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Nonprofiteer
← HOUSING PRESERVATION INC

Form 990 for tax year 2023

Filed by HOUSING PRESERVATION INC.

Totals

Total revenue
$7,677,879
Total expenses
$8,786,402
Contributions and grants received
$396,914
Grants paid
$92,100
Program service revenue
$6,602,429
Investment income
$662,947
Other revenue
$15,589
Total assets, end of year
$40,939,203
Total liabilities, end of year
$13,830,488
Net assets or fund balances, end of year
$27,108,715
Program services expenses (Part IX)
$7,805,743
Management and general expenses
$980,659
Fundraising expenses
$0
Program service expenses (Part III)
$7,805,743

Program services were 88.8% 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.

  • 1e · Government grants (contributions)

    $396,914

  • 2a · Program service revenue: LOW INCOME HOUSING REN

    total $6,602,429 · related or exempt $6,602,429

  • 3 · Investment income

    total $662,947 · related or exempt $652,198 · excluded $10,749

  • 11a · Other revenue: OTHER REVENUE

    total $58,800 · related or exempt $58,800

  • 11b · Other revenue: LAUNDRY REVENUE

    total $19,695 · related or exempt $19,695

  • 11c · Other revenue: GENERAL PARTNER FEES

    total $12,668 · related or exempt $12,668

  • 11d · All other revenue

    total -$75,574 · excluded -$75,574

  • 11e · Other revenue, total

    $15,589

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $92,100 · program services $92,100

  • 5 · Compensation of officers, directors and key employees

    total $380,000 · program services $281,200 · management and general $98,800

  • 7 · Other salaries and wages

    total $1,758,139 · program services $1,301,023 · management and general $457,116

  • 9 · Other employee benefits

    total $111,634 · program services $82,609 · management and general $29,025

  • 10 · Payroll taxes

    total $185,467 · program services $137,246 · management and general $48,221

  • 11a · Fees: management

    total $334,762 · program services $247,724 · management and general $87,038

  • 11b · Fees: legal

    total $180,667 · program services $133,694 · management and general $46,973

  • 11c · Fees: accounting

    total $115,652 · program services $85,582 · management and general $30,070

  • 11f · Fees: investment management

    total $22,973 · management and general $22,973

  • 12 · Advertising and promotion

    total $172,863 · program services $172,863

  • 13 · Office expenses

    total $119,072 · program services $88,113 · management and general $30,959

  • 14 · Information technology

    total $40,222 · program services $29,764 · management and general $10,458

  • 17 · Travel

    total $151,920 · program services $151,920

  • 20 · Interest

    total $548,674 · program services $548,674

  • 22 · Depreciation, depletion and amortization

    total $717,786 · program services $717,786

  • 23 · Insurance

    total $503,764 · program services $503,764

  • 24a · Other expenses: REPAIRS & MAINTENANCE

    total $910,396 · program services $910,396

  • 24b · Other expenses: UTILITIES

    total $738,017 · program services $738,017

  • 24c · Other expenses: OTHER TAXES

    total $529,266 · program services $529,266

  • 24d · Other expenses: SECURITY

    total $457,792 · program services $338,766 · management and general $119,026

  • 24e · All other expenses

    total $715,236 · program services $715,236

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,184,877 · end of year $1,673,310

  • 4 · Accounts receivable

    beginning of year $6,899,438 · end of year $4,096,774

  • 7 · Other notes and loans receivable

    beginning of year $513,965 · end of year $513,965

  • 9 · Prepaid expenses and deferred charges

    beginning of year $32,239 · end of year $11,980

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

    $20,893,602

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

    $4,599,966

  • 10c · Land, buildings and equipment, net

    beginning of year $12,223,784 · end of year $16,293,636

  • 11 · Investments: publicly traded securities

    beginning of year $371,598 · end of year $371,598

  • 13 · Investments: program-related

    beginning of year $16,374,320 · end of year $16,423,274

  • 14 · Intangible assets

    beginning of year $146,392 · end of year $898,381

  • 15 · Other assets

    beginning of year $419,902 · end of year $656,285

  • 17 · Accounts payable and accrued expenses

    beginning of year $219,721 · end of year $181,305

  • 19 · Deferred revenue

    beginning of year $9,340 · end of year $20,863

  • 23 · Secured mortgages and notes payable

    beginning of year $9,645,607 · end of year $13,496,607

  • 24 · Unsecured notes and loans payable

    beginning of year -$2,111 · end of year $0

  • 25 · Other liabilities

    beginning of year $76,720 · end of year $131,713

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $28,217,238 · end of year $27,108,715

Mission and programs · 2023

Mission

TO PROVIDE AFFORDABLE RESIDENTIAL RENTAL UNITS TO LOW INCOME INDIVIDUALS AND FAMILIES.

