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Nonprofiteer
← AMERICAN OPPORTUNITY FOUNDATION INC

Form 990 for tax year 2022

Filed by AMERICAN OPPORTUNITY FOUNDATION INC.

Totals

Total revenue
$32,535,657
Total expenses
$2,553,054
Contributions and grants received
$31,540,000
Grants paid
$459,683
Program service revenue
$410,337
Investment income
$585,320
Other revenue
$0
Total assets, end of year
$65,084,205
Total liabilities, end of year
$1,100,559
Net assets or fund balances, end of year
$63,983,646
Program services expenses (Part IX)
$2,256,857
Management and general expenses
$296,197
Fundraising expenses
$0
Program service expenses (Part III)
$2,256,857

Program services were 88.4% 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.

  • 1d · Related organizations

    $31,540,000

  • 2a · Program service revenue: MANAGEMENT FEES

    total $289,039 · related or exempt $289,039

  • 2b · Program service revenue: INTEREST INCOME

    total $121,298 · related or exempt $121,298

  • 3 · Investment income

    total $584,702 · excluded $584,702

  • 7a · Gross sales of assets other than inventory

    securities $923

  • 7b · Less cost or other basis and sales expenses

    securities $305

  • 7c · Gain or loss

    securities $618

  • 7d · Net gain or loss

    total $618 · excluded $618

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $458,559 · program services $458,559

  • 2 · Grants to domestic individuals

    total $1,124 · program services $1,124

  • 5 · Compensation of officers, directors and key employees

    total $1,865,604 · program services $1,644,244 · management and general $221,360

  • 10 · Payroll taxes

    total $52,171 · program services $46,954 · management and general $5,217

  • 11c · Fees: accounting

    total $9,150 · management and general $9,150

  • 11f · Fees: investment management

    total $25,000 · management and general $25,000

  • 11g · Fees: other

    total $11,911 · management and general $11,911

  • 13 · Office expenses

    total $10,291 · program services $7,490 · management and general $2,801

  • 16 · Occupancy

    total $31,266 · program services $21,886 · management and general $9,380

  • 17 · Travel

    total $26,626 · program services $26,626

  • 19 · Conferences, conventions and meetings

    total $1,325 · management and general $1,325

  • 22 · Depreciation, depletion and amortization

    total $7,439 · program services $3,720 · management and general $3,719

  • 23 · Insurance

    total $5,473 · program services $3,169 · management and general $2,304

  • 24a · Other expenses: BAD DEBTS

    total $21,026 · program services $21,026

  • 24b · Other expenses: SOCIAL SERVICES EXPENSE

    total $16,312 · program services $16,312

  • 24c · Other expenses: TELEPHONE

    total $5,627 · program services $3,939 · management and general $1,688

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $3,260 · program services $1,630 · management and general $1,630

  • 24e · All other expenses

    total $890 · program services $178 · management and general $712

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $28,859 · end of year $409,308

  • 2 · Savings and temporary cash investments

    beginning of year $25,088,691 · end of year $210,211

  • 4 · Accounts receivable

    beginning of year $725,097 · end of year $170,974

  • 7 · Other notes and loans receivable

    beginning of year $830,000 · end of year $750,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $14,545 · end of year $16,500

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

    $53,417

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

    $34,501

  • 10c · Land, buildings and equipment, net

    beginning of year $26,355 · end of year $18,916

  • 11 · Investments: publicly traded securities

    beginning of year $9,455,243 · end of year $63,441,428

  • 15 · Other assets

    beginning of year $301,199 · end of year $66,868

  • 17 · Accounts payable and accrued expenses

    beginning of year $870,080 · end of year $1,069,030

  • 19 · Deferred revenue

    beginning of year $61,252 · end of year $31,529

  • 27 · Net assets without donor restrictions

    beginning of year $35,538,657 · end of year $63,983,646

Mission and programs · 2022

Mission

OWNING AND SUPPORTING HOUSING FOR MODERATE-TO-LOW INCOME FAMILIES AND THE ELDERLY.

  • OBTAINING FINANCING FOR AND ACQUIRING MULTIFAMILY LOW-INCOME HOUSING AND SUPPORTING THEIR OPERATION.

    Expenses $2,256,857 · Grants $459,683 · Revenue $410,337

As filed on the 2022 return.

Listed in Part VII

  • PHILIP J KENNEDY

    PRESIDENT, TRUSTEE

    Total calculated
    $1,065,556
    From this org
    $993,125
    From related orgs
    $0
    Other
    $72,431
    Hours/week
    35 + 10 related

    Schedule J breakdown matched by us

    Base
    $378,125
    Bonus
    $600,000
    Other
    $15,000
    Deferred
    $37,840
    Nontaxable benefits
    $34,591
    Filer's total
    $1,065,556

  • ROBERT R DERRICK

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.2

  • WILLIAM P FISHER III

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.2

  • JACK T HAMMER

    TRUSTEE

    Total calculated
    $0
    Hours/week
    0.2

  • KATHRYN WALKER

    VICE PRESIDENT, SECRETARY

    Total calculated
    $422,670
    From this org
    $365,000
    From related orgs
    $0
    Other
    $57,670
    Hours/week
    35 + 10 related

    Schedule J breakdown matched by us

    Base
    $250,000
    Bonus
    $100,000
    Other
    $15,000
    Deferred
    $37,840
    Nontaxable benefits
    $19,830
    Filer's total
    $422,670

  • ALAN FERGUSON

    SENIOR VICE PRESIDENT

    Total calculated
    $150,225
    From this org
    $137,500
    From related orgs
    $0
    Other
    $12,725
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $137,500
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $12,725
    Filer's total
    $150,225

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

  • 1a · Travel for companions
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 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

The filer's explanations (Part III)

PART I, LINE 1A
IN ACCORDANCE WITH ESTABLISHED CORPORATE TRAVEL POLICY FIRST CLASS TRAVEL MAY BE PERMITTED WITH PRIOR EXECUTIVE LEVEL APPROVAL BASED ON AN EVALUATION OF THE FOLLOWING CRITERIA: 1. SCHEDULE FLIGHT DURATION IN EXCESS OF 4 HOURS. 2. TIME OF DAY OF THE TRAVEL. 3. FARE DIFFERENTIAL WITH PUBLISHED COACH CLASS FARES. 4. AVAILABLE SEATING IN COACH CLASS. FIRST CLASS TRAVEL IS ALSO PERMITTED FOR LAST MINUTE NECESSARY CORPORATE TRAVEL WHEN NO COACH CLASS SEATS ARE AVAILABLE. COMPANION TRAVEL IS PERMITTED TO CORPORATE FUNCTIONS AND INDUSTRY SEMINAR AND NETWORKING GATHERINGS WHERE THE ABSENCE OF A SPOUSE OR COMPANION WOULD BE DEEMED CONSPICUOUS.

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

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.

Related corporations and trusts

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

  • HSI MANAGEMENT INC

    C · MANAGEMENT OF AFFORDABLE HOUSING · GA

    Directly controlled by AOF HSI MANAGEMENT SERVICES CORP

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202303199349327255

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