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Nonprofiteer
← AFFORDABLE HOUSING RESOURCES INC

Form 990 for tax year 2023

Filed by AFFORDABLE HOUSING RESOURCES INC.

Totals

Total revenue
$5,229,157
Total expenses
$2,518,879
Contributions and grants received
$3,638,868
Grants paid
$0
Program service revenue
$1,367,605
Investment income
$145,585
Other revenue
$77,099
Total assets, end of year
$27,266,246
Total liabilities, end of year
$15,850,383
Net assets or fund balances, end of year
$11,415,863
Program services expenses (Part IX)
$2,355,245
Management and general expenses
$163,634
Fundraising expenses
$0
Program service expenses (Part III)
$2,355,245

Program services were 93.5% 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)

    $1,155,846

  • 1f · All other contributions, gifts and grants

    $2,483,022

  • 1g · Noncash contributions included above

    $1,339,000

  • 2a · Program service revenue: DEVELOPER FEES

    total $653,649 · related or exempt $653,649

  • 2b · Program service revenue: LOAN INTEREST

    total $335,328 · related or exempt $335,328

  • 2c · Program service revenue: COUNSELING & MORTGAGE

    total $302,536 · related or exempt $302,536

  • 2d · Program service revenue: RENTAL INCOME PROGRAM

    total $51,412 · related or exempt $51,412

  • 2e · Program service revenue: NFMC INCOME

    total $24,680 · related or exempt $24,680

  • 3 · Investment income

    total $84,758 · excluded $84,758

  • 7a · Gross sales of assets other than inventory

    other assets $5,775,022

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

    other assets $5,714,195

  • 7c · Gain or loss

    other assets $60,827

  • 7d · Net gain or loss

    total $60,827 · related or exempt $60,827

  • 11a · Other revenue: CANCELLATION OF DEBT

    total $77,099 · related or exempt $77,099

  • 11e · Other revenue, total

    $77,099

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $329,672 · program services $290,111 · management and general $39,561

  • 7 · Other salaries and wages

    total $367,029 · program services $322,300 · management and general $44,729

  • 8 · Pension plan contributions

    total $20,844 · program services $18,322 · management and general $2,522

  • 9 · Other employee benefits

    total $82,562 · program services $72,561 · management and general $10,001

  • 10 · Payroll taxes

    total $53,464 · program services $46,995 · management and general $6,469

  • 11g · Fees: other

    total $94,650 · program services $82,346 · management and general $12,304

  • 12 · Advertising and promotion

    total $61,091 · program services $54,926 · management and general $6,165

  • 13 · Office expenses

    total $69,742 · program services $60,676 · management and general $9,066

  • 16 · Occupancy

    total $69,195 · program services $60,200 · management and general $8,995

  • 17 · Travel

    total $23,127 · program services $20,120 · management and general $3,007

  • 20 · Interest

    total $1,278 · program services $1,278

  • 22 · Depreciation, depletion and amortization

    total $31,069 · program services $27,341 · management and general $3,728

  • 23 · Insurance

    total $27,471 · program services $24,174 · management and general $3,297

  • 24a · Other expenses: COVID RELIEF EXPENSE AN

    total $1,039,699 · program services $1,039,699

  • 24b · Other expenses: CONTRACT LABOR

    total $100,056 · program services $100,056

  • 24c · Other expenses: REPAIRS & MAINTENANCE

    total $66,360 · program services $57,733 · management and general $8,627

  • 24d · Other expenses: DEVELOPED PROPERTY EXPE

    total $41,523 · program services $41,523

  • 24e · All other expenses

    total $40,047 · program services $34,884 · management and general $5,163

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $7,083,859 · end of year $8,065,864

  • 4 · Accounts receivable

    beginning of year $248,662 · end of year $186,123

  • 7 · Other notes and loans receivable

    beginning of year $13,932,094 · end of year $15,119,894

  • 8 · Inventories for sale or use

    beginning of year $3,757,453 · end of year $3,071,976

  • 9 · Prepaid expenses and deferred charges

    beginning of year $21,725 · end of year $25,514

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

    $759,571

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

    $118,366

  • 10c · Land, buildings and equipment, net

    beginning of year $662,420 · end of year $641,205

  • 11 · Investments: publicly traded securities

    beginning of year $37,112 · end of year $27,219

  • 13 · Investments: program-related

    beginning of year $62,500 · end of year $0

  • 15 · Other assets

    beginning of year $191,623 · end of year $128,451

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,034,647 · end of year $134,012

