Midwest Affordable Housing Corporation
- Assets
- $23.3m
- Revenue
- $2.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Fox Point, WI
- Founding
- 04/2002
- Data as of
- 12/2022
- EIN
- 39-2010184
Organization Overview
Midwest Affordable Housing Corporation is located in Fox Point, WI. The organization was established in 2002. 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. Midwest Affordable 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, Midwest Affordable Housing Corporation generated $2.1m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (7.6%) each year. All expenses for the organization totaled $1.7m during the year ending 12/2022. 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 FOSTER, DEVELOP AND PRESERVE AFFORDABLE AND SENIOR HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING HOUSING FOR THE ELDERLY AND LOW-INCOME INDIVIDUALS LOCATED IN WISCONSIN AT PROPERTIES INCLUDING GREENTREE GLEN, LLC, KENOSHA SENIORS LIMITED PARTNERSHIP, TEUTONIA GARDENS, LLC, AND MAHC FRANCIS MEADOWS, LLC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Philip J Schultz President | OfficerTrustee | 5 | $8,348 |
John Mccarty Secretary/treasurer | OfficerTrustee | 3 | $5,564 |
Katie Grand Vice President | OfficerTrustee | 3 | $5,564 |
Alexandra Schultz Director | Trustee | 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 | $1,963,096 |
| Investment income | $100,296 |
| 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 | $2,063,392 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $6,078 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $19,476 |
| Compensation of current officers, directors, key employees. | $19,476 |
| 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 | $97,057 |
| Fees for services: Legal | $33 |
| Fees for services: Accounting | $42,972 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $13,533 |
| Office expenses | $38,871 |
| Information technology | $11,537 |
| Royalties | $0 |
| Occupancy | $879,316 |
| Travel | $855 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $315,696 |
| Insurance | $34,359 |
| All other expenses | $6,502 |
| Total functional expenses | $1,689,262 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,633,169 |
| Savings and temporary cash investments | $1,437,520 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $69,050 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $9,688,236 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $53,588 |
| Net Land, buildings, and equipment | $8,497,444 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $284,410 |
| Intangible assets | $176,904 |
| Other assets | $1,497,840 |
| Total assets | $23,338,161 |
| Accounts payable and accrued expenses | $353,938 |
| Grants payable | $0 |
| Deferred revenue | $43,988 |
| 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 | $11,303,335 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $87,555 |
| Total liabilities | $11,788,816 |
| Net assets without donor restrictions | $11,549,345 |
| 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 | $23,338,161 |