Affordable Housing Solutions Inc
- Assets
- $6.2m
- Revenue
- $358.7k
- Investments
- $0.0
- Employees
- 1
- Location
- Sioux Falls, SD
- Founding
- 04/1995
- Data as of
- 09/2023
- EIN
- 46-0348562
Organization Overview
Affordable Housing Solutions Inc is located in Sioux Falls, SD. The organization was established in 1995. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, 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 Solutions 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 09/2023, Affordable Housing Solutions Inc generated $358.7k 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 (5.3%) each year. All expenses for the organization totaled $618.6k during the year ending 09/2023. As we would expect to see with falling revenues, expenses have declined by (0.4%) per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO IMPROVE THE QUALITY OF LIFE FOR THE SIOUX FALLS COMMUNITY AND ITS LOWER INCOME RESIDENTS BY PROVIDING AFFORDABLE, DECENT, SAFE AND NONDISCRIMINATORY HOUSING OPPORTUNITIES THAT FURTHER SELF-SUFFICIENCY AND/OR INDEPENDENT LIVING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROMOTION AND ADVANCEMENT OF HOUSING PROJECTS AND RELATED FACILITIES FOR THE RESIDENTS OF SIOUX FALLS, SOUTH DAKOTA
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Keith W Thompson President | OfficerTrustee | 1 | $0 |
Ruth Christopherson Secretary/treasurer | OfficerTrustee | 1 | $0 |
Brian Jans Vice President | OfficerTrustee | 1 | $0 |
Jamie Smith Member | Trustee | 1 | $0 |
David King Member | Trustee | 1 | $0 |
Mike Hauck Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $170,000 |
| 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 | $170,000 |
| Total Program Service Revenue | $408,817 |
| Investment income | $2,789 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$222,848 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $358,725 |
| 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 | $101,667 |
| Pension plan accruals and contributions | $6,577 |
| Other employee benefits | $23,901 |
| Payroll taxes | $7,153 |
| Fees for services: Management | $91,915 |
| Fees for services: Legal | $60 |
| Fees for services: Accounting | $12,259 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,125 |
| Office expenses | $18,308 |
| Information technology | $900 |
| Royalties | $0 |
| Occupancy | $68,281 |
| Travel | $437 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $751 |
| Interest | $8,904 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $107,330 |
| Insurance | $16,213 |
| All other expenses | $0 |
| Total functional expenses | $618,648 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $439,207 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $25,379 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $33,403 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,271 |
| Net Land, buildings, and equipment | $2,564,131 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,081,875 |
| Total assets | $6,153,266 |
| Accounts payable and accrued expenses | $245,933 |
| Grants payable | $0 |
| Deferred revenue | $6,319 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,697,900 |
| Total liabilities | $5,950,152 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $203,114 |
| 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 | $6,153,266 |