Foundation Communities Inc
- Assets
- $201.8m
- Revenue
- $44.1m
- Investments
- $0.0
- Employees
- 721
- Location
- Austin, TX
- Founding
- 05/1990
- Data as of
- 12/2021
- EIN
- 74-2563260
Organization Overview
Foundation Communities Inc is located in Austin, TX. The organization was established in 1990. 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 12/2021, Foundation Communities Inc employed 721 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Foundation Communities 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 12/2021, Foundation Communities Inc generated $44.1m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 11.0% each year . All expenses for the organization totaled $25.5m during the year ending 12/2021. While expenses have increased by 9.6% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
CREATING HOUSING WHERE FAMILIES SUCCEED. AFFORDABLE HOUSING WITH SUPPORTIVE SOCIAL SERVICES TO EDUCATE, SUPPORT AND IMPROVE THE FINANCIAL STANDING OF THE WORKING POOR AND THEIR COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPENING DOORS TO HOMES - AFFORDABLE HOUSING PLUS SUPPORTIVE SERVICESIMPROVE COMMUNITY STABILITY BY PROVIDING AFFORDABLE HOUSING FOR LOW INCOME RESIDENTS(3,645 UNITS AT 25 AFFORDABLE HOUSING COMMUNITIES IN AUSTIN, DALLAS-FORT WORTH) PURSUED NEW ACQUISITIONS OF AFFORDABLE HOUSING. CASE MANAGERS PROVIDE SUPPORT TO 172 FAMILIES AT OR BELOW 30% MEDIAN FAMILY INCOME(CHI PROGRAM) AND 859 INDIVIDUALS LIVING IN OUR SRO COMMUNITIES, 50% OF WHOM WERE FORMERLY HOMELESS. CASE MANAGEMENT SUPPORTS PROMOTE HOUSING STABILITY, PHYSICAL AND MENTAL HEALTH WELL-BEING. SERVICES INCLUDE ACCESS TO MEDICAL AND BEHAVIORAL HEALTH SERVICES AND COMMUNITY BUILDING ACTIVITIES. PROPERTY OPERATIONS ARE REPORTED AT GROUP AFFILIATES FORM 990 (TAX ID#74-2678601)
PROSPER CENTER PROGRAMS-TAX HELP, HEALTH COVERAGE, FINANCIAL WELLNESS & COLLEGE HUB PROSPER CENTER'S TAX HELP PROGRAM PROVIDED FREE INCOME TAX RETURN PREPARATION SERVICES FOR LOW-INCOME TAXPAYERS THAT RECEIVED $14.5 MILLION IN TAX REFUNDS. MORE THAN 300 VOLUNTEERS PREPARED 7,426 TAX RETURNS. THE HEALTH COVERGE PROGRAM HELPED 4,310 PEOPLE ENROLLED IN HEALTH INSURANCE, CLAIMING $24.9 MILLION IN PREMIUM TAX CREDITS. THROUGH OUR COLLEGE HUB PROGRAM, OVER 1,000 COLLEGE STUDENTS UTILIZED COLLEGE SUPPORT SERVICES; 192 COLLEGE STUDENTS RECEIVED MORE THAN $625,000 IN PELL GRANTS AND $40,500 IN SCHOLARSHIPS; 76 STUDENTS MADE DEPOSITS TO SAVINGS ACCOUNTS AND RECEIVED MATCHING FUNDS TO BE USED FOR THEIR COLLEGE EDUCATION. USING OUR FINANCIAL WELLNESS SERVICES, 358 RESIDENTS RECEIVED MORE THAN $450,000 IN EMERGENCY RENT OR UTILITY ASSISTANCE FUNDS AND 72 RESIDENTS ENROLLED IN A PROGRAM DESIGNED TO IMPROVE THEIR CREDIT SCORES.DALLAS COMMUNITY TAX CENTERS PREPARED 3,992 TAX RETURNS DURIING THE 2021 TAX SEASON. CLIENTS RECEIVED $8,691,424 IN REFUNDS. $4,092 HOURS WERE DONATED BY 125 VOLUNTEERS. 17 PEOPLE SIGNED UP FOR THE DALLAS SAVES PROGRAM.
