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Nonprofiteer
← PROJECT H O M E COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by PROJECT H O M E COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$1,166,788
Total expenses
$1,910,385
Contributions and grants received
$652,989
Grants paid
$0
Program service revenue
$479,734
Investment income
$15,829
Other revenue
$18,236
Total assets, end of year
$4,293,872
Total liabilities, end of year
$10,350,313
Net assets or fund balances, end of year
-$6,056,441
Program services expenses (Part IX)
$1,243,306
Management and general expenses
$667,079
Fundraising expenses
$0
Program service expenses (Part III)
$1,243,306

Program services were 65.1% 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)

    $652,989

  • 2a · Program service revenue: TENANT RENT

    total $434,964 · related or exempt $434,964

  • 2b · Program service revenue: SUPPORTIVE SERVICE INC

    total $44,770 · related or exempt $44,770

  • 3 · Investment income

    total $15,829 · excluded $15,829

  • 11a · Other revenue: OTHER REVENUE

    total $18,236 · related or exempt $18,236

  • 11e · Other revenue, total

    $18,236

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $85,868 · management and general $85,868

  • 11b · Fees: legal

    total $9,854 · management and general $9,854

  • 11c · Fees: accounting

    total $9,180 · management and general $9,180

  • 16 · Occupancy

    total $141,850 · program services $141,850

  • 20 · Interest

    total $516,874 · management and general $516,874

  • 22 · Depreciation, depletion and amortization

    total $329,189 · program services $329,189

  • 23 · Insurance

    total $45,714 · program services $45,714

  • 24a · Other expenses: PERSONNEL EXPENSE

    total $416,663 · program services $416,663

  • 24b · Other expenses: OPERATING & MAINTENANCE

    total $266,186 · program services $266,186

  • 24c · Other expenses: MISCELLANEOUS ADMIN

    total $45,303 · management and general $45,303

  • 24d · Other expenses: SUPPORTIVE SERVICES

    total $43,704 · program services $43,704

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $203,909 · end of year $169,987

  • 4 · Accounts receivable

    beginning of year $7,876 · end of year $13,231

  • 9 · Prepaid expenses and deferred charges

    beginning of year $25,910 · end of year $27,775

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

    $12,567,639

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

    $9,023,536

  • 10c · Land, buildings and equipment, net

    beginning of year $3,843,437 · end of year $3,544,103

  • 15 · Other assets

    beginning of year $449,055 · end of year $538,776

  • 17 · Accounts payable and accrued expenses

    beginning of year $117,080 · end of year $114,418

  • 19 · Deferred revenue

    beginning of year $45,820 · end of year $39,153

  • 23 · Secured mortgages and notes payable

    beginning of year $3,193,410 · end of year $3,193,962

  • 25 · Other liabilities

    beginning of year $6,486,721 · end of year $7,002,780

  • 27 · Net assets without donor restrictions

    beginning of year -$5,312,844 · end of year -$6,056,441

Mission and programs · 2023

Mission

TO PROVIDE AFFORDABLE HOUSING FOR LOW-INCOME INDIVIDUALS AND FAMILIES IN PHILADELPHIA, PA. THE CORPORATION ACQUIRES, REHABILITATES AND SELLS PROPERTIES TO QUALIFYING INDIVIDUALS AND OPERATES 112 AFFORDABLE HOUSING UNITS AND COMMERCIAL SPACE.

  • OPERATION OF AFFORDABLE HOUSING UNITS RENTED TO LOW-INCOME INDIVIDUALS AND COMMERCIAL SPACE TO NON-PROFIT ORGANIZATIONS.

    Expenses $1,243,306

As filed on the 2023 return.

Listed in Part VII

  • KEVIN NOEL

    TREASURER

    Total calculated
    $254,776
    From this org
    $0
    From related orgs
    $223,372
    Other
    $31,404
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $223,372 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $11,399 related
    Nontaxable benefits
    $0 + $20,005 related
    Filer's total
    $0 + $254,776 related

  • S MARY SCULLION

    PRESIDENT

    Total calculated
    $310,980
    From this org
    $0
    From related orgs
    $248,290
    Other
    $62,690
    Hours/week
    2 + 38 related

    Schedule J breakdown matched by us

    Base
    $0 + $225,790 related
    Bonus
    $0
    Other
    $0 + $22,500 related
    Deferred
    $0 + $54,454 related
    Nontaxable benefits
    $0 + $8,236 related
    Filer's total
    $0 + $310,980 related

  • JIM PATERNO

    SECRETARY

    Total calculated
    $0
    Hours/week
    0

  • MIKE BREEN

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • DAN HIRST

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • PROPERTY MANAGER

    DIRECTOR

    Total calculated
    $0
    Hours/week
    10 + 30 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

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.

Provenance

Return type
form_990
Tax year
2023
Filed
24 October 2024
IRS schema version
2023v5.1
Source object
202412999349300616

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