Hip Housing Development Corporation
- Assets
- $29.6m
- Revenue
- $3.3m
- Investments
- $0.0
- Employees
- 3
- Location
- San Mateo, CA
- Founding
- 07/1992
- Data as of
- 06/2023
- EIN
- 94-3159161
Organization Overview
Hip Housing Development Corporation is located in San Mateo, CA. The organization was established in 1992. According to its NTEE Classification (L30) the organization is classified as: Housing Search Assistance, under the broad grouping of Housing & Shelter and related organizations. As of 06/2023, Hip Housing Development Corporation employed 3 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Hip Housing Development Corporation 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 06/2023, Hip Housing Development Corporation generated $3.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $4.7m during the year ending 06/2023. While expenses have increased by 11.3% per year over the past 8 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
TO ALLEVIATE AND IMPROVE THE HOUSING CONDITION OF THE NEEDY, PHYSICALLY OR MENTALLY HANDICAPPED, ELDERLY PERSONS AND OTHERS WHOSE HOUSING NEEDS ARE NOT BEING ADEQUATELY MET IN SAN MATEO COUNTY, CA.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION OPERATES THIRTEEN APARTMENT BUILDINGS IN SAN MATEO COUNTY CONSISTING OF 140 UNITS FOR LOW AND MODERATE INCOME PERSONS.
THE CORPORATION SPONSORS CONSTRUCTION AND MANAGEMENT OF LOW AND MODERATE INCOME HOUSING PROJECTS IN SAN MATEO COUNTY.
THE CORPORATION SERVES AS A GENERAL PARTNER IN TWO LIMITED PARTNERSHIPS WHICH PROVIDE 92 UNITS OF LOW-INCOME HOUSING IN SAN MATEO, CALIFORNIA. THE CORPORATION ALSO SERVES AS THE 79% OWNER OF A C CORPORATION AND THE SOLE OWNER OF A LIMITED LIABILITY COMPANY. BOTH OF THESE ENTITIES SERVE AS A GENERAL PARTNER IN A LIMITED PARTNERSHIP. ONE OF THESE LIMITED PARTNERSHIPS CURRENTLY PROVIDES 36 UNITS OF LOW-INCOME HOUSING IN REDWOOD CITY, CALIFORNIA, WHILE THE OTHER IS CURRENTLY DEVELOPING LOW-INCOME HOUSING IN REDWOOD CITY, CALIFORNIA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kate Comfort Harr Executive Dir. | Officer | 16 | $76,000 |
Ghion Dessie Controller | Officer | 16 | $0 |
Lauren Boro President | OfficerTrustee | 0.5 | $0 |
Nancy Bush Treasurer | OfficerTrustee | 0.5 | $0 |
Dianne Whitaker Secretary | OfficerTrustee | 0.5 | $0 |
Josh Amoroso Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $107,340 |
| Government grants | $518,265 |
| 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 | $625,605 |
| Total Program Service Revenue | $2,309,565 |
| Investment income | $261,245 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $112,805 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,309,128 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $1,057,005 |
| 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. | $76,000 |
| Compensation of current officers, directors, key employees. | $76,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $246,378 |
| Pension plan accruals and contributions | $14,352 |
| Other employee benefits | $57,771 |
| Payroll taxes | $25,766 |
| Fees for services: Management | $131,073 |
| Fees for services: Legal | $11,599 |
| Fees for services: Accounting | $50,146 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $111,619 |
| Advertising and promotion | $0 |
| Office expenses | $26,248 |
| Information technology | $25,671 |
| Royalties | $0 |
| Occupancy | $1,778,251 |
| Travel | $2,139 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,061,020 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $4,707,438 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,381,349 |
| Savings and temporary cash investments | $1,580,669 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $92,020 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,895,123 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $23,914 |
| Net Land, buildings, and equipment | $25,498,096 |
| Investments—publicly traded securities | $3,386,223 |
| Investments—other securities | $0 |
| Investments—program-related | -$6,038,618 |
| Intangible assets | $0 |
| Other assets | $1,775,525 |
| Total assets | $29,594,301 |
| Accounts payable and accrued expenses | $4,440,041 |
| Grants payable | $0 |
| Deferred revenue | $6,785 |
| 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 | $29,530,775 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,137,834 |
| Total liabilities | $35,115,435 |
| Net assets without donor restrictions | -$5,521,134 |
| 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 | $29,594,301 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hip Housing Development Corporation San Mateo, CA | $29,594,301 | $3,309,128 |
Gregory House Programs Honolulu, HI | $10,467,260 | $4,527,346 |
Townspeople San Diego, CA | $9,780,526 | $2,274,357 |
Temporary Shelter Inc Tustin, CA | $339,931 | $1,027,539 |
Kennedy Commission Irvine, CA | $2,968,364 | $1,263,191 |
Home Share Oregon Portland, OR | $757,837 | $360,298 |
Housing Coalition Educators Los Angeles, CA | $331,967 | $199,000 |
Home & Heart Chico, CA | $60,673 | $0 |
Addison Court Housing Cooperative Inc Berkeley, CA | $253,844 | $0 |
Global Women Foundation & Band Of Brothers Santa Monica, CA | $14,755 | $55,059 |
Veterans Housing Alliance Riverside, CA | $63,332 | $0 |
Northwest Habitat Institute Corvallis, OR | $21,315 | $0 |
Arroyo Valley Community Economic Development Corporation San Bernardino, CA | $1,339 | $0 |
Homeless Veterans Of America Incorporated San Jose, CA | $0 | $0 |
L V Island Preserve Ceres, CA | $471,303 | $248 |