  • 23 · Secured mortgages and notes payable

    beginning of year $16,068,788 · end of year $15,590,050

  • 25 · Other liabilities

    beginning of year $188,428 · end of year $126,321

  • 27 · Net assets without donor restrictions

    beginning of year $8,438,988 · end of year $11,402,661

  • 28 · Net assets with donor restrictions

    beginning of year $266,597 · end of year $13,202

Mission and programs · 2023

Mission

AFFORDABLE HOUSING RESOURCES, INC. (AHR) IS A NON-PROFIT ORGANIZATION WHOSE MISSION IS TO CREATE AFFORDABLE HOUSING AND STRONG NEIGHBORHOODS. FOR OVER 20 YEARS, AHR HAS BEEN LAYING A FOUNDATION FOR SUCCESSFUL HOME OWNERSHIP FOR MIDDLE TENNESSEE'S WORKFORCE. AHR IS COMMITTED TO PROVIDING HOME OWNERSHIP OPPORTUNITIES FOR LOW TO MODERATE INCOME FAMILIES, WHICH ENABLES THESE FAMILIES TO BECOME SUCCESSFUL HOMEOWNERS OVER THE LONG TERM.

Activities or mission (Part I)

AFFORDABLE HOUSING RESOURCES, INC. (AHR) IS A NON-PROFIT ORGANIZATION WHOSE MISSION IS TO CREATE AFFORDABLE HOUSING AND STRONG NEIGHBORHOODS. FOR OVER 20 YEARS, AHR HAS BEEN LAYING A FOUNDATION FOR SUCCESSFUL HOME OWNERSHIP FOR MIDDLE TENNESSEE'S WORKFORCE. AHR IS COMMITTED TO PROVIDING HOME OWNERSHIP OPPORTUNITIES FOR LOW TO MODERATE INCOME FAMILIES, WHICH ENABLES THESE FAMILIES TO BECOME SUCCESSFUL HOMEOWNERS OVER THE LONG TERM.AHR HAS DEVELOPED AND SOLD OVER 1,500 SINGLE FAMILY HOMES AND ASSISTED OVER 15,000 PEOPLE IN BUYING THEIR FIRST HOME THROUGH ITS 3 MAIN PROGRAMS: 1. HOME BUYER EDUCATION AND FINANCIAL LITERACY PROGRAMS 2. SINGLE FAMILY HOUSING DEVELOPMENT 3. MORTGAGE LENDING PROGRAMS

  • DISASTER RELIEF PROGRAM: AHR ACQUIRES FUNDING TO ASSIST IN THE PREVENTION OF FORCLOSURE AND RENTAL EVICTIONS OF LOW INCOME FAMILIES.

    Expenses $1,390,170

  • SINGLE FAMILY DEVELOPMENT - AHR PROVIDES HOUSING TO LOW INCOME FAMILIES THROUGH CONSTRUCTION, SALES, REHAB, AND RENTAL OF HOMES.

    Expenses $461,016 · Revenue $819,207

  • LENDING - INTEREST ON LOANS SERVICED BY PINNACLE BANK ON BEHALF OF AHR.

    Expenses $338,912 · Revenue $388,131

  • HOMEBUYER EDUCATION - AHR OFFERED PRE-PURCHASE HOME BUYER EDUCATION PROGRAMS THROUGH PARTNERSHIPS WITH THE TENNESSEE HOUSING DEVELOPMENT GENCY AND NEIGHBORWORKS AMERICA TO CREATE SUCCESSFUL HOMEBUYERS.

    Expenses $165,147 · Revenue $298,193

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • David Crane

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Amy Delk

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dr Darren Kennedy

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jaqueline Paul Sims

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Kaitlin Dastuque

    HOUSING DEVELOPMENT CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Aleta Young

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Paul Hoffman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • John A Beam III

    SECRETARY & CHAIR GOVERNANCE

    Total calculated
    $0
    Hours/week
    2

  • W Perry Blandford

    BOARD CHAIR

    Total calculated
    $0
    Hours/week
    2

  • Kathy Floyd-Buggs

    DIRECTOR

    Total calculated
    $0
    Hours/week
    2

  • Eddie Latimer

    CEO

    Total calculated
    $197,172
    From this org
    $190,055
    From related orgs
    $0
    Other
    $7,117
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,552
    Bonus
    $7,583
    Other
    $10,920
    Deferred
    $0
    Nontaxable benefits
    $7,117
    Filer's total
    $197,172

  • Dewayne Olive

    TREASURER & FINANCE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Jim Rieniets

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Paige O'Dell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • R Dale Mitchell

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Rosemary Nabaweesi

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Jamal Cambell-Gooch

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Mark G Calvert

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Dan Eaton

    DIRECTOR OF HOUSING DEVELOPMENT

    Total calculated
    $132,500
    From this org
    $128,685
    From related orgs
    $0
    Other
    $3,815
    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. 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 · Approval by the board or compensation committee

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

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.

Provenance

Return type
form_990
Tax year
2023
Filed
27 September 2024
IRS schema version
2023v5.1
Source object
202412719349300536

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