Wakeland Housing And Development Corporation
- Assets
- $68.6m
- Revenue
- $25.0m
- Investments
- $5.7m
- Employees
- 43
- Location
- San Diego, CA
- Founding
- 08/1999
- Data as of
- 06/2022
- EIN
- 33-0833640
Organization Overview
Wakeland Housing And Development Corporation is located in San Diego, CA. The organization was established in 1999. 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. As of 06/2022, Wakeland Housing And Development Corporation employed 43 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Wakeland Housing And Development 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 06/2022, Wakeland Housing And Development Corporation generated $25.0m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.2% each year . All expenses for the organization totaled $10.4m during the year ending 06/2022. While expenses have increased by 7.9% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
WAKELAND HOUSING AND DEVELOPMENT CORPORATION IS A CALIFORNIA NOT-FOR-PROFIT CORPORATION WHOSE MISSION IS TO DEVELOP AND OPERATE QUALITY AFFORDABLE HOUSING PROJECTS WITH RESIDENT-EDUCATION PROGRAMS FOR LOW-INCOME FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RENTAL EXPENSES: THE CORPORATION OWNS AND OPERATES A MOBILE HOME PARK, POINSETTIA PARKS, LLC AND AFFORDABLE HOUSING PROJECTS TO PROVIDE AFFORDABLE HOUSING TO LOW AND MODERATE INCOME FAMILIES INCLUDING SENIORS, AND ALSO PROVIDES RESIDENT EDUCATION PROGRAMS TO THE TENANTS. THESE EXPENSES ARE COMPRISED OF OPERATIONAL EXPENSES SUCH AS UTILITIES, OPERATIONS AND MAINTENANCE, AND TAXES AND INSURANCE.
ASSET MANAGEMENT: THE ASSET MANAGEMENT DEPARTMENT ADMINISTERS ALL PLACED IN SERVICE REAL ESTATE IN THE CORPORATION'S DIVERSE PORTFOLIO, WHICH CONSISTS OF 5,218 HOUSING UNITS. THE DEPARTMENT OVERSEES ALL PROPERTY TAX ABATEMENT ACTIVITIES, MONITORS REGULATORY MANDATES, HIRES PROPERTY MANAGEMENT COMPANIES, PROVIDES PROPERTY MANAGEMENT OVERSIGHT, AND DEVELOPS OPERATING BUDGETS AND CAPITAL IMPROVEMENT PLANS.
DEVELOPMENT: THE CORPORATION'S MISSION IS TO DEVELOP AFFORDABLE HOUSING USING TWO METHODS: (1) ACQUISITION AND REHABILITATION OF EXISTING MULTIFAMILY RESIDENTIAL HOUSING; AND (2) ACQUISITION AND ENTITLEMENT OF LAND AND CONSTRUCTION OF NEW BUILDINGS.
RESIDENT SERVICES: THE RESIDENT SERVICES DEPARTMENT IS RESPONSIBLE FOR ALL ONSITE DAY-TO-DAY RESIDENT SERVICES PROGRAM IMPLEMENTATION. THE DEPARTMENT PROVIDES INITIAL SET UP, CONDUCTS ONGOING ASSESSMENTS OF COMMUNITY'S PROGRAM NEEDS, AND DEVELOPS COMMUNITY PARTNERS WHILE FACILITATING COMPREHENSIVE PROGRAMS FOR YOUTH, ADULTS AND SENIORS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barry Schultz Board Chair | OfficerTrustee | 2 | $0 |
James Lawson Board Member | Trustee | 2 | $0 |
Jeff Brazel Board Member | Trustee | 2 | $0 |
Jimmy Ayala Board Member | Trustee | 2 | $0 |
Jonathan Hunter Board Chair | Trustee | 2 | $0 |
Launa Wilson Board Member | Trustee | 2 | $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 | $7,572,032 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $7,572,032 |
| Total Program Service Revenue | $13,748,386 |
| Investment income | $435,475 |
| 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 | $24,988,463 |
| 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. | $4,505,387 |
| Compensation of current officers, directors, key employees. | $331,675 |
| Compensation to disqualified persons | $99,814 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $149,300 |
| Other employee benefits | $296,568 |
| Payroll taxes | $307,087 |
| Fees for services: Management | $366 |
| Fees for services: Legal | $30,035 |
| Fees for services: Accounting | $132,995 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $18,825 |
| Office expenses | $29,340 |
| 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 | $20,073 |
| Interest | $990,418 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $467,520 |
| Insurance | $145,648 |
| All other expenses | $933,429 |
| Total functional expenses | $10,430,526 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,743,166 |
| Savings and temporary cash investments | $2,077,591 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,405,826 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,168,483 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $176,432 |
| Net Land, buildings, and equipment | $14,698,139 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,681,922 |
| Investments—program-related | $0 |
| Intangible assets | $238,166 |
| Other assets | $26,420,290 |
| Total assets | $68,610,015 |
| Accounts payable and accrued expenses | $382,230 |
| 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 | $30,321,142 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,890,086 |
| Total liabilities | $33,593,458 |
| Net assets without donor restrictions | $35,016,557 |
| 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 | $68,610,015 |