Preservation Housing Inc
- Assets
- $45.1m
- Revenue
- $8.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Mobile, AL
- Founding
- 09/2017
- Data as of
- 12/2021
- EIN
- 82-1151483
Organization Overview
Preservation Housing Inc is located in Mobile, AL. The organization was established in 2017. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, 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. Preservation Housing 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 12/2021, Preservation Housing Inc generated $8.0m in total revenue. This organization has experienced exceptional growth, as over the past 5 years, it has increased revenue by an average of 32.9% each year . All expenses for the organization totaled $9.2m during the year ending 12/2021. While expenses have increased by 38.5% per year over the past 5 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 CREATE AND PRESERVE SAFE AND AFFORDABLE HOUSING COMMUNITIES FOR LOW AND MODERATE-INCOME INDIVIDUALS, FAMILIES, THE ELDERLY AND THE DISABLED AND TO PROVIDE SOCIAL AND EDUCATIONAL SERVICES BENEFICIAL TO THE RESIDENTS IN THOSE COMMUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED AFFORDABLE HOUSING FOR RESIDENTS OF APARTMENT COMMUNITIES LOCATED IN INDIANAPOLIS, IN
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steven Anderson Treasurer | OfficerTrustee | $0 | |
Patrick J Coffey President | OfficerTrustee | $0 | |
Kim O Farmer Secretary | OfficerTrustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $189,377 |
| 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 | $189,377 |
| Total Program Service Revenue | $7,822,610 |
| Investment income | $8,489 |
| 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 | $8,020,455 |
| 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 | $70,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $5,500 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,034 |
| Fees for services: Accounting | $12,430 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $106 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $935,662 |
| Travel | $22,247 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,386,715 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,826,593 |
| Insurance | $0 |
| All other expenses | $1,737,301 |
| Total functional expenses | $9,242,941 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $586,354 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $123,059 |
| 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 | $293,748 |
| Net Land, buildings, and equipment | $41,485,926 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $555,541 |
| Other assets | $2,050,727 |
| Total assets | $45,095,355 |
| Accounts payable and accrued expenses | $921,574 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $5,776,156 |
| Secured mortgages and notes payable | $40,586,570 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $841,253 |
| Total liabilities | $48,125,553 |
| Net assets without donor restrictions | -$3,030,198 |
| 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 | $45,095,355 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Preservation Housing Inc has recieved totaling $26,000,000.
| Awarding Organization | Amount |
|---|---|
Organization Name not Listed PURPOSE: MINISTRY SUPPORT | | $26,000,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Sunrise Northeast Inc Miami, FL | $3,715,475 | $18,670,620 |
Affordable Housing Preservation Corporation St Augustine, FL | $540,750,555 | $2,294,342 |
Preservation Housing Inc Mobile, AL | $45,095,355 | $8,020,455 |
Nonprofit Housing Preservations Sb Inc Riviera Beach, FL | $13,108,120 | $31,278,179 |
Jewish Association For Residential Care Inc Boca Raton, FL | $7,062,896 | $8,370,046 |
Habitat For Humanity Of Greater Miami Inc Miami, FL | $44,913,698 | $17,755,764 |
Contemporary Housing Alternatives Of Florida Inc Clearwater, FL | $42,120,344 | $6,399,709 |
John Sparks Manor Inc Union City, GA | $0 | $5,675,234 |
Housing And Neighborhood Development Services Of Central Orlando, FL | $22,476,842 | $6,815,149 |
Larry Moore Manor Inc Union City, GA | $0 | $4,277,912 |
Rhg-Afforable Housing Ii Inc Atlanta, GA | $13,550,062 | $7,175,901 |
Broadway Towers Inc Atlanta, GA | $17,531,706 | $3,119,210 |