Millsboro Housing For Progress Inc
- Assets
- $6.7m
- Revenue
- $3.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Millsboro, DE
- Founding
- 08/1977
- Data as of
- 12/2021
- EIN
- 51-0262153
Organization Overview
Millsboro Housing For Progress Inc is located in Millsboro, DE. The organization was established in 1977. 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. Millsboro Housing For Progress 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, Millsboro Housing For Progress Inc generated $3.6m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 21.6% each year . All expenses for the organization totaled $859.4k during the year ending 12/2021. While expenses have increased by 0.4% per year over the past 7 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
LOW INCOME HOUSING
Describe the Organization's Program Activity:
Part 3 - Line 4a
OWNER/SPONSOR OF FEDERALLY SUBSIDIZED MULTI-FAMILY HOUSING PROJECTS UNDER THE NATIONAL HOUSING ACT OF 1934 PROVIDING 118 UNITS TO LOW OR MODERATE INCOME FAMILIES.
OWNER/SPONSOR OF FEDERALLY SUBSIDIZED MULTI-FAMILY HOUSING PROJECTS UNDER THE NATIONAL HOUSING ACT OF 1934 PROVIDING 118 UNITS TO LOW OR MODERATE INCOME FAMILIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Elva Allen Secretary | OfficerTrustee | $0 | |
Robert Draine Vice Pres | OfficerTrustee | $0 | |
William B Duffy Jr President | OfficerTrustee | $0 | |
Vanessa Deloach Treasurer | OfficerTrustee | $0 | |
Barbara Floyd Director | Trustee | $0 | |
Sherrell Matthews Director | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $2,280,000 |
| 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 | $2,280,000 |
| Total Program Service Revenue | $1,016,071 |
| Investment income | $3,283 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $345,278 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,644,632 |
| 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 | $132,578 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $43,993 |
| Payroll taxes | $9,879 |
| Fees for services: Management | $80,719 |
| Fees for services: Legal | $7,381 |
| Fees for services: Accounting | $37,850 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $24,985 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $222,603 |
| Travel | $1,823 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $53,602 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $172,273 |
| Insurance | $34,114 |
| All other expenses | $0 |
| Total functional expenses | $859,417 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $271,267 |
| Savings and temporary cash investments | $38,903 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $452,596 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $200,108 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,569 |
| Net Land, buildings, and equipment | $2,493,038 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $2,280,000 |
| Intangible assets | $57,908 |
| Other assets | $921,677 |
| Total assets | $6,717,066 |
| Accounts payable and accrued expenses | $49,514 |
| Grants payable | $0 |
| Deferred revenue | $37,610 |
| 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 | $1,332,908 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,943 |
| Total liabilities | $1,433,975 |
| Net assets without donor restrictions | $5,283,091 |
| 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 | $6,717,066 |
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