Housing Resources Inc
- Assets
- $8.1m
- Revenue
- $4.1m
- Investments
- $2.8m
- Employees
- 53
- Location
- Kalamazoo, MI
- Founding
- 10/1983
- Data as of
- 12/2023
- EIN
- 38-2474879
Organization Overview
Housing Resources Inc is located in Kalamazoo, MI. The organization was established in 1983. According to its NTEE Classification (U99) the organization is classified as: Science & Technology N.E.C., under the broad grouping of Science & Technology and related organizations. As of 12/2023, Housing Resources Inc employed 53 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Housing Resources 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 12/2023, Housing Resources Inc generated $4.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 3.8% each year. All expenses for the organization totaled $4.6m during the year ending 12/2023. While expenses have increased by 5.3% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO ASSURE HOUSING FOR SOCIALLY AND ECONOMICALLY VULNERABLE RESIDENTS OF KALAMAZOO COUNTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING STABILIZATION PROGRAM, HOUSING RESOURCES, INC. IS KALAMAZOO COUNTY'S LEAD HOUSING AGENCY FOR COORDINATED INTAKE AND ASSESSMENT IN PROVIDING INFORMATION AND REFERRAL, CRISIS INTERVENTION, SHELTER DIVERSION, AND HOMELESS PREVENTION ACTIVITIES TO PEOPLE FACED WITH AN EVICTION, CONDEMNATION OR ANY OTHER CIRCUMSTANCES RELATED TO A HOUSING ISSUE. HOUSING RESOURCES, INC. ALSO PROVIDES PERMANENT SUPPORTIVE HOUSING ASSISTANCE, TO HOUSEHOLDS WITH A DISABLING CONDITION, TO SECURE AND RETAIN AFFORDABLE HOUSING INCLUSIVE OF ONGOING RENTAL SUBSIDIES, AND HOUSING CASE MANAGEMENT AND SUPPORT SERVICES.
HOUSING DEVELOPMENT AND PROPERTY SERVICES PROGRAM, HOUSING RESOURCES, INC. ALSO DEVELOPS AND MANAGES FOUR LOW-INCOME HOUSING TAX CREDIT PROPERTIES, WHICH INCLUDE PINEHURST TOWNHOMES, SUMMIT PARK APARTMENTS, KALAMAZOO ROSEWOOD, AND RICKMAN HOUSE AND PROVIDES SUPPORT SERVICES TO TENANTS AS NEEDED.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michelle Davis Executive Director | Officer | 37.5 | $101,607 |
Forest Drummer Director | Trustee | 1 | $0 |
Elisabeth Von Eitzen Director | Trustee | 1 | $0 |
Sheila Dorsey-Smith Director | Trustee | 1 | $0 |
David Jarl Director (ended 4/23) | Trustee | 1 | $0 |
Cynthia Ortega Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $172,210 |
| Membership dues | $0 |
| Fundraising events | $187,067 |
| Related organizations | $0 |
| Government grants | $2,969,495 |
| All other contributions, gifts, grants, and similar amounts not included above | $783,339 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $4,112,111 |
| Total Program Service Revenue | $192,128 |
| Investment income | $82,853 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$297,713 |
| Net Income from Fundraising Events | -$22,043 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,067,336 |
| 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. | $116,970 |
| Compensation of current officers, directors, key employees. | $2,509 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,126,878 |
| Pension plan accruals and contributions | $9,083 |
| Other employee benefits | $177,340 |
| Payroll taxes | $100,900 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $889 |
| Fees for services: Accounting | $35,348 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $20,827 |
| Fees for services: Other | $163,896 |
| Advertising and promotion | $0 |
| Office expenses | $62,372 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $46,786 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $151 |
| Interest | $89,378 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $126,866 |
| Insurance | $36,561 |
| All other expenses | $0 |
| Total functional expenses | $4,637,598 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $933,193 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $592,615 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $595,802 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $49,873 |
| Net Land, buildings, and equipment | $1,134,046 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,844,773 |
| Investments—program-related | $1,420,784 |
| Intangible assets | $0 |
| Other assets | $546,850 |
| Total assets | $8,117,936 |
| Accounts payable and accrued expenses | $93,579 |
| 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 | $1,026,990 |
| Other liabilities | $0 |
| Total liabilities | $1,120,569 |
| Net assets without donor restrictions | $6,514,024 |
| Net assets with donor restrictions | $483,343 |
| 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 | $8,117,936 |
Grants Awarded
Over the last fiscal year, Housing Resources Inc has awarded $14,746,352 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
OPEN DOORS KALAMAZOO PURPOSE: PROVIDES EMERGENCY RENTAL AND UTILITY ASSISTANCE TO HOUSEHOLDS TO PREVENT EVICTION | $4,790,121 |
INTEGRATED SERVICES OF KALAMAZOO PURPOSE: PROVIDES EMERGENCY RENTAL AND UTILITY ASSISTANCE TO HOUSEHOLDS TO PREVENT EVICTION | $9,956,231 |