Horizon Development Properties Inc
- Assets
- $528.8m
- Revenue
- $49.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Charlotte, NC
- Founding
- 10/2001
- Data as of
- 12/2022
- EIN
- 56-2246833
Organization Overview
Horizon Development Properties Inc, operating under the name Blue Horizon Management Company, is located in Charlotte, NC. The organization was established in 2001. 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 an independent organization and not affiliated with a larger national or regional group of organizations. Blue Horizon Management Company 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, Blue Horizon Management Company generated $49.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $57.9m 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
TO PROVIDE AFFORDABLE HOUSING TO ALL QUALIFIED FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HORIZON DEVELOPMENT HAS A TOTAL OF 4,531 UNITS AVAILABLE TO RENT TO FAMILIES MAKING LESS THAN 80% OF AREA MEDIAN INCOME.
INCREASE AFFORDABLE HOUSING OPPORTUNITIES FOR QUALIFIED FAMILIES: WE ARE CONTINUOUSLY LOOKING FOR ADDITIONAL OPPORTUNITIES TO EXPAND OUR CAPACITY AND PROVIDE ADDITIONAL AFFORDABLE HOUSING OPTIONS FOR FAMILIES IN NEED. WE HAVE ENTERED INTO SEVERAL PUBLIC PRIVATE PARTNERSHIPS THAT HORIZON DEVELOPMENT IS THE MAJORITY MEMBER IN. THESE PROJECTS ARE IN THE BEGINNING STAGES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ray Mckinnon Chair Commissioner | Trustee | 1 | $0 |
Michael Kennerly Vice Chair Commissioner | Trustee | 1 | $0 |
Linda Ashendorf Commissioner | Trustee | 1 | $0 |
Antoine Dennard Commissioner | Trustee | 1 | $0 |
Erin Smith Commissioner | Trustee | 1 | $0 |
Fatina Allen Commissioner | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Emj Construction Construction | 12/30/22 | $14,193,523 |
Gilbraltar Construction Company Inc Construction | 12/30/22 | $2,682,376 |
Cleveland Construction Construction | 12/30/22 | $929,439 |
Weatherspoon Enterprises Inc Safety | 12/30/22 | $784,957 |
Giss Llc Maintenance | 12/30/22 | $651,675 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $11,664,481 |
| 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 | $11,664,481 |
| Total Program Service Revenue | $38,416,020 |
| Investment income | $765,855 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$6,460,157 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $49,320,137 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,735,939 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,627,027 |
| Payroll taxes | $0 |
| Fees for services: Management | $290,254 |
| Fees for services: Legal | $946,642 |
| Fees for services: Accounting | $200,774 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,406,261 |
| Advertising and promotion | $128,697 |
| Office expenses | $1,358,792 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $5,075,731 |
| Travel | $30,676 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $12,287,065 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,675,674 |
| Insurance | $2,604,720 |
| All other expenses | $220,398 |
| Total functional expenses | $57,949,705 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $18,434,320 |
| Savings and temporary cash investments | $75,963,885 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,608,785 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $544,337 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $176,238 |
| Net Land, buildings, and equipment | $252,674,178 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $42,055,056 |
| Intangible assets | $0 |
| Other assets | $136,304,340 |
| Total assets | $528,761,139 |
| Accounts payable and accrued expenses | $19,646,938 |
| Grants payable | $0 |
| Deferred revenue | $523,464 |
| 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 | $422,891,662 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $29,369,984 |
| Total liabilities | $472,432,048 |
| Net assets without donor restrictions | $17,461,584 |
| Net assets with donor restrictions | $38,867,507 |
| 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 | $528,761,139 |