Totals
- Total revenue
- $1,045,345
- Total expenses
- $554,600
- Contributions and grants received
- $650,000
- Grants paid
- $7,500
- Program service revenue
- $238,417
- Investment income
- $156,928
- Other revenue
- $0
- Total assets, end of year
- $8,653,981
- Total liabilities, end of year
- $3,285,993
- Net assets or fund balances, end of year
- $5,367,988
- Program services expenses (Part IX)
- $481,565
- Management and general expenses
- $73,035
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $481,565
Program services were 86.8% 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)
$650,000
-
2a · Program service revenue: CONSULTING FEE INCOME
total $175,000 · related or exempt $175,000
-
2b · Program service revenue: ORIGINATION/OTHER FEES
total $63,417 · related or exempt $63,417
-
3 · Investment income
total $156,928 · excluded $156,928
Functional expenses
Part IX, the statement of functional expenses.
-
1 · Grants to domestic organizations and governments
total $7,500 · program services $7,500
-
11b · Fees: legal
total $32,339 · program services $32,339
-
11c · Fees: accounting
total $25,000 · program services $25,000
-
11g · Fees: other
total $343,480 · program services $343,480
-
12 · Advertising and promotion
total $300 · program services $300
-
13 · Office expenses
total $1,631 · program services $1,631
-
14 · Information technology
total $1,315 · program services $1,315
-
20 · Interest
total $70,000 · program services $70,000
-
24a · Other expenses: BAD DEBT EXPENSE
total $72,035 · management and general $72,035
-
24b · Other expenses: DUES & SUBSCRIPTIONS
total $1,000 · management and general $1,000
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $2,044,649 · end of year $2,700,282
-
2 · Savings and temporary cash investments
end of year $301,765
-
4 · Accounts receivable
beginning of year $175,976 · end of year $174,668
-
7 · Other notes and loans receivable
beginning of year $3,499,943 · end of year $5,469,766
-
12 · Investments: other securities
beginning of year $157,541
-
15 · Other assets
beginning of year $7,500 · end of year $7,500
-
17 · Accounts payable and accrued expenses
beginning of year $63,999 · end of year $70,000
-
19 · Deferred revenue
beginning of year $5,833
-
25 · Other liabilities
beginning of year $938,534 · end of year $3,215,993
-
27 · Net assets without donor restrictions
beginning of year $3,041,112 · end of year $3,081,857
-
28 · Net assets with donor restrictions
beginning of year $1,836,131 · end of year $2,286,131
Mission and programs · 2023
Mission
THE MISSION OF CORE COMMUNITY PARTNERS IS TO PROVIDE TIMELY AND COST-EFFECTIVE LENDING, INVESTING, CONSULTING AND OTHER FINANCIAL SERVICES TO SUPPORT THE DEVELOPMENT AND RE-DEVELOPMENT OF AFFORDABLE HOUSING STOCK AND RELATED COMMUNITY ECONOMIC DEVELOPMENT IN ORDER TO INCREASE THE QUALITY OF LIFE IN LOW-INCOME COMMUNITIES.
Activities or mission (Part I)
PROVIDE LOANS AND CONSULTING FOR ORGANIZATIONS FINANCING AND DEVELOPING AFFORDABLE HOUSING.
-
FOR THE FISCAL YEAR ENDING 3/31/2024, CORE COMMUNITY PARTNERS (CORE) CONSULTED ON FOUR AFFORDABLE HOUSING PROJECTS TOTALING 198 NEWLY CONSTRUCTED AFFORDABLE UNITS AND 399 REHABILITATED AFFORDABLE UNITS. THREE NEW LOANS WERE DISBURSED IN THAT TIMEFRAME AS WELL RESULTING IN 53 NEW CONSTRUCTION UNITS AND 143 REHABILITATED UNITS. THREE LOANS PAID OFF AND CLOSED OUT DURING THE FISCAL YEAR WHERE 283 UNITS BENEFITTED FROM THE LOANS. FIVE LOANS WERE DISBURSED BEFORE THIS FISCAL YEAR AND ARE STILL OUTSTANDING WITH 271 UNITS BENEFITTING. THREE PROJECTS PAID FINANCING FEES TO CORE.
Expenses $481,565 · Grants $7,500 · Revenue $238,417
As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.
Listed in Part VII
-
Timothy V FoxTIMOTHY V FOX
PRESIDENT
- Total calculated
- $657,334
- From this org
- $0
- From related orgs
- $624,334
- Other
- $33,000
- Hours/week
- 10 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $624,334 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $33,000 related
- Nontaxable benefits
- $0
- Filer's total
- $0 + $657,334 related
-
Martha RichardsonMARTHA RICHARDSON
CHAIRMAN
- Total calculated
- $0
- Hours/week
- 5 + 10 related
-
Steven ChampaSTEVEN CHAMPA
SECRETARY
- Total calculated
- $0
- Hours/week
- 5 + 5 related
-
Tom EdmistonTOM EDMISTON
TREASURER
- Total calculated
- $0
- Hours/week
- 5 + 10 related
-
Brian GallaherBRIAN GALLAHER
CHIEF FINANCIAL OFFICER
- Total calculated
- $519,946
- From this org
- $0
- From related orgs
- $462,582
- Other
- $57,364
- Hours/week
- 10 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $462,582 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $33,000 related
- Nontaxable benefits
- $0 + $24,364 related
- Filer's total
- $0 + $519,946 related
-
Andrew MartinANDREW MARTIN
VICE PRESIDENT
- Total calculated
- $295,160
- From this org
- $0
- From related orgs
- $250,740
- Other
- $44,420
- Hours/week
- 20 + 25 related
Schedule J breakdown matched by us
- Base
- $0 + $250,740 related
- Bonus
- $0
- Other
- $0
- Deferred
- $0 + $25,545 related
- Nontaxable benefits
- $0 + $18,875 related
- Filer's total
- $0 + $295,160 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. 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
None.
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
- THE COMPENSATION OF THE OFFICERS IS APPROVED BY THE BOARD OF DIRECTORS, AND PAID BY THE SUPPORTED ORGANIZATION MHT HOUSING, INC.
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
-
TO ASSIST THE ORGANIZATIONAL SUPPORT FUNDRAISER.
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.
-
501(C)(3) · PRESERVATION OF LOW-INCOME HOUSING · MI
-
501(C)(3) · PRESERVATION OF LOW-INCOME HOUSING · MI
Directly controlled by MHT HOUSING INC
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 12 February 2025
- IRS schema version
- 2023v6.0
- Source object
- 202530449349300038
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