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Nonprofiteer
← MISSION FIRST HOUSING DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by MISSION FIRST HOUSING DEVELOPMENT CORPORATION.

Totals

Total revenue
$9,698,067
Total expenses
$3,733,898
Contributions and grants received
$6,400,000
Grants paid
$0
Program service revenue
$2,225,789
Investment income
$678,031
Other revenue
$394,247
Total assets, end of year
$58,312,816
Total liabilities, end of year
$12,228,508
Net assets or fund balances, end of year
$46,084,308
Program services expenses (Part IX)
$1,767,805
Management and general expenses
$1,966,093
Fundraising expenses
$0
Program service expenses (Part III)
$1,767,805

Program services were 47.3% 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)

    $6,400,000

  • 2a · Program service revenue: DEV. & CONSTRUCTION SERVICES

    total $2,216,988 · related or exempt $2,216,988

  • 2b · Program service revenue: REAL ESTATE SERVICES

    total $8,801 · related or exempt $8,801

  • 3 · Investment income

    total $678,031 · excluded $678,031

  • 6a · Gross rents

    real property $27,253

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $27,253

  • 6d · Net rental income or loss

    total $27,253 · related or exempt $27,253

  • 11a · Other revenue: SURPLUS CASH FROM RELATED AFFORDA

    total $301,394 · related or exempt $301,394

  • 11b · Other revenue: ENERGY REBATE

    total $65,600 · related or exempt $65,600

  • 11e · Other revenue, total

    $366,994

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $258,637 · program services $134,580 · management and general $124,057

  • 7 · Other salaries and wages

    total $2,130,494 · program services $1,108,590 · management and general $1,021,904

  • 8 · Pension plan contributions

    total $35,330 · program services $18,384 · management and general $16,946

  • 9 · Other employee benefits

    total $236,361 · program services $122,989 · management and general $113,372

  • 10 · Payroll taxes

    total $156,039 · program services $81,194 · management and general $74,845

  • 11g · Fees: other

    total $3,254 · management and general $3,254

  • 13 · Office expenses

    total $19,111 · management and general $19,111

  • 16 · Occupancy

    total $109,859 · program services $109,859

  • 17 · Travel

    total $2,698 · management and general $2,698

  • 19 · Conferences, conventions and meetings

    total $4,165 · management and general $4,165

  • 20 · Interest

    total $129,340 · program services $129,340

  • 24a · Other expenses: ADMIN. EXPENSES

    total $543,874 · management and general $543,874

  • 24b · Other expenses: DEVELOPMENT EXPENSES

    total $41,051 · program services $41,051

  • 24c · Other expenses: BANK CHARGES

    total $19,792 · management and general $19,792

  • 24d · Other expenses: OTHER

    total $15,000 · program services $15,000

  • 24e · All other expenses

    total $28,893 · program services $6,818 · management and general $22,075

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $376,333 · end of year $3,907,822

  • 4 · Accounts receivable

    beginning of year $18,430,286 · end of year $18,625,434

  • 7 · Other notes and loans receivable

    beginning of year $27,067,539 · end of year $29,988,327

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,067 · end of year $2,989

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

    $39,418

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

    $39,418

  • 10c · Land, buildings and equipment, net

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $133,668 · end of year $264,791

  • 15 · Other assets

    beginning of year $6,965,556 · end of year $5,523,453

  • 17 · Accounts payable and accrued expenses

    beginning of year $340,884 · end of year $187,495

  • 23 · Secured mortgages and notes payable

    beginning of year $2,329,846 · end of year $2,024,582

  • 25 · Other liabilities

    beginning of year $10,293,748 · end of year $10,016,431

  • 27 · Net assets without donor restrictions

    beginning of year $17,800,939 · end of year $17,474,276

  • 28 · Net assets with donor restrictions

    beginning of year $22,210,032 · end of year $28,610,032

Mission and programs · 2023

Mission

MFHDC IS A NOT-FOR-PROFIT ORGANIZATION ESTABLISHED FOR THE PURPOSE OF DEVELOPING AFFORDABLE, SAFE AND SUSTAINABLE HOUSING FOR PEOPLE IN NEED WITH A FOCUS ON THE VULNERABLE. DEVELOPMENT INCLUDES ACQUISITION, REHABILITATION, PRESERVATION AND NEW CONSTRUCTION ACROSS THE MID-ATLANTIC REGION.