  • HOUSING PRESERVATION, INC. PROVIDED AFFORDABLE RESIDENTIAL RENTAL UNITS TO LOW INCOME INDIVIDUALS AND FAMILIES WHO QUALIFY FOR HOUSING SUBSIDIES.

    Expenses $7,805,743 · Grants $92,100 · Revenue $7,580,859

As filed on the 2023 return.

Listed in Part VII

  • James Carmichael

    KEY EMPLOYEE

    Total calculated
    $350,000
    From this org
    $350,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    30

    Schedule J breakdown matched by us

    Base
    $350,000
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $350,000

  • Oliver Haynes

    ACQUISITION ASSOCIATE

    Total calculated
    $294,167
    From this org
    $293,717
    From related orgs
    $0
    Other
    $450
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $143,717
    Bonus
    $0
    Other
    $150,000
    Deferred
    $0
    Nontaxable benefits
    $450
    Filer's total
    $294,167

  • Gabriel Roark

    ACQUISITION ASSOCIATE

    Total calculated
    $190,000
    From this org
    $190,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $100,000
    Bonus
    $0
    Other
    $90,000
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $190,000

  • Jared Schepman

    ACQUISITION ASSOCIATE

    Total calculated
    $177,698
    From this org
    $177,698
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $114,698
    Bonus
    $0
    Other
    $63,000
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $177,698

  • Stuart Johnson

    ACQUISITION ASSOCIATE

    Total calculated
    $162,000
    From this org
    $162,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $85,000
    Bonus
    $0
    Other
    $77,000
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $162,000

  • David Bridgforth

    ACQUISITION ASSOCIATE

    Total calculated
    $147,000
    From this org
    $147,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    40

  • Eleanor White

    PRESIDENT

    Total calculated
    $30,000
    From this org
    $30,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Robert Baldacci

    DIRECTOR

    Total calculated
    $1,500
    From this org
    $1,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

  • Robert F Cook

    DIRECTOR

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Joshua Hammond

    DIRECTOR

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Mark Segal

    FORMER DIRECTOR

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Patrick Shea

    DIRECTOR

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    5

  • Lawson Stringer

    DIRECTOR

    Total calculated
    $0
    Hours/week
    5

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation survey or study

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

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.

  • MASTER SPE LLC

    LOW COST HOUSING · NV · income $17,667 · assets $156,282

    Directly controlled by HOUSING PRESERVATION INC

  • MASTER SPE II LLC

    LOW COST HOUSING · NV · income $2,139 · assets $50,741

    Directly controlled by HOUSING PRESERVATION INC

  • DANIEL GILMARTIN GP LLC

    LOW COST HOUSING · NV · income $3,634 · assets $119,983

    Directly controlled by HOUSING PRESERVATION INC

  • SPE MERCED LLC

    LOW COST HOUSING · CA · income $7,559 · assets $117,766

    Directly controlled by HOUSING PRESERVATION INC

  • JAMESTOWN PRESERVATION GP LLC

    LOW COST HOUSING · NV · income $2,416 · assets $79,309

    Directly controlled by HOUSING PRESERVATION INC

  • MARLBOROUGH REVITALIZATION GP INC

    LOW COST HOUSING · MD · income -$125 · assets $1,109,075

    Directly controlled by HOUSING PRESERVATION INC

  • CORINTHIAN I GP LLC

    LOW COST HOUSING · MO · income -$12,312 · assets $332,666

    Directly controlled by HOUSING PRESERVATION INC

  • JS INVESTMENTS LLC

    LOW COST HOUSING · NV · income $12,419 · assets $256,237

    Directly controlled by HOUSING PRESERVATION INC

Related partnerships

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

  • CALVARY TOWERS LIMITED PARTNERSHIP

    RELATED · LOW COST HOUSING · TN · 1% owned · share of income -$5,031 · share of assets $111,562 · general or managing partner

  • CAMPBELL COURT LP

    RELATED · LOW COST HOUSING - OWNED BY DRE EIN -9346 · TN · 1% owned · share of income $2,139 · share of assets $50,741 · general or managing partner

  • CAPITOL VIEW TOWER LP

    RELATED · LOW COST HOUSING - OWNED BY DRE EIN -7715 · NE · 1% owned · share of income -$261 · share of assets $33,708 · general or managing partner

