Kentucky Mountain Housing Development Corporation Inc
- Assets
- $13.3m
- Revenue
- $769.2k
- Investments
- $2.8m
- Employees
- 11
- Location
- Manchester, KY
- Founding
- 01/1976
- Data as of
- 06/2021
- EIN
- 61-0865223
Organization Overview
Kentucky Mountain Housing Development Corporation Inc is located in Manchester, KY. The organization was established in 1976. According to its NTEE Classification (S32) the organization is classified as: Rural Economic Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. As of 06/2021, Kentucky Mountain Housing Development Corporation Inc employed 11 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Kentucky Mountain Housing Development 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 06/2021, Kentucky Mountain Housing Development Corporation Inc generated $769.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (14.7%) each year. All expenses for the organization totaled $1.3m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (4.9%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
LOW INCOME HOUSING CONSTRUCTION AND RENOVATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
CONSTRUCTION, RENOVATION, AND FINANCING OF HOMES FOR LOW OR VERY LOW INCOME FAMILIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Bobby Wolfe Executive Di | Officer | 40 | $69,123 |
Woodrow Masters Chairman | OfficerTrustee | 2 | $0 |
Bobby Morris Vice Chair | OfficerTrustee | 2 | $0 |
Olivia Dezarn Secretary/tr | OfficerTrustee | 2 | $0 |
Randy Vickers Director | Trustee | 2 | $0 |
Mike Buckles Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $147,200 |
| Investment income | $45,369 |
| 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 | $769,226 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $364,489 |
| Pension plan accruals and contributions | $27,001 |
| Other employee benefits | $75,124 |
| Payroll taxes | $28,098 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $55,525 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $406 |
| Office expenses | $3,001 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $28,835 |
| Travel | $7,850 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,151 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $18,644 |
| Insurance | $37,818 |
| All other expenses | $0 |
| Total functional expenses | $1,321,844 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $3,038,044 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,667 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,808,096 |
| Inventories for sale or use | $152,660 |
| Prepaid expenses and deferred charges | $10,154 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,765,613 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $35,196 |
| Total assets | $13,287,100 |
| Accounts payable and accrued expenses | $82,597 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $152,464 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $380,757 |
| Other liabilities | $0 |
| Total liabilities | $615,818 |
| 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 |
| Total liabilities and net assets/fund balances | $12,671,282 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Kentucky Mountain Housing Development Corporation Inc has recieved totaling $8,571.
| Awarding Organization | Amount |
|---|---|
Federation Of Applachian Housing Inc Berea, KY PURPOSE: FHLB | $8,571 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hoosier Uplands Economic Development Corporation Mitchell, IN | $50,608,889 | $20,253,454 |
Mid-Atlantic Broadband Communities Corporation South Boston, VA | $87,739,365 | $16,699,414 |
Adams And Brown Counties Economic Opportunities Inc Georgetown, OH | $10,344,175 | $16,374,406 |
Pride Community Services Inc Logan, WV | $3,436,459 | $7,199,401 |
Kentucky River Area Development District Inc Hazard, KY | $5,857,667 | $4,838,342 |
Missouri Incutech Foundation Rolla, MO | $1,463,624 | $4,973,546 |
Rural Action Inc The Plains, OH | $1,800,530 | $4,307,921 |
Mountain Association For Community Economic Development Inc Berea, KY | $33,227,736 | $8,576,709 |
West Virginia Community Action Partnerships Inc Charleston, WV | $514,969 | $3,682,058 |
Southeast Kentucky Economic Development Corporation Inc Somerset, KY | $28,123,081 | $3,726,346 |
Virginia Coalfield Coalition Inc Lebanon, VA | $15,855,826 | $1,388,700 |
Appalachian Community Action & Development Agency Inc Gate City, VA | $1,460,417 | $1,629,556 |