Activities or mission (Part I)

MFHDC DEVELOPS AFFORDABLE, SAFE AND SUSTAINABLE HOUSING IN THE MID-ATLANTIC REGION.

  • REAL ESTATE INVESTMENT AND DEVELOPMENT - DEVELOPMENT AND CONSTRUCTION OF DECENT, SAFE, AND PERMANENT INDEPENDENT HOUSING FOR INDIVIDUALS LIMITED BY SERIOUS, LONG-TERM, AND/OR CHRONIC DISABILITY OR HOMELESSNESS.

    Expenses $1,767,805 · Revenue $2,620,036

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

Listed in Part VII

  • THOMAS AK QUEENAN

    PRESIDENT & CEO

    Total calculated
    $318,971
    From this org
    $0
    From related orgs
    $310,101
    Other
    $8,870
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $310,101 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $8,000 related
    Nontaxable benefits
    $0 + $2,118 related
    Filer's total
    $0 + $320,219 related

  • CHIP DARLING

    VICE PRESIDENT & COO

    Total calculated
    $210,122
    From this org
    $0
    From related orgs
    $182,087
    Other
    $28,035
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $178,387 related
    Bonus
    $0 + $3,700 related
    Other
    $0
    Deferred
    $0 + $4,764 related
    Nontaxable benefits
    $0 + $23,271 related
    Filer's total
    $0 + $210,122 related

  • MARK DEITCHER

    ASSISTANT TREASURER, VP

    Total calculated
    $221,967
    From this org
    $0
    From related orgs
    $193,577
    Other
    $28,390
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $189,623 related
    Bonus
    $0 + $3,954 related
    Other
    $0
    Deferred
    $0 + $5,091 related
    Nontaxable benefits
    $0 + $23,299 related
    Filer's total
    $0 + $221,967 related

  • ROBERT KWAIT

    ASSISTANT SECRETARY, VP

    Total calculated
    $242,284
    From this org
    $0
    From related orgs
    $213,447
    Other
    $28,837
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $209,145 related
    Bonus
    $0 + $4,302 related
    Other
    $0
    Deferred
    $0 + $5,538 related
    Nontaxable benefits
    $0 + $23,299 related
    Filer's total
    $0 + $242,284 related

  • SARAH S CONSTANT

    SENIOR VP, REAL ESTATE DEV

    Total calculated
    $258,637
    From this org
    $230,628
    From related orgs
    $0
    Other
    $28,009
    Hours/week
    5 + 18.75 related

    Schedule J breakdown matched by us

    Base
    $225,883
    Bonus
    $4,745
    Other
    $0
    Deferred
    $5,931
    Nontaxable benefits
    $22,078
    Filer's total
    $258,637

  • ELIZABETH EVERHART

    SENIOR DEVELOPMENT MANAGER

    Total calculated
    $175,068
    From this org
    $0
    From related orgs
    $169,902
    Other
    $5,166
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $166,602 related
    Bonus
    $0 + $3,300 related
    Other
    $0
    Deferred
    $0 + $4,249 related
    Nontaxable benefits
    $0 + $917 related
    Filer's total
    $0 + $175,068 related

  • CHRISTOPHER EVERETT

    SENIOR DEVELOPMENT MANAGER

    Total calculated
    $162,207
    From this org
    $0
    From related orgs
    $132,564
    Other
    $29,643
    Hours/week
    1 + 37.5 related

    Schedule J breakdown matched by us

    Base
    $0 + $132,564 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $3,682 related
    Nontaxable benefits
    $0 + $25,961 related
    Filer's total
    $0 + $162,207 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

None.

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
COMPENSATION OF THE PRESIDENT/CEO AND THE OTHER OFFICERS IS PAID BY A RELATED ENTITY, COLUMBUS PROPERTY MANAGEMENT. AS SUCH, THAT ORGANIZATION'S COMPENSATION POLICY CONTROLS COMPENSATION PAID TO THOSE INDIVIDUALS. COLUMBUS PROPERTY MANAGEMENT FOLLOWS A PROCESS OF REVIEW AND APPROVAL WITH CONSIDERATION GIVEN TO COMPENSATION FOR COMPARABLE POSITIONS IN COMPARABLE INDUSTRY SEGMENTS.

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.

Related corporations and trusts

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

Provenance

Return type
form_990
Tax year
2023
Filed
12 May 2025
IRS schema version
2023v6.0
Source object
202511329349303211

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