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← VIRGINIA UNITED METHODIST HOUSING DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by VIRGINIA UNITED METHODIST HOUSING DEVELOPMENT CORPORATION.

Totals

Total revenue
$8,114,342
Total expenses
$2,869,188
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,061,038
Investment income
$5,053,304
Other revenue
$0
Total assets, end of year
$25,817,007
Total liabilities, end of year
$10,245,281
Net assets or fund balances, end of year
$15,571,726
Program services expenses (Part IX)
$2,373,214
Management and general expenses
$495,974
Fundraising expenses
$0
Program service expenses (Part III)
$2,373,214

Program services were 82.7% 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: Rental Income

    total $1,784,521 · related or exempt $1,784,521

  • 2b · Program service revenue: Developer Fees

    total $295,498 · related or exempt $295,498

  • 2c · Program service revenue: Management Fees

    total $956,305 · related or exempt $956,305

  • 2d · Program service revenue: Miscellaneous Program

    total $24,714 · related or exempt $24,714

  • 2f · All other program service revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $347,896 · excluded $347,896

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7a · Gross sales of assets other than inventory

    other assets $4,830,596

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

    other assets $125,188

  • 7c · Gain or loss

    securities $0 · other assets $4,705,408

  • 7d · Net gain or loss

    total $4,705,408 · related or exempt $4,705,408

  • 11d · All other revenue

    total $0 · related or exempt $0 · unrelated business $0 · excluded $0

  • 11e · Other revenue, total

    $0

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $11,700 · management and general $11,700

  • 7 · Other salaries and wages

    total $274,984 · program services $143,361 · management and general $131,623

  • 9 · Other employee benefits

    total $22,909 · management and general $22,909

  • 10 · Payroll taxes

    total $23,673 · program services $17,691 · management and general $5,982

  • 11a · Fees: management

    total $89,566 · management and general $89,566

  • 11b · Fees: legal

    total $33,162 · management and general $33,162

  • 11c · Fees: accounting

    total $56,485 · management and general $56,485

  • 11g · Fees: other

    total $417,528 · program services $416,028 · management and general $1,500 · fundraising $0

  • 12 · Advertising and promotion

    total $26,021 · management and general $26,021

  • 13 · Office expenses

    total $64,836 · management and general $64,836

  • 17 · Travel

    total $4,925 · management and general $4,925

  • 20 · Interest

    total $603,849 · program services $603,849

  • 22 · Depreciation, depletion and amortization

    total $384,969 · program services $384,969

  • 23 · Insurance

    total $112,814 · program services $94,304 · management and general $18,510

  • 24a · Other expenses: Repairs & Maintenance

    total $319,876 · program services $319,876

  • 24b · Other expenses: Utilities

    total $221,520 · program services $221,520

  • 24c · Other expenses: Property Taxes

    total $119,653 · program services $119,653

  • 24d · Other expenses: Miscellaneous Expense

    total $29,762 · program services $29,762

  • 24e · All other expenses

    total $50,956 · program services $22,201 · management and general $28,755 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,702,406 · end of year $442,054

  • 2 · Savings and temporary cash investments

    beginning of year $6,769,572 · end of year $7,718,713

  • 4 · Accounts receivable

    beginning of year $359,726 · end of year $1,010,459

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $5,660,900 · end of year $9,445,009

  • 8 · Inventories for sale or use

    beginning of year $1,255,605 · end of year $963,865

  • 9 · Prepaid expenses and deferred charges

    beginning of year $25,735 · end of year $18,554

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

    $5,785,276

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

    $228,969

  • 10c · Land, buildings and equipment, net

    beginning of year $8,412,341 · end of year $5,556,307

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $393,368 · end of year $275,833

  • 15 · Other assets

    beginning of year $3,141,453 · end of year $386,213

  • 17 · Accounts payable and accrued expenses

    beginning of year $490,132 · end of year $125,000

  • 19 · Deferred revenue

    beginning of year $25,609 · end of year $8,686

  • 22 · Loans and payables to officers and key people

    end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $15,034,575 · end of year $10,093,582

  • 25 · Other liabilities

    beginning of year $39,268 · end of year $18,013

  • 27 · Net assets without donor restrictions

    beginning of year $12,131,522 · end of year $15,571,726

Mission and programs · 2023

Mission

the mission of the virginia united methodist housing development corporation ("vumhdc") is to serve low to moderate income persons in virginia by developing, owning, operating and sustaining quality affordable housing communities and to partner with and assist others seeking to engage in that mission.

Activities or mission (Part I)

Sponsoring low income housing projects

  • vumhdc owns and operates sixteen affordable properties and partners in eighteen other affordable properties in partnership with other private market developers. These properties offer approximately 1,962 housing units that are classified as "affordable" through various programs sponsored by HUD and VHDA. these properties are open to any and all people who qualify under the applicable affordable housing programs.

    Expenses $2,373,214 · Revenue $7,766,446

As filed on the 2023 return.

Listed in Part VII

  • Dr James G O'Quinn

    Vice President

    Total calculated
    $3,600
    From this org
    $3,600
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Larry Dickenson

    President

    Total calculated
    $60,000
    From this org
    $60,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    24

  • Rev Ernest Herndon Jr

    Secretary

    Total calculated
    $7,200
    From this org
    $7,200
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • W Randolph Spears

    Treasurer

    Total calculated
    $0
    Hours/week
    12

  • David Dommisse

    Director

    Total calculated
    $0
    Hours/week
    1

  • Harold E White Sr

    Director

    Total calculated
    $0
    Hours/week
    1

  • Joe Thielecke

    Director

    Total calculated
    $0
    Hours/week
    1

  • Kathy Lutman

    Director

    Total calculated
    $0
    Hours/week
    1

  • Lawrence Julihn

    Director

    Total calculated
    $0
    Hours/week
    1

  • Monty Cox

    Director

    Total calculated
    $0
    Hours/week
    1

  • Sue Boltz

    Director

    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.

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.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • VUM Enoch George LLC

    Low Income Housing · VA · income -$85,042 · assets $5,564,799

    Directly controlled by VUMHDC

  • Wesley Apartments

    Low Income Housing · VA · income -$172,266 · assets $0

    Directly controlled by VUMHDC

Related partnerships

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

  • Bedford United Methodist Housing LP

    Related · Low Income Housing · VA · 0.01% owned · share of income $252 · share of assets $120,374 · general or managing partner

    Directly controlled by Virginia United Methodist Housing Development Corporation

  • Louisa United Methodist Housing LP

    Related · Low Income Housing · VA · 0.01% owned · share of income $3 · share of assets $543,871 · general or managing partner

    Directly controlled by VUM Louisa Housing Corporation

  • Petersburg United Methodist Housing LP

    Related · Low Income Housing · VA · 0.01% owned · share of income -$48 · share of assets $817,862 · general or managing partner

    Directly controlled by JESSE LEE HOUSING CORPORATION

  • Springhill United Methodist Housing LP

    Related · Low Income Housing · VA · 0.01% owned · share of income $0 · share of assets $853 · general or managing partner

    Directly controlled by VUM SPRINGHILL HOUSING CORPORATION

  • Wesley Lynchburg Housing LLC

    Related · Low Income Housing · VA · 0.01% owned · share of income $5 · share of assets $3,896,856 · general or managing partner

    Directly controlled by VUM LYNCHBURG HOUSING LLC

  • John Early Seniors Housing LP

    Related · Low Income Housing · VA · 0.01% owned · share of income $3 · share of assets $2,485,827 · general or managing partner

    Directly controlled by VUM BEDFORD HOUSING LLC

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202433199349307853

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