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← ALABAMA MULTIFAMILY LOAN CONSORTIUM

Form 990 for tax year 2022

Filed by ALABAMA MULTIFAMILY LOAN CONSORTIUM.

Totals

Total revenue
$260,175
Total expenses
$430,921
Contributions and grants received
$0
Grants paid
$1,500
Program service revenue
$241,221
Investment income
$10,158
Other revenue
$8,796
Total assets, end of year
$50,939,765
Total liabilities, end of year
$50,397,295
Net assets or fund balances, end of year
$542,470
Program services expenses (Part IX)
$280,693
Management and general expenses
$150,228
Fundraising expenses
$0
Program service expenses (Part III)
$280,693

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.

  • 2a · Program service revenue: LOAN SERVICE FEES

    total $225,388 · related or exempt $225,388

  • 2b · Program service revenue: PARTICIPATION FEES

    total $15,833 · related or exempt $15,833

  • 3 · Investment income

    total $3,033 · excluded $3,033

  • 7a · Gross sales of assets other than inventory

    other assets $19,000

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

    other assets $11,875

  • 7c · Gain or loss

    other assets $7,125

  • 7d · Net gain or loss

    total $7,125 · related or exempt $7,125

  • 11a · Other revenue: OTHER INCOME

    total $8,796 · related or exempt $8,796

  • 11e · Other revenue, total

    $8,796

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $1,500 · program services $1,500

  • 5 · Compensation of officers, directors and key employees

    total $277,162 · program services $247,817 · management and general $29,345

  • 10 · Payroll taxes

    total $16,291 · program services $16,291

  • 11b · Fees: legal

    total $10,006 · program services $10,006

  • 11c · Fees: accounting

    total $49,035 · management and general $49,035

  • 11g · Fees: other

    total $5,079 · program services $5,079

  • 13 · Office expenses

    total $13,643 · management and general $13,643

  • 16 · Occupancy

    total $18,507 · management and general $18,507

  • 17 · Travel

    total $9,133 · management and general $9,133

  • 19 · Conferences, conventions and meetings

    total $5,980 · management and general $5,980

  • 20 · Interest

    total $735 · management and general $735

  • 22 · Depreciation, depletion and amortization

    total $10,916 · management and general $10,916

  • 23 · Insurance

    total $8,487 · management and general $8,487

  • 24a · Other expenses: DUES & SUBSCRIPTIONS

    total $4,447 · management and general $4,447

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $435,949 · end of year $553,383

  • 2 · Savings and temporary cash investments

    beginning of year $1,000,000 · end of year $750,000

  • 7 · Other notes and loans receivable

    beginning of year $53,032,591 · end of year $49,315,313

  • 9 · Prepaid expenses and deferred charges

    beginning of year $21,269 · end of year $27,288

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

    $65,736

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

    $8,618

  • 10c · Land, buildings and equipment, net

    beginning of year $14,080 · end of year $57,118

  • 15 · Other assets

    beginning of year $263,919 · end of year $236,663

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,026 · end of year $20,256

  • 19 · Deferred revenue

    beginning of year $551,276 · end of year $823,031

  • 23 · Secured mortgages and notes payable

    beginning of year $53,296,727 · end of year $49,554,008

  • 25 · Other liabilities

    beginning of year $204,563 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $713,216 · end of year $542,470

Mission and programs · 2022

Mission

TO PROVIDE LOW INCOME HOUSING, COMBAT COMMUNITY DETERIORATION, AND LESSEN THE BURDEN OF GOVERNMENT HOUSING PROGRAMS.

  • TO PROVIDE LOW INCOME HOUSING, COMBAT COMMUNITY DETERIORATION, AND LESSEN THE BURDEN OF GOVERNMENT HOUSING PROGRAMS.

    Expenses $280,693 · Grants $1,500 · Revenue $257,142

As filed on the 2022 return.

Listed in Part VII

  • Greg Davis

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rick Dunn

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Greg Gontarski

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Chad Lowe

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Robert Mullins

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Malania Nesbitt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jack Swift

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jamie Vafeas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Scott Latham

    EXECUTIVE COMMITTEE

    Total calculated
    $0
    Hours/week
    1

  • Chris Latta

    EXECUTIVE COMMITTEE

    Total calculated
    $0
    Hours/week
    1

  • Joe May

    EXECUTIVE COMMITTEE

    Total calculated
    $0
    Hours/week
    1

  • Robert Strickland

    EXECUTIVE COMMITTEE

    Total calculated
    $0
    Hours/week
    1

  • Hope Johnson

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Scott Miller

    EXECUTIVE DIRECTOR

    Total calculated
    $0
    Hours/week
    40

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.

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)

FORM 990, PART VII, SECTION A, LINE 5
SCOTT MILLER RECEIVED $277,162 IN TOTAL COMPENSATION FROM THE ALABAMA BANKER'S ASSOCIATION, AN UNRELATED ORGANIZATION, FOR SERVICES PERFORMED FOR ALABAMA MULTIFAMILY LOAN CONSORTIUM FOR THE YEAR ENDED DECEMBER 31, 2022.

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.

Provenance

Return type
form_990
Tax year
2022
Filed
4 November 2023
IRS schema version
2022v5.0
Source object
202303129349302880

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