Spectrum Housing
- Assets
- $156.7k
- Revenue
- $0.0
- Investments
- $0.0
- Employees
- 0
- Location
- Addison, TX
- Founding
- 02/1993
- Data as of
- 12/2022
- EIN
- 75-2435901
Organization Overview
Spectrum Housing is located in Addison, TX. The organization was established in 1993. According to its NTEE Classification (L50) the organization is classified as: Homeowners & Tenants Associations, 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. Spectrum Housing 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, Spectrum Housing generated $23.4k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 4 years, the organization has seen revenues fall by an average of (49.8%) each year. All expenses for the organization totaled $161.3k during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Form
990EZ
Mission & Program ActivityExcerpts From the 990EZ Filing
TAX YEAR
2022
Describe the Organization's Program Activity:
Part 3
DURING 2004, THE CORPORATION WAS ADMITTED AS THE .01% SUCCESSOR GENERAL PARTNER OF MAEDC GAINESVILLE SENIOR VILLAGE ("SUMMIT"), A LOW-INCOME MULTIFAMILY LIHTC TAX CREDIT PROJECT. SUMMIT WAS ORGANIZED TO CONSTRUCT AND OPERATE A 76 UNIT SENIOR COMPLEX IN GAINESVILLE, TEXAS AND IS SUBJECT TO LAND USE AGREEMENTS RESTRICTING TENANT INCOMES. DURING 2020, THE CORPORATION DISPOSED OF THE SUMMIT PARTNERSHIP INVESTMENT.DURING 2019, THE CORPORATION WAS ADMITTED AS THE 2% MANAGING MEMBER OF BSPV-PLANO, LLC, A 318 UNIT SENIOR MULTIFAMILY PROJECT IN PLANO, TX. THE PROJECT, KNOWN AS BRIDGEMOOR AT PLANO, MUST LEASE 20% OF ITS UNITS TO INDIVIDUALS AND FAMILIES WHOSE INCOME DOES NOT EXCEED 50% OF THE AREA MEDIAN FAMILY INCOME. THE PROJECT WAS PLACED IN SERVICE DURING 2022.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Frederick D Schnurr Executive Dir. | 3 | $10,000 | |
Berri Mcbride Vice President | 3 | $0 | |
Sheldon Schreiberg Secretary | 3 | $10,000 | |
Lori Jordan Director | 3 | $2,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Membership dues | $0 |
| Investment income | $23,370 |
| Gain or Loss | $0 |
| Net Income from Gaming & Fundraising | $0 |
| Other Revenue | $0 |
| Total Revenue | $23,370 |
| Statement of Expenses | |
|---|---|
| Grants and similar amounts paid | $0 |
| Benefits paid to or for members | $0 |
| Salaries, other compensation, and employee benefits | $41,110 |
| Professional fees and other payments to independent contractors | $6,475 |
| Occupancy, rent, utilities, and maintenance | $0 |
| Printing, publications, postage, and shipping | $0 |
| Other expenses | $113,760 |
| Total expenses | $161,345 |
| Balance Sheet | |
|---|---|
| Cash, savings, and investments | $156,653 |
| Other assets | $0 |
| Total assets | $156,653 |
| Total liabilities | $0 |
| Net assets or fund balances | $156,653 |