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← FORESIGHT AFFORDABLE HOUSING INC

Form 990 for tax year 2023

Filed by FORESIGHT AFFORDABLE HOUSING INC.

Totals

Total revenue
$19,874,329
Total expenses
$26,057,345
Contributions and grants received
$2,092,751
Grants paid
$12,500
Program service revenue
$16,419,609
Investment income
$1,101,390
Other revenue
$260,579
Total assets, end of year
$249,776,671
Total liabilities, end of year
$232,658,793
Net assets or fund balances, end of year
$17,117,878
Program services expenses (Part IX)
$23,058,291
Management and general expenses
$2,999,054
Fundraising expenses
$0
Program service expenses (Part III)
$23,058,291

Program services were 88.5% 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

    $2,092,751

  • 2a · Program service revenue: RENT REVENUE

    total $16,389,609 · related or exempt $16,389,609

  • 2b · Program service revenue: OTHER FEE INCOME

    total $25,000 · related or exempt $25,000

  • 2c · Program service revenue: MANAGEMENT FEES

    total $5,000 · related or exempt $5,000

  • 3 · Investment income

    total $404,619 · excluded $404,619

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

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7a · Gross sales of assets other than inventory

    securities $4,362,081 · other assets $611,647

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

    securities $4,276,957

  • 7c · Gain or loss

    securities $85,124 · other assets $611,647

  • 7d · Net gain or loss

    total $696,771 · excluded $696,771

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $260,579 · excluded $260,579

  • 11e · Other revenue, total

    $260,579

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $12,500 · program services $12,500

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $531,471 · program services $531,471

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $2,339,793 · program services $1,928,058 · management and general $411,735

  • 8 · Pension plan contributions

    total $13,876 · program services $5,986 · management and general $7,890

  • 9 · Other employee benefits

    total $315,628 · program services $267,502 · management and general $48,126

  • 10 · Payroll taxes

    total $250,552 · program services $228,642 · management and general $21,910

  • 11a · Fees: management

    total $1,286,841 · management and general $1,286,841

  • 11b · Fees: legal

    total $114,471 · management and general $114,471

  • 11c · Fees: accounting

    total $195,929 · management and general $195,929

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $155,256 · program services $77,215 · management and general $78,041

  • 12 · Advertising and promotion

    total $20,617 · management and general $20,617

  • 13 · Office expenses

    total $386,137 · management and general $386,137

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $14,176,409 · program services $14,173,228 · management and general $3,181

  • 17 · Travel

    total $87,021 · program services $29,140 · management and general $57,881

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $83,178 · management and general $83,178

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $4,382,762 · program services $4,378,749 · management and general $4,013

  • 23 · Insurance

    total $883,659 · program services $855,522 · management and general $28,137

  • 24a · Other expenses: TAXES AND LICENSES

    total $393,662 · program services $393,662

  • 24b · Other expenses: SOFTWARE LICENSE EXPENSE

    total $71,981 · management and general $71,981

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $18,062 · program services $18,062

  • 24d · Other expenses: SYNDICATION COSTS

    total $13,736 · management and general $13,736

  • 24e · All other expenses

    total $323,804 · program services $158,554 · management and general $165,250

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $0 · end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $10,190,896 · end of year $7,781,788

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $63,044 · end of year $797,397

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $21,549,440 · end of year $15,879,897

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $121,906 · end of year $384,733

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

    $224,048,197

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

    $9,295,874

  • 10c · Land, buildings and equipment, net

    beginning of year $4,229,877 · end of year $214,752,323

  • 11 · Investments: publicly traded securities

    beginning of year $1,973,904 · end of year $5,210,578

  • 12 · Investments: other securities

    beginning of year $253 · end of year $1,836

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $1,315,502 · end of year $4,968,119

  • 17 · Accounts payable and accrued expenses

    beginning of year $128,613 · end of year $6,346,076

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $20,474 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $8,275,219 · end of year $223,061,418

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $996,374 · end of year $3,251,299

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $0 · end of year $0

  • 31 · Retained earnings, endowment or other funds

    beginning of year $30,024,142 · end of year $17,117,878

Mission and programs · 2023

Mission

FORESIGHT AFFORDABLE HOUSING, INC. WAS CREATED TO PROVIDE QUALITY AFFORDABLE HOUSING TO LOW INCOME INDIVIDUALS AND FAMILIES.

Activities or mission (Part I)

AFFORDABLE HOUSING PROVIDER THAT PROVIDES MANAGEMENT SERVICES AND PROJECT OVERSIGHT IN AN EFFORT TO PROVIDE QUALITY AFFORDABLE HOUSING TO LOWER INCOME INDIVIDUALS AND FAMILIES.

  • The organization is a developer, consultant and asset manager of Multi-Family affordable housing communities containing HUD insured or other types of mortgage financing.

    Expenses $966,482 · Grants $12,500 · Revenue $30,000

  • operating expenses of housing projects.

    Expenses $22,091,809 · Revenue $16,389,609

As filed on the 2023 return.

