Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 2a · Program service revenue: HUD Subsidized Rent

  total $67,685 · related or exempt $67,685 · unrelated business $0 · excluded $0

• 2b · Program service revenue: Tenant Revenue

  total $34,488 · related or exempt $34,488 · unrelated business $0 · excluded $0

• 2f · All other program service revenue

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 3 · Investment income

  total $17 · related or exempt $17 · unrelated business $0 · excluded $0

• 4 · Income from investment of tax-exempt bond proceeds

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 5 · Royalties

  total $0 · related or exempt $0 · unrelated business $0 · excluded $0

• 6c · Rental income or loss

  real property $0 · personal property $0

• 7c · Gain or loss

  securities $0 · other assets $0

• 11e · Other revenue, total

  $0

Functional expenses

Part IX, the statement of functional expenses.

• 7 · Other salaries and wages

  total $27,050 · program services $27,050 · management and general $0 · fundraising $0

• 11a · Fees: management

  total $6,000 · program services $6,000 · management and general $0 · fundraising $0

• 11c · Fees: accounting

  total $7,831 · program services $7,831 · management and general $0 · fundraising $0

• 13 · Office expenses

  total $966 · program services $966 · management and general $0 · fundraising $0

• 16 · Occupancy

  total $52,068 · program services $52,068 · management and general $0 · fundraising $0

• 22 · Depreciation, depletion and amortization

  total $23,668 · program services $23,668 · management and general $0 · fundraising $0

• 23 · Insurance

  total $8,372 · program services $8,372 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

• 1 · Cash, non-interest-bearing

  beginning of year $178,909 · end of year $182,823

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

  $992,996

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

  $549,152

• 10c · Land, buildings and equipment, net

  beginning of year $467,512 · end of year $443,844

• 17 · Accounts payable and accrued expenses

  beginning of year $61,231 · end of year $65,242

• 23 · Secured mortgages and notes payable

  beginning of year $922,100 · end of year $922,100

• 27 · Net assets without donor restrictions

  beginning of year -$336,910 · end of year -$360,675

• 28 · Net assets with donor restrictions

  beginning of year $0 · end of year $0

The filer's explanations (Part III)

Schedule J, Part I, Line 3

The Board Chair along with the Board Chairs' Team (composed of lead members of the Board Operations Committee) conducts an evaluation every two years prior to the end of the three year CEO contract. Recommendation for a new contract for the next three years is then brought to the Board Operations Committee for discussion and approval. The proposed new CEO contract which includes a three year fixed compensation package is presented to the full Board of Directors for approval. The three year CEO contract is approved by vote of the full Board of Directors.