Potomac River Homes Inc
- Assets
- $1.1m
- Revenue
- $136.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Frederick, MD
- Founding
- 02/1995
- Data as of
- 06/2022
- EIN
- 52-1910115
Organization Overview
Potomac River Homes Inc is located in Frederick, MD. The organization was established in 1995. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Potomac River Homes 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 06/2022, Potomac River Homes Inc generated $136.0k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 0.4% each year. All expenses for the organization totaled $227.3k during the year ending 06/2022. While expenses have increased by 2.6% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AFFORDABLE HOUSING TO CHRONICALLY MENTALLY DISABLED UNDER SECTION 811 OF THE NATIONAL AFFORDABLE HOUSING ACT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING AFFORDABLE HOUSING TO THE CHRONICALLY MENTALLY DISABLED IN ACCORDANCE WITH EXEMPT STATUS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jeff Richardson Treasurer | OfficerTrustee | 0.15 | $0 |
Sarah Norman President | OfficerTrustee | 0.15 | $0 |
Claire Dennis-Tukpah Director | Trustee | 0.15 | $0 |
Robert Hall Vice Presidn | OfficerTrustee | 0.15 | $0 |
David Weiss Secretary | OfficerTrustee | 0.15 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $7 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $135,952 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $15,420 |
| Fees for services: Legal | $1,639 |
| Fees for services: Accounting | $8,500 |
| 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 | $114 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $47,907 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $61,768 |
| Insurance | $6,477 |
| All other expenses | $0 |
| Total functional expenses | $227,252 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,316 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,442 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $63,081 |
| Total assets | $1,066,847 |
| Accounts payable and accrued expenses | $53,561 |
| 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 | $1,998,300 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $2,712 |
| Total liabilities | $2,054,573 |
| Net assets without donor restrictions | -$987,726 |
| 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 |
| Total liabilities and net assets/fund balances | -$987,726 |