Foresight Affordable Housing Inc
- Assets
- $39.4m
- Revenue
- $3.7m
- Investments
- $253.0
- Employees
- 10
- Location
- Ventnor, NJ
- Founding
- 10/1996
- Data as of
- 12/2022
- EIN
- 52-1979028
Organization Overview
Foresight Affordable Housing Inc is located in Ventnor, NJ. The organization was established in 1996. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. As of 12/2022, Foresight Affordable Housing Inc employed 10 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Foresight Affordable Housing 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 12/2022, Foresight Affordable Housing Inc generated $3.7m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (0.4%) each year. All expenses for the organization totaled $4.0m during the year ending 12/2022. 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
AFFORDABLE HOUSING PROVIDER THAT PROVIDES MANAGEMENT SERVICES AND PROJECT OVERSIGHT IN AN EFFORT TO PROVIDE QUALITY AFFORDABLE HOUSING TO LOWER INCOME INDIVIDUALS AND FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION IS A DEVELOPER, CONSULTANT AND ASSET MANAGER OF MULTI-FAMILY AFFORDABLE HOUSING COMMUNITIES CONTAINING HUD INSURED OR OTHER TYPES OF MORTGAGE FINANCING.
OPERATING EXPENSES OF HOUSING PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nelson L Morgan III Vice President | Officer | 40 | $262,202 |
Martin Whalen Vice President Of Development | 40 | $166,718 | |
Shonte' Espinal VP Of Asset Operations | 40 | $131,876 | |
Donald Reape President | OfficerTrustee | 20 | $82,117 |
Dr Bruce Johnson VP & Asst. Secretary | OfficerTrustee | 10 | $33,392 |
E James Henderson Secretary & Treasurer | OfficerTrustee | 5 | $17,829 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $700,517 |
| 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 | $700,517 |
| Total Program Service Revenue | $2,627,192 |
| Investment income | $340,229 |
| 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 | $3,700,566 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $12,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $490,117 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $720,858 |
| Pension plan accruals and contributions | $6,276 |
| Other employee benefits | $157,501 |
| Payroll taxes | $81,361 |
| Fees for services: Management | $113,630 |
| Fees for services: Legal | $189,190 |
| Fees for services: Accounting | $101,711 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $145,249 |
| Advertising and promotion | $0 |
| Office expenses | $93,761 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $973,106 |
| 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 | $316,454 |
| Insurance | $182,015 |
| All other expenses | $0 |
| Total functional expenses | $4,001,529 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $10,190,896 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $63,044 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $21,549,440 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $121,906 |
| Net Land, buildings, and equipment | $4,229,877 |
| Investments—publicly traded securities | $1,973,904 |
| Investments—other securities | $253 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,315,502 |
| Total assets | $39,444,822 |
| Accounts payable and accrued expenses | $128,613 |
| Grants payable | $0 |
| Deferred revenue | $20,474 |
| 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 | $8,275,219 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $996,374 |
| Total liabilities | $9,420,680 |
| Net assets without donor restrictions | $0 |
| 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 | $30,024,142 |
| Total liabilities and net assets/fund balances | $39,444,822 |