Listed in Part VII

  • Nelson L Morgan III

    VICE PRESIDENT

    Total calculated
    $328,274
    From this org
    $276,359
    From related orgs
    $0
    Other
    $51,915
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $222,963
    Bonus
    $53,000
    Other
    $396
    Deferred
    $6,818
    Nontaxable benefits
    $45,097
    Filer's total
    $328,274

  • Martin Whalen

    Vice President of Development

    Total calculated
    $227,205
    From this org
    $183,286
    From related orgs
    $0
    Other
    $43,919
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,524
    Bonus
    $30,000
    Other
    $762
    Deferred
    $4,716
    Nontaxable benefits
    $39,203
    Filer's total
    $227,205

  • Shonte' Espinal

    VP of Asset Operations

    Total calculated
    $197,363
    From this org
    $167,283
    From related orgs
    $0
    Other
    $30,080
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,223
    Bonus
    $20,000
    Other
    $60
    Deferred
    $4,532
    Nontaxable benefits
    $25,548
    Filer's total
    $197,363

  • Donald Reape

    PRESIDENT

    Total calculated
    $118,651
    From this org
    $110,272
    From related orgs
    $0
    Other
    $8,379
    Hours/week
    20 + 1 related

  • Dr Bruce Johnson

    VP & Asst. SECRETARY

    Total calculated
    $49,734
    From this org
    $34,895
    From related orgs
    $0
    Other
    $14,839
    Hours/week
    10 + 1 related

  • E James Henderson

    Secretary & Treasurer

    Total calculated
    $19,812
    From this org
    $19,812
    From related orgs
    $0
    Other
    $0
    Hours/week
    5 + 1 related

  • Lynda Barness

    TRUSTEE

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael Byrnes

    TRUSTEE

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Neisa Caraballo

    TRUSTEE

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Janvier L Osborne

    Trustee

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Gerald F Schwam

    TRUSTEE

    Total calculated
    $3,000
    From this org
    $3,000
    From related orgs
    $0
    Other
    $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 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

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
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7:
The organization issued non-fixed, objective board approved bonuses during calendar year 2023.

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.

  • LAFAYETTE FAMILY PHASE II URBAN RENEWAL

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH PACIFIC CT

  • VINELAND ASSOCIATES LLC

    NONE · REAL ESTATE · NJ · share of income -$34 · share of assets $0

    Directly controlled by FAH VINELAND

  • EAST I PRESERVATION LLC

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH EAST I LLC

  • GLENNVIEW TOWNHOUSES URBAN RENEWAL ASSOC

    NONE · REAL ESTATE · NJ · share of income -$53 · share of assets $0

    Directly controlled by FAH GLENNVIEW

  • CENTERVILLE SOUTH URBAN RENEWAL ASSOCIAT

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH CENTERVILLE

  • ATLANTIC CITY PRESERVATION LLC

    NONE · REAL ESATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH-VILLAS WEST

  • OAK DALE APARTMENTS LTD

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH HOLDINGS

  • HIGHLAND VIEW APARTMENTS LTD

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH HOLDINGS

  • VILLAGE GREEN LTD

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH HOLDINGS

  • SUNFLOWER LANE APARTMENTS LTD

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH HOLDINGS

  • WOOD VILLAGE APARTMENTS LTD

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH HOLDINGS

  • MORGAN VILLAGE URBAN RENEWAL ASSOC LP

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH-MORGAN VILL

  • Keller Court Ltd

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH Holdings

  • Driftwood Apartments Ltd

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH Holdings

  • Lorena Apartments A California LP

    NONE · REAL ESTATE · CA · share of income $0 · share of assets $0

    Directly controlled by FAH lorena

  • baxter park south associates lp

    NONE · real estate · NJ · share of income $0 · share of assets $0

    Directly controlled by fah baxter

  • Hilldale Investors LTD

    NONE · Real Estate · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH Holdings

  • Rose Garden Apartments LTD

    NONE · Real estate · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH HOLDINGS

  • TULANE REVITALIZATION 2 LP

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH - CENTENNIA

  • GLENNVIEW TOWNHOUSES II

    NONE · REAL ESTATE · NJ · share of income -$36 · share of assets $0

    Directly controlled by FAH - GLENNVIEW

  • TULANE REVITALIZATION 1 LP

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH-CENTENNIAL

  • KAMAKANA senior LLC

    NONE · REAL ESTATE · HI · share of income $0 · share of assets $0

    Directly controlled by FAH-KAMAKANA

  • MAPLE JACK LLC

    NONE · REAL ESTATE · IL · share of income $0 · share of assets $0

    Directly controlled by FAH-CITY GARDEN

  • Legends C-3 LLC

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH-LEGENDS C-3

  • PIEDMONT SENIOR TOWN LLC

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH-PIEDMONT

  • BEECHLANE APARTMENTS LTD

    NONE · REAL ESTATE · NJ · share of income $0 · share of assets $0

    Directly controlled by FAH-HOLDINGS

  • WEST MAYPOLE LP

    NONE · REAL ESTATE · IL · share of income $0 · share of assets $0

    Directly controlled by FAH-WEST MAYPOL

Related corporations and trusts

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

  • FAH - LEGENDS C-3 LLC

    S CORP · REAL ESTATE · NJ

    Directly controlled by FAHI

Provenance

Return type
form_990
Tax year
2023
Filed
15 November 2024
IRS schema version
2023v5.1
Source object
202433209349323043

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