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← AFFORDABLE HOUSING CORPORATION OF LAKE COUNTY

Form 990 for tax year 2022

Filed by AFFORDABLE HOUSING CORPORATION OF LAKE COUNTY.

Totals

Total revenue
$5,136,647
Total expenses
$5,259,476
Contributions and grants received
$0
Grants paid
$67,500
Program service revenue
$5,060,382
Investment income
$2,629
Other revenue
$73,636
Total assets, end of year
$2,256,048
Total liabilities, end of year
$957,094
Net assets or fund balances, end of year
$1,298,954
Program services expenses (Part IX)
$5,232,098
Management and general expenses
$27,378
Fundraising expenses
$0
Program service expenses (Part III)
$5,232,098

Program services were 99.5% 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.

  • 2a · Program service revenue: PROCEEDS FROM SALES

    total $4,666,371 · related or exempt $4,666,371

  • 2b · Program service revenue: PROJECT DELIVERY

    total $248,823 · related or exempt $248,823

  • 2c · Program service revenue: INCOME

    total $145,188 · related or exempt $145,188

  • 3 · Investment income

    total $2,629 · excluded $2,629

  • 6a · Gross rents

    real property $47,245

  • 6b · Less rental expenses

    real property $0

  • 6c · Rental income or loss

    real property $47,245

  • 6d · Net rental income or loss

    total $47,245 · related or exempt $47,245

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $26,391 · related or exempt $26,391

  • 11e · Other revenue, total

    $26,391

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $67,500 · program services $67,500

  • 5 · Compensation of officers, directors and key employees

    total $120,000 · program services $120,000

  • 7 · Other salaries and wages

    total $258,395 · program services $236,727 · management and general $21,668

  • 8 · Pension plan contributions

    total $13,900 · program services $13,900

  • 9 · Other employee benefits

    total $22,990 · program services $22,990

  • 10 · Payroll taxes

    total $25,280 · program services $25,280

  • 11c · Fees: accounting

    total $23,420 · program services $22,212 · management and general $1,208

  • 13 · Office expenses

    total $11,453 · program services $10,905 · management and general $548

  • 16 · Occupancy

    total $24,606 · program services $23,689 · management and general $917

  • 17 · Travel

    total $14,276 · program services $13,382 · management and general $894

  • 22 · Depreciation, depletion and amortization

    total $302 · management and general $302

  • 24a · Other expenses: PROJECT COSTS

    total $4,667,486 · program services $4,667,454 · management and general $32

  • 24b · Other expenses: EQUIPMENT USAGE

    total $8,469 · program services $8,059 · management and general $410

  • 24c · Other expenses: PROFESSIONAL DEVELOPMEN

    total $1,399 · management and general $1,399

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $874,832 · end of year $462,328

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,328 · end of year $6,642

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

    $1,512

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

    $529

  • 10c · Land, buildings and equipment, net

    beginning of year $1,285 · end of year $983

  • 15 · Other assets

    beginning of year $2,852,969 · end of year $1,786,095

  • 17 · Accounts payable and accrued expenses

    beginning of year $96,609 · end of year $63,024

  • 23 · Secured mortgages and notes payable

    beginning of year $2,184,906 · end of year $886,170

  • 25 · Other liabilities

    beginning of year $28,116 · end of year $7,900

  • 27 · Net assets without donor restrictions

    beginning of year $1,421,783 · end of year $1,298,954

Mission and programs · 2022

Mission

TO PROVIDE DECENT, SAFE AND SANITARY HOUSING THAT IS AFFORDABLE TO LOW AND MODERATE-INCOME PERSONS AND TO STABILIZE AND STRENGTHEN COMMUNITIES BY IMPROVING THE LOCAL HOUSING STOCK. THE CORPORATION SHALL ADMINISTER PROGRAMS THAT REVITALIZE NEIGHBORHOODS AND INCREASE AND PRESERVE AFFORDABLE HOUSING OPTIONS IN THE NORTHERN SECTION OF THE CHICAGO METROPOLITAN STATISTICAL AREA

  • ACQUISITION, REHABILITATION, AND RESALE

    Expenses $998,973 · Revenue $919,000

  • STABILIZE AND STRENGTHEN TARGETED COMMUNITIES BY IMPROVING THE LOCAL HOUSING STOCK AND CREATING AFFORDABLE HOUSING OPPORTUNITIES (NFS)

    Expenses $61,622 · Revenue $61,030

  • PROJECT DELIVERY FEES FOR THE OWNER OCCUPIED REHAB PROGRAM

    Expenses $58,370

  • NORTH CHICAGO DEVELOPMENT, HOME ACCESSIBILITY PROGRAM, RENTAL HOUSING SUPPORT PROGRAM AND OTHER VARIOUS PROGRAMS AND INCOME FROM PROCEEDS OF SELLING HOME.

    Expenses $4,113,133 · Grants $67,500 · Revenue $4,149,347

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Timothy Johnston

    CHAIR

    Total calculated
    $0
    Hours/week
    1

  • Michael Deblauw

    SECRETARY/TREASURER

    Total calculated
    $0
    Hours/week
    1

  • Robert Anthony

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1

  • Michael Mader

    PRESIDENT

    Total calculated
    $132,623
    From this org
    $120,000
    From related orgs
    $0
    Other
    $12,623
    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

Provenance

Return type
form_990
Tax year
2022
Filed
24 July 2023
IRS schema version
2022v5.0
Source object
202342209349301214

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