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Nonprofiteer
← METROPOLITAN HOUSING AND COMMUNITY DEVELOPMENT CORPORATION

Form 990 for tax year 2023

Filed by METROPOLITAN HOUSING AND COMMUNITY DEVELOPMENT CORPORATION.

Totals

Total revenue
$627,334
Total expenses
$876,940
Contributions and grants received
$292,442
Grants paid
$0
Program service revenue
$204,473
Investment income
$109,973
Other revenue
$20,446
Total assets, end of year
$4,192,815
Total liabilities, end of year
$2,381,108
Net assets or fund balances, end of year
$1,811,707
Program services expenses (Part IX)
$804,026
Management and general expenses
$72,914
Fundraising expenses
$0
Program service expenses (Part III)
$804,026

Program services were 91.7% 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.

  • 1e · Government grants (contributions)

    $221,169

  • 1f · All other contributions, gifts and grants

    $71,273

  • 2a · Program service revenue: TENANT RENTAL INCOME

    total $193,543 · related or exempt $193,543

  • 2b · Program service revenue: TENANT CHARGES

    total $10,616 · related or exempt $10,616

  • 2c · Program service revenue: LAUNDRY & VENDING REVE

    total $314 · related or exempt $314

  • 3 · Investment income

    total $5,800 · excluded $5,800

  • 7a · Gross sales of assets other than inventory

    other assets $179,000

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

    other assets $74,827

  • 7c · Gain or loss

    other assets $104,173

  • 7d · Net gain or loss

    total $104,173 · excluded $104,173

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $20,446 · related or exempt $20,446

  • 11e · Other revenue, total

    $20,446

Functional expenses

Part IX, the statement of functional expenses.

  • 11a · Fees: management

    total $26,761 · management and general $26,761

  • 11b · Fees: legal

    total $1,128 · program services $1,128

  • 11c · Fees: accounting

    total $15,189 · management and general $15,189

  • 13 · Office expenses

    total $13,437 · program services $13,437

  • 16 · Occupancy

    total $37,262 · program services $37,262

  • 17 · Travel

    total $5,323 · management and general $5,323

  • 20 · Interest

    total $23,731 · program services $23,731

  • 22 · Depreciation, depletion and amortization

    total $172,898 · program services $172,898

  • 23 · Insurance

    total $41,184 · program services $41,184

  • 24a · Other expenses: REPAIRS

    total $224,914 · program services $224,914

  • 24b · Other expenses: FOOD PROGRAM EXPENSE

    total $169,040 · program services $154,290 · management and general $14,750

  • 24c · Other expenses: PERSONNEL COSTS

    total $80,443 · program services $74,564 · management and general $5,879

  • 24d · Other expenses: CREDIT LOSS EXPENSES

    total $29,289 · program services $29,289

  • 24e · All other expenses

    total $36,341 · program services $31,329 · management and general $5,012

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $127,784 · end of year $69,487

  • 2 · Savings and temporary cash investments

    beginning of year $604,131 · end of year $456,340

  • 4 · Accounts receivable

    beginning of year $22,359 · end of year $24,998

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

    $6,151,056

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

    $3,032,469

  • 10c · Land, buildings and equipment, net

    beginning of year $2,617,468 · end of year $3,118,587

  • 13 · Investments: program-related

    beginning of year $71,804 · end of year $95,767

  • 15 · Other assets

    beginning of year $850,923 · end of year $427,636

  • 17 · Accounts payable and accrued expenses

    beginning of year $47,688 · end of year $37,401

  • 19 · Deferred revenue

    beginning of year $2,183 · end of year $1,522

  • 23 · Secured mortgages and notes payable

    beginning of year $1,894,704 · end of year $2,307,587

  • 25 · Other liabilities

    beginning of year $574,522 · end of year $34,598

  • 27 · Net assets without donor restrictions

    beginning of year $1,381,290 · end of year $1,735,707

  • 28 · Net assets with donor restrictions

    beginning of year $394,082 · end of year $76,000

Mission and programs · 2023

Mission

THE ORGANIZATION SEEKS TO RAISE THE ECONOMIC, EDUCATIONAL, AND SOCIAL LEVEL OF RESIDENTS OF THE SOUTHEASTERN UNITED STATES AND EXPANDS THE OPPORTUNITIES AVAILABLE TO THESE RESIDENTS TO OWN AND MANAGE BUSINESSES AND PURCHASE AFFORDABLE HOUSING.

  • METROPOLITAN HOUSING AND COMMUNITY DEVELOPMENT CORPORATION RENOVATES AND BUILDS AFFORDABLE HOUSING FOR LOW INCOME FAMILIES IN THE SOUTHEASTERN UNITED STATES. THE CORPORATION ALSO OPERATES A BUSINESS INCUBATOR THAT SERVICES DISADVANTAGED BUSINESSES.

    Expenses $804,026 · Revenue $224,919

As filed on the 2023 return.

Listed in Part VII

  • ERIC WHITAKER

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    1

  • GARRICK WITHERSPOON

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • MILDRED RANDOLPH

    TREASURER

    Total calculated
    $0
    Hours/week
    1

  • JOYCE O'NEAL

    SECRETARY

    Total calculated
    $0
    Hours/week
    1

  • WATSI SUTTON

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • SOLOMON ORE JR

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • PAULA MCCULLOUGH

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • JAMES MOORE

    CEO

    Total calculated
    $95,414
    From this org
    $13,486
    From related orgs
    $75,500
    Other
    $6,428
    Hours/week
    25 + 25 related

  • JOSEPH MOORE

    COO

    Total calculated
    $102,919
    From this org
    $0
    From related orgs
    $87,778
    Other
    $15,141
    Hours/week
    10 + 40 related

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.

Provenance

Return type
form_990
Tax year
2023
Filed
6 November 2024
IRS schema version
2023v5.1
Source object
202413129349300616

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