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Nonprofiteer
← VALLEY AFFORDABLE HOUSING CORP

Form 990 for tax year 2023

Filed by VALLEY AFFORDABLE HOUSING CORP.

Totals

Total revenue
$3,914,814
Total expenses
$3,289,568
Contributions and grants received
$456,906
Grants paid
$0
Program service revenue
$2,710,453
Investment income
-$171,750
Other revenue
$919,205
Total assets, end of year
$7,787,645
Total liabilities, end of year
$3,366,045
Net assets or fund balances, end of year
$4,421,600
Program services expenses (Part IX)
$2,971,393
Management and general expenses
$318,175
Fundraising expenses
$0
Program service expenses (Part III)
$2,971,393

Program services were 90.3% 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)

    $456,906

  • 2a · Program service revenue: RELATED PARTY REIMB

    total $1,539,071 · related or exempt $1,539,071

  • 2b · Program service revenue: RENTAL INCOME

    total $634,201 · related or exempt $634,201

  • 2c · Program service revenue: MANAGEMENT FEE INCOME

    total $441,380 · related or exempt $441,380

  • 2d · Program service revenue: DEVEL FEE INCOME

    total $95,801 · related or exempt $95,801

  • 3 · Investment income

    total $19,197 · excluded $19,197

  • 7a · Gross sales of assets other than inventory

    other assets $424,824

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

    other assets $615,771

  • 7c · Gain or loss

    other assets -$190,947

  • 7d · Net gain or loss

    total -$190,947 · related or exempt -$190,947

  • 11a · Other revenue: MISCELLANEOUS

    total $919,205 · related or exempt $919,205

  • 11e · Other revenue, total

    $919,205

Functional expenses

Part IX, the statement of functional expenses.

  • 7 · Other salaries and wages

    total $1,550,703 · program services $1,339,410 · management and general $211,293

  • 9 · Other employee benefits

    total $209,786 · program services $176,568 · management and general $33,218

  • 10 · Payroll taxes

    total $136,274 · program services $113,032 · management and general $23,242

  • 11b · Fees: legal

    total $27,188 · program services $27,188

  • 11c · Fees: accounting

    total $76,491 · program services $76,491

  • 12 · Advertising and promotion

    total $2,912 · program services $2,912

  • 13 · Office expenses

    total $60,561 · program services $30,281 · management and general $30,280

  • 16 · Occupancy

    total $122,683 · program services $122,683

  • 17 · Travel

    total $19,771 · program services $9,886 · management and general $9,885

  • 20 · Interest

    total $96,072 · program services $96,072

  • 22 · Depreciation, depletion and amortization

    total $113,649 · program services $113,649

  • 23 · Insurance

    total $101,436 · program services $101,436

  • 24a · Other expenses: BAD DEBT EXPENSE

    total $392,982 · program services $392,982

  • 24b · Other expenses: DEVELPOMENT COST

    total $187,972 · program services $187,972

  • 24c · Other expenses: RENTAL EXPENSES

    total $150,769 · program services $140,512 · management and general $10,257

  • 24d · Other expenses: PAYROLL SERVICE FEES

    total $28,263 · program services $28,263

  • 24e · All other expenses

    total $12,056 · program services $12,056

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $687,219 · end of year $1,376,649

  • 4 · Accounts receivable

    beginning of year $1,689,196 · end of year $837,134

  • 7 · Other notes and loans receivable

    beginning of year $506,502 · end of year $1,225,073

  • 9 · Prepaid expenses and deferred charges

    beginning of year $32,249 · end of year $42,898

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

    $4,686,020

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

    $638,118

  • 10c · Land, buildings and equipment, net

    beginning of year $4,305,179 · end of year $4,047,902

  • 13 · Investments: program-related

    beginning of year $152,564 · end of year $151,357

  • 15 · Other assets

    beginning of year $110,997 · end of year $106,632

  • 17 · Accounts payable and accrued expenses

    beginning of year $245,355 · end of year $173,779

  • 23 · Secured mortgages and notes payable

    beginning of year $3,283,989 · end of year $3,042,979

  • 25 · Other liabilities

    beginning of year $158,208 · end of year $149,287

  • 27 · Net assets without donor restrictions

    beginning of year $3,796,354 · end of year $4,421,600

Mission and programs · 2023

Mission

PROVIDES SERVICES IN ORDER TO IMPROVE THE HOUSING STOCK, ASSIST INDIVIDUALS TO BECOME HOMEOWNERS, AND PROVIDE DECENT HOUSING THAT IS AFFORDABLE TO LOW AND MODERATE INCOME PEOPLE WITH THE STATE OF RHODE ISLAND.

Activities or mission (Part I)

PROVIDE AFFORDABLE HOUSING THROUGH RENTAL AND/OR DEVELOPMENT.

  • PROVIDES SERVICES IN ORDER TO IMPROVE THE HOUSING STOCK, ASSIST INDIVIDUALS TO BECOME HOMEOWNERS, AND PROVIDE DECENT HOUSING THAT IS AFFORDABLE TO LOW AND MODERATE INCOME PEOPLE WITH THE STATE OF RHODE ISLAND.

    Expenses $2,971,393 · Revenue $3,438,711

As filed on the 2023 return.

Listed in Part VII

  • Dan Ouellette

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Joanne Buttie

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • John Macqueen Jr

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Edward Wood

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Paul Gagne

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Lisa Auduette

    VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

  • Edward Mulholland

    PRESIDENT/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Peter Bouchard

    SECRETARY

    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.

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.

Related partnerships

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

  • MAIN STREET PHASE III LP

    RELATED · LOW INCOME HOUSING · RI · general or managing partner

    Directly controlled by MAIN STREET PHASE III DEVEL CORP

  • FACTORY STREET LP

    RELATED · LOW INCOME HOUSING · RI · general or managing partner

    Directly controlled by FACTORY STREET DEVEL CORP

  • LINCOLN VILLAGE LP

    RELATED · LOW INCOME HOUSING · RI · general or managing partner

    Directly controlled by LINCOLN VILLAGE DEVEL CORP

  • WOODWARD STREET LP

    RELATED · LOW INCOME HOUSING · RI · general or managing partner

    Directly controlled by WOODWARD ST DEVEL CORP

  • RIVERSIDE VILLAGE LP

    RELATED · LOW INCOME HOUSING · RI · general or managing partner

    Directly controlled by RIVERSIDE VILLAGE DEVEL CORP

  • BEACON STREET LP

    RELATED · LOW INCOME HOUSING · RI · general or managing partner

    Directly controlled by BEACON STREET DEVEL CORP

  • ASHTON VILLAGE LP

    RELATED · LOW INCOME HOUSING · RI · general or managing partner

    Directly controlled by ASHTON VILLAGE DEVEL CORP

Provenance

Return type
form_990
Tax year
2023
Filed
28 January 2025
IRS schema version
2023v6.0
Source object
202540439349301534

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