Affordable Housing Partners Inc
- Assets
- $238.3m
- Revenue
- $11.2m
- Investments
- $5.4m
- Employees
- 5
- Location
- Carmel, IN
- Founding
- 02/1997
- Data as of
- 12/2022
- EIN
- 35-1993520
Organization Overview
Affordable Housing Partners Inc is located in Carmel, IN. The organization was established in 1997. 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. As of 12/2022, Affordable Housing Partners Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Affordable Housing Partners Inc 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 12/2022, Affordable Housing Partners Inc generated $11.2m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 15.0% each year . All expenses for the organization totaled $12.6m during the year ending 12/2022. While expenses have increased by 17.2% per year over the past 8 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
PROVIDE AFFORDABLE, SAFE, GOOD QUALITY, WELL-MAINTAINED HOUSING COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION DEVELOPED, OWNS AND OPERATES THIRTEEN AFFORDABLE HOUSING COMMUNITIES. KNOLLWOOD APARTMENTS IS A 240 UNIT APARTMENT COMMUNITY LOCATED IN HAMILTON, OHIO, AND CRYSTAL GLEN APARTMENTS, PHASE II IS A 64 UNIT APARTMENT COMMUNITY LOCATED IN FINDLAY, OHIO. AUTUMN WOODS APARTMENTS AND AUTUMN WOODS II APARTMENTS ARE BOTH 96 UNIT APARTMENT COMMUNITIES LOCATED CONTIGUOUS TO EACH OTHER IN CRAWFORDSVILLE, INDIANA. MILL RUN IS A 200 UNIT APARTMENT COMMUNITY LOCATED IN COLUMBIA, SOUTH CAROLINA. LANDINGS OF GASTONIA APARTMENT HOMES IS A 156 UNIT APARTMENT COMMUNITY IN GASTONIA, NORTH CAROLINA. THE BLUFFS APARTMENT HOMES IS A 144 UNIT APARTMENT COMMUNITY LOCATED IN SPARTANBURG, SOUTH CAROLINA. WOODWINDS APARTMENT HOMES IS A 144 UNIT APARTMENT COMMUNITY LOCATRED IN GREENVILLE, SOUTH CAROLINA. BROAD RIVER VILLAGE APARTMENTS IS A 160 UNIT APARTMENT COMMUNITY AND BROAD RIVER VILLAGE II APARTMENTS IS A 120 UNIT APARTMENT COMMUNITY. THEY ARE LOCATED CONTIGUOUS TO EACH OTHER IN BEAUFORT, SOUTH CAROLINA. BROAD RIVER VILLAGE L.P. OWNS BROAD RIVER VILLAGE APARTMENTS. THE CORPORATION IS THE 100% OWNER OF AHP-BROAD RIVER, LLC. AHP-BROAD RIVER, LLC IS THE GENERAL PARTNER OF BROAD RIVER VILLAGE L.P. AND HAS TOTAL OWNERSHIP IN THIS ENTITY OF .0083%. BROAD RIVER VILLAGE II IS OWNED BY PORT ROYAL, I LLC WHOSE SOLE MEMBER IS THE CORPORATION. THE CORPORATION HAD 99.99% OWNERSHIP IN PEDCOR INVESTMENTS-2018-CLXXI, LP. THIS PARTNESHIP INTEREST WAS SOLD IN 2022. PEDCOR INVESTMENTS-2018-CLXXI, LP OWNS GRAND STATION APARTMENTS WHICH IS A 216 UNIT APARTMENT IN AUSTIN, TEXAS. THE CORPORATION HAS 4.99% OWNERSHIP IN SPARTANBURG-CROWN POINTE, LLC AND ROCK HILL SI, LLC. THESE ENTITIES OWN CROWN POINTE APARTMENT HOMES (A 241 UNIT APARTMENT COMMUNITY IN SPARTANBURG, SOUTH CAROLINA) AND STONE HAVEN POINTE APARTMENTS (A 264 UNIT APARTMENT COMMUNITY IN ROCK HILL, SOUTH CAROLINA) RESPECTIVELY. THE CORPORATION ALSO FORMED THE INCLUSIVITIY INSTITUTE TO FURTHER ITS CHARITABLE PURPOSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bruce A Cordingley President | OfficerTrustee | 0.5 | $0 |
Tim Marshall Board Member | Trustee | 0.5 | $0 |
David Maraman Board Member | Trustee | 0.5 | $0 |
Brian Chaffin Board Member | Trustee | 0.5 | $0 |
Michael Sutton Board Member | Trustee | 0.5 | $0 |
Phillip J Stoffregen Executive Vice President | Officer | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Pedcor Affordable Management Inc Property Management Services | 12/30/22 | $126,367 |
Rbm Management Company Llc Property Management Services | 12/30/22 | $197,732 |
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 | $196,943 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $196,943 |
| Total Program Service Revenue | $10,364,506 |
| Investment income | $12,500 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $104,949 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $11,200,231 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $11,579 |
| Grants and other assistance to domestic individuals. | $221,593 |
| 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 of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,609,791 |
| Pension plan accruals and contributions | $8,998 |
| Other employee benefits | $192,597 |
| Payroll taxes | $126,546 |
| Fees for services: Management | $324,099 |
| Fees for services: Legal | $27,406 |
| Fees for services: Accounting | $224,394 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $14,436 |
| Advertising and promotion | $67,658 |
| Office expenses | $290,759 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $6,963,635 |
| Travel | $19,408 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $17,316 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,447,452 |
| Insurance | $35,997 |
| All other expenses | $0 |
| Total functional expenses | $12,603,664 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,871,677 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $31,999 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $500,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $425,933 |
| Net Land, buildings, and equipment | $147,792,949 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $5,425,977 |
| Investments—program-related | $0 |
| Intangible assets | $2,175,220 |
| Other assets | $79,053,168 |
| Total assets | $238,276,923 |
| Accounts payable and accrued expenses | $5,071,578 |
| Grants payable | $0 |
| Deferred revenue | $55,663 |
| Tax-exempt bond liabilities | $138,494,208 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $82,463,440 |
| Unsecured mortgages and notes payable | $4,678,513 |
| Other liabilities | $4,376,303 |
| Total liabilities | $235,139,705 |
| Net assets without donor restrictions | $3,137,218 |
| 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 | $238,276,923 |
Grants Awarded
Over the last fiscal year, Affordable Housing Partners Inc has awarded $46,667 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
OZONE HOUSE INC PURPOSE: FRONT DOOR CAMPAIGN - SUPPORT OF ORGANIZATION'S NEW SHELTER | $16,667 |
CARMEL SYMPHONY ORCHESTRA PURPOSE: TITLE SPONSORSHIP - SALUTE TO HEROES | $30,000 |