  • CASA LA MERCED LP

    RELATED · LOW COST HOUSING - OWNED BY DRE EIN -7839 · TN · 1% owned · share of income $7,559 · share of assets $117,766 · general or managing partner

  • CEDAR HILLS LLC

    RELATED · LOW COST HOUSING · LA · 5% owned · share of income $7,128 · share of assets $144,927 · general or managing partner

  • CENTER PLACE LLC

    RELATED · LOW COST HOUSING · MD · 5% owned · share of income -$44 · share of assets $279,221 · general or managing partner

  • CHRISTIAN VILLAGE LLC

    RELATED · LOW COST HOUSING · TN · 1% owned · share of income $4,270 · share of assets $110,103 · general or managing partner

  • CPT I LP

    RELATED · LOW COST HOUSING · FL · 0.5% owned · share of income $1,587 · share of assets $23,391 · general or managing partner

  • DANIEL GILMARTIN LP

    RELATED · LOW COST HOUSING - OWNED BY DRE EIN -0232 · TN · 1% owned · share of income $3,634 · share of assets $119,983 · general or managing partner

  • GATEWAY TERRACE II LP

    RELATED · LOW COST HOUSING · TN · 1% owned · share of income $10,520 · share of assets $217,092 · general or managing partner

  • GRANT STREET SENIOR APARTMENTS LLC

    RELATED · LOW COST HOUSING · CT · 5% owned · share of income $7,293 · share of assets $313,366 · general or managing partner

  • HACKETTSTOWN SENIORS URBAN RENEWAL LLC

    RELATED · LOW COST HOUSING · NJ · 5% owned · share of income $3,575 · share of assets $328,460 · general or managing partner

  • JCT II LP

    RELATED · LOW COST HOUSING - OWNED BY DRE EIN -7715 · FL · 1% owned · share of income $13,250 · share of assets $21,853 · general or managing partner

  • JS INVESTMENT LLC

    RELATED · LOW COST HOUSING · NV · 5% owned · share of income $12,419 · share of assets $256,237 · general or managing partner

  • KIRKWOOD LLC

    RELATED · LOW COST HOUSING · NC · 1% owned · share of income $6,737 · share of assets $36,063 · general or managing partner

  • LUTHER ACRES LLC

    RELATED · LOW COST HOUSING · NC · 50% owned · share of income $3,276 · share of assets $15,264 · general or managing partner

  • MARY WALKER LIMITED PARTNERSHIP

    RELATED · LOW COST HOUSING · TN · 1% owned · share of income $2,470 · share of assets $98,703 · general or managing partner

  • MB PARK AND TOWER LP

    RELATED · LOW COST HOUSING · TN · 1% owned · share of income $4,675 · share of assets $64,074 · general or managing partner

  • OLDE KENSINGTON LP

    RELATED · LOW COST HOUSING - OWNED BY DRE EIN -7715 · PA · 1% owned · share of income $3,568 · share of assets $48,846 · general or managing partner

  • OWL SENIORS LP

    RELATED · LOW COST HOUSING · TN · 1% owned · share of income $3,934 · share of assets $33,040 · general or managing partner

  • SILVERTREE SENIORS ATLANTA LLC

    RELATED · LOW COST HOUSING · GA · 1% owned · share of income -$468 · share of assets $36,595 · general or managing partner

  • SILVERTREE SENIORS CHATANOOGA LP

    RELATED · LOW COST HOUSING · TN · 1% owned · share of income $3,436 · share of assets $39,188 · general or managing partner

  • SILVERTREE SENIORS JAMESTOWN LP

    RELATED · LOW COST HOUSING - OWNED BY DRE EIN -2146 · NY · 1% owned · share of income $2,416 · share of assets $79,309 · general or managing partner

  • SILVERTREE SENIORS LP

    RELATED · LOW COST HOUSING · FL · 1% owned · share of income $2,421 · share of assets $68,925 · general or managing partner

  • SKYLINE TOWER LIMITED PARTNERSHIP

    RELATED · LOW COST HOUSING - OWNED BY DRE EIN -7715 · OH · 1% owned · share of income $1,110 · share of assets $51,875 · general or managing partner

  • SMYRNA TOWERS LLC

    RELATED · LOW COST HOUSING · GA · 1% owned · share of income $942 · share of assets $64,941 · general or managing partner

  • TEMPLE SENIOR APARTMENTS LP

    RELATED · LOW COST HOUSING · PA · 1% owned · share of income -$2,123 · share of assets $29,695 · general or managing partner

  • UNICO VILLAGE II LP

    RELATED · LOW COST HOUSING · TN · 1% owned · share of income -$13,625 · share of assets $11,247 · general or managing partner

