Poweshiek Area Housing Inc
- Assets
- $1.4m
- Revenue
- $502.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Grinnell, IA
- Founding
- 07/1987
- Data as of
- 12/2021
- EIN
- 42-1298086
Organization Overview
Poweshiek Area Housing Inc is located in Grinnell, IA. The organization was established in 1987. According to its NTEE Classification (L99) the organization is classified as: Housing & Shelter N.E.C., 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. Poweshiek Area Housing 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, Poweshiek Area Housing Inc generated $502.8k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (2.1%) each year. All expenses for the organization totaled $513.9k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.9%) 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
PROVIDE HOUSING FOR SENIOR CITIZENS AND MENTALLY HANDICAPPED.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE RENTAL HOUSING FOR 9 MENTALLY HANDICAPPED APARTMENTS AND 51 ELDERLY APARTMENTS THROUGH FEDERALLY SUBSIDIZED LOANS AND RENTAL ASSISTANCE. ORGANIZATION ACHIEVED 77% OCCUPANCY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frank Shults President | OfficerTrustee | 0.25 | $0 |
Douglas Cameron Director | Trustee | 0.25 | $0 |
Doris L Hotchkin Director | Trustee | 0.25 | $0 |
Robert G Anderson Treasurer | Trustee | 0.25 | $0 |
Paul Kolpin Director | Trustee | 0.25 | $0 |
Kevin Stutz Director | Trustee | 0.25 | $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 | $502,183 |
| Investment income | $618 |
| 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 | $502,801 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $26,537 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $2,057 |
| Fees for services: Management | $37,174 |
| Fees for services: Legal | $704 |
| Fees for services: Accounting | $10,481 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,422 |
| Office expenses | $4,152 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $231,681 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $93,047 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $83,596 |
| Insurance | $22,827 |
| All other expenses | $211 |
| Total functional expenses | $513,889 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,835 |
| Savings and temporary cash investments | $698,433 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,253 |
| 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 | $16,119 |
| Net Land, buildings, and equipment | $550,837 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $123,431 |
| Total assets | $1,392,908 |
| Accounts payable and accrued expenses | $19,779 |
| 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 | $1,840,181 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,665 |
| Total liabilities | $1,873,625 |
| Net assets without donor restrictions | -$480,717 |
| 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 | $1,392,908 |
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