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Nonprofiteer
← HRC COTTAGES INC

Form 990 for tax year 2024

Filed by HRC COTTAGES INC.

Totals

Total revenue
$780,654
Total expenses
$973,319
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$792,059
Investment income
$14,266
Other revenue
-$25,671
Total assets, end of year
$5,227,475
Total liabilities, end of year
$5,235,504
Net assets or fund balances, end of year
-$8,029
Program services expenses (Part IX)
$709,839
Management and general expenses
$263,480
Fundraising expenses
$0
Program service expenses (Part III)
$709,839

Program services were 72.9% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: LOW INCOME RENTAL

    total $770,165 · related or exempt $770,165

  • 2b · Program service revenue: ASSET MANAGEMENT FEES

    total $21,894 · related or exempt $21,894

  • 3 · Investment income

    total $14,266 · excluded $14,266

  • 11a · Other revenue: MISCELLANEOUS

    total $6,191 · related or exempt $6,191

  • 11b · Other revenue: INCOME FROM PARTNERSHI

    total -$31,862 · excluded -$31,862

  • 11e · Other revenue, total

    -$25,671

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $29,597 · management and general $29,597

  • 6 · Compensation of disqualified persons

    total $28,372 · program services $23,546 · management and general $4,826

  • 9 · Other employee benefits

    total $8,524 · program services $3,462 · management and general $5,062

  • 10 · Payroll taxes

    total $4,604 · program services $1,870 · management and general $2,734

  • 11a · Fees: management

    total $116,805 · management and general $116,805

  • 11g · Fees: other

    total $33,098 · program services $29,227 · management and general $3,871

  • 12 · Advertising and promotion

    total $2,406 · program services $2,406

  • 13 · Office expenses

    total $2,497 · program services $1,317 · management and general $1,180

  • 16 · Occupancy

    total $99,525 · program services $93,976 · management and general $5,549

  • 17 · Travel

    total $2,990 · program services $272 · management and general $2,718

  • 20 · Interest

    total $26,793 · program services $26,793

  • 22 · Depreciation, depletion and amortization

    total $245,446 · program services $236,847 · management and general $8,599

  • 23 · Insurance

    total $72,348 · program services $49,265 · management and general $23,083

  • 24a · Other expenses: MAINTENANCE

    total $239,532 · program services $194,560 · management and general $44,972

  • 24b · Other expenses: TAXES AND LICENSES

    total $45,557 · program services $45,189 · management and general $368

  • 24c · Other expenses: SUPPLIES

    total $15,225 · program services $1,109 · management and general $14,116

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $650,080 · end of year $667,051

  • 2 · Savings and temporary cash investments

    beginning of year $1,371,605 · end of year $1,344,856

  • 4 · Accounts receivable

    beginning of year $175,168 · end of year $29,115

  • 9 · Prepaid expenses and deferred charges

    beginning of year $36,408 · end of year $47,229

  • 10a · Land, buildings and equipment: cost or other basis

    $8,091,639

  • 10b · Land, buildings and equipment: accumulated depreciation

    $5,240,805

  • 10c · Land, buildings and equipment, net

    beginning of year $2,855,613 · end of year $2,850,834

  • 13 · Investments: program-related

    beginning of year $320,252 · end of year $288,390

  • 17 · Accounts payable and accrued expenses

    beginning of year $73,720 · end of year $57,647

  • 21 · Escrow or custodial account liability

    beginning of year $48,291 · end of year $49,413

  • 23 · Secured mortgages and notes payable

    beginning of year $2,725,223 · end of year $2,709,003

  • 25 · Other liabilities

    beginning of year $2,377,256 · end of year $2,419,441

  • 27 · Net assets without donor restrictions

    beginning of year $184,636 · end of year -$8,029

Mission and programs · 2024

Mission

OWN, OPERATE, AND MAINTAIN HOUSING FOR LOWER INCOME PEOPLE.

Activities or mission (Part I)

OWN, OPERATE, AND MAINTAIN LOW-INCOME HOUSING.

