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Nonprofiteer
← CRF AFFORDABLE HOUSING INC

Form 990 for tax year 2022

Filed by CRF AFFORDABLE HOUSING INC.

Totals

Total revenue
$22,065,905
Total expenses
$17,777,710
Contributions and grants received
$2,630,000
Grants paid
$1,618,317
Program service revenue
$7,110,883
Investment income
$12,325,022
Other revenue
$0
Total assets, end of year
$87,662,956
Total liabilities, end of year
$12,666,095
Net assets or fund balances, end of year
$74,996,861
Program services expenses (Part IX)
$17,777,710
Management and general expenses
$0
Fundraising expenses
$0
Program service expenses (Part III)
$17,777,710

Program services were 100.0% 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

    $2,630,000

  • 2a · Program service revenue: SERVICE PROVIDER REVENUE

    total $6,215,673 · related or exempt $6,215,673

  • 2b · Program service revenue: PROPERTY MANAGEMENT FEES

    total $569,557 · related or exempt $569,557

  • 2c · Program service revenue: DEVELOPER FEES

    total $143,216 · related or exempt $143,216

  • 2d · Program service revenue: MISCELLANEOUS

    total $110,509 · related or exempt $110,509

  • 2e · Program service revenue: ACCOUNTING COST REIMBURSEMENT

    total $71,928 · related or exempt $71,928

  • 3 · Investment income

    total $12,325,022 · excluded $12,325,022

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,618,317 · program services $1,618,317

  • 5 · Compensation of officers, directors and key employees

    total $701,733 · program services $701,733

  • 7 · Other salaries and wages

    total $5,186,137 · program services $5,186,137

  • 8 · Pension plan contributions

    total $62,707 · program services $62,707

  • 9 · Other employee benefits

    total $480,641 · program services $480,641

  • 10 · Payroll taxes

    total $541,611 · program services $541,611

  • 11b · Fees: legal

    total $35,971 · program services $35,971

  • 11c · Fees: accounting

    total $25,400 · program services $25,400

  • 12 · Advertising and promotion

    total $13,596 · program services $13,596

  • 13 · Office expenses

    total $253,747 · program services $253,747

  • 14 · Information technology

    total $18,513 · program services $18,513

  • 16 · Occupancy

    total $36,000 · program services $36,000

  • 17 · Travel

    total $40,331 · program services $40,331

  • 20 · Interest

    total $7,688,759 · program services $7,688,759

  • 23 · Insurance

    total $233,065 · program services $233,065

  • 24a · Other expenses: NET LOSS/ REL. FOR-PROF

    total $609,201 · program services $609,201

  • 24b · Other expenses: CONSULTING FEES

    total $34,829 · program services $34,829

  • 24c · Other expenses: COMMISSIONS

    total $30,250 · program services $30,250

  • 24d · Other expenses: UTILITIES & MAINTENANCE

    total $2,914 · program services $2,914

  • 24e · All other expenses

    total $163,988 · program services $163,988

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $2,053,000 · end of year $827,697

  • 2 · Savings and temporary cash investments

    beginning of year $2,986,800 · end of year $2,316,900

  • 4 · Accounts receivable

    beginning of year $5,672,960 · end of year $5,206,706

  • 7 · Other notes and loans receivable

    beginning of year $3,450,280 · end of year $4,974,873

  • 9 · Prepaid expenses and deferred charges

    beginning of year $83,983 · end of year $180,933

  • 11 · Investments: publicly traded securities

    beginning of year $37,001,113 · end of year $37,049,900

  • 12 · Investments: other securities

    beginning of year $20,078,437 · end of year $36,384,739

  • 13 · Investments: program-related

    end of year $719,399

  • 15 · Other assets

    beginning of year $1,809 · end of year $1,809

  • 17 · Accounts payable and accrued expenses

    beginning of year $619,716 · end of year $666,095

  • 23 · Secured mortgages and notes payable

    end of year $12,000,000

  • 27 · Net assets without donor restrictions

    beginning of year $70,708,666 · end of year $74,996,861

Mission and programs · 2022

Mission

TO PROMOTE THE WELFARE OF LOW AND MODERATE INCOME PERSONS, OLDER ADULTS AND OTHER SPECIAL NEEDS POPULATIONS WITH HOUSING FACILITIES AND SERVICES DESIGNED TO MEET THEIR NEEDS.

