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← FORESIGHT AFFORDABLE HOUSING INC

Form 990 for tax year 2022

Filed by FORESIGHT AFFORDABLE HOUSING INC.

Totals

Total revenue
$3,700,566
Total expenses
$4,001,529
Contributions and grants received
$700,517
Grants paid
$12,000
Program service revenue
$2,627,192
Investment income
$340,229
Other revenue
$32,628
Total assets, end of year
$39,444,822
Total liabilities, end of year
$9,420,680
Net assets or fund balances, end of year
$30,024,142
Program services expenses (Part IX)
$2,920,356
Management and general expenses
$1,081,173
Fundraising expenses
$0
Program service expenses (Part III)
$2,920,356

Program services were 73.0% 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

    $700,517

  • 2a · Program service revenue: RENT REVENUE

    total $2,592,192 · related or exempt $2,592,192

  • 2b · Program service revenue: OTHER FEE INCOME

    total $20,000 · related or exempt $20,000

  • 2c · Program service revenue: MANAGEMENT FEES

    total $15,000 · related or exempt $15,000

  • 3 · Investment income

    total $340,229 · excluded $340,229

  • 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

  • 7d · Net gain or loss

    total $0

  • 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 $32,628 · excluded $32,628

  • 11e · Other revenue, total

    $32,628

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $0

  • 2 · Grants to domestic individuals

    total $12,000 · program services $12,000

  • 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 $490,117 · program services $490,117

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $720,858 · program services $404,167 · management and general $316,691

  • 8 · Pension plan contributions

    total $6,276 · management and general $6,276

  • 9 · Other employee benefits

    total $157,501 · program services $108,688 · management and general $48,813

  • 10 · Payroll taxes

    total $81,361 · program services $64,342 · management and general $17,019

  • 11a · Fees: management

    total $113,630 · management and general $113,630

  • 11b · Fees: legal

    total $189,190 · management and general $189,190

  • 11c · Fees: accounting

    total $101,711 · management and general $101,711

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $145,249 · management and general $145,249

  • 12 · Advertising and promotion

    total $0

  • 13 · Office expenses

    total $93,761 · management and general $93,761

  • 14 · Information technology

    total $0

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $973,106 · program services $973,106

  • 17 · Travel

    total $0

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $0

  • 20 · Interest

    total $0

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $316,454 · program services $316,454

  • 23 · Insurance

    total $182,015 · program services $182,015

  • 24a · Other expenses: TAXES AND LICENSES

    total $335,235 · program services $335,235

  • 24b · Other expenses: MISCELLANEOUS EXPENSES

    total $83,065 · program services $34,232 · management and general $48,833

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 $7,929,059 · end of year $10,190,896

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $119,304 · end of year $63,044

  • 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 $21,340,088 · end of year $21,549,440

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $38,805 · end of year $121,906

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

    $9,168,906

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

    $4,939,029

  • 10c · Land, buildings and equipment, net

    beginning of year $4,518,006 · end of year $4,229,877

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $1,973,904

  • 12 · Investments: other securities

    beginning of year $235 · end of year $253

  • 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 $1,361,926 · end of year $1,315,502

  • 17 · Accounts payable and accrued expenses

    beginning of year $106,772 · end of year $128,613

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $18,109 · end of year $20,474

  • 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 $8,067,000 · end of year $8,275,219

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $1,540,996 · end of year $996,374

  • 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 $25,574,546 · end of year $30,024,142

Mission and programs · 2022

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 $793,975 · Grants $12,000 · Revenue $35,000

  • operating expenses of housing projects.

    Expenses $2,126,381 · Revenue $2,592,192

As filed on the 2022 return.

Listed in Part VII

  • Nelson L Morgan III

    VICE PRESIDENT

    Total calculated
    $309,522
    From this org
    $262,202
    From related orgs
    $0
    Other
    $47,320
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $213,194
    Bonus
    $49,000
    Other
    $8
    Deferred
    $6,513
    Nontaxable benefits
    $40,807
    Filer's total
    $309,522

  • Martin Whalen

    Vice President of Development

    Total calculated
    $211,732
    From this org
    $166,718
    From related orgs
    $0
    Other
    $45,014
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $136,703
    Bonus
    $30,000
    Other
    $15
    Deferred
    $4,207
    Nontaxable benefits
    $40,807
    Filer's total
    $211,732

  • Shonte' Espinal

    VP of Asset Operations

    Total calculated
    $162,370
    From this org
    $131,876
    From related orgs
    $0
    Other
    $30,494
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $121,875
    Bonus
    $10,000
    Other
    $1
    Deferred
    $3,750
    Nontaxable benefits
    $26,744
    Filer's total
    $162,370

