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 12/2021, Foresight Affordable Housing Inc employed 9 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 12/2021, Foresight Affordable Housing Inc generated $10.8m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.0% each year . All expenses for the organization totaled $6.1m during the year ending 12/2021. While expenses have increased by 6.7% 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
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 AN ASSET MANAGER OF MULTI-FAMILY HOUSING PROJECTS WITH HUD INSURED MORTGAGES AND CONSULTS ON NEW DEVELOPMENTS.
OPERATING EXPENSES OF HOUSING PROJECTS.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Nelson Morgan Vice President | Officer | 40 | $248,877 |
Martin Whalen Vice President Of Development | 40 | $147,728 | |
Donald Reape President | OfficerTrustee | 20 | $79,725 |
Dr Bruce Johnson VP & Asst. Secretary | OfficerTrustee | 10 | $32,419 |
E James Henderson Secretary & Treasurer | OfficerTrustee | 5 | $17,415 |
Gerald F Schwam Trustee | Trustee | 1 | $2,000 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $5,748,941 |
Government grants | $101,967 |
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 | $5,850,908 |
Total Program Service Revenue | $3,399,320 |
Investment income | $310,303 |
Tax Exempt Bond Proceeds | $0 |
Royalties | $0 |
Net Rental Income | $0 |
Net Gain/Loss on Asset Sales | $1,144,235 |
Net Income from Fundraising Events | $0 |
Net Income from Gaming Activities | $0 |
Net Income from Sales of Inventory | $0 |
Miscellaneous Revenue | $0 |
Total Revenue | $10,804,387 |
Statement of Expenses | |
---|---|
Grants and other assistance to domestic organizations and domestic governments. | $12,000 |
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. | $458,786 |
Compensation of current officers, directors, key employees. | $0 |
Compensation to disqualified persons | $0 |
Other salaries and wages | $742,398 |
Pension plan accruals and contributions | $8,397 |
Other employee benefits | $144,588 |
Payroll taxes | $84,769 |
Fees for services: Management | $171,638 |
Fees for services: Legal | $44,979 |
Fees for services: Accounting | $114,497 |
Fees for services: Lobbying | $0 |
Fees for services: Fundraising | $0 |
Fees for services: Investment Management | $0 |
Fees for services: Other | $98,537 |
Advertising and promotion | $0 |
Office expenses | $108,145 |
Information technology | $0 |
Royalties | $0 |
Occupancy | $2,674,672 |
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 | $404,120 |
Insurance | $348,799 |
All other expenses | $0 |
Total functional expenses | $6,078,776 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $7,929,059 |
Savings and temporary cash investments | $0 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $119,304 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $21,340,088 |
Inventories for sale or use | $0 |
Prepaid expenses and deferred charges | $38,805 |
Net Land, buildings, and equipment | $4,518,006 |
Investments—publicly traded securities | $0 |
Investments—other securities | $235 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $1,361,926 |
Total assets | $35,307,423 |
Accounts payable and accrued expenses | $106,772 |
Grants payable | $0 |
Deferred revenue | $18,109 |
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 | $8,067,000 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $1,540,996 |
Total liabilities | $9,732,877 |
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 | $25,574,546 |
Total liabilities and net assets/fund balances | $35,307,423 |
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