Foundation Communities Inc
- Assets
- $236.6m
- Revenue
- $41.3m
- Investments
- $0.0
- Employees
- 823
- Location
- Austin, TX
- Founding
- 05/1990
- Data as of
- 12/2023
- 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 12/2023, Foundation Communities Inc employed 823 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 12/2023, Foundation Communities Inc generated $41.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 8.6% each year. All expenses for the organization totaled $30.2m during the year ending 12/2023. While expenses have increased by 10.6% per year over the past 8 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2023
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:
OPENING DOORS TO HOMES - AFFORDABLE HOUSING PLUS SUPPORTIVE SERVICESIMPROVE COMMUNITY STABILITY BY PROVIDING AFFORDABLE HOUSING FOR LOW INCOME RESIDENTS(3,970 UNITS AT 28 AFFORDABLE HOUSING COMMUNITIES IN AUSTIN, DALLAS-FORT WORTH) PURSUED NEW ACQUISITIONS OF AFFORDABLE HOUSING. CASE MANAGERS PROVIDE SUPPORT TO 224 FAMILIES AT OR BELOW 30% MEDIAN FAMILY INCOME(CHI PROGRAM) AND 969 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 BASIC NEEDS, MEDICAL AND BEHAVIORAL HEALTH SERVICES, TOOLS AND SUPPORTS TO INCREASE INCOME,COMMUNITY BUILDING ACTIVITIES, PARENTING SUPPORT, SCHOOL ADVOCACY AND CAREER CASE MANAGEMENT. PROPERTY OPERATIONS ARE REPORTED AT GROUP AFFILIATES FORM 990 (TAX ID#74-2678601)
PROSPER CENTER PROGRAMS-TAX HELP, HEALTH COVERAGE, FINANCIAL WELLNESS & COLLEGE HUB FOUNDATION COMMUNITIES' COMMUNITY TAX HELP PROGRAMS IN AUSTIN, DALLAS AND ARLINGTON PROVIDED FREE INCOME TAX RETURN PREPARATION SERVICES FOR LOW-INCOME TAXPAYERS THAT RECEIVED $40 MILLION IN TAX REFUNDS. MORE THAN 523 STAFF AND VOLUNTEERS PREPARED 27,092 TAX RETURNS. THE HEALTH COVERAGE PROGRAM HELPED 5,717 PEOPLE ENROLL IN HEALTH INSURANCE, CLAIMING $32 MILLION IN PREMIUM TAX CREDITS. USING OUR FINANCIAL WELLNESS SERVICES, 260 RESIDENTS RECEIVED MORE THAN $240,000 IN EMERGENCY RENT OR UTILITY ASSISTANCE FUNDS AND 214 RESIDENTS ENROLLED IN A PROGRAM DESIGNED TO IMPROVE THEIR CREDIT SCORES.
LEARNING IN A COMMUNITY503 CHILDREN TOOK PART IN FREE AFTER-SCHOOL AND SUMMER LEARNING CENTER PROGRAMS FOR ELEMENTARY AND 77 PARTICIPATED IN TEEN OUT OF SCHOOL TIME PROGRAMS. ADDITIONALLY, ADULTS ARE PROVIDED WITH ONSITE AND VIRTUAL ESL, DIGITAL LITERACY SUPPORT, AS WELL AS COLLEGE AND CAREER COACHING. 386 ADULTS PARTICIPATED IN OUR ADULT EDUCATION PROGRAMS, INCLUDING 330 ESL, 56 DIGITAL LITERACY. THE COLLEGE HUB PROVIDED COLLEGE SUPPORT SERVICES TO 996 STUDENTS THROUGH INDIVIDUAL APPOINTMENTS AND SECURED $419,649 IN GRANTS AND SCHOLARSHIPS. THE TEAM FACILITATED OR PARTICIPATED IN 35 TOTAL COMMUNITY EVENTS, CONNECTING WITH 2,857 TOTAL ATTENDEES WITH 104 SUCCEED STUDENTS AND 610 STUDENT APPOINTMENTS. OUR CAREER PROJECT SERVED 179 INDIVIDUALS IN THE PAST YEAR.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Walter Moreau Exec. Director | Officer | 40 | $369,104 |
Vicki Mcdonald Chief Reo | Officer | 40 | $214,206 |
Ann Clift CFO | Officer | 40 | $198,937 |
Marisela Montoya Chief Prog. Ofr | Officer | 40 | $157,119 |
Sabrina Butler Dir. R.e. Develop. | 40 | $154,361 | |
Kathleen Peschel Cpao | Officer | 40 | $153,654 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Bartlett Cocke Residential Llc General Contractor | 12/30/23 | $9,979,100 |
Charter Communications Holdings Llc Telecommunications | 12/30/23 | $447,994 |
Ijanitorial Janitorial Services | 12/30/23 | $241,883 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $505,079 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $830,000 |
| Government grants | $6,731,938 |
| All other contributions, gifts, grants, and similar amounts not included above | $17,995,434 |
| Noncash contributions included in lines 1a–1f | $1,641,421 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $26,062,451 |
| Total Program Service Revenue | $10,123,946 |
| Investment income | $4,999,522 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $68,706 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $41,254,625 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $1,003,435 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,093,019 |
| Compensation of current officers, directors, key employees. | $1,093,019 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $18,097,817 |
| Pension plan accruals and contributions | $666,118 |
| Other employee benefits | $1,367,542 |
| Payroll taxes | $1,482,757 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $23,048 |
| Fees for services: Accounting | $18,595 |
| Fees for services: Lobbying | $52,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $454,000 |
| Advertising and promotion | $318,756 |
| Office expenses | $131,208 |
| Information technology | $188,885 |
| Royalties | $0 |
| Occupancy | $728,244 |
| Travel | $170,744 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,609,689 |
| Payments to affiliates | $348,352 |
| Depreciation, depletion, and amortization | $435,508 |
| Insurance | $122,309 |
| All other expenses | $234,926 |
| Total functional expenses | $30,230,380 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $53,725 |
| Savings and temporary cash investments | $27,459,699 |
| Pledges and grants receivable | $9,650,412 |
| Accounts receivable, net | $3,757,628 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $157,315,598 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $17,109 |
| Net Land, buildings, and equipment | $5,659,300 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $17,006 |
| Intangible assets | $0 |
| Other assets | $32,688,832 |
| Total assets | $236,619,309 |
| Accounts payable and accrued expenses | $3,273,306 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $106,333 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $60,063,256 |
| Unsecured mortgages and notes payable | $2,000,000 |
| Other liabilities | $0 |
| Total liabilities | $65,442,895 |
| Net assets without donor restrictions | $140,759,372 |
| Net assets with donor restrictions | $30,417,042 |
| 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 | $236,619,309 |