Affordable Housing Development Fund Inc
- Assets
- $86.2m
- Revenue
- $20.7m
- Investments
- $12.4m
- Employees
- 0
- Location
- Rockford, IL
- Founding
- 02/1998
- Data as of
- 12/2022
- 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 12/2022, Affordable Housing Development Fund Inc generated $20.7m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.6%) each year. All expenses for the organization totaled $14.6m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (9.8%) 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
2022
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 |
|---|---|---|---|
Jack Ahrens Dir., Vp, & Treasurer | OfficerTrustee | 1 | $20,000 |
Thomas Van Vleet Dir.& Pres. | OfficerTrustee | 2 | $32,000 |
John Constantine Dir. & Secretary | OfficerTrustee | 1 | $20,000 |
Perry Harenda Director Property Mgmt - Ppm | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rural Housing Consultants Llc Consulting Fees | 12/30/22 | $837,500 |
Farmers Insurance Insurance | 12/30/22 | $287,909 |
Dauby O'connor & Zaleski Llc Accounting Fees | 12/30/22 | $275,915 |
American Family Insurance Company Insurance | 12/30/22 | $212,915 |
Reinhart Boerner Van Deuren Sc Legal Fees | 12/30/22 | $167,495 |
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 | $13,795,137 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,035,822 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $20,676,130 |
| 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. | $72,000 |
| Compensation of current officers, directors, key employees. | $72,000 |
| 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 | $1,549,858 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $3,514,039 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $14,596,449 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,059,651 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $709,232 |
| 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 | $53,114,164 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $12,440,714 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $13,918,250 |
| Total assets | $86,242,011 |
| Accounts payable and accrued expenses | $1,360,235 |
| 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 | $55,025,249 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,977,508 |
| Total liabilities | $62,362,992 |
| Net assets without donor restrictions | $23,879,019 |
| 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 | $86,242,011 |