Preservation Housing Inc
- Assets
- $41.6m
- Revenue
- $15.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Mobile, AL
- Founding
- 09/2017
- Data as of
- 12/2022
- 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 12/2022, Preservation Housing Inc generated $15.2m in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 40.9% each year . All expenses for the organization totaled $11.5m during the year ending 12/2022. While expenses have increased by 36.1% 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
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 |
|---|---|---|---|
Patrick J Coffey President | OfficerTrustee | 4 | $0 |
Kim O Farmer Secretary | OfficerTrustee | 2 | $0 |
Steven Anderson Treasurer | OfficerTrustee | 2 | $0 |
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 | $8,632,693 |
| Investment income | $0 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $6,517,632 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,150,293 |
| 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 | $1,223,277 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $98,063 |
| Fees for services: Management | $330,697 |
| Fees for services: Legal | $15,394 |
| Fees for services: Accounting | $5,000 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $13,859 |
| Advertising and promotion | $17,885 |
| Office expenses | $151,808 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,897,625 |
| Travel | $12,107 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $15,950 |
| Interest | $3,358,756 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,559,535 |
| Insurance | $802,317 |
| All other expenses | $0 |
| Total functional expenses | $11,523,997 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,383,299 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $67,041 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,944,933 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $475,195 |
| Net Land, buildings, and equipment | $35,294,631 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $369,810 |
| Other assets | $2,048,507 |
| Total assets | $41,583,416 |
| Accounts payable and accrued expenses | $703,485 |
| 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 | $4,087,247 |
| Secured mortgages and notes payable | $35,763,799 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $432,787 |
| Total liabilities | $40,987,318 |
| Net assets without donor restrictions | $596,098 |
| 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 | $41,583,416 |