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← AFFORDABLE HOUSING NETWORK INC

Form 990 for tax year 2022

Filed by AFFORDABLE HOUSING NETWORK INC.

Totals

Total revenue
$8,670,979
Total expenses
$5,226,063
Contributions and grants received
$508,652
Grants paid
$0
Program service revenue
$3,625,525
Investment income
$3,948,459
Other revenue
$588,343
Total assets, end of year
$18,568,829
Total liabilities, end of year
$8,996,541
Net assets or fund balances, end of year
$9,572,288
Program services expenses (Part IX)
$4,406,110
Management and general expenses
$819,953
Fundraising expenses
$0
Program service expenses (Part III)
$4,406,110

Program services were 84.3% 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)

    $300,397

  • 1f · All other contributions, gifts and grants

    $208,255

  • 2a · Program service revenue: RENTAL INCOME

    total $3,397,682 · related or exempt $3,397,682

  • 2b · Program service revenue: AUXILIARY RENTAL INCOME

    total $155,937 · related or exempt $155,937

  • 2c · Program service revenue: AFFILIATE SERVICES

    total $71,906 · related or exempt $71,906

  • 3 · Investment income

    total $9,307 · excluded $9,307

  • 7a · Gross sales of assets other than inventory

    securities $2,259 · other assets $13,087,755

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

    securities $0 · other assets $9,150,862

  • 7c · Gain or loss

    securities $2,259 · other assets $3,936,893

  • 7d · Net gain or loss

    total $3,939,152 · excluded $3,939,152

  • 11a · Other revenue: DEBT FORGIVENESS

    total $588,343 · excluded $588,343

  • 11e · Other revenue, total

    $588,343

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $102,877 · management and general $102,877

  • 7 · Other salaries and wages

    total $1,014,674 · program services $770,159 · management and general $244,515

  • 8 · Pension plan contributions

    total $4,762 · management and general $4,762

  • 9 · Other employee benefits

    total $11,080 · management and general $11,080

  • 10 · Payroll taxes

    total $32,145 · management and general $32,145

  • 11a · Fees: management

    total $219,247 · program services $219,247

  • 11b · Fees: legal

    total $104,531 · program services $27,370 · management and general $77,161

  • 11c · Fees: accounting

    total $79,293 · program services $74,842 · management and general $4,451

  • 11g · Fees: other

    total $12,078 · program services $12,078

  • 12 · Advertising and promotion

    total $3,960 · program services $106 · management and general $3,854

  • 13 · Office expenses

    total $35,887 · program services $28,720 · management and general $7,167

  • 14 · Information technology

    total $19,511 · program services $12,622 · management and general $6,889

  • 16 · Occupancy

    total $741,822 · program services $740,847 · management and general $975

  • 17 · Travel

    total $23,697 · program services $14,097 · management and general $9,600

  • 19 · Conferences, conventions and meetings

    total $254 · management and general $254

  • 20 · Interest

    total $363,675 · program services $363,675

  • 22 · Depreciation, depletion and amortization

    total $700,049 · program services $695,990 · management and general $4,059

  • 23 · Insurance

    total $564,739 · program services $561,475 · management and general $3,264

  • 24a · Other expenses: REPAIRS AND MAINTENANCE

    total $785,590 · program services $736,817 · management and general $48,773

  • 24b · Other expenses: RENTAL ASSISTANCE

    total $221,450 · management and general $221,450

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $139,093 · program services $139,093

  • 24d · Other expenses: STAFF DEVELOPMENT

    total $36,513 · program services $242 · management and general $36,271

  • 24e · All other expenses

    total $9,136 · program services $8,730 · management and general $406

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $519,983 · end of year $864,220

  • 4 · Accounts receivable

    beginning of year $2,124,775 · end of year $683,126

  • 7 · Other notes and loans receivable

    beginning of year $921,897 · end of year $988,137

  • 9 · Prepaid expenses and deferred charges

    beginning of year $181,765 · end of year $222,897

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

    $22,409,968

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

    $6,577,327

  • 10c · Land, buildings and equipment, net

    beginning of year $14,334,390 · end of year $15,832,641

  • 13 · Investments: program-related

    beginning of year -$1,037,452 · end of year -$309,852

  • 15 · Other assets

    beginning of year $8,685,427 · end of year $287,660

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,767,527 · end of year $523,772

  • 20 · Tax-exempt bond liabilities

    beginning of year $3,794,025 · end of year $2,328,716

  • 23 · Secured mortgages and notes payable

    beginning of year $9,377,667 · end of year $5,485,927

  • 24 · Unsecured notes and loans payable

    beginning of year $1,070,909 · end of year $443,813

  • 25 · Other liabilities

    beginning of year $252,388 · end of year $214,313

  • 27 · Net assets without donor restrictions

    beginning of year $6,468,269 · end of year $9,572,288

Mission and programs · 2022

Mission

TO PROVIDE AFFORDABLE HOUSING TO INDIVIDUALS AND FAMILIES IN NEED.