  • WINTER HAVEN MANOR LP

    RELATED · LOW COST HOUSING · TN · 1% owned · share of income $1,008 · share of assets $62,407 · general or managing partner

  • CORINTHIAN I LP

    RELATED · LOW COST HOUSING - OWNED BY DRE EIN -9138 · MO · 1% owned · share of income -$12,312 · share of assets $332,666 · general or managing partner

  • REDWOOD SENIORS LP

    RELATED · LOW COST HOUSING · CA · 1% owned · share of income -$22,992 · share of assets $127,542 · general or managing partner

  • SEAVIEW PLAZA LP

    RELATED · LOW COST HOUSING · CA · 1% owned · share of income -$2,800 · share of assets $280,399 · general or managing partner

  • FARMDALE LLC

    RELATED · LOW COST HOUSING · NV · 1% owned · share of income $1,198 · share of assets $30,074 · general or managing partner

  • HELLENIC TOWER LLC

    RELATED · LOW COST HOUSING · NV · 1% owned · share of income $3,661 · share of assets $66,720 · general or managing partner

  • FARMDALE II LLC

    RELATED · LOW COST HOUSING · NV · 1% owned · share of income $677 · share of assets $7,985 · general or managing partner

  • HILLSBORO PLAZA LLC

    RELATED · LOW COST HOUSING · NV · 1% owned · share of income -$2,442 · share of assets -$154,606 · general or managing partner

  • CORINTHAIN III LP

    RELATED · LOW COST HOUSING · MO · 1% owned · share of income $745 · share of assets $45,521 · general or managing partner

  • CORINTHIAN IV LP

    RELATED · LOW COST HOUSING · MO · 1% owned · share of income $823 · share of assets $61,951 · general or managing partner

  • CPT II LP

    RELATED · LOW COST HOUSING · FL · 0.5% owned · share of income $2,302 · share of assets $4,617 · general or managing partner

  • EASEHOUSE LP

    RELATED · LOW COST HOUSING · AL · 1% owned · share of income -$3,072 · share of assets $206,185 · general or managing partner

  • REBA BROWN LP

    RELATED · LOW COST HOUSING · PA · 1% owned · share of income -$3,689 · share of assets $130,211 · general or managing partner

  • ST CLAIR VILLA APT LP

    RELATED · LOW COST HOUSING · PA · 1% owned · share of income -$1,274 · share of assets $48,712 · general or managing partner

  • SYLMAR OLIVE MANOR LP

    RELATED · LOW COST HOUSING · CA · 1% owned · share of income -$7,364 · share of assets $167,221 · general or managing partner

  • VILLA ALEGRE LLC

    RELATED · LOW COST HOUSING · NV · 1% owned · share of income -$12,072 · share of assets $6,247 · general or managing partner

  • 1490 ESTATES LP

    RELATED · LOW COST HOUSING · NY · 1% owned · share of income -$7,933 · share of assets -$4,162 · general or managing partner

  • AMHERST SENIOR APARTMENTS LP

    RELATED · LOW COST HOUSING · NV · 1% owned · share of income $6,976 · share of assets $191,523 · general or managing partner

  • GALLATIN TOWER LP

    RELATED · LOW COST HOUSING · TN · 1% owned · share of income -$4,242 · share of assets $156,980 · general or managing partner

  • LINDEN CAMILLA LLC

    RELATED · LOW COST HOUSING · TN · 1% owned · share of income -$7,007 · share of assets $774,407 · general or managing partner

  • MOLLIE AND MAX LP

    RELATED · LOW COST HOUSING · TX · 1% owned · share of income -$3,555 · share of assets $45,059 · general or managing partner

  • NIKKEI VILLAGE LP

    RELATED · LOW COST HOUSING · CA · 1% owned · share of income $420 · share of assets $115,123 · general or managing partner

  • OAK GROVE APARTMENTS LLC

    RELATED · LOW COST HOUSING · NV · 1% owned · share of income -$481 · share of assets $777 · general or managing partner

  • SETON HAVEN LP

    RELATED · LOW COST HOUSING · AL · 1% owned · share of income -$25,286 · share of assets $328,016 · general or managing partner

  • VILLA BATON ROUGE LP

    RELATED · LOW COST HOUSING · LA · 1% owned · share of income -$22,015 · share of assets $26,206 · general or managing partner

  • WASHINGTON TOWERS REVITALIZATION LP

    RELATED · LOW COST HOUSING · NY · 1% owned · share of income -$4,892 · share of assets $138,724 · general or managing partner

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202413209349327451

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