  • Donald Reape

    PRESIDENT

    Total calculated
    $95,748
    From this org
    $82,117
    From related orgs
    $0
    Other
    $13,631
    Hours/week
    20 + 1 related

  • Dr Bruce Johnson

    VP & Asst. SECRETARY

    Total calculated
    $57,018
    From this org
    $33,392
    From related orgs
    $0
    Other
    $23,626
    Hours/week
    10 + 1 related

  • E James Henderson

    Secretary & Treasurer

    Total calculated
    $17,829
    From this org
    $17,829
    From related orgs
    $0
    Other
    $0
    Hours/week
    5 + 1 related

  • Gerald F Schwam

    TRUSTEE

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Lynda Barness

    TRUSTEE

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Neisa Caraballo

    TRUSTEE

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Javier L Osborne

    Trustee

    Total calculated
    $2,000
    From this org
    $2,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael Byrnes

    TRUSTEE

    Total calculated
    $2,000
    From this org
    $2,000
    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 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.

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.

  • FORESIGHT AFFORDABLE HOUSING-BAXTER PARK

    HOUSING · NJ · income $0 · assets -$23

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING-CENTENNIAL

    HOUSING · NJ · income $0 · assets -$611

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING-CENTENNIAL

    HOUSING · NJ · income $0 · assets $23

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING-CENTERVILLE

    HOUSING · NJ · income $0 · assets $21

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING-EAST 1

    HOUSING · NJ · income $0 · assets -$184

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING-GLENNVIEW

    HOUSING · NJ · income $0 · assets $103

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING-GLENNVIEW I

    HOUSING · NJ · income $0 · assets $188

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING-GREENLEAF

    HOUSING · MO · income $3,714 · assets $0

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING-HOLDINGS

    HOUSING · NJ · income $0 · assets $1

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING-LEGENDS C3

    HOUSING · NJ · income $0 · assets $50

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING - lorena

    housing · NJ · income $0 · assets $26

    Directly controlled by foresight

  • FORESIGHT AFFORDABLE HOUSING-MORGAN VILL

    HOUSING · NJ · income $0 · assets $1

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING-PACIFIC COU

    HOUSING · NJ · income $0 · assets -$7,882,852

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING-PINECREST M

    HOUSING · NJ · income $2,161,691 · assets -$2,324,368

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING-SPRING GARD

    HOUSING · NJ · income $0 · assets $0

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING-VILLAS WES

    HOUSING · NJ · income $0 · assets -$519

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING-VINELAND

    HOUSING · NJ · income $0 · assets -$235

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING - KAMAKANA

    HOUSING · NJ · income $0 · assets $615

    Directly controlled by foresight

  • FORESIGHT AFFORDABLE HOUSING - CITY GARD

    HOUSING · IL · income $0 · assets $498

    Directly controlled by foresight

  • FORESIGHT AFFORDABLE HOUSING - Piedmont

    HOUSING · NJ · income $0 · assets $352

    Directly controlled by FORESIGHT

  • FORESIGHT AH COUNTRY CLUB LLC

    HOUSING · OK · income $0 · assets $0

    Directly controlled by foresight

  • FORESIGHT AFFORDABLE HOUSING - REID LAND

    housing · NJ · income $0 · assets $122,999

    Directly controlled by foresight

  • FORESIGHT AFFORDABLE HOUSING - COTTON GR

    HOUSING · NJ · income $0 · assets -$34

    Directly controlled by FORESIGHT

  • FORESIGHT AFFORDABLE HOUSING - WEST POLE

    HOUSING · IL · income $0

    Directly controlled by FORESIGHT

Related partnerships

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

  • LAFAYETTE FAMILY PHASE II URBAN RENEWAL

    RENTAL · REAL ESTATE · NJ · 99.99% owned · share of income -$266,997 · share of assets $6,991,679

    Directly controlled by FAH PACIFIC CT

  • VINELAND ASSOCIATES LLC

    RENTAL · REAL ESTATE · NJ · 0.01% owned · share of income -$26 · share of assets $406

    Directly controlled by FAH VINELAND

  • EAST I PRESERVATION LLC

    RENTAL · REAL ESTATE · NJ · 0.01% owned · share of income $0 · share of assets $0

    Directly controlled by FAH EAST I LLC

  • GLENNVIEW TOWNHOUSES URBAN RENEWAL ASSOC

    RENTAL · REAL ESTATE · NJ · 0.005% owned · share of income -$63 · share of assets $749

