Midwest Housing Equity Group Inc
- Assets
- $70.7m
- Revenue
- $19.2m
- Investments
- $0.0
- Employees
- 54
- Location
- Omaha, NE
- Founding
- 11/1993
- Data as of
- 12/2023
- EIN
- 47-0767984
Organization Overview
Midwest Housing Equity Group Inc is located in Omaha, NE. The organization was established in 1993. 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. As of 12/2023, Midwest Housing Equity Group Inc employed 54 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Midwest Housing Equity Group 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 12/2023, Midwest Housing Equity Group Inc generated $19.2m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $14.1m during the year ending 12/2023. While expenses have increased by 7.4% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Midwest Housing Equity Group Inc has awarded 73 individual grants totaling $1,007,960. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
MIDWEST HOUSING EQUITY GROUP, INC'S MISSION IS TO CHANGE LIVES FOR A BETTER TOMORROW BY PROMOTING THE DEVELOPMENT AND SUSTAINABILITY OF QUALITY AFFORDABLE HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MIDWEST HOUSING EQUITY GROUP, INC. (MHEG) PROVIDES ACQUISITION, ADVISORY AND ASSET MANAGEMENT SERVICES PRIMARILY BY ACTING AS THE GENERAL PARTNER OF APPROXIMATELY 50 LIMITED PARTNERSHIPS (THE "FUNDS") WHICH INVEST EQUITY CAPITAL IN OTHER PARTNERSHIPS OR LLCS FORMED TO DEVELOP, OWN AND OPERATE AFFORDABLE HOUSING PROJECTS WHICH ARE ELIGIBLE FOR FEDERAL TAX CREDITS UNDER SECTION 42 OF THE INTERNAL REVENUE CODE. IN ADDITION TO PROVIDING EQUITY FOR THESE PROJECTS, MHEG PROVIDES TECHNICAL AND ADVISORY SERVICES TO THE PARTNERSHIPS FOR A FEE.IN 2023, MHEG PARTNERED WITH 34 DEVELOPERS TO CLOSE OVER $330 MILLION IN EQUITY FOR 48 DEVELOPMENTS, CREATING AND PRESERVING 1,994 AFFORDABLE HOUSING UNITS. THIS INCLUDED 25 AGE RESTRICTED DEVELOPMENTS, 16 MULTIFAMILY DEVELOPMENTS, THREE SINGLE FAMILY HOME PROPERTIES, AND FOUR SPECIAL NEEDS HOUSING DEVELOPMENTS. PROJECTS RANGED FROM A 16-UNIT RURAL DEAL IN NEBRASKA TO AN 180-UNIT URBAN DEAL IN OKLAHOMA, REPRESENTING 38 MIDWEST COMMUNITIES, INCLUDING OUR FIRST DEVELOPMENT IN NORTH DAKOTA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barry G Sandstrom Chairman | OfficerTrustee | 1 | $0 |
Nicole Theophilus Vice Chairman | OfficerTrustee | 1 | $0 |
Kirk Kellner Secretary | OfficerTrustee | 1 | $0 |
Frank Hayes Director | Trustee | 1 | $0 |
Christopher Hite Director | Trustee | 1 | $0 |
Dan Lonergan Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dauby O'connor & Zaleski Auditing And Tax Services | 12/30/23 | $1,397,290 |
Mri Software Llc Data Management | 12/30/23 | $521,805 |
Kutak Rock Llp Legal Services | 12/30/23 | $208,794 |
Spectrum Enterprises Inc Consulting Services | 12/30/23 | $117,475 |
Lutz Technology Information Technology | 12/30/23 | $172,541 |
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 | $18,174,769 |
| Investment income | $987,554 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,273 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $19,164,596 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $180,020 |
| 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. | $4,271,615 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,827,401 |
| Pension plan accruals and contributions | $744,989 |
| Other employee benefits | $632,136 |
| Payroll taxes | $467,161 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $59,652 |
| Fees for services: Accounting | $19,140 |
| Fees for services: Lobbying | $43,725 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,057,676 |
| Advertising and promotion | $47,015 |
| Office expenses | $238,097 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $366,049 |
| Travel | $62,844 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $847,048 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $150,334 |
| Insurance | $42,048 |
| All other expenses | $0 |
| Total functional expenses | $14,071,883 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,294,828 |
| Savings and temporary cash investments | $1,059,618 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $33,015,940 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $15,929,627 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $737,970 |
| Net Land, buildings, and equipment | $327,855 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $9,271,405 |
| Intangible assets | $0 |
| Other assets | $12,899 |
| Total assets | $70,650,142 |
| Accounts payable and accrued expenses | $4,724,412 |
| Grants payable | $0 |
| Deferred revenue | $483,755 |
| 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 | $0 |
| Total liabilities | $5,208,167 |
| Net assets without donor restrictions | $65,441,975 |
| 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 | $70,650,142 |
Grants Awarded
Over the last fiscal year, Midwest Housing Equity Group Inc has awarded $101,500 in support to 11 organizations.
| Grant Recipient | Amount |
|---|---|
HAYES CARES PURPOSE: DONATION USED TO FURTHER THE MISSION OF THE ORGANIZATION | $15,000 |
REGIONAL FOOD BANK OF OKLAHOMA INC PURPOSE: DONATION USED TO FURTHER THE MISSION OF THE ORGANIZATION | $6,250 |
SAINT FRANCIS MEDICAL CENTER FOUNDATION PURPOSE: DONATION USED TO FURTHER THE MISSION OF THE ORGANIZATION | $10,000 |
UNITED WAY OF THE MIDLANDS PURPOSE: DONATION USED TO FURTHER THE MISSION OF THE ORGANIZATION | $10,000 |
JOSLYN ART MUSEUM PURPOSE: DONATION USED TO FURTHER THE MISSION OF THE ORGANIZATION | $7,500 |
EDUCATION FOUNDATION FOR CLINTON STUDENTS INC PURPOSE: DONATION USED TO FURTHER THE MISSION OF THE ORGANIZATION | $10,000 |