Franklin Affordable Housing Corporation Inc
- Assets
- $2.0m
- Revenue
- $299.8k
- Investments
- $0.0
- Employees
- 11
- Location
- Franklin, KY
- Founding
- 12/2001
- Data as of
- 03/2024
- EIN
- 61-0709547
Organization Overview
Franklin Affordable Housing Corporation Inc is located in Franklin, KY. 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. As of 03/2024, Franklin Affordable Housing Corporation Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin Affordable Housing Corporation 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 03/2024, Franklin Affordable Housing Corporation Inc generated $299.8k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 21.2% each year . All expenses for the organization totaled $106.0k during the year ending 03/2024. While expenses have increased by 19.5% per year over the past 8 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
2024
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE AND MANAGE LOW-INCOME HOUSING FOR FRANKLIN KY
Describe the Organization's Program Activity:
Part 3 - Line 4a
MANAGE AND MAINTAIN HOUSING FOR LOW-INCOME RESIDENTS IN FRANKLIN KY
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Phil Lockhart Chairperson | Trustee | 1 | $0 |
Larry Smith Director | Trustee | 1 | $0 |
Larry Dixon City Board Member | Trustee | 1 | $0 |
Gerald Ogles Director | Trustee | 1 | $0 |
Victor Lee Portman Director | Trustee | 1 | $0 |
Jolie Brown Exec Director | Officer | 10 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $80,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $29 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $80,029 |
| Total Program Service Revenue | $135,600 |
| Investment income | $8,527 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $75,653 |
| 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 | $299,809 |
| 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. | $6,300 |
| Compensation of current officers, directors, key employees. | $6,300 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $43,883 |
| Fees for services: Accounting | $2,399 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,952 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $658 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $168 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $49,391 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $105,997 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $559,859 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $1,381,718 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $20,880 |
| Total assets | $1,962,457 |
| Accounts payable and accrued expenses | $12,366 |
| 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 | $677,717 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $690,083 |
| 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 | $1,272,374 |
| Total liabilities and net assets/fund balances | $1,962,457 |