Cinnaire Solutions Corporation
- Assets
- $17.7m
- Revenue
- $3.3m
- Investments
- $404.1k
- Employees
- 0
- Location
- Lansing, MI
- Founding
- 10/1995
- Data as of
- 12/2022
- EIN
- 38-3225995
Organization Overview
Cinnaire Solutions Corporation is located in Lansing, MI. The organization was established in 1995. 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. Cinnaire Solutions 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, Cinnaire Solutions Corporation generated $3.3m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.1% each year . All expenses for the organization totaled $2.9m during the year ending 12/2022. While expenses have increased by 20.1% per year over the past 7 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
990PF
Mission & Program ActivityExcerpts From the 990PF Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO BUILD, DEVELOP, CONSTRUCT, FINANCE, OWN AND OPERATE HOUSING AFFORDABLE FOR LOW-INCOME FAMILIES. THE ORGANIZATION IS THE GENERAL PARTNER OF SEVERAL LOW INCOME HOUSING DEVELOPMENTS. IT IS CURRENTLY WORKING ON STRATEGIES TO RE-CAPITALIZE MANY OF THESE DEVELOPMENTS THROUGH THE LOW-INCOME HOUSING TAX CREDIT PROGRAM. THIS WILL BRING NEEDED PHYSICAL IMPROVEMENTS TO THE AREA AT AN AFFORDABLE PRICE AS THE RENTS ARE SET AT A LEVEL OF 60% OF AREA MEDIAN INCOME.
TO ELIMINATE PREJUDICE AND DISCRIMINATION AND LESSEN NEIGHBORHOOD TENSIONS BY OFFERING AFFORDABLE HOUSING TO FAMILIES OF LOW-INCOME WHO ARE UNABLE TO OBTAIN ADEQUATE HOUSING BECAUSE OF DISCRIMINATION.
TO COMBAT COMMUNITY DETERIORATION BY OFFERING AFFORDABLE HOUSING TO LOW-INCOME RESIDENTS OF A DETERIORATED CITY UNDERGOING REDEVELOPMENT WHERE THE MEDIAN INCOME LEVEL IS LOWER THAN OTHER AREAS AND THE RESIDENTS UNDERTAKE AN INITIATIVE TO ENSURE THEMSELVES DECENT HOUSING WITHOUT UNDERGOING RELOCATION.
TO PERFORM ALL ACTS INCIDENTAL, CONDUSIVE, OR NECESSARY TO THE ATTAINMENT OF THE FOREGOING OBJECTIVES; AND FOR CHARITABLE AND EDUCATIONAL PURPOSES WITHIN THE MEANING OF SECTION 501 (C)(3) OF THE IRC AS AMENDED, OR CORRESPONDING SECTION OF ANY FUTURE CODE.
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Giles Chair | 1 | $0 | |
Rich Swantek Vice Chair | 1 | $0 | |
Gary Sands Secretary/treasurer | 1 | $0 | |
Lucius Vassar Assistant Secretary | 1 | $0 | |
Bob Beck Vice President | 1 | $0 | |
Brett Oumedian CFO | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Cinnaire Corportation | 12/30/18 | $535,500 |
Milner And Caringella Inc | 12/30/18 | $60,380 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Contributions, Gifts, Grants & Similar | $150,000 |
| Interest on Savings | $607,275 |
| Dividends & Interest | $0 |
| Net Rental Income | $0 |
| Net Gain on Sale of Assets | $10 |
| Capital Gain Net Income | $10 |
| Net ST Capital Gain | $0 |
| Income Modifications | $0 |
| Profit on Inventory Sales | $0 |
| Other Income | $2,579,691 |
| Total Revenue | $3,336,976 |
| Statement of Expenses | |
|---|---|
| Compensation of officers, directors, trustees, etc | $0 |
| Other employee salaries and wages | $2,129,208 |
| Pension plans, employee benefits | $316,506 |
| Interest | $158,558 |
| Taxes | $0 |
| Depreciation | $0 |
| Occupancy | $132,007 |
| Travel, conferences, and meetings | $35,269 |
| Printing and publications | $0 |
| Other expenses | $111,023 |
| Total operating and administrative expenses | $2,919,296 |
| Contributions, gifts, grants paid | $0 |
| Total expenses and disbursements | $2,919,296 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,257,144 |
| Savings and temporary cash investments | $0 |
| Net Accounts receivable | $2,198,884 |
| Net Pledges Receivable | $0 |
| Grants receivable | $0 |
| Receivables from Officers, Directors, or Controlling Persons | $0 |
| Net other notes and loans receivable | $14,325,559 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $63,722 |
| Net Investments - land, buildings, equipment | $0 |
| Investments—mortgage loans | $0 |
| Investments—other | $404,072 |
| Net Land, buildings, and equipment | $2,304,213 |
| Other assets | -$2,823,588 |
| Total assets | $17,730,006 |
| Accounts payable and accrued expenses | $548,106 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Mortgages and other notes payable | $10,067,822 |
| Other liabilities | $0 |
| Total liabilities | $10,615,928 |