Housing Opportunities Inc
- Assets
- $9.0m
- Revenue
- $2.5m
- Investments
- $0.0
- Employees
- 1
- Location
- Greensboro, NC
- Founding
- 09/1992
- Data as of
- 12/2022
- EIN
- 56-1728944
Organization Overview
Housing Opportunities Inc is located in Greensboro, NC. The organization was established in 1992. 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. Housing Opportunities 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, Housing Opportunities Inc generated $2.5m 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 $1.9m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (5.2%) per year over the past 8 years. 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 ELDERLY AND LOW INCOME FAMILIES AND TO PROMOTE SOCIAL WELFARE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION WAS FORMED TO ACQUIRE, CONSTRUCT, REHABILITATE AND OPERATE LOW INCOME HOUSING FOR ELDERLY AND LOW INCOME FAMILIES. THE ORGANIZATION OPERATES ITS WHOLLY OWNED PROPERTIES AND THE C CORPORATIONS IN WHICH IT WHOLLY OWNS THE STOCK. IN ADDITION, THE ORGANIZATION IS A PARTNER IN SEVERAL PARTNERSHIPS THAT PROVIDE AFFORDABLE HOUSING TO QUALIFYING LOW INCOME INDIVIDUALS AND FAMILIES. THE ORGANIZATION ALSO PROMOTES SOCIAL WELFARE OF THE COMMUNITY BY MAKING GRANTS TO LOCAL NON-PROFIT ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Es Melvin President | OfficerTrustee | 1 | $0 |
Anne Moore Assistant Secretary | OfficerTrustee | 1 | $0 |
Terri M Gunn VP & Secretary | OfficerTrustee | 10 | $33,660 |
Robin Britt Director | Trustee | 1 | $0 |
Shirley Frye Director | Trustee | 1 | $0 |
David Routh Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,435,896 |
| 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 | $1,435,896 |
| Total Program Service Revenue | $1,049,989 |
| Investment income | $7,645 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$1,825 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $2,491,705 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,000 |
| 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. | $33,660 |
| Compensation of current officers, directors, key employees. | $33,660 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $113,194 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $13,527 |
| Payroll taxes | $21,670 |
| Fees for services: Management | $143,631 |
| Fees for services: Legal | $16,728 |
| Fees for services: Accounting | $40,354 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,300 |
| Office expenses | $14,143 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $86,407 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $464,641 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $204,963 |
| Insurance | $70,906 |
| All other expenses | $2,025 |
| Total functional expenses | $1,896,764 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,168,811 |
| Savings and temporary cash investments | $1,249,220 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $89,105 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $444,805 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $31,849 |
| Net Land, buildings, and equipment | $3,427,646 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $1,750,780 |
| Intangible assets | $0 |
| Other assets | $799,037 |
| Total assets | $8,961,253 |
| Accounts payable and accrued expenses | $62,796 |
| 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 | $6,574,446 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $22,638 |
| Total liabilities | $6,659,880 |
| Net assets without donor restrictions | $2,301,373 |
| 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 | $8,961,253 |
Grants Awarded
Over the last fiscal year, Housing Opportunities Inc has awarded $200,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
THE COMMUNITY FOUNDATION OF GREATER GREENSBORO PURPOSE: TO SUPPORT HOUSING INITIATIVE AND COMMISSION RESEARCH ON THE EFFECTS OF AFFORABLE HOUSING. | $100,000 |
YMCA OF GREENSBORO CAMP WEAVER PURPOSE: TO SUPPORT OPPROTUNITIES FOR CHILDREN TO GROW, LEARN, AND CREATE MEMORIES. | $100,000 |