  • AFFORDABLE HOUSING RENTALS: AHNI OWNS 416 AFFORDABLE HOUSING RENTAL UNITS AND MANAGES 35 AFFORDABLE HOUSING RENTAL UNITS, FOR A TOTAL OF 451 RENTAL UNITS INTENDED TO BE RENTED TO INDIVIDUALS AND FAMILIES WITH LOW TO VERY LOW INCOME. INCOME BETWEEN 50% AND 80% OF AREA MEDIAN INCOME (AMI) IS "LOW INCOME AND INCOME BETWEEN 30% AND 50% OF AMI IS "VERY LOW INCOME." AHNI PROVIDES THE FOLLOWING SERVICES TO INSURE A STABLE AND CLEAN LIVING ENVIRONMENT: RENTAL AGENT SERVICES AND FACILITY MAINTENANCE.

    Expenses $3,749,658 · Revenue $3,625,525

  • NEIGHBORHOOD REVITALIZATION: AHNI OPERATES A NEIGHBORHOOD REVITALIZATION PROJECT IN THE WELLINGTON HEIGHTS NEIGHBORHOOD OF CEDAR RAPIDS DESIGNED TO INCREASE HOME OWNERSHIP, DECREASE DENSITY AND RETURN A NEIGHBORHOOD BACK TO THE MAJESTIC AND STABLE PLACE IT ONCE WAS. AHNI HAS REHABBED & SOLD 41 HOMES AND CURRENTLY HAS 52 RENTAL UNITS IN THE WELLINGTON HEIGHTS NEIGHBORHOOD AND ARE CURRENTLY RENTING PROPERTIES AND BUILDING AS FUNDING AND BUYERS PERMIT. PROPERTIES PREVIOUSLY REHABILITATED ARE OFFERED TO THE COMMUNITY AS IMPROVED RENTALS, AND HOMES FOR SALE WITH THE ULTIMATE GOAL OF GUIDING CHILDREN AND FAMILIES TO SUCCESSFUL OUTCOMES AND STRENGTHENING THE COMMUNITY. IN ADDITION AHNI OPERATES AN AFFORDABLE HOUSING REVITALIZATION PROJECT IN DUBUQUE. THIS IS DONE IN CONJUNCTION WITH THE CITY OF DUBUQUE AND THEIR MULTI-YEAR PLAN TO INCREASE HOME OWNERSHIP AND CREATE A STABLE, RESPECTFUL RENTAL ENVIRONMENT. AHNI HAS PURCHASED AND REHABBED 8 PROPERTIES AND SOLD THEM AS AFFORDABLE HOMES IN THE LAST YEAR.

    Expenses $656,452

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

Listed in Part VII

  • Lydia Brown

    CHAIR

    Total calculated
    $0
    Hours/week
    2 + 2 related

  • Jim Choate

    TREASURER

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Nancy Hill-Davis

    VICE CHAIR

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Karl Hoffman

    SECRETARY

    Total calculated
    $0
    Hours/week
    1 + 2 related

  • Richard Allen

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Emily Flowergarden

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Jerry Hunt

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Travis Kolder

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Hunter Skogman

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • Mary Beth O'Neill

    PRESIDENT/CEO

    Total calculated
    $285,905
    From this org
    $0
    From related orgs
    $243,280
    Other
    $42,625
    Hours/week
    5 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $243,280 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $28,000 related
    Nontaxable benefits
    $0 + $14,625 related
    Filer's total
    $0 + $285,905 related

  • Steve Schuring

    CHIEF FINANCIAL OFFICER

    Total calculated
    $186,645
    From this org
    $0
    From related orgs
    $160,593
    Other
    $26,052
    Hours/week
    5 + 45 related

    Schedule J breakdown matched by us

    Base
    $0 + $160,593 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $5,017 related
    Nontaxable benefits
    $0 + $21,035 related
    Filer's total
    $0 + $186,645 related

  • Danielle Rodriguez

    PROGRAM DIRECTOR

    Total calculated
    $78,948
    From this org
    $63,306
    From related orgs
    $0
    Other
    $15,642
    Hours/week
    50

  • Debbie Craig

    CHIEF ADVOCACY OFFICER

    Total calculated
    $126,371
    From this org
    $0
    From related orgs
    $102,076
    Other
    $24,295
    Hours/week
    5 + 45 related