  • HOUSING FOR LOWER INCOME PEOPLE: 269 TOTAL UNITS OF LOW-INCOME HOUSING IN HAMILTON, CORVALLIS, SUPERIOR, STEVENSVILLE, VICTOR, MISSOULA, ST. REGIS, AND DARBY, MONTANA RENTED AT BELOW MARKET RATES TO LOWER INCOME TENANTS. PROPERTIES INCLUDE BURNT FORK APARTMENTS, WILLOW CREEK APARTMENTS, EDNA COURT COTTAGES, EAGLE APARTMENTS, RIVERSIDE APARTMENTS, CHARLOS APARTMENTS, CEDAR GROVE APARTMENTS, DARBY APARTMENTS, TERRACE APARTMENTS, MAPLE COTTAGES, PARKSIDE APARTMENTS, TWO RIVERS APARTMENTS, SUPERIOR COMMONS APARTMENTS, BURNT FORK PLACE, ASPEN APARTMENTS, MOUNTAIN VIEW, AND BITTERROOT COMMONS.

    Expenses $709,839 · Revenue $798,250

As filed on the 2024 return.

Listed in Part VII

  • Jim Morton

    PRESIDENT

    Total calculated
    $29,597
    From this org
    $29,597
    From related orgs
    $0
    Other
    $0
    Hours/week
    10

  • Larry Degarmo

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Charlie Wellenstein

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

No itemized grants to organizations on this return.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • HRC DEVELOPMENT INC

    501(C)(3) · PURCHASE & DEVELOP REAL ESTATE FOR THE BENEFIT OF LOW-INCOME INDIVIDUALS. · MT

    Directly controlled by DISTRICT XI HRC

  • DISTRICT XI HRC VEBA INC

    501(C)(9) · VOLUNTARY EMPLOYEE BENEFICIARY ASSOCIATION · MT

    Directly controlled by DISTRICT XI HRC

  • DISTRICT XI HRC

    501(C)(3) · ADVOCATE FOR LOW-INCOME, PUBLIC BENEFIT CORPORATION · MT

  • HRC PARKSIDE INC

    501(C)(3) · OPERATE THE PARKSIDE APARTMENTS IN HAMILTON, MT · MT

    Directly controlled by DISTRICT XI HRC

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • HRC SUPERIOR COMMONS LLC

    REAL ESTATE RENTALS · MT · income $37,856 · assets $47,020

    Directly controlled by HRC COTTAGES INC

  • HRC TWO RIVERS LLC

    REAL ESTATE RENTALS · MT · income -$2 · assets $51

    Directly controlled by HRC COTTAGES INC

  • HRC ASPEN HOUSING LLC

    REAL ESTATE RENTALS · MT · income $21,989 · assets $209,833

    Directly controlled by HRC COTTAGES INC

  • HRC EDNA COURT COTTAGES LLC

    REAL ESTATE RENTALS · MT · income -$3,633 · assets $154,195

    Directly controlled by HRC COTTAGES INC

  • HRC MINERAL PROPERTIES LLC

    REAL ESTATE RENTALS · MT · income -$20,656 · assets $481,518

    Directly controlled by HRC COTTAGES INC

  • CEDAR CREEK PROPERTY MANAGEMENTLLC

    REAL ESTATE RENTALS · MT · income -$3,823 · assets $18,747

    Directly controlled by HRC COTTAGES INC

  • HRC BURNT FORK PLACE LLC

    REAL ESTATE IN DEVELOPMENT · MT · income -$10 · assets $3,082,522

    Directly controlled by HRC COTTAGES INC

  • HRC BITTERROOT VALLEY APARTMENTS LLC

    REAL ESTATE RENTALS · MT · income $0 · assets $0

    Directly controlled by HRC COTTAGES INC

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • HAMILTON AFFORDABLE HOUSING PARTNERSHIP LP

    N/A · REAL ESTATE RENTALS · MT · 99.99% owned · share of income -$31,862 · share of assets $1,347,369

  • SUPERIOR COMMONS LP

    N/A · REAL ESTATE RENTALS · MT · 0.01% owned · share of income -$6 · share of assets $156

  • TWO RIVERS APARTMENTS LLLP

    N/A · REAL ESTATE RENTALS · MT · 0.01% owned · share of income -$2 · share of assets $36

  • ASPEN PLACE LLLP

    N/A · REAL ESTATE RENTALS · MT · 0.01% owned · share of income -$11 · share of assets $175

  • BURNT FORK PLACE LLLP

    N/A · REAL ESTATE DEVELOPMENT · MT · 0.01% owned

  • BITTERROOT VALLEY APARTMENTS LP

    N/A · REAL ESTATE RENTALS · MT · 0.01% owned

Provenance

Return type
form_990
Tax year
2024
Filed
14 November 2025
IRS schema version
2024v5.2
Source object
202523219349308287

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