Norwich Housing Corporation
- Assets
- $10.3m
- Revenue
- $424.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Carmel, IN
- Founding
- 04/1998
- Data as of
- 06/2022
- EIN
- 35-2037592
Organization Overview
Norwich Housing Corporation is located in Carmel, IN. The organization was established in 1998. According to its NTEE Classification (L50) the organization is classified as: Homeowners & Tenants Associations, 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. Norwich Housing Corporation is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 06/2022, Norwich Housing Corporation generated $424.5k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (1.3%) each year. All expenses for the organization totaled $369.6k during the year ending 06/2022. 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
THE NORWICH HOUSING CORPORATION PROVIDES FUNDING TO MEMBER ALUMNI CORPORATIONS WHICH PROVIDE HOUSING OPPORTUNITIES FOR THEIR UNDERGRADUATE STUDENT MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MORTGAGE LOANS: TO PROVIDE ASSISTANCE TO AFFILIATED CHAPTERS BY AIDING IN THE PROCESS OF ISSUING LOANS FOR HOUSING PURPOSES.
LIFE SAFETY LOANS: LOANS GIVEN AT LOW INTEREST RATES TO FUND LIFE SAFETY IMPROVEMENTS FOR UNDERGRADUATE STUDENT HOUSING.
LADUE LOANS: EMERGENCY LOANS FOR HOUSE REPAIRS/IMPROVEMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Wesley K Wicker President | OfficerTrustee | 4 | $0 |
Joe L Clack Vice President | OfficerTrustee | 3 | $0 |
Peter S Mackey Treasurer | OfficerTrustee | 2 | $0 |
Douglas M Allen Secretary | OfficerTrustee | 2 | $0 |
Eric W Raasch Counselor | OfficerTrustee | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $219,869 |
| Investment income | $86,480 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $117,857 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $424,456 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,000 |
| 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 of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $208,694 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $20,120 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $28,026 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $639 |
| Information technology | $3,265 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,536 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $71,249 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,831 |
| All other expenses | $0 |
| Total functional expenses | $369,563 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $216,962 |
| Savings and temporary cash investments | $504,504 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $108,660 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,628,105 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $2,474 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $1,821,102 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $10,281,807 |
| Accounts payable and accrued expenses | $1,081,555 |
| 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 | $79,358 |
| Total liabilities | $1,160,913 |
| Net assets without donor restrictions | $9,120,894 |
| 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 | $10,281,807 |
Grants Awarded
Over the last fiscal year, Norwich Housing Corporation has awarded $35,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
THETA CHI FRATERNITY INC PURPOSE: GENERAL ASSISTANCE | $25,000 |
THE FOUNDATION CHAPTER OF THETA CHI FRATERNITY INC PURPOSE: GENERAL ASSISTANCE | $10,000 |