The Housing Company
- Assets
- $54.4m
- Revenue
- $13.3m
- Investments
- $0.0
- Employees
- 78
- Location
- Boise, ID
- Founding
- 07/1995
- Data as of
- 12/2021
- EIN
- 82-0439164
Organization Overview
The Housing Company is located in Boise, ID. The organization was established in 1995. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. As of 12/2022, Housing Company employed 78 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Housing Company 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, Housing Company generated $13.3m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 7.5% each year. All expenses for the organization totaled $12.1m during the year ending 12/2021. While expenses have increased by 6.0% 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
TO DEVELOP, ACQUIRE, AND OPERATE (INCLUDING MANAGEMENT) REAL ESTATE FOR ELDERLY, DISADVANTAGED, AND LIMITED-INCOME PERSONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE HOUSING COMPANY (HOUSING) WAS INCORPORATED IN IDAHO ON AUGUST 2, 1990. HOUSING WAS FORMED TO DEVELOP, ACQUIRE AND OPERATE REAL ESTATE FOR THE BENEFIT OF ELDERLY, DISADVANTAGED, LIMITED INCOME OR OTHERWISE NEEDY PERSONS THROUGHOUT THE STATE OF IDAHO. AS OF DECEMBER 31, 2022, HOUSING HAD ACQUIRED AND WAS OPERATING FIFTEEN MULTIFAMILY HOUSING COMPLEXES; HAD CONSTRUCTED AND WAS OPERATING TWENTY MULTIFAMILY HOUSING COMPLEXES; HAD CONSTRUCTED TWO ADDITIONAL PHASES OF HOUSING TO EXISTING DEVELOPMENTS; HAD COMPLETED RENOVATIONS OF TWO HOTELS AND TURNED THEM INTO A NEW MULTIFAMILY COMPLEX; HAD BUILT A SINGLE FAMILY HOME KNOWN AS THE COTTAGE WITH HOME FUNDS; HAD PURCHASED A SINGLE FAMILY HOME IN CANYON COUNTY WITH FEDERAL NSP FUNDS AND TURNED IT INTO SPECIAL NEEDS HOUSING AS INTENDED BY THE PROGRAM; (CONTINUED ON SCHEDULE O)HAD PURCHASED THREE DUPLEXES IN CANYON COUNTY WITH FEDERAL NSP FUNDS TO RENT AS AFFORDABLE HOUSING; HAD CONSTRUCTED AND SOLD THREE HOMES IN NEZ PERCE COUNTY WITH HOME FUNDS; HAD COMPLETED CONSTRUCTION ON THREE DUPLEXES IN KUNA WITH HOME AND HOUSING TRUST FUND MONEYS; HAD STARTED CONSTRUCTION ON TWO MULTI-FAMILY COMPLEXES IN NAMPA, IDAHO, AND CALDWELL, IDAHO AND HAD PURCHASED LAND IN MERIDIAN, IDAHO, NAMPA, IDAHO, AND TWIN FALLS, IDAHO, WITH THE INTENT OF CONSTRUCTING THREE OTHER MULTI-FAMILY COMPLEXES.HOUSING WAS GIVEN THE MANAGEMENT RESPONSIBILITY OF LEASING AND MANAGING TWO (AT THE END OF 2022) SINGLE FAMILY HOMES (REO) THAT ARE OWNED AND WERE FORECLOSED UPON BY IHFA. IHFA REIMBURSES HOUSING FOR THE AMOUNTS PAID FOR THE HOMES NET INCOME RECEIVED OR HOUSING REPAYS IHFA IF THE INCOME RECEIVED IS GREATER THAN THE EXPENSES PAID. HOUSING RECEIVES $100 MANAGEMENT FEE PER MONTH FOR EACH REO HOME MANAGED. HOUSING HAS ENTERED INTO SEVERAL PROPERTY MANAGEMENT AGREEMENTS WITH COMPANIES FOR THE MANAGEMENT OF THEIR LOW-INCOME HOUSING TAX CREDIT OR HOME MULTI-FAMILY PROPERTIES LOCATED IN IDAHO. AS OF DECEMBER 31, 2022, HOUSING MANAGED NINE DIFFERENT AFFORDABLE HOUSING PROJECTS AND PERFORMED THE HOUSING COMPLIANCE FOR TWO IDAHO NON-PROFIT CORPORATIONS. HOUSING RECEIVED MANAGEMENT FEES OF $212,000 AND $137,613 DURING 2022 AND 2021, RESPECTIVELY, WHICH IS REFLECTED AS INCOME TO HOUSING, BUT HOUSING HAS NO OWNERSHIP IN THESE PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Gerald Hunter President | OfficerTrustee | 4 | $0 |
Kathryn Almberg Until 082022 Vp/director Of Operations | Officer | 40 | $127,418 |
Erin Anderson Executive Director (from 08/2022) | Officer | 40 | $113,273 |
John Chung Treasurer | Officer | 1 | $0 |
Richard Skinner Secretary | Officer | 1 | $0 |
V Dale Babbitt Chairman | OfficerTrustee | 1 | $2,200 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Eide Bailly Llp Professional Fees | 12/30/22 | $188,520 |
Briggs Roofing Company Construction | 12/30/22 | $109,741 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $57,000 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,505 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $59,505 |
| Total Program Service Revenue | $12,986,532 |
| Investment income | $148,957 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$142,469 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,345,868 |
| 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. | $224,075 |
| Compensation of current officers, directors, key employees. | $224,075 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,183,331 |
| Pension plan accruals and contributions | $14,257 |
| Other employee benefits | $475,463 |
| Payroll taxes | $170,090 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $29,163 |
| Fees for services: Accounting | $119,298 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $886,478 |
| Advertising and promotion | $1,548 |
| Office expenses | $192,041 |
| Information technology | $38,110 |
| Royalties | $0 |
| Occupancy | $1,947,638 |
| Travel | $49,646 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $21,331 |
| Interest | $1,234,507 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,980,577 |
| Insurance | $479,233 |
| All other expenses | $42,034 |
| Total functional expenses | $12,066,076 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $7,275 |
| Savings and temporary cash investments | $8,994,784 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $8,631,237 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,187,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $382,472 |
| Net Land, buildings, and equipment | $30,897,520 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $985,424 |
| Intangible assets | $0 |
| Other assets | $3,280,214 |
| Total assets | $54,365,926 |
| Accounts payable and accrued expenses | $873,308 |
| Grants payable | $0 |
| Deferred revenue | $57,795 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $348,955 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $33,674,716 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $494,460 |
| Total liabilities | $35,449,234 |
| Net assets without donor restrictions | $18,916,692 |
| 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 | $54,365,926 |