Mt Olive Metropolitan Housing Inc
- Assets
- $6.1k
- Revenue
- $76.3k
- Investments
- $0.0
- Employees
- 2
- Location
- Akron, OH
- Founding
- 04/1991
- Data as of
- 03/2018
- EIN
- 34-1432769
Organization Overview
Mt Olive Metropolitan Housing Inc, operating under the name Friendship Terrace, is located in Akron, OH. The organization was established in 1991. According to its NTEE Classification (L24) the organization is classified as: Independent Housing for People with Disabilities, under the broad grouping of Housing & Shelter and related organizations. As of 03/2018, Friendship Terrace employed 2 individuals. Friendship Terrace 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 03/2018, Friendship Terrace generated $76.3k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (32.0%) each year. All expenses for the organization totaled $52.2k during the year ending 03/2018. As we would expect to see with falling revenues, expenses have declined by (39.4%) per year over the past 4 years. 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
2018
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HUD SUBSIDIZED HOUSING FOR LOW INCOME INDIVIDUALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE HUD SUBSIDIZED HOUSING FOR LOW INCOME INDIVIDUALS.
THE PROJECT IS KNOWN AS FRIENDSHIP TERRACE. IT IS A 40 UNIT, MULTI-FAMILY LOW INCOME PROPERTY PRIMARILY FOR THE PURPOSE OF HOUSING DISABLED TENANTS IN CUYAHOGA FALLS, OHIO.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
William Burton 662 Wolf Ledges Parkway, Akron Ohio 44311 | Trustee | 1 | $0 |
Rick Owens 662 Wolf Ledges Parkway, Akron Ohio 44311 | Trustee | 1 | $0 |
Jc Ellis 662 Wolf Ledges Parkway, Akron Ohio 44311 | Trustee | 1 | $0 |
Allan T Jones 662 Wolf Ledges Parkway, Akron Ohio 44311 | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $76,220 |
| Investment income | $58 |
| 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 | $76,313 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $2,534 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $100 |
| Payroll taxes | $161 |
| Fees for services: Management | $640 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $147 |
| 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 | $2,244 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $3,918 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $7,041 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $34,011 |
| Insurance | $1,088 |
| All other expenses | $0 |
| Total functional expenses | $52,178 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,136 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $6,136 |
| Accounts payable and accrued expenses | $77,084 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $77,084 |
| Net assets without donor restrictions | -$70,948 |
| 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 |
| Total liabilities and net assets/fund balances | -$70,948 |
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