Bgc I Nonprofit Housing Corporation
- Assets
- $4.2m
- Revenue
- $1.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Okemos, MI
- Founding
- 03/1993
- Data as of
- 12/2022
- EIN
- 38-3080446
Organization Overview
Bgc I Nonprofit Housing Corporation is located in Okemos, MI. The organization was established in 1993. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bgc I Nonprofit Housing 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 12/2022, Bgc I Nonprofit Housing Corporation generated $1.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $1.6m during the year ending 12/2022. While expenses have increased by 1.8% 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
TO PROVIDE AND PRESERVE HOUSING FACILITIES FOR PERSONS AND FAMILIES OF LOW INCOME.
Describe the Organization's Program Activity:
Part 3 - Line 4a
BGC-I PROVIDES 152 RENTAL UNITS TO PERSONS OF LOW TO MODERATE INCOME. THE ORGANIZATION ALSO PROVIDES SOCIAL AND RECREATIONAL FACILITIES TO SERVE THE RESIDENTIAL AREA.
INCOME FROM BGC-I WILL BE USED TO BENEFIT ACTIVITIES OF THE BOYS AND GIRLS CLUB OF LANSING TO THE EXTENT THAT THOSE ACTIVITIES ARE CONSISTENT WITH THE EXEMPT PURPOSE OF BGC-CHARTER SQUARE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Laurie Schwartz Treasurer | OfficerTrustee | 1 | $0 |
Richard Kerbawy President | OfficerTrustee | 1 | $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 | $1,693,459 |
| Investment income | $3,116 |
| 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 | $1,696,575 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $160,417 |
| 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 | $89,060 |
| Fees for services: Legal | $3,941 |
| Fees for services: Accounting | $9,775 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $224,098 |
| Advertising and promotion | $0 |
| Office expenses | $86,712 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $224,154 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $158,904 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $303,598 |
| Insurance | $158,868 |
| All other expenses | $0 |
| Total functional expenses | $1,552,540 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $250 |
| Savings and temporary cash investments | $951,069 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,509 |
| 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 | $11,742 |
| Net Land, buildings, and equipment | $2,043,866 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,187,917 |
| Total assets | $4,203,353 |
| Accounts payable and accrued expenses | $138,001 |
| Grants payable | $0 |
| Deferred revenue | $3,443 |
| 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 | $5,828,955 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $42,950 |
| Total liabilities | $6,013,349 |
| Net assets without donor restrictions | -$1,809,996 |
| 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 | $4,203,353 |
Grants Awarded
Over the last fiscal year, Bgc I Nonprofit Housing Corporation has awarded $44,265 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
BOYS AND GIRLS CLUB PURPOSE: TO PROVIDE SUPPORT IN THEIR DAY TO DAY ACTIVITIES. | $31,667 |
MIDLAND AREA HOMES PURPOSE: TO PROVIDE SUPPORT IN THEIR DAY TO DAY ACTIVITIES. | $12,598 |