Foundation For Affordable Housing Inc
- Assets
- $2.9m
- Revenue
- $787.2k
- Investments
- $245.4k
- Employees
- 1
- Location
- Lexington, KY
- Founding
- 10/1991
- Data as of
- 12/2022
- EIN
- 61-1192747
Organization Overview
Foundation For Affordable Housing Inc is located in Lexington, KY. The organization was established in 1991. According to its NTEE Classification (L80) the organization is classified as: Housing Support, 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. Foundation For Affordable Housing 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 12/2022, Foundation For Affordable Housing Inc generated $787.2k in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.9%) each year. All expenses for the organization totaled $583.4k during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by 0.0% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE FOUNDATION FOR AFFORDABLE HOUSING, INC. IS A NON-PROFIT ORGANIZATION LOCATED IN DOWNTOWN LEXINGTON, KENTUCKY WHICH PROVIDES SAFE, CLEAN AND AFFORDABLE HOUSING FOR THE WORKING HOMELESS AND RECOVERING HOMELESS VETERANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ESTABLISHMENT AND MAINTENANCE OF AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME FAMILIES AND VETERANS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Phillip N Gray President And Director | OfficerTrustee | 40 | $11,067 |
David W Richard Treasurer And Director | OfficerTrustee | 2 | $0 |
Ted Tudor Director | Trustee | 1 | $0 |
Jonathan Edwards Chair And Director | OfficerTrustee | 2 | $0 |
Elizabeth L Gray Secretary And Director | OfficerTrustee | 2 | $0 |
Paul Warner Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $605,852 |
| All other contributions, gifts, grants, and similar amounts not included above | $142,401 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $748,253 |
| Total Program Service Revenue | $23,101 |
| Investment income | $8,642 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $7,188 |
| 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 | $787,184 |
| 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 | $11,067 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $847 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $10,742 |
| Fees for services: Accounting | $5,000 |
| 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 | $1,269 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $441 |
| Insurance | $1,415 |
| All other expenses | $2,451 |
| Total functional expenses | $583,403 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $538,916 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $70,328 |
| 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 | $2,034,582 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $245,419 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,889,245 |
| Accounts payable and accrued expenses | $50,418 |
| Grants payable | $0 |
| Deferred revenue | $175,013 |
| 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 | $275,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $13,632 |
| Total liabilities | $514,063 |
| Net assets without donor restrictions | $2,375,182 |
| 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 | $2,889,245 |