LEARNING IN A COMMUNITY687 CHILDREN TOOK PART IN FREE AFTER-SCHOOL AND SUMMER LEARNING CENTER PROGRAMS INCLUDING PRE-LITERACY, ELEMENTARY AND TEEN PROGRAMS. ADDITIONALLY, ADULTS ARE PROVIDED WITH ONSITE AND VIRTUAL ESL, FINANCIAL LITERACY, EXERCISE AND HEALTHY LIVING CLASSES. 110 ADULTS PARTICIPATED INCLUDING 99 THROUGH ESL AND 11 THROUGH DIGITAL LITERACY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Walter Moreau Exec. Director | Officer | 40 | $261,864 |
Julian Huerta Deputy Director | Officer | 40 | $182,104 |
Ann Clift CFO | Officer | 40 | $181,465 |
Vicki Mcdonald Chief Reo | Officer | 40 | $181,465 |
Sabrina Butler Dir. R.e. Develop. | 40 | $135,686 | |
Desiree Golden Dir. Prop. Mgmt. | 40 | $130,933 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bartlett Cocke Residential Llc General Contractor | 12/30/21 | $9,363,340 |
Charter Communications Holdings Llc Telecommunications | 12/30/21 | $442,717 |
Ijanitorial Janitorial Services | 12/30/21 | $125,449 |
Austin Public Education Foundation Education Consultant | 12/30/21 | $116,047 |
Mapp Llc Construction | 12/30/21 | $152,412 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $401,967 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,280,000 |
| Government grants | $9,884,259 |
| All other contributions, gifts, grants, and similar amounts not included above | $14,344,004 |
| Noncash contributions included in lines 1a–1f | $4,888,151 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $25,910,230 |
| Total Program Service Revenue | $10,731,835 |
| Investment income | $3,961,094 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $3,482,188 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $44,085,347 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,223,516 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $789,760 |
| Compensation of current officers, directors, key employees. | $174,338 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,544,012 |
| Pension plan accruals and contributions | $524,499 |
| Other employee benefits | $936,622 |
| Payroll taxes | $1,076,047 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $36,952 |
| Fees for services: Accounting | $12,453 |
| Fees for services: Lobbying | $5,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $328,450 |
| Advertising and promotion | $145,510 |
| Office expenses | $88,786 |
| Information technology | $153,515 |
| Royalties | $0 |
| Occupancy | $974,697 |
| Travel | $55,201 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,509,760 |
| Payments to affiliates | $2,100,453 |
| Depreciation, depletion, and amortization | $423,878 |
| Insurance | $105,981 |
| All other expenses | $145,653 |
| Total functional expenses | $25,514,683 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,174,584 |
| Savings and temporary cash investments | $15,533,242 |
| Pledges and grants receivable | $10,557,854 |
| Accounts receivable, net | $8,498,950 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $135,230,612 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $13,609 |
| Net Land, buildings, and equipment | $3,754,139 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $14,000 |
| Intangible assets | $0 |
| Other assets | $27,015,223 |
| Total assets | $201,792,213 |
| Accounts payable and accrued expenses | $8,393,753 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $58,637 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $45,847,601 |
| Unsecured mortgages and notes payable | $4,461,642 |
| Other liabilities | $0 |
| Total liabilities | $58,761,633 |
| Net assets without donor restrictions | $120,000,733 |
| Net assets with donor restrictions | $23,029,847 |
| 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 | $201,792,213 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Foundation Communities Inc has recieved totaling $100,000.
| Awarding Organization | Amount |
|---|---|
The Powell Foundation Houston, TX PURPOSE: HUMAN SERVICES: FOOD/HOUSING INSECURITY OR OTHER STABLIZATION AND EMPOWERMENT EFFORTS | $100,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Preservation Freehold Company Lewisville, TX | $599,345,935 | $99,735,351 |
Texas Health Presbyterian Hospital Kaufman Kaufman, TX | $17,114,303 | $46,511,695 |
Crossroads Housing Development Corporation Big Spring, TX | $1,430,723 | $31,698,100 |
Foundation Communities Inc Austin, TX | $201,792,213 | $44,085,347 |
Austin Affordable Housing Corporation Austin, TX | $189,492,836 | $40,972,198 |
Foundation Communities Austin, TX | $78,215,940 | $25,689,954 |
Tcc Hill Country Development Corporation Austin, TX | $11,234,408 | $22,073,361 |
Provident Commonwealth Education Resources Baton Rouge, LA | $142,254,594 | $7,390,935 |
Provident Commonwealth Education Resources Ii Baton Rouge, LA | $154,926,817 | $6,407,611 |
Houston Habitat For Humanity Inc Houston, TX | $36,979,256 | $11,315,347 |
Avenue Community Development Coporation Houston, TX | $81,189,118 | $11,542,239 |
Habitat For Humanity International Inc Fort Worth, TX | $28,701,953 | $17,323,879 |