Mount Olive Gardens No 1 Inc
- Assets
- $1.3m
- Revenue
- $748.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Alvin, TX
- Founding
- 11/1974
- Data as of
- 08/2022
- EIN
- 59-1403029
Organization Overview
Mount Olive Gardens No 1 Inc is located in Alvin, TX. The organization was established in 1974. 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. Mount Olive Gardens No 1 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 08/2022, Mount Olive Gardens No 1 Inc generated $748.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.3% each year. All expenses for the organization totaled $675.8k during the year ending 08/2022. While expenses have increased by 0.1% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE AND ADVANCE THE WELFARE OF THE COMMUNITY. THE ORGANIZATION WAS FORMED FOR THE PURPOSE OF CONSTRUCTING, MAINTAINING AND OPERATING A MULTIFAMILY GOVERNMENT ASSISTED HOUSING PROJECT OF 60 UNITS, UNDER SECTION 221(D)(3) OF THE NATIONAL HOUSING ACT, FOR LOW-TO-MODERATE INCOME RESIDENTS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MOUNT OLIVE GARDENS NO. 1, INC. (HUD PROJECT NO. 066-35032) HAS A SECTION 8 HOUSING ASSISTANCE PAYMENT CONTRACT (THE HAP CONTRACT) FOR 59 UNITS. THE HAP CONTRACT IS FOR A TEN-YEAR PERIOD BEGINNING JUNE 1, 2017, AND PROVIDES FOR FUNDS BASED ON AVAILABILITY OF SUFFICIENT APPROPRIATIONS IN THE AMOUNT DETERMINED BY HUD TO BE SUFFICIENT FOR COVERING THE PROJECT EXPENSES. THE MAJOR HUD ASSISTED PROGRAM FOR MOG IS THE BELOW-MARKET RATE INTEREST LOAN ASSISTANCE UNDER SECTION 221. THE SECTION 221 PROGRAM IMPOSES RENT RESTRICTIONS AND OTHER REQUIREMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Avolene Change President | Officer | 10 | $0 |
Dorothea Payton Secretary | Officer | 1 | $0 |
Veronica Pino Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| 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 | $0 |
| Total Program Service Revenue | $743,827 |
| Investment income | $693 |
| 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 | $748,855 |
| 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 | $95,398 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $11,617 |
| Payroll taxes | $7,727 |
| Fees for services: Management | $27,352 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,364 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $8,739 |
| Information technology | $8,094 |
| Royalties | $0 |
| Occupancy | $142,496 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $273 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $44,239 |
| Insurance | $148,293 |
| All other expenses | $0 |
| Total functional expenses | $675,786 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $61,821 |
| Savings and temporary cash investments | $243,480 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $69,532 |
| 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 | $105,428 |
| Net Land, buildings, and equipment | $438,210 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $393,767 |
| Total assets | $1,312,238 |
| Accounts payable and accrued expenses | $77,548 |
| Grants payable | $0 |
| Deferred revenue | $3,444 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $15,638 |
| Total liabilities | $96,630 |
| Net assets without donor restrictions | $1,215,608 |
| 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 | $1,312,238 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alamo Area Mutual Housing Association Inc San Antonio, TX | $51,706,215 | $15,020,368 |
Community Development Corporation Of Brownsville Inc Brownsville, TX | $63,084,439 | $14,190,282 |
Merced Housing Texas San Antonio, TX | $50,611,683 | $9,858,961 |
Trinity Affordable Housing Corporation Austin, TX | $27,521,509 | $8,167,693 |
Assisting Texas With Housing Inc Austin, TX | $21,990,420 | $4,581,783 |
Dallas Neighborhood Alliance For Habitat Dallas, TX | $1,401,689 | $4,975,573 |
Tierra Del Sol Housing Corporation Las Cruces, NM | $16,041,382 | $6,574,879 |
Louisiana Housing Assistance Corporation Alexandria, LA | $350,109 | $3,738,733 |
Affordable Community Housing Trust Edmond, OK | $6,149,448 | $2,689,134 |
Lago De Plata Inc Dallas, TX | $0 | $4,971,984 |
St Jude Inc Dallas, TX | $20,844,887 | $6,967,988 |
St Martin De Porres Inc Dallas, TX | $5,546,092 | $2,713,631 |