Affordable Communities Inc
- Assets
- $4.4m
- Revenue
- $1.4m
- Investments
- $0.0
- Employees
- 4
- Location
- Broomfield, CO
- Founding
- 10/2002
- Data as of
- 12/2023
- EIN
- 81-0541460
Organization Overview
Affordable Communities Inc is located in Broomfield, CO. The organization was established in 2002. 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, Affordable Communities Inc employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Affordable 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, Affordable Communities Inc generated $1.4m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 4.6% each year. All expenses for the organization totaled $1.4m during the year ending 12/2023. While expenses have increased by 2.9% per year over the past 9 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
AFFORDABLE COMMUNITIES,INC. IS A NON-PROFIT HOUSING CORPORATION CREATED TO PROVIDE AFFORDABLE HOUSING TO LOW AND MODERATE INCOME FAMILIES AND INDIVIDUALS IN THE DENVER METRO AREA AND LAMAR, COLORADO.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION'S EXEMPT PURPOSE ACHIEVEMENTS IS TO ACQUIRE, OWN, REHABILITATE, OWN, LEASE, MANAGE, AND OPERATE NORMANDY GARDENS, A 50 UNIT AFFORDABLE HOUSING PROJECT FOR LOW-INCOME PERSONS IN LAMAR, COLORADO.
THE ORGANIZATION'S EXEMPT PURPOSE ACHIEVEMENTS IS TO ACQUIRE BOULEVARD GARDEN APARTMENTS (A 40-UNIT PROJECT ON SOUTH FEDERAL BOULEVARD IN DENVER, COLORADO) UNDER THE NEIGHBORHOOD STABILIZATION PROGRAM 2 (NSP2) AND TO RENT THE APARTMENTS TO LOW AND MODERATE INCOME FAMILIES AND INDIVIDUALS. PRESENTLY TWENTY(20)OF THE UNITS ARE RESTRICTED TO HOUSEHOLDS WITH INCOME AT OR BELOW 50% OF THE AREA MEDIA INCOME (AMI), 16 OF THE UNITS ARE RESTRICTED AT THE LESSER OF THE FAIR MARKET RENT FOR COMPARABLE UNITS IN THE AREA AS ESTABLISHED BY HUD OR 30% OF THE INCOME OF HOUSEHOLDS AT 80% OF AMI, AND THE REMAINING 4 UNIT ARE RESTRICTED TO HOUSEHOLDS WITH INCOMES NOT EXCEEDING 120% OF THE AMI.
THE ORGANIZATIONS'S EXEMPT PURPOSE ACHIEVEMENTS IS TO ACQUIRE MORRISON ROAD APARTMENTS (A 19-UNIT AFFORDABLE HOUSING PROJECT LOCATED IN DENVER, COLORADO) UNDER THE NEIGHBORHOOD STABILIZATION PROGRAM (NSP)AND TO RENT THE APARTMENTS TO LOW AND MODERATE INCOME FAMILIES AND INDIVIDUALS. CURRENTLY TWO UNITS ARE HOME-ASSISTED UNITS AND 17 UNITS ARE "LOW NSP UNITS."
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alan M Feinstein Vice President | OfficerTrustee | 10 | $85,000 |
Ed Biga President | OfficerTrustee | 10 | $85,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $667,055 |
| 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 | $667,055 |
| Total Program Service Revenue | $642,884 |
| Investment income | $11,748 |
| 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 | $1,444,890 |
| 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 | $163,839 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $49,640 |
| Payroll taxes | $13,808 |
| Fees for services: Management | $256,846 |
| Fees for services: Legal | $11,755 |
| Fees for services: Accounting | $38,577 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $4,153 |
| Office expenses | $15,966 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $121,540 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $34,468 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $302,683 |
| Insurance | $80,792 |
| All other expenses | $47,885 |
| Total functional expenses | $1,428,733 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $610,129 |
| Savings and temporary cash investments | $300,000 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $54,946 |
| 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 | $42,998 |
| Net Land, buildings, and equipment | $3,078,054 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $7,970 |
| Other assets | $341,299 |
| Total assets | $4,435,396 |
| Accounts payable and accrued expenses | $166,765 |
| Grants payable | $0 |
| Deferred revenue | $4,221 |
| 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 | $3,252,905 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $32,903 |
| Total liabilities | $3,456,794 |
| Net assets without donor restrictions | $725,233 |
| Net assets with donor restrictions | $253,369 |
| 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 | $4,435,396 |