Restoration Housing
- Assets
- $1.5m
- Revenue
- $518.3k
- Investments
- $0.0
- Employees
- 5
- Location
- Roanoke, VA
- Founding
- 02/2015
- Data as of
- 12/2021
- EIN
- 47-1045682
Organization Overview
Restoration Housing is located in Roanoke, VA. The organization was established in 2015. 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. As of 12/2021, Restoration Housing employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Restoration Housing 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, Restoration Housing generated $518.3k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 42.6% each year . All expenses for the organization totaled $123.3k during the year ending 12/2021. While expenses have increased by 31.5% per year over the past 6 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO CREATE AND ASSIST IN DEVELOPMENT PROJECTS WITH A FOCUS ON HISTORIC PRESERVATION OF ARCHITECTURAL RESOURCES. OUR PROJECTS ARE INTENDED TO BOTH ADDRESS THE NEEDS OF LIMITED INCOME FAMILIES AND TO STRENGTHEN THE COMMUNITY BY REDUCING BLIGHT AND VACANCY
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR ORGANIZATION BEGAN 2021 WITH THE FIRST PHASE OF CONSTRUCTION UNDERWAY FOR OUR PROJECT AT 820 DALE AVENUE IN SOUTHEAST ROANOKE. WE BEGAN OUR SECOND PHASE IN MARCH AND FINISHED IN THE FALL. ONCE COMPLETE, WE WELCOMED A FAMILY OF SEVEN REFUGEES FROM AFGHANISTAN INTO THE NEWLY RESTORED HOME.WE ALSO SPENT MUCH OF THE YEAR DOING DUE DILIGENCE WORK FOR OUR RESTORATION PROJECT LOCATED AT 920 STEWART AVENUE (WHICH JUST BEGAN CONSTRUCTION IN EARLY 2022). WE SECURED SEVERAL LARGE GRANTS, FINISHED CONSTRUCTION DRAWINGS, AND FINISHED OUR TAX CREDIT APPLICATIONS ALL IN PREPARATION TO BEGIN THE REHAB PHASE IN 2022.WE ACCOMPLISHED OUR TWO MAIN EVENTS FOR THE YEAR- OUR ANNUAL FUNDRAISER, WHICH WE HELD AS AN OUTDOOR LUNCHEON IN SEPTEMBER AND OUR ANNUAL COMMUNITY PARTNERSHIP DAY, WHICH WE HELD AT 820 DALE AVENUE RIGHT AS CONSTRUCTION WAS COMPLETING IN OCTOBER.AS THE ORGANIZATION'S DIRECTOR WAS EXPECTING TWINS IN DECEMBER OF 2021, THE USUAL BUSINESS OF SECURING A NEW VACANT PROPERTY WAS BRIEFLY PUT ON HOLD AND WORK TO BEGIN OUR NEXT PROJECT WAS POSTPONED UNTIL LATER IN 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Isabel Thornton Executive Director | OfficerTrustee | 40 | $27,677 |
Carol Tuning President | OfficerTrustee | 0 | $0 |
John Cornthwait Vice President | OfficerTrustee | 0 | $0 |
Shirley Holland Secretary | OfficerTrustee | 0 | $0 |
Richard Hedley Treasurer | OfficerTrustee | 0 | $0 |
Walton Rutherfoord Board Member | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $53,990 |
| Related organizations | $0 |
| Government grants | $243,402 |
| All other contributions, gifts, grants, and similar amounts not included above | $118,883 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $416,275 |
| Total Program Service Revenue | $21,550 |
| Investment income | $4 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$7,497 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $518,258 |
| 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. | $27,677 |
| Compensation of current officers, directors, key employees. | $9,226 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $31,348 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $4,515 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $275 |
| Fees for services: Accounting | $34,138 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $1,125 |
| Advertising and promotion | $5,738 |
| Office expenses | $4,759 |
| Information technology | $1,245 |
| Royalties | $0 |
| Occupancy | $7,276 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $50 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,626 |
| All other expenses | $0 |
| Total functional expenses | $123,339 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $77,926 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $26,407 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $961,810 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $45,041 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $402,047 |
| Intangible assets | $0 |
| Other assets | $500 |
| Total assets | $1,513,731 |
| Accounts payable and accrued expenses | $1,578 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,578 |
| Net assets without donor restrictions | $1,512,153 |
| 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 | $1,513,731 |
Grants Recieved
Over the last fiscal year, we have identified 5 grants that Restoration Housing has recieved totaling $20,075.
| Awarding Organization | Amount |
|---|---|
Louise R Lester Foundation Inc Roanoke, VA PURPOSE: SE ROANOKE HOME RESTORATION PROJECT | $10,000 |
The Beirne Carter Foundation Richmond, VA PURPOSE: HOUSE RESTORATION | $5,000 |
Powell Charitable Foundation Roanoke, VA PURPOSE: PHILANTHROPIC | $2,500 |
Thomas Rutherfoord Foundation Alexandria, VA PURPOSE: TO FUND CHARITABLE ACTIVITIES. | $2,500 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $75 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dreamkey Partners Inc Charlotte, NC | $109,024,724 | $87,997,566 |
Christian Relief Services Charities Inc Alexandria, VA | $142,752,068 | $55,470,301 |
Horizon Development Properties Inc Charlotte, NC | $420,836,852 | $43,904,469 |
Arundel Community Development Services Inc Annapolis, MD | $42,935,600 | $33,111,572 |
Nht Communities Washington, DC | $154,306,300 | $20,911,703 |
Choanoke Area Development Assoc Rich Square, NC | $3,243,319 | $10,393,050 |
Association For Retarded Citizens Housing Development Services Inc Greensboro, NC | $38,855,283 | $9,434,004 |
Project Plase Inc Baltimore, MD | $6,563,951 | $8,999,720 |
Society Of St Vincent Depaul Council Of Louisville Louisville, KY | $10,950,346 | $7,888,364 |
Twin Rivers Opportunities Inc New Bern, NC | $1,111,953 | $5,873,122 |
Ebed Community Improvement Inc Upper Marlboro, MD | $8,136,869 | $7,675,137 |
Socayr Inc Louisville, KY | $34,945,508 | $6,749,829 |