Utah Center For Neighborhood Stabilization
- Assets
- $33.7m
- Revenue
- $1.5m
- Investments
- $0.0
- Employees
- 3
- Location
- Midvale, UT
- Founding
- 08/2014
- Data as of
- 12/2023
- EIN
- 45-5465651
Organization Overview
Utah Center For Neighborhood Stabilization is located in Midvale, UT. The organization was established in 2014. 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. As of 12/2023, Utah Center For Neighborhood Stabilization employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Utah Center For Neighborhood Stabilization 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 12/2023, Utah Center For Neighborhood Stabilization generated $1.5m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (5.7%) each year. All expenses for the organization totaled $911.3k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
FACILITATING OPPORTUNITIES AND INNOVATIVE SOLUTIONS TO STRENGTHEN COMMUNITIES AND NEIGHBORHOODS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE UTAH EQUITABLE TRANSIT ORIENTED DEVELOPMENT LOANS (UETOD) IS A STRUCTURED $35 MILLION REVOLVING LOAN FUND. THE LOAN FUND PROVIDES FLEXIBLE SHORT-TERM FINANCING FOR DEVELOPERS TO PURCHASE AND/OR DEVELOP TRANSIT ORIENTED AFFORDABLE HOUSING NEAR PUBLIC TRANSPORTATION THROUGHOUT THE WASATCH FRONT. ALL HOUSING UNITS FINANCED BY THE UETOD WILL BE DESIGNATED FOR RESIDENTS WITH HOUSEHOLD INCOME EQUAL TO OR LESS THAN 80% OF AREA MEDIAN INCOME (AMI). FOR RENTAL PROJECTS, AT LEAST 60% OF THE TOTAL UNITS WILL BE FOR RESIDENTS AT 60% AMI OR BELOW. IN ADDITION, THE FUND WILL ENSURE THAT ALL RENTAL UNITS/HOMES MEET THE ABOVE AFFORDABILITY REQUIREMENTS.BOTH NON-PROFIT AND FOR-PROFIT DEVELOPERS WILL BE ABLE TO ACCESS THE FUND'S RESOURCES. THE FUND PROVIDES AN ACQUISITION AND PREDEVELOPMENT SOURCE OF CAPITAL TO ALLOW DEVELOPERS TO SECURE KEY PROPERTIES, AND CONSTRUCTION FINANCING FOR THESE SAME PROJECTS. WHEREAS SOME GEOGRAPHIES MAY HAVE A GREATER NEED TO TARGET A LOWER AMI, OTHER AREAS HAVE ALREADY ESTABLISHED ENOUGH HOUSING TO ACCOMMODATE THE DEEPER TARGETS AND ARE LOOKING TO BRING MORE MARKET RATE UNITS TO THE AREA.AS OF DECEMBER 31, 2023, FOUR TRANSIT-ORIENTED DEVELOPMENT LOANS WERE ISSUED AND OUTSTANDING FOR A TOTAL OF $6,074,612. OF THAT TOTAL, $2,625,153 OF THE $7,000,000 TOP LOSS WAS COMMITTED FOR THE FOUR TRANSIT-ORIENTED DEVELOPMENT PROJECTS.
AFFORDA, THROUGH ITS SUBSIDIARY ORGANIZATIONS PROVIDES SINGLE FAMILY AND MULTI-FAMILY AFFORDABLE HOUSING, NEIGHBORHOOD REVITALIZATION, AND SMALL BUSINESS LENDING AND INVESTING.
UTAH SMALL BUSINESS GROWTH INITIATIVE (USBGI) IS A LIMITED LIABILITY COMPANY ORGANIZED IN THE STATE OF UTAH ON JUNE 11, 2012 FOR THE PURPOSE OF CREATING JOBS AND STABILIZING UTAH'S NEIGHBORHOODS BY PROVIDING GROWING BUSINESSES WITH ACCESS TO CAPITAL. USBGI'S PROGRAM SERVICES INCLUDE, A) PROVIDING EARLY STAGE INVESTMENT CAPITAL, B) FACILITATING LOAN GUARANTEES TO SMALL BUSINESSES BETWEEN FINANCIAL INSTITUTIONS AND THE STATE OF UTAH, AND C) PARTICIPATING IN LOANS ALONGSIDE OTHER FINANCIAL INSTITUTIONS. TO DATE, USBGI HAS BEEN ABLE TO LEVERAGE APPROXIMATELY $8.5 MILLION IN FUNDS TO GIVE SMALL BUSINESSES ACCESS TO APPROXIMATELY $50 MILLION IN CAPITAL TO HELP GROW THEIR BUSINESSES. THAT CAPITAL WAS REPORTED TO HAVE HELPED TO CREATE APPROXIMATELY 550 JOBS AND RETAIN APPROXIMATELY 1,800 JOBS. CAPITAL HAS BEEN MADE AVAILABLE TO WOMEN-OWNED AND MINORITY-OWNED BUSINESSES IN LOW-INCOME AND RURAL AREAS. USBGI IS A WHOLLY-OWNED SUBSIDIARY OF THE NONPROFIT AFFORDA. AFFORDA SERVES AS AN UMBRELLA ORGANIZATION FOR SEVERAL DIFFERENT ENTITIES IN ADDITION TO USBGI.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Daniel Adams Executive Director | Officer | 13.34 | $241,618 |
Amy Thornton Chief Operating Officer | Officer | 13.34 | $159,970 |
Luann Spangenberg Lending Manager | 35 | $105,911 | |
Phillip Meeks Chairman | OfficerTrustee | 1 | $0 |
Kimberly Chytraus Vice Chairman | OfficerTrustee | 1 | $0 |
Todd Boren Treasurer | OfficerTrustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Icfo Llc Accounting | 12/30/22 | $156,389 |
Grant Mackay Company Construction Contractor | 12/30/22 | $106,756 |
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 | $91,018 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $91,018 |
| Total Program Service Revenue | $886,965 |
| Investment income | $475,315 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $71,420 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,524,718 |
| 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. | $183,025 |
| Compensation of current officers, directors, key employees. | $73,790 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $115,671 |
| Pension plan accruals and contributions | $4,086 |
| Other employee benefits | $8,795 |
| Payroll taxes | $9,592 |
| 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 | $141,139 |
| Advertising and promotion | $0 |
| Office expenses | $11,811 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $26,052 |
| Travel | $4,136 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $321,208 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $8,736 |
| Insurance | $13,069 |
| All other expenses | $34,324 |
| Total functional expenses | $911,269 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,097,034 |
| Savings and temporary cash investments | $4,985,293 |
| Pledges and grants receivable | $82,535 |
| Accounts receivable, net | $134,374 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,748,394 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $4,605 |
| Net Land, buildings, and equipment | $14,761 |
| Investments—publicly traded securities | $6,467,849 |
| Investments—other securities | $0 |
| Investments—program-related | $5,122,314 |
| Intangible assets | $0 |
| Other assets | $14,270 |
| Total assets | $33,671,429 |
| Accounts payable and accrued expenses | $772,273 |
| 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 | $3,073,800 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,536,364 |
| Total liabilities | $11,382,437 |
| Net assets without donor restrictions | $14,867,668 |
| Net assets with donor restrictions | $7,421,324 |
| 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 | $33,671,429 |