Metropolitan Affordable Housing Corporation
- Assets
- $38.0m
- Revenue
- $7.8m
- Investments
- $2.6m
- Employees
- 28
- Location
- Eugene, OR
- Founding
- 09/1992
- Data as of
- 12/2023
- EIN
- 93-1078543
Organization Overview
Metropolitan Affordable Housing Corporation, operating under the name Cornerstone Community Housing, is located in Eugene, OR. The organization was established in 1992. According to its NTEE Classification (Z99) the organization is classified as: Unknown, under the broad grouping of Unknown and related organizations. As of 12/2023, Cornerstone Community Housing employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cornerstone Community Housing 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, Cornerstone Community Housing generated $7.8m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 9.6% each year. All expenses for the organization totaled $4.9m during the year ending 12/2023. While expenses have increased by 9.2% 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
PROVIDE QUALITY, AFFORDABLE HOUSING FOR PEOPLE LIVING ON LIMITED INCOMES, AND OFFER SERVICES THAT PROMOTE OPPORTUNITIES FOR PERSONAL GROWTH AND ECONOMIC INDEPENDENCE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROPERTY OPERATIONS AND MANAGEMENT: METROPOLITAN AFFORDABLE HOUSING CORPORATION D.B.A. CORNERSTONE COMMUNITY HOUSING (CORNERSTONE) IS DEDICATED TO DEVELOPING AFFORDABLE HOUSING COMMUNITIES THAT PROVIDE SAFE, STABLE, AND SUPPORTIVE ENVIRONMENTS FOR RESIDENTS. BY COMBINING HOUSING DEVELOPMENT WITH COMPREHENSIVE RESIDENT SERVICES, CORNERSTONE NOT ONLY ADDRESSES THE IMMEDIATE HOUSING NEEDS BUT ALSO PROMOTES LONG-TERM STABILITY AND GROWTH FOR THE RESIDENTS WE SERVE.
RESIDENT SERVICES: CORNERSTONE PROVIDES COMPREHENSIVE SUPPORT TO ENHANCE THE WELL-BEING AND STABILITY OF THE RESIDENTS WE SERVE. WE OFFER A VARIETY OF RESIDENT SERVICES DESIGNED TO ADDRESS THE UNIQUE NEEDS OF OUR DIVERSE POPULATION, WHICH INCLUDES FAMILIES, SENIORS, VETERANS, AND INDIVIDUALS OVERCOMING CHALLENGES SUCH AS DOMESTIC VIOLENCE AND SUBSTANCE ABUSE RECOVERY. OUR SERVICES INCLUDE FINANCIAL EDUCATION, JOB TRAINING, HEALTH AND WELLNESS PROGRAMS, YOUTH ACTIVITIES, AND FOOD DISTRIBUTION. HOUSEHOLDS SERVED REPRESENT LARGELY DIVERSE CULTURES THAT INCLUDE AFRICAN AMERICAN, HISPANIC, AMERICAN INDIAN, ASIAN, AND MULTI-RACIAL BACKGROUNDS.
HOUSING DEVELOPMENT: OUR DEVELOPMENT PROGRAM FOCUSES ON CREATING HIGH- QUALITY, SUSTAINABLE, AND INCLUSIVE HOUSING SOLUTIONS FOR INDIVIDUALS AND FAMILIES WITH LOW TO MODERATE INCOMES. WE ACHIEVE THIS THROUGH STRATEGIC PARTNERSHIPS, INNOVATIVE FINANCING, AND A COMMITMENT TO EXCELLENCE IN DESIGN AND CONSTRUCTION. WE ARE DEDICATED TO EXPANDING OUR REACH AND ENHANCING THE QUALITY OF LIFE FOR THE COMMUNITIES WE SERVE, ENSURING ACCESS TO SAFE, AFFORDABLE, AND SUPPORTIVE HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Darcy Phillips Executive Di | Officer | 40 | $134,788 |
Michelle Martin CFO | Officer | 40 | $115,453 |
Michelle Cady Operations D | Officer | 40 | $100,737 |
Vicki Gray President | OfficerTrustee | 2 | $0 |
Rick Larson Vice Preside | OfficerTrustee | 2 | $0 |
Jeffery Yoder Treasurer Ef | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $6,450 |
| Membership dues | $0 |
| Fundraising events | $119,995 |
| Related organizations | $0 |
| Government grants | $3,449,120 |
| All other contributions, gifts, grants, and similar amounts not included above | $395,273 |
| Noncash contributions included in lines 1a–1f | $206,391 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,970,838 |
| Total Program Service Revenue | $3,719,288 |
| Investment income | $134,328 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $183 |
| Net Income from Fundraising Events | -$20,321 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,807,931 |
| 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. | $377,561 |
| Compensation of current officers, directors, key employees. | $192,906 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $958,467 |
| Pension plan accruals and contributions | $12,642 |
| Other employee benefits | $87,723 |
| Payroll taxes | $128,623 |
| Fees for services: Management | $158,854 |
| Fees for services: Legal | $45,339 |
| Fees for services: Accounting | $30,041 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $12,718 |
| Office expenses | $223,344 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $853,957 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $498,373 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $848,628 |
| Insurance | $64,881 |
| All other expenses | $50,278 |
| Total functional expenses | $4,865,738 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $476,751 |
| Savings and temporary cash investments | $2,502,618 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $229,152 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $2,990,019 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $74,601 |
| Net Land, buildings, and equipment | $28,798,403 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $2,600,591 |
| Investments—program-related | $261,746 |
| Intangible assets | $0 |
| Other assets | $80,460 |
| Total assets | $38,014,341 |
| Accounts payable and accrued expenses | $362,470 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $6,479,409 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $8,265,735 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $824,257 |
| Total liabilities | $15,931,871 |
| Net assets without donor restrictions | $15,520,344 |
| Net assets with donor restrictions | $6,562,126 |
| 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 | $38,014,341 |