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Nonprofiteer
← VENTURE INC

Form 990 for tax year 2022

Filed by VENTURE INC.

Totals

Total revenue
$471,444
Total expenses
$704,103
Contributions and grants received
$416,370
Grants paid
$0
Program service revenue
$0
Investment income
$32,615
Other revenue
$22,459
Total assets, end of year
$351,748
Total liabilities, end of year
$1,403,724
Net assets or fund balances, end of year
-$1,051,976
Program services expenses (Part IX)
$563,960
Management and general expenses
$140,143
Fundraising expenses
$0
Program service expenses (Part III)
$563,960

Program services were 80.1% 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)

    $311,791

  • 1f · All other contributions, gifts and grants

    $104,579

  • 3 · Investment income

    total $32,615 · related or exempt $32,615

  • 11a · Other revenue: RENTAL INCOME

    total $22,459 · related or exempt $22,459

  • 11e · Other revenue, total

    $22,459

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $52,358 · program services $52,358

  • 9 · Other employee benefits

    total $22,631 · program services $22,631

  • 11g · Fees: other

    total $507,393 · program services $367,250 · management and general $140,143

  • 20 · Interest

    total $74,661 · program services $74,661

  • 22 · Depreciation, depletion and amortization

    total $20,109 · program services $20,109

  • 24a · Other expenses: OTHER COSTS

    total $26,951 · program services $26,951

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $100,386 · end of year $105,567

  • 4 · Accounts receivable

    beginning of year -$1,554,023 · end of year -$1,721,259

  • 7 · Other notes and loans receivable

    beginning of year $1,415,664 · end of year $1,443,419

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

    $804,365

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

    $176,177

  • 10c · Land, buildings and equipment, net

    beginning of year $648,297 · end of year $628,188

  • 12 · Investments: other securities

    beginning of year -$76,798 · end of year -$104,167

  • 17 · Accounts payable and accrued expenses

    beginning of year $68,168 · end of year $86,043

  • 19 · Deferred revenue

    beginning of year $5,291 · end of year $1,798

  • 23 · Secured mortgages and notes payable

    beginning of year $1,279,383 · end of year $1,315,883

  • 27 · Net assets without donor restrictions

    beginning of year -$819,316 · end of year -$1,051,976

Mission and programs · 2022

Mission

TO PROVIDE AFFORDABLE HOUSING OPPORTUNITIES TO THOSE INDIVIDUALS OR FAMILIES IN NEED. INCREASE THE AMOUNT OF AFFORDABLE HOUSING WITHIN OAKLAND AND LIVINGSTON COUNTIES.

Activities or mission (Part I)

VENTURE, INC. WILL PROVIDE, ENERGY-EFFICIENT, AFFORDABLE HOUSING FOR PERSONS OF LOW AND MODERATE INCOME LEVELS BY FACILITATING HOME PURCHASE, REHABILITAITON, CONSTRUCTION, AND LENDING AND PERFORM OTHER COMMUNITY DEVELOPMENT ACTIVITIES TO ASSIST IN SUCH OBJECTIVES.

  • TO INCREASE THE AMOUNT OF AFFORDABLE HOUSING WITHIN OAKLAND AND LIVINGSTON COUNTIES. DURING 2022, VENTURE CONTINUED ITS WORK IN THE GM MODERN HOUSING NEIGHBORHOOD BY DOING SOME OWNER OCCUPIED REHABILITATION WORK. VENTURE ALSO STARTED CONSTRUCTION OF ITS FOURTH HOUSE BUILD UTILIZING FUNDING FROM OAKLAND COUNTY IN PARTNERSHIP WITH THE OAKLAND SCHOOLS TECHNICAL CAMPUS IN PONTIAC.

    Expenses $563,960

As filed on the 2022 return.

Listed in Part VII

  • Susan Harding

    CHAIRMAN

    Total calculated
    $178,100
    From this org
    $0
    From related orgs
    $178,100
    Other
    $0
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $131,060 related
    Bonus
    $0 + $9,829 related
    Other
    $0 + $37,211 related
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $178,100 related

  • Brad Michaud

    PRESIDENT

    Total calculated
    $137,977
    From this org
    $0
    From related orgs
    $137,977
    Other
    $0
    Hours/week
    12 + 28 related

  • Thomas Kabel

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Coleman Youkam

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Charmell Hancock

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Holbert Maxey

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Bryan Keiler

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1

  • Terry Winter

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Doug Williams

    TRUSTEE

    Total calculated
    $0
    Hours/week
    1 + 1 related

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 · Written employment contract
  • 3 · Approval by the board or compensation committee

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

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.

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.

Related partnerships

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

  • VENTURE GRAND RIVER LDHA LP

    AFFORDABLE HOUSING · MI · 10% owned

  • VENTURE GATEWAY LDHA LP

    AFFORDABLE HOUSING · MI · 10% owned

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • VENTURE HOUSING INC

    C · AFFORDABLE HOUSING · MI · 100% owned

Provenance

Return type
form_990
Tax year
2022
Filed
9 November 2023
IRS schema version
2022v5.0
Source object
202303139349305310

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