  • Anne Gruenwald

    FORMER PRESIDENT/CEO

    Total calculated
    $364,149
    From this org
    $0
    From related orgs
    $363,557
    Other
    $592
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $0 + $363,557 related
    Deferred
    $0 + $582 related
    Nontaxable benefits
    $0 + $10 related
    Filer's total
    $0 + $364,149 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

  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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 1B
COMPENSATION FOR THE CEO/PROGRAM DIRECTOR IS ESTABLISHED BY FOUR OAKS SOLE MEMBER OF AFFORDABLE HOUSING NETWORK INC. METHODS USED IN ESTABLISHING - COMPENSATION COMMITTEE - COMPENSATION SURVEY OR STUDY, AND FAMILY AND CHILDREN'S SERVICES, A RELATED TAX-EXEMPT ENTITY THAT IS THE COMPENSATION INCLUDE: - INDEPENDENT COMPENSATION CONSULTANT - APPROVAL BY THE FOUR OAKS EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS. SEE SCHEDULE O, IN RESPONSE TO FORM 990, PART VI, SECTION B, LINE 15 FOR FURTHER EXPLANATION OF COMPENSATION SETTING PROCEDURES.
PART I, LINE 4B
ONE INDIVIDUAL PARTICIPATED IN A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN OF A RELATED ORGANZATION, FOUR OAKS FAMILY AND CHILDREN'S SERVICES, DURING THE CALENDAR YEAR 2022 WITH CONTRIBUTIONS AS FOLLOWS: MARY BETH O'NEILL - $20,500 THIS INFORMATION IS INCLUDED IN DEFERRED COMPENSATION ON SCHEDULE J, PART II, COL (C). ONE INDIVIDUAL RECIEVED PAYMENT FROM A SUPPLEMENTAL NON-QUALIFIED RETIREMENT PLAN OF A RELATED ORGANZATION, FOUR OAKS FAMILY AND CHILDREN'S SERVICES, DURING CALENDAR YEAR 2022 WITH PAYMENTS TOTALING: ANNE GRUENWALD - $363,557 THIS INFORMATION WAS ACCRUED AND RECORDED AS DEFERRED ON PROR YEAR 990'S. IT IS NOW INCLUDED ON FORM 990 PART VII, COLUMN D AND ALSO ON SCHEDULE J PART II, COLUMN B(III) AND COLUMN F.

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.

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.

Related partnerships

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

  • 3200 PIONEER LLLP (LIMITED INTEREST)

    RELATED · LOW INCOME RESIDENTIAL REAL ESTATE RENTAL · IA · 1% owned · share of income -$1,209 · share of assets $132,146 · general or managing partner

    Directly controlled by 3200 PIONEER AVE SE LLC

  • BROWN APARTMENTS LP

    RELATED · LOW INCOME RESIDENTIAL REAL ESTATE RENTAL · IA · 0.01% owned · share of income -$13 · share of assets $546,750 · general or managing partner

    Directly controlled by AFFORDABLE HOUSING NETWORK INC

  • HARBET AVENUE LIMITED PARTNERSHIP (UNTIL 102022)

    RELATED · LOW INCOME RESIDENTIAL REAL ESTATE RENTAL · IA · 15.49% owned · share of income -$38,336 · general or managing partner

    Directly controlled by AHNI HOLDINGS

  • SUGAR CREEK BEND LLLP

    RELATED · LOW INCOME RESIDENTIAL REAL ESTATE RENTAL · IA · 0.01% owned · share of income -$6 · share of assets $30 · general or managing partner

    Directly controlled by AHNI PROPERTIES INC

Related corporations and trusts

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

  • AHNI PROPERTIES INC

    C · LOW INCOME RESIDENTIAL REAL ESTATE MANAGEMENT · IA · 100% owned · share of income -$7 · controlled entity

    Directly controlled by AFFORDABLE HOUSING NETWORK INC

  • HARBET AVENUE PROPERTIES INC

    C · INACTIVE - LOW INCOME RESIDENTIAL REAL ESTATE RENTAL · IA · 100% owned · controlled entity

    Directly controlled by AFFORDABLE HOUSING NETWORK INC

  • 3200 PIONEER AVENUE SE LLC

    C · LOW INCOME RESIDENTIAL REAL ESTATE RENTAL · IA · 100% owned · share of income -$1,209 · share of assets $114,664 · controlled entity

    Directly controlled by AFFORDABLE HOUSING NETWORK INC

  • HARBET AVENUE CORP

    C · LOW INCOME RESIDENTIAL REAL ESTATE - NO ACTIVITY · IA · 79% owned

    Directly controlled by AFFORDABLE HOUSING NETWORK INC

Provenance

Return type
form_990
Tax year
2022
Filed
25 April 2024
IRS schema version
2022v5.0
Source object
202411219349300941

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