Form 990 for tax year 2023

Totals

Total revenue

$590,072

Total expenses

$443,030

Contributions and grants received

$578,575

Grants paid

$0

Program service revenue

$11,200

Investment income

$0

Other revenue

$297

Total assets, end of year

$684,228

Total liabilities, end of year

$208,632

Net assets or fund balances, end of year

$475,596

Program services expenses (Part IX)

$380,441

Management and general expenses

$59,898

Fundraising expenses

$2,691

Program service expenses (Part III)

$380,441

Program services were 85.9% 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.

Mission and programs · 2023

• HOME REPAIR PROGRAM - THIS PROGRAM IS DESIGNED TO ASSIST LOW-INCOME HOMEOWNERS IN MAKING NEEDED REPAIRS TO THEIR PRIMARY RESIDENCE TO ADDRESS CRITICAL LIFE, HEALTH AND SAFETY ISSUES. THIS IS DONE WITH SEVERAL DIFFERENT FUNDING SOURCES SUCH AS, SOUTH CAROLINA HOUSING TRUST FUND, HUD OLDER ADULT HOME MODIFICATION FUNDS, AND DUKE WEATHERIZATION FUNDS. EACH FUNDING SOURCE HAS DIFFERENT APPLICATION PROCESSES AND WAITING LIST.

  Expenses $342,384

• RENTAL HOUSING PROGRAM - THE PURPOSE OF THIS PROGRAM IS TO PROVIDE AFFORDABLE HOUSING FOR INDIVIDUALS WHO HAVE COMPLETED REHABILITATION OR RECOVERY PROGRAMS. RENT RATES ARE TYPICALLLY LOWER THAN MARKET RATES AND ARE OFTEN SUBSIDIZED THROUGH OTHER STATE HOUSING URBAN AND DEVELOPMENT PROGRAMS. I58 UNDERSTANDS THIS CAN BE CRUCIAL FOR THEIR SUCCESSFUL TRANSITION TO INDEPENDENT LIVING. BY OFFERING SUPPORT THROUGH THIS PROGRAM, I58 IS HELPING TO ENSURE THAT THESE INDIVIDUALS HAVE A STABLE ENVIRONMENT AS THEY CONTINUE THEIR JOURNEY TOWARDS SELF-SUFFICIENCY. IT IS A WAY TO EMPOWER THOSE INDIVIDUALS TO REBUILD THEIR LIVES AND THRIVE AFTER OVERCOMING CHALLENGES.

  Expenses $20,408 · Revenue $11,200

• TRANSITIONAL MEN'S HOUSING PROGRAM - THIS PROGRAM IS DESIGNED TO SERVE AS A RESIDENCE FOR CERTAIN MEN IN THE COMMUNITY. THE TRANSITIONAL HOUSE ITSELF FEATURES SIX BEDROOMS AND THREE BATHROOMS. THE HOUSE HAD BEEN ABANDONED FOR OVER A DECADE AND WAS PREVIOUSLY ENCUMBERED BY A RESTRICTIVE COVENANT IMPOSED BY HUD. IT NOW PROVIDES A SAFE AND SECURE ENVIRONMENT FOR MEN WHO HAVE SUCCESSFULLY COMPLETED A 90-DAY REHABILITATION PROGRAM AND WISHES TO CONTINUE THEIR JOURNEY OF RECOVERY. I58 OFFERS COMPREHENSIVE SUPPORT SERVICES, INCLUDING ASSISTANCE IN JOB PLACEMENT AND CREDIT BUILDING, ENABLING THESE INDIVIDUALS TO BECOME CONTRIBUTING MEMBERS OF OUR COMMUNITY IN AS LITTLE AS 18 MONTHS AND EMPOWERING THEM TO ACHIEVE INDEPENDENT LIVING. THE RESIDENTS OF THE HOUSE CONTRIBUTE 80 PER WEEK, WHICH GOES TOWARDS COVERING THE COST ASSOCIATED WITH THE MORTGAGE, UTILITIES, INSURANCE, AND MAINTENANCE OF THE PROPERTY.

  Expenses $14,958

• THROUGH I58'S HOMEOWNERSHIP PROGRAM, A PIVOTAL PARTNERSHIP WAS FORGED WITH YORK TECHNICAL COLLEGE IN ROCK HILL, SC, ENABLING I58 TO CONSTRUCT 900 SQ. FT., 2-BEDROOM / 2-BATHROOM HOMES. THESE HOMES ARE METICULOUSLY CONSTRUCTED ON CAMPUS IN ROCK HILL, SC, AND THEN TRANSPORTED TO A LOT IN CHESTER COUNTY, SC, THAT WAS EITHER PURCHASED OR DONATED TO I58. THROUGH A PARTNERSHIP WITH THE CITY OF CHESTER, THE CITY HAS DONATED LOTS TO I58. THIS COLLABORATION NOT ONLY PROVIDED STUDENTS WITH VALUABLE HANDS-ON EXPERIENCE IN THE DIFFERENT AREAS OF CONSTRUCTION BUT ALSO SIGNIFICANTLY REDUCES I58'S CONSTRUCTION COSTS. WITH THE REDUCTION OF THE CONSTRUCTION COST, THIS ALLOWS I58 TO PROVIDE A FORGIVABLE SECOND MORTGAGE TO MAKE THE BORROWING AMOUNT LESS FOR THE HOMEOWNER FROM A FINANCIAL INSTITUTION. THE FORGIVABLE SECOND MORTGAGE IS USUALLY 10 - 15% DISCOUNT OF THE ASKING PRICE. ONCE THE HOUSE IS APPRAISED, THE ASKING PRICE IS THEN SET. AS LONG AS THE HOMEOWNER PAYS THEIR NOTE TO THE FINANCIAL INSTITUTION WHICH HOLDS THE FIRST MORTGAGE, THEY NEVER OWE I58 ANYTHING. THE GOAL IS TO KEEP THE MARKET VALUE OF THE COMMUNITY STABLE AND PROVIDE AFFORDABLE HOUSING AT THE SAME TIME. THEREFORE, BY GIVING THE NEW HOMEOWNER THE FORGIVABLE SECOND MORTGAGE, THIS ALLOWS THE HOMEOWNER TO COME OUT ON TOP WITH EQUITY IN THE HOME FROM DAY ONE. WHILE THE HOUSE IS UNDER CONSTRUCTION BY I58'S PARTNER, I58 IS WORKING WITH POTENTIAL CLIENTS TO HELP THEM REPAIR AND/OR ESTABLISH THEIR CREDIT, LEARN HOW TO WORK WITHIN A BUDGET AND INSTILL THE IMPORTANCE OF MAINTENANCE WITHIN THE HOUSE TO MAINTAIN THE STABILITY OF THE HOUSE. THE GOAL IS FOR THE CLIENT TO SUCCEED IN THEIR NEW JOURNEY AS HOMEOWNERS.

  Expenses $2,691

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

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.

Provenance

Return type

form_990

Tax year

2023

Filed

27 June 2024

IRS schema version

2023v5.0

Source object

202402579349300135

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.