American Heritage Apartments Inc
- Assets
- $48.6m
- Revenue
- $4.1m
- Investments
- $0.0
- Employees
- 39
- Location
- Texarkana, TX
- Founding
- 04/1994
- Data as of
- 06/2022
- EIN
- 62-1501638
Organization Overview
American Heritage Apartments Inc is located in Texarkana, TX. The organization was established in 1994. 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 06/2022, American Heritage Apartments Inc employed 39 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Heritage Apartments 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 06/2022, American Heritage Apartments Inc generated $4.1m in total revenue. This represents relatively stable growth, over the past 3 years the organization has increased revenue by an average of 8.1% each year. All expenses for the organization totaled $5.6m during the year ending 06/2022. While expenses have increased by 6.9% per year over the past 3 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
QUALITY AFFORDABLE HOUSING. WE OFFER REDUCED RENT TO LOW AND VERY LOW INDIVIDUALS AND FAMILIES. WE DEDICATE 35 OF OUR UNITS TO THIS PURPOSE. WE RECEIVE NO FUNDING FROM OUTSIDE SOURCES TO ASSIST WITH THIS ENDEAVER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
QUALITY AFFORDABLE HOUSING. WE OFFER REDUCED RENT TO LOW AND VERY LOW INDIVIDUALS AND FAMILIES. WE DEDICATE 35 OF OUR UNITS TO THIS PURPOSE. WE RECEIVE NO FUNDING FROM OUTSIDE SOURCES TO ASSIST WITH THIS ENDEAVER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Lonny D Weitzel Vice President | OfficerTrustee | 50 | $440,574 |
William D Weitzel President | OfficerTrustee | 50 | $259,544 |
Charlene Carter Comptroller | OfficerTrustee | 40 | $149,580 |
Grace A Weitzel Secretary | OfficerTrustee | 40 | $0 |
Kenneth Straw Director | Trustee | $0 | |
Brendon Peterson Board Member | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $30,000 |
| Investment income | $805,817 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $469,849 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $4,069,211 |
| 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. | $849,698 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $892,815 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $79,769 |
| Payroll taxes | $106,310 |
| Fees for services: Management | $131,267 |
| Fees for services: Legal | $32,787 |
| 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 | $29,279 |
| Advertising and promotion | $6,929 |
| Office expenses | $27,694 |
| Information technology | $34,520 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $251,322 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $77,708 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,324,808 |
| Insurance | $214,828 |
| All other expenses | $0 |
| Total functional expenses | $5,577,090 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $224,626 |
| Savings and temporary cash investments | $16,941,165 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $839,227 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $14,575,953 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $133,947 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,654,348 |
| Total assets | $48,564,137 |
| Accounts payable and accrued expenses | $2,527,647 |
| 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 | $578,000 |
| Unsecured mortgages and notes payable | $254,145 |
| Other liabilities | $0 |
| Total liabilities | $3,359,792 |
| Net assets without donor restrictions | $45,204,345 |
| 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 | $45,204,345 |
Grants Awarded
Over the last fiscal year, American Heritage Apartments Inc has awarded $43,468 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
SHOULDER TO SHOULDER WITH HAITI PURPOSE: Support | $10,000 |
AMAZING FACTS PURPOSE: Support | $25,000 |
OZARK ACADEMY PURPOSE: Support | $8,468 |