    Directly controlled by FAH GLENNVIEW

  • CENTERVILLE SOUTH URBAN RENEWAL ASSOCIAT

    RENTAL · REAL ESTATE · NJ · 0.001% owned · share of income $0 · share of assets $0

    Directly controlled by FAH CENTERVILLE

  • ATLANTIC CITY PRESERVATION LLC

    RENTAL · REAL ESATE · NJ · 0.01% owned · share of income $0 · share of assets $0

    Directly controlled by FAH-VILLAS WEST

  • OAK DALE APARTMENTS LTD

    RENTAL · REAL ESTATE · NJ · 11% owned · share of income $0 · share of assets $0

    Directly controlled by FAH HOLDINGS

  • HIGHLAND VIEW APARTMENTS LTD

    RENTAL · REAL ESTATE · NJ · 20% owned · share of income $0 · share of assets $0

    Directly controlled by FAH HOLDINGS

  • VILLAGE GREEN LTD

    RENTAL · REAL ESTATE · NJ · 10% owned · share of income $0 · share of assets $0

    Directly controlled by FAH HOLDINGS

  • SUNFLOWER LANE APARTMENTS LTD

    RENTAL · REAL ESTATE · NJ · 1% owned · share of income $0 · share of assets $0

    Directly controlled by FAH HOLDINGS

  • WOOD VILLAGE APARTMENTS LTD

    RENTAL · REAL ESTATE · NJ · 18% owned · share of income $0 · share of assets $0

    Directly controlled by FAH HOLDINGS

  • MORGAN VILLAGE URBAN RENEWAL ASSOC LP

    RENTAL · REAL ESTATE · NJ · 0.001% owned · share of income $0 · share of assets $0

    Directly controlled by FAH-MORGAN VILL

  • Keller Court Ltd

    RENTAL · REAL ESTATE · NJ · 10% owned · share of income $0 · share of assets $0

    Directly controlled by FAH Holdings

  • Driftwood Apartments Ltd

    RENTAL · REAL ESTATE · NJ · 5% owned · share of income $0 · share of assets $0

    Directly controlled by FAH Holdings

  • Lorena Apartments A California LP

    RENTAL · REAL ESTATE · CA · 0% owned · share of income $0 · share of assets $52

    Directly controlled by FAH lorena

  • baxter park south associates lp

    RENTAL · real estate · NJ · 0.002% owned · share of income $0 · share of assets $0

    Directly controlled by fah baxter

  • Hilldale Investors LTD

    RENTAL · Real Estate · NJ · 4% owned · share of income $0 · share of assets $0

    Directly controlled by FAH Holdings

  • Rose Garden Apartments LTD

    RENTAL · Real estate · NJ · 10% owned · share of income $0 · share of assets $0

    Directly controlled by FAH HOLDINGS

  • TULANE REVITALIZATION 2 LP

    RENTAL · REAL ESTATE · NJ · 0.01% owned · share of income $0 · share of assets $0

    Directly controlled by FAH - CENTENNIA

  • GLENNVIEW TOWNHOUSES II

    RENTAL · REAL ESTATE · NJ · 0.005% owned · share of income -$34 · share of assets $737

    Directly controlled by FAH - GLENNVIEW

  • TULANE REVITALIZATION 1 LP

    RENTAL · REAL ESTATE · NJ · 0.01% owned · share of income $0 · share of assets $0

    Directly controlled by FAH-CENTENNIAL

  • KAMAKANA senior LLC

    RENTAL · REAL ESTATE · HI · 0.005% owned · share of income -$44 · share of assets $1,027

    Directly controlled by FAH-KAMAKANA

  • MAPLE JACK LLC

    RENTAL · REAL ESTATE · IL · 0.005% owned · share of income $0 · share of assets $0

    Directly controlled by FAH-CITY GARDEN

  • Legends C-3 LLC

    RENTAL · REAL ESTATE · NJ · 0.001% owned · share of income $0 · share of assets $0

    Directly controlled by FAH-LEGENDS C-3

  • PIEDMONT SENIOR TOWN LLC

    RENTAL · REAL ESTATE · NJ · 0.005% owned · share of income -$31 · share of assets $1,039

    Directly controlled by FAH-PIEDMONT

  • BEECHLANE APARTMENTS LTD

    RENTAL · REAL ESTATE · NJ · 6% owned · share of income $0 · share of assets $0

    Directly controlled by FAH-HOLDINGS

  • WEST MAYPOLE LP

    RENTAL · REAL ESTATE · IL · 99.99% owned · 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
2022
Filed
9 November 2023
IRS schema version
2022v5.0
Source object
202303149349302060

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