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Nonprofiteer
← HRC COTTAGES INC

Form 990 for tax year 2022

Filed by HRC COTTAGES INC.

Totals

Total revenue
$718,941
Total expenses
$853,059
Contributions and grants received
$2,520
Grants paid
$0
Program service revenue
$721,181
Investment income
$7,778
Other revenue
-$12,538
Total assets, end of year
$5,484,993
Total liabilities, end of year
$5,188,908
Net assets or fund balances, end of year
$296,085
Program services expenses (Part IX)
$655,781
Management and general expenses
$197,278
Fundraising expenses
$0
Program service expenses (Part III)
$655,781

Program services were 76.9% 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.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $2,520

  • 2a · Program service revenue: LOW INCOME RENTAL

    total $634,378 · related or exempt $634,378

  • 2b · Program service revenue: ASSET MANAGEMENT FEES

    total $86,803 · related or exempt $86,803

  • 3 · Investment income

    total $7,778 · excluded $7,778

  • 11a · Other revenue: EARNED DEVELOPER FEE

    total $40,000 · related or exempt $40,000

  • 11b · Other revenue: MISCELLANEOUS

    total $3,991 · related or exempt $3,991

  • 11c · Other revenue: INCOME FROM PARTNERSHI

    total -$56,529 · excluded -$56,529

  • 11e · Other revenue, total

    -$12,538

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $5,484 · management and general $5,484

  • 7 · Other salaries and wages

    total $17,718 · program services $15,279 · management and general $2,439

  • 9 · Other employee benefits

    total $4,613 · program services $1,846 · management and general $2,767

  • 10 · Payroll taxes

    total $3,262 · program services $3,262

  • 11a · Fees: management

    total $91,193 · management and general $91,193

  • 11b · Fees: legal

    total $18,395 · program services $18,395

  • 11c · Fees: accounting

    total $13,248 · program services $13,248

  • 11g · Fees: other

    total $19,002 · program services $2,323 · management and general $16,679

  • 12 · Advertising and promotion

    total $2,370 · program services $2,094 · management and general $276

  • 13 · Office expenses

    total $11,800 · program services $11,449 · management and general $351

  • 19 · Conferences, conventions and meetings

    total $398 · program services $301 · management and general $97

  • 20 · Interest

    total $36,228 · program services $36,228

  • 22 · Depreciation, depletion and amortization

    total $250,745 · program services $219,812 · management and general $30,933

  • 23 · Insurance

    total $74,823 · program services $59,700 · management and general $15,123

  • 24a · Other expenses: MAINTENANCE

    total $162,634 · program services $137,966 · management and general $24,668

  • 24b · Other expenses: UTILITIES

    total $94,577 · program services $89,612 · management and general $4,965

  • 24c · Other expenses: TAXES AND LICENSES

    total $44,351 · program services $43,697 · management and general $654

  • 24d · Other expenses: SUPPLIES

    total $2,218 · program services $569 · management and general $1,649

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $691,945 · end of year $597,959

  • 2 · Savings and temporary cash investments

    beginning of year $1,258,559 · end of year $1,323,141

  • 4 · Accounts receivable

    beginning of year $85,603 · end of year $159,307

  • 9 · Prepaid expenses and deferred charges

    beginning of year $34,174 · end of year $38,700

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

    $7,757,183

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

    $4,748,369

  • 10c · Land, buildings and equipment, net

    beginning of year $3,157,499 · end of year $3,008,814

  • 13 · Investments: program-related

    beginning of year $413,601 · end of year $357,072

  • 17 · Accounts payable and accrued expenses

    beginning of year $47,928 · end of year $94,450

  • 19 · Deferred revenue

    beginning of year $40,000 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $46,572 · end of year $46,984

  • 23 · Secured mortgages and notes payable

    beginning of year $2,814,490 · end of year $2,740,697

  • 25 · Other liabilities

    beginning of year $2,262,188 · end of year $2,306,777

  • 27 · Net assets without donor restrictions

    beginning of year $430,203 · end of year $296,085

Mission and programs · 2022

Mission

OWN, OPERATE, AND MAINTAIN HOUSING FOR LOWER INCOME PEOPLE.

Activities or mission (Part I)

OWN, OPERATE, AND MAINTAIN LOW-INCOME HOUSING.

  • HOUSING FOR LOWER INCOME PEOPLE: 269 TOTAL UNITS OF LOW-INCOME HOUSING IN HAMILTON, CORVALLIS, SUPERIOR, STEVENSVILLE, VICTOR, MISSOULA, ST. REGIS, AND DARBY, MONTANA RENTED AT BELOW MARKET RATES TO LOWER INCOME TENANTS. PROPERTIES INCLUDE BURNT FORK APARTMENTS, WILLOW CREEK APARTMENTS, EDNA COURT COTTAGES, EAGLE APARTMENTS, RIVERSIDE APARTMENTS, CHARLOS APARTMENTS, CEDAR GROVE APARTMENTS, DARBY APARTMENTS, TERRACE APARTMENTS, MAPLE COTTAGES, PARKSIDE APARTMENTS, TWO RIVERS APARTMENTS, SUPERIOR COMMONS APARTMENTS, BURNT FORK PLACE, ASPEN APARTMENTS, MOUNTAIN VIEW, AND BITTERROOT COMMONS.

