Affordable Housing Development Fund Inc
- Assets
- $87.5m
- Revenue
- $18.6m
- Investments
- $3.9m
- Employees
- 0
- Location
- Rockford, IL
- Founding
- 02/1998
- Data as of
- 12/2021
- EIN
- 39-1906153
Organization Overview
Affordable Housing Development Fund Inc is located in Rockford, IL. The organization was established in 1998. 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. Affordable Housing Development Fund 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 12/2021, Affordable Housing Development Fund Inc generated $18.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (11.3%) each year. All expenses for the organization totaled $16.8m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (11.3%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
OWNERSHIP, DEVELOPMENT, PRESERVATION AND MANAGEMENT OF AFFORDABLE, SAFE, QUALITY, WELL-MAINTAINED HOUSING COMMUNITIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION'S CHARITABLE PURPOSE INCLUDES, AMONG OTHER THINGS, OWNERSHIP, DEVELOPMENT, PRESERVATION AND MANAGEMENT OF AFFORDABLE, SAFE, GOOD QUALITY, WELL-MAINTAINED HOUSING COMMUNITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Thomas Van Vleet Dir.& Pres. | OfficerTrustee | 2 | $24,000 |
John Constantine Dir. & Secretary | OfficerTrustee | 1 | $15,000 |
Jack Ahrens Dir., Vp, & Treasurer | OfficerTrustee | 1 | $15,000 |
Perry Harenda Director Of Affordable Hsi | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rural Housing Consultants Llc Consulting Fees | 12/30/21 | $940,000 |
American Family Insurance Company Insurance | 12/30/21 | $212,272 |
Dauby O'connor & Zaleski Llc Accounting Fees | 12/30/21 | $308,183 |
Reinhart Boerner Van Deuren Sc Legal Fees | 12/30/21 | $115,706 |
Hays Companies Insurance | 12/30/21 | $191,478 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $259,295 |
| 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 | $259,295 |
| Total Program Service Revenue | $14,767,662 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,330,656 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $18,557,415 |
| 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. | $54,000 |
| Compensation of current officers, directors, key employees. | $54,000 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,231,325 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,823,128 |
| Insurance | $0 |
| All other expenses | $549,241 |
| Total functional expenses | $16,838,695 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,568,314 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $636,057 |
| 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 | $0 |
| Net Land, buildings, and equipment | $59,236,056 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,906,124 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $15,118,515 |
| Total assets | $87,465,066 |
| Accounts payable and accrued expenses | $1,115,166 |
| 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 | $62,312,056 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $6,124,362 |
| Total liabilities | $69,551,584 |
| Net assets without donor restrictions | $17,913,482 |
| 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 | $87,465,066 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Nef Community Investments Inc Chicago, IL | $49,835,744 | $69,249,511 |
Resurrection Project Chicago, IL | $50,016,508 | $28,523,400 |
One Vision Clear Lake, IA | $49,722,327 | $26,134,344 |
Elevate Housing Foundation Lincolnwood, IL | $28,372,310 | $19,775,453 |
Integrated Community Services Inc Green Bay, WI | $950,571 | $23,339,700 |
Community Investment Corp Chicago, IL | $332,682,140 | $31,622,758 |
Friendship Haven Inc Fort Dodge, IA | $50,931,455 | $22,390,428 |
North East Community Action Corporation Bowling Green, MO | $19,489,309 | $16,722,475 |
Affordable Housing Development Fund Inc Rockford, IL | $87,465,066 | $18,557,415 |
Chicago Low Income Housing Trust Fund Chicago, IL | $68,435,328 | $24,410,244 |
Interfaith Housing Development Corporation Of Chicago Chicago, IL | $13,790,371 | $15,355,980 |
European American Association Chicago, IL | $18,209,689 | $14,984,488 |