  • CRF AFFORDABLE HOUSING, INC. SUPPORTS 19 LOW-INCOME HOUSING PROPERTIES BY PROVIDING OVERSIGHT OF EACH PROPERTY'S MANAGEMENT TEAM THROUGH THE DEVELOPMENT OF POLICIES AND PROCEDURES, DEVELOPMENT OF SOCIAL PROGRAMS AND SERVICES FOR THE RESIDENTS AND ENSURES COMPLIANCE WITH PROGRAM REGULATIONS AS WELL AS WITH OTHER GOVERNMENT AGENCIES TO MEET ITS CHARITABLE PURPOSE.

    Expenses $17,777,710 · Grants $1,618,317 · Revenue $7,110,883

As filed on the 2022 return.

Listed in Part VII

  • DAVID COOPER

    PRESIDENT

    Total calculated
    $309,115
    From this org
    $299,012
    From related orgs
    $0
    Other
    $10,103
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,064
    Bonus
    $140,948
    Other
    $10,000
    Deferred
    $10,103
    Nontaxable benefits
    $0
    Filer's total
    $309,115

  • TIM SHROUT

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • TIM PAINO

    SECRETARY AND TREASURER

    Total calculated
    $0
    Hours/week
    0

  • ADAM BOCIK

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • WILLIAM TIBBETTS

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0

  • ERIK COOPER

    VICE PRESIDENT

    Total calculated
    $251,293
    From this org
    $246,865
    From related orgs
    $0
    Other
    $4,428
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $106,877
    Bonus
    $129,988
    Other
    $10,000
    Deferred
    $4,428
    Nontaxable benefits
    $0
    Filer's total
    $251,293

  • DWAYNE SHAW

    EXECUTIVE DIRECTOR

    Total calculated
    $141,325
    From this org
    $141,325
    From related orgs
    $0
    Other
    $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. 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 survey or study
  • 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

The filer's explanations (Part III)

PART I, LINE 3
ALL COMPENSATION FOR TOP MANAGEMENT POSITIONS, EXCLUSIVE OF THE PRESIDENT, IS PRESENTED TO THE BOARD OF DIRECTORS BY RECOMMENDATION OF THE PRESIDENT THROUGH THE ANNUAL BUDGETING PROCESS. COMPENSATION FOR THE PRESIDENT IS DETERMINED BY THE BOARD OF DIRECTORS AFTER CONSIDERATION PAID BY COMPARABLE ORGANIZATIONS.

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

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.

  • GLASSWATER CREEK SERVICE PROVIDER OF LAFAYETTE LLC

    SERVICE PROVIDER · IN · income $1 · assets $52,225

    Directly controlled by CRF AFFORDABLE HOUSING

  • GLASSWATER CREEK SERVICE PROVIDER OF PLAINFIELD LLC

    SERVICE PROVIDER · IN · income $0 · assets $54,584

    Directly controlled by CRF AFFORDABLE HOUSING

  • GLASSWATER CREEK SERVICE PROVIDER OF WHITESTOWN

    SERVICE PROVIDER · IN · income $0 · assets $69,612

    Directly controlled by CRF AFFORDABLE HOUSING

  • CRF DEVELOPMENT JEFFERSONVILLE

    SERVICE PROVIDER · IN · income $0 · assets $0

    Directly controlled by CRF AFFORDABLE HOUSING

Related partnerships

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

  • ELGIN MANOR APTS LP

    RELATED · AFFORDABLE HOUSING · IN · 99.99% owned · share of income -$388 · share of assets $7,236,835 · general or managing partner

  • GLASSWATER CREEK OF LAFAYETTE LLC

    RELATED · AFFORDABLE HOUSING · IN · 0.01% owned · general or managing partner

  • GLASSWATER CREEK OF PLAINFIELD LLC

    RELATED · AFFORDABLE HOUSING · IN · 0.01% owned · share of income $1 · share of assets $2,264 · general or managing partner

  • CLOVERLEAF II LP

    RELATED · AFFORDABLE HOUSING · IN · 0.01% owned · share of income -$10 · share of assets $797 · general or managing partner

  • GLASSWATER CREEK OF WHITESTOWN LLC

    RELATED · AFFORDABLE HOUSING · IN · share of income -$568 · share of assets $2,114 · general or managing partner

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2022
Filed
30 October 2023
IRS schema version
2022v5.0
Source object
202333049349300918

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