Richmond Affordable Housing
- Assets
- $16.7m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Richmond, VA
- Founding
- 12/1997
- Data as of
- 12/2021
- EIN
- 54-1860225
Organization Overview
Richmond Affordable Housing is located in Richmond, VA. The organization was established in 1997. 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 the central organization for a national or regional group of organizations. Richmond Affordable 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, Richmond Affordable Housing generated $1.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.1% each year. All expenses for the organization totaled $1.1m during the year ending 12/2021. While expenses have increased by 1.1% 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
TO PROVIDE AFFORDABLE HOUSING
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDED HOUSING TO LOW-INCOME HOMEOWNERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
R Wheatley Mcdowell Chair | OfficerTrustee | 0 | $0 |
Carolyn Rewane Secretary/treasurer | OfficerTrustee | 0 | $0 |
Julie Hovermale Vice President & CFO | Officer | 0 | $0 |
Greta Harris President & CEO | Officer | 0 | $0 |
Monique Johnson Vice President & COO | Officer | 0 | $0 |
Trevor Buckley Director | Trustee | 0 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Timmons Group Inc Engineer | 12/30/21 | $431,428 |
Arnold Design Studio Llc Architect | 12/30/21 | $368,629 |
Baskervill Architect | 12/30/21 | $361,122 |
Ridge Point Holdings Llc Architect | 12/30/21 | $129,725 |
Eagle Construction Of Va Llc General Contractor | 12/30/21 | $149,023 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $149,653 |
| 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 | $149,653 |
| Total Program Service Revenue | $883,326 |
| Investment income | $57,007 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $121,537 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,259,127 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $4,200 |
| 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 | $399,404 |
| Pension plan accruals and contributions | $19,571 |
| Other employee benefits | $25,496 |
| Payroll taxes | $30,628 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $9,775 |
| Fees for services: Accounting | $16,100 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $18,446 |
| Advertising and promotion | $33,637 |
| Office expenses | $13,982 |
| Information technology | $10,534 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $575 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,721 |
| Interest | $74,621 |
| Payments to affiliates | $12,716 |
| Depreciation, depletion, and amortization | $73,219 |
| Insurance | $9,020 |
| All other expenses | $0 |
| Total functional expenses | $1,123,177 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,683,699 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $57,304 |
| 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 |
| Net Land, buildings, and equipment | $2,425,106 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $11,494,700 |
| Total assets | $16,660,809 |
| Accounts payable and accrued expenses | $32,301 |
| Grants payable | $0 |
| Deferred revenue | $582,180 |
| 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 | $373,006 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,976,328 |
| Total liabilities | $10,963,815 |
| Net assets without donor restrictions | $5,696,994 |
| 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 | $16,660,809 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Richmond Affordable Housing has recieved totaling $544,859.
| Awarding Organization | Amount |
|---|---|
Better Housing Coalition Richmond, VA PURPOSE: SEE PART IV | $544,859 |
Endowment Analysis
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
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 |
Family Scholar House Inc Louisville, KY | $18,614,591 | $4,995,688 |
Lewinsville Retirement Residence McLean, VA | $23,915,511 | $4,142,115 |
Patricia And Mark Joseph Shelter Foundation Inc Baltimore, MD | $50,852,875 | $6,368,087 |
Affordable Housing Opportunities Inc Washington, DC | $42,188,796 | $3,175,376 |