Knox Housing Partnership Inc
- Assets
- $24.0m
- Revenue
- $4.3m
- Investments
- $0.0
- Employees
- 27
- Location
- Knoxville, TN
- Founding
- 09/1991
- Data as of
- 12/2023
- EIN
- 62-1465760
Organization Overview
Knox Housing Partnership Inc, operating under the name Homesource East Tennessee, is located in Knoxville, TN. The organization was established in 1991. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Homesource East Tennessee employed 27 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homesource East Tennessee 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 12/2023, Homesource East Tennessee generated $4.3m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 9.7% each year. All expenses for the organization totaled $4.2m during the year ending 12/2023. While expenses have increased by 9.5% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AFFORDABLE HOUSING TO LOW AND MODERATE INCOME PERSONS IN EAST TENNESSEE THROUGH FIRST-TIME HOMEBUYER EDUCATION; ASSIST WITH MORTGAGE LOANS, DOWNPAYMENTS, AND CLOSING COSTS; BUILD NEW SINGLE FAMILY HOUSING; DEVELOP MULTI-FAMILY HOUSING; AND OFFER FORECLOSURE COUNSELING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION OWNS AND RENTS SINGLE-FAMILY HOUSES AND MULTI-FAMILY PROPERTIES TO LOW-INCOME FAMILIES, AS WELL AS OWNS AND MANAGES APARTMENT COMPLEXES FOR LOW-INCOME AND ELDERLY RESIDENTS.
THE ORGANIZATION IMPROVES HOUSING CONDITIONS AND PROMOTES NEIGHBORHOOD REVITALIZATION THROUGH ACQUISITION/REHABILITATION AND NEW CONSTRUCTION OF AFFORDABLE HOUSING UNITS WHICH ARE SOLD TO LOW-INCOME FAMILIES.
VARIOUS EFFORTS TO ASSIST LOW-INCOME PERSONS IN OBTAINING AFFORDABLE AND DESIRABLE HOUSING BY PROVIDING HOME OWNERSHIP EDUCATION, INDIVIDUAL COUNSELING, AND FORECLOSURE COUNSELING THROUGH A COLLABORATION OF GOVERNMENT AND OTHER ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Trina J Gallman Board Member | Trustee | 0.5 | $0 |
Derek Coats Board Member | Trustee | 0.5 | $0 |
Avis Gary-Brown Vice Chair | OfficerTrustee | 0.5 | $0 |
Jeremy R Cook Secretary/treasurer | OfficerTrustee | 0.5 | $0 |
Phillip Morgan Board Member | Trustee | 0.5 | $0 |
Jorge Sanabria Board Member | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Lloyd's Electric Service Inc Electrical | 12/30/21 | $231,735 |
Foothills Exc Llc Excavation And Sitework | 12/30/21 | $197,798 |
Andrew R Davis Plumbing | 12/30/21 | $193,345 |
Duracap Asphalt Paving Co Inc Paving Contractor | 12/30/21 | $140,558 |
Debuty Builders Inc Construction | 12/30/21 | $121,983 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,844,141 |
| All other contributions, gifts, grants, and similar amounts not included above | $54,930 |
| Noncash contributions included in lines 1a–1f | $689,508 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,899,071 |
| Total Program Service Revenue | $2,605,688 |
| Investment income | $18,514 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$214,013 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,325,407 |
| 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. | $112,143 |
| Compensation of current officers, directors, key employees. | $34,764 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $944,069 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $64,632 |
| Payroll taxes | $84,496 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $14,807 |
| Fees for services: Accounting | $35,457 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $40,742 |
| Advertising and promotion | $0 |
| Office expenses | $78,954 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $49,190 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $12,157 |
| Interest | $815,837 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $826,699 |
| Insurance | $198,612 |
| All other expenses | $29,021 |
| Total functional expenses | $4,194,117 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $435,145 |
| Savings and temporary cash investments | $962,651 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $446,208 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $107,325 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $161,339 |
| Net Land, buildings, and equipment | $21,755,353 |
| Investments—publicly traded securities | $2,994 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $178,450 |
| Total assets | $24,049,465 |
| Accounts payable and accrued expenses | $259,986 |
| Grants payable | $0 |
| Deferred revenue | $8,053 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $167,869 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $10,652,436 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,624,887 |
| Total liabilities | $14,713,231 |
| Net assets without donor restrictions | $9,321,234 |
| Net assets with donor restrictions | $15,000 |
| 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 | $24,049,465 |