Franklin Affordable Housing Corporation Inc
- Assets
- $1.8m
- Revenue
- $498.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Franklin, KY
- Founding
- 12/2001
- Data as of
- 03/2022
- 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. 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 03/2022, Franklin Affordable Housing Corporation Inc generated $498.2k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 16.5% each year . All expenses for the organization totaled $65.8k during the year ending 03/2022. While expenses have increased by 13.9% 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
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 |
|---|---|---|---|
Mary Cummings Chairperson | OfficerTrustee | 1 | $1,300 |
Phil Lockhart Director | Trustee | 1 | $1,300 |
Larry Smith Director | Trustee | 1 | $1,300 |
Larry Dixon City Board Member | Trustee | 1 | $1,300 |
Gerald Ogles Director | Trustee | 1 | $1,300 |
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 | $378,575 |
| All other contributions, gifts, grants, and similar amounts not included above | $18 |
| Noncash contributions included in lines 1a–1f | $378,575 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $378,593 |
| Total Program Service Revenue | $66,525 |
| Investment income | $371 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $52,661 |
| 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 | $498,150 |
| 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. | $6,500 |
| Compensation of current officers, directors, key employees. | $6,500 |
| 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 | $14,734 |
| Fees for services: Accounting | $2,180 |
| 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 | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $488 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $147 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $41,806 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $65,842 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $577,302 |
| 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 | $1,230,877 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,808,179 |
| Accounts payable and accrued expenses | $8,800 |
| 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 | $717,168 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $725,968 |
| 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 | $1,082,211 |
| Total liabilities and net assets/fund balances | $1,808,179 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Franklin Affordable Housing Corporation Inc has recieved totaling $11.
| Awarding Organization | Amount |
|---|---|
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $11 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Over The Rhine Community Housing Cincinnati, OH | $24,358,276 | $7,722,304 |
Society Of St Vincent Depaul Council Of Louisville Louisville, KY | $10,950,346 | $7,888,364 |
Socayr Inc Louisville, KY | $34,945,508 | $6,749,829 |
Lacasa Of Goshen Inc Goshen, IN | $26,643,418 | $6,732,087 |
Creative Housing Inc Columbus, OH | $43,851,773 | $5,323,506 |
Family Scholar House Inc Louisville, KY | $18,614,591 | $4,995,688 |
Lewinsville Retirement Residence McLean, VA | $23,915,511 | $4,142,115 |
The Village At Mercy Creek Lemont, IL | $14,145,576 | $2,549,375 |
Regina Manor Apartments Inc Toledo, OH | $0 | $7,363 |
American Village Communities Inc Fairfax, VA | $15,020,871 | $7,566,152 |
Equity Homes Saint Louis, MO | $10,741,730 | $5,549,027 |
Squire Village Preservation Nfp Chicago, IL | $14,277,143 | $2,435,203 |