Commonwealth Multifamly Housing Corporation
- Assets
- $136.1m
- Revenue
- $15.7m
- Investments
- $745.1k
- Employees
- 7
- Location
- Temple, TX
- Founding
- 03/2001
- Data as of
- 12/2022
- EIN
- 76-0651319
Organization Overview
Commonwealth Multifamly Housing Corporation is located in Temple, TX. The organization was established in 2001. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Commonwealth Multifamly Housing Corporation employed 7 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Commonwealth Multifamly Housing Corporation 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, Commonwealth Multifamly Housing Corporation generated $15.7m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 14.5% each year . All expenses for the organization totaled $22.8m during the year ending 12/2022. While expenses have increased by 23.1% per year over the past 6 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
PRESERVATION, DEVELOPMENT, CONSTRUCTION AND OPERATION OF AFFORDABLE MULTIFAMILY HOUSING AND THE PROVIDING OF EDUCATIONAL AND SELF-IMPROVEMENT SERVICES TO THE MIDDLE, LOW AND VERY-LOW INCOME RESIDENTS IN SUCH HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AFFORDABLE RENTS: THE ORGANIZATION HAS MAINTAINED ITS RENTS FOR 75% OR MORE OF THE RESIDENTIAL UNITS AT AT A LEVEL WHICH IS AFFORDABLE FOR RESIDENTS MAKING 80% OR LESS OF AREA MEDIAN INCOME (AMI) IN THE METROPOLITAN AREAS WHERE EACH OF ITS APARTMENT PROPERTIES ARE LOCATED.
ENHANCED COMMUNITIES: THE ORGANIZATION PROVIDES LOW- AND VERY-LOW-INCOME RESIDENTS WITH AN AFFORDABLE, SAFE COMMUNITY ENHANCED BY SPECIALLY TRAINED AFFORDABLE HOUSING MANAGEMENT PROFESSIONALS WHO BRING NURTURING AND SUPPORTIVE ATTITUDES TO THE STAFF-RESIDENT RELATIONSHIP AND PROVIDE SERVICES WHICH GO FAR BEYOND SIMPLE LEASING, COLLECTION AND MAINTENANCE.
CAPITAL IMPROVEMENTS: THE ORGANIZATION CONTINUES TO BE ENGAGED IN A PROGRAM OF CAPITAL IMPROVEMENTS DESIGNED TO MAINTAIN ITS PROPERTIES AS SAFE, SANITARY AND DESIRABLE COMMUNITIES WHILE RETAINING THEIR AFFORDABILITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John A Carlisi President/treasurer | OfficerTrustee | 20.25 | $150,000 |
David P Cole Vice President/secretary | OfficerTrustee | 20.25 | $150,000 |
Patricia Rainwater Director | Trustee | 0.25 | $0 |
Tommy Good Director | Trustee | 0.25 | $0 |
Margaret Mcfarland Director | Trustee | 0.25 | $0 |
Jacque H Woodring Director | Trustee | 0.25 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
City Of San Antonio Water/sewer | 12/30/22 | $165,349 |
Jimenez Painting Operational And Maintenance | 12/30/22 | $148,818 |
Orion Real Estate Services Inc Property Mgmt & Personnel | 12/30/22 | $126,488 |
City Of Lubbock Water/sewer | 12/30/22 | $123,065 |
City Of Freeport Water/sewer | 12/30/22 | $105,591 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $15,626,960 |
| Investment income | $41,461 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,668,421 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $573,799 |
| Fees for services: Legal | $257,247 |
| 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 | $0 |
| Advertising and promotion | $106,787 |
| Office expenses | $184,280 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $34,833 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $4,829,763 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $5,637,411 |
| Insurance | $689,789 |
| All other expenses | $2,542,874 |
| Total functional expenses | $22,789,816 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,609,228 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $624,417 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $452,099 |
| Net Land, buildings, and equipment | $119,410,155 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $745,061 |
| Investments—program-related | $7,070,160 |
| Intangible assets | $1,732,351 |
| Other assets | $3,496,166 |
| Total assets | $136,139,637 |
| Accounts payable and accrued expenses | $3,555,465 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $336,783 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $127,603,547 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,318,697 |
| Total liabilities | $140,814,492 |
| Net assets without donor restrictions | -$4,674,855 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $136,139,637 |