    Expenses $655,781 · Revenue $765,172

As filed on the 2022 return.

Listed in Part VII

  • Jim Morton

    PRESIDENT

    Total calculated
    $199,685
    From this org
    $5,484
    From related orgs
    $168,390
    Other
    $25,811
    Hours/week
    10

    Schedule J breakdown matched by us

    Base
    $5,484 + $168,390 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $14,832 related
    Nontaxable benefits
    $0 + $10,979 related
    Filer's total
    $5,484 + $194,201 related

  • Larry Degarmo

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Charlie Wellenstein

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

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 · 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 3
THE COMPENSATION OF THE ORGANIZATION'S CEO/EXECUTIVE DIRECTOR BY THE ORGANIZATION IS REVIEWED AND APPROVED BY THE ORGANIZATION'S BOARD OF DIRECTORS. THE COMPENSATION OF THE ORGANIZATION'S CEO/EXECUTIVE DIRECTOR BY RELATED ORGANIZATION'S IS REVIEWED AND APPROVED BY THE RELATED ORGANIZATION'S BOARD OF DIRECTORS.

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.

  • HRC DEVELOPMENT INC

    501(C)(3) · PURCHASE & DEVELOP REAL ESTATE FOR THE BENEFIT OF LOW-INCOME INDIVIDUALS. · MT

    Directly controlled by DISTRICT XI HRC

  • DISTRICT XI HRC VEBA INC

    501(C)(9) · VOLUNTARY EMPLOYEE BENEFICIARY ASSOCIATION · MT

    Directly controlled by DISTRICT XI HRC

  • DISTRICT XI HRC

    501(C)(3) · ADVOCATE FOR LOW-INCOME, PUBLIC BENEFIT CORPORATION · MT

  • HRC PARKSIDE INC

    501(C)(3) · OPERATE THE PARKSIDE APARTMENTS IN HAMILTON, MT · MT

    Directly controlled by DISTRICT XI HRC

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.

  • HRC SUPERIOR COMMONS LLC

    REAL ESTATE RENTALS · MT · income $18,478 · assets $52,172

    Directly controlled by HRC COTTAGES INC

  • HRC TWO RIVERS LLC

    REAL ESTATE RENTALS · MT · income $0 · assets $0

    Directly controlled by HRC COTTAGES INC

  • HRC ASPEN HOUSING LLC

    REAL ESTATE RENTALS · MT · income $27,797 · assets $156,205

    Directly controlled by HRC COTTAGES INC

  • HRC EDNA COURT COTTAGES LLC

    REAL ESTATE RENTALS · MT · income -$18,683 · assets $115,825

    Directly controlled by HRC COTTAGES INC

  • HRC MINERAL PROPERTIES LLC

    REAL ESTATE RENTALS · MT · income -$42,722 · assets $578,118

    Directly controlled by HRC COTTAGES INC

  • CEDAR CREEK PROPERTY MANAGEMENTLLC

    REAL ESTATE RENTALS · MT · income $4,433 · assets $27,320

    Directly controlled by HRC COTTAGES INC

  • HRC BURNT FORK PLACE LLC

    REAL ESTATE IN DEVELOPMENT · MT · income $0 · assets $0

    Directly controlled by HRC COTTAGES INC

  • HRC BITTERROOT VALLEY APARTMENTS LLC

    REAL ESTATE RENTALS · MT · income $0 · assets $0

    Directly controlled by HRC COTTAGES INC

Related partnerships

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

  • HAMILTON AFFORDABLE HOUSING PARTNERSHIP LP

    N/A · REAL ESTATE RENTALS · MT · 99.99% owned · share of income -$56,504 · share of assets $1,448,515

  • SUPERIOR COMMONS LP

    N/A · REAL ESTATE RENTALS · MT · 0.01% owned · share of income -$6 · share of assets $166

  • TWO RIVERS APARTMENTS LLLP

    N/A · REAL ESTATE RENTALS · MT · 0.01% owned · share of income -$2 · share of assets $41

  • ASPEN PLACE LLLP

    N/A · REAL ESTATE RENTALS · MT · 0.01% owned · share of income -$6 · share of assets $204

  • BURNT FORK PLACE LLLP

    N/A · REAL ESTATE DEVELOPMENT · MT · 0.01% owned · share of income -$10 · share of assets $3,274,923

  • BITTERROOT VALLEY APARTMENTS LP

    N/A · REAL ESTATE RENTALS · MT · share of income -$676,929 · share of assets $8,875,200

Provenance

Return type
form_990
Tax year
2022
Filed
15 November 2023
IRS schema version
2022v5.0
Source object
202303199349319870

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