |
Society Of St Vincent Depaul Council Of Louisville Louisville, KY | $10,950,346 | $7,888,364 |
Socayr Inc Louisville, KY | $34,945,508 | $6,749,829 |
Lacasa Of Goshen Inc Goshen, IN | $26,643,418 | $6,732,087 |
Creative Housing Inc Columbus, OH | $43,851,773 | $5,323,506 |
Family Scholar House Inc Louisville, KY | $18,614,591 | $4,995,688 |
Lewinsville Retirement Residence McLean, VA | $23,915,511 | $4,142,115 |