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Nonprofiteer
← NEW WAY HOMES INC

Form 990 for tax year 2023

Filed by NEW WAY HOMES INC.

Totals

Total revenue
$4,715,504
Total expenses
$1,213,990
Contributions and grants received
$4,045,225
Grants paid
$1,000
Program service revenue
$22,071
Investment income
$622,966
Other revenue
$25,242
Total assets, end of year
$10,557,458
Total liabilities, end of year
$6,588,692
Net assets or fund balances, end of year
$3,968,766
Program services expenses (Part IX)
$1,055,154
Management and general expenses
$144,930
Fundraising expenses
$13,906
Program service expenses (Part III)
$1,055,154

Program services were 86.9% 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)

    $627,364

  • 1f · All other contributions, gifts and grants

    $3,417,861

  • 2a · Program service revenue: PROGRAM SERVICE FEES

    total $22,071 · related or exempt $22,071

  • 3 · Investment income

    total $438,722 · excluded $438,722

  • 7a · Gross sales of assets other than inventory

    other assets $184,244

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

    other assets $0

  • 7c · Gain or loss

    other assets $184,244

  • 7d · Net gain or loss

    total $184,244 · excluded $184,244

  • 11a · Other revenue: PROPERTY TAX REFUNDS

    total $25,242 · related or exempt $25,242

  • 11e · Other revenue, total

    $25,242

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,000 · program services $1,000

  • 7 · Other salaries and wages

    total $151,154 · program services $151,154

  • 10 · Payroll taxes

    total $14,570 · program services $14,570

  • 11b · Fees: legal

    total $4,620 · management and general $4,620

  • 11c · Fees: accounting

    total $91,370 · management and general $91,370

  • 11g · Fees: other

    total $4,787 · program services $4,787

  • 12 · Advertising and promotion

    total $8,886 · fundraising $8,886

  • 13 · Office expenses

    total $2,682 · management and general $2,682

  • 17 · Travel

    total $5,020 · fundraising $5,020

  • 19 · Conferences, conventions and meetings

    total $22,419 · management and general $22,419

  • 20 · Interest

    total $200,482 · program services $200,482

  • 23 · Insurance

    total $16,623 · program services $8,644 · management and general $7,979

  • 24a · Other expenses: PROJECTS

    total $674,517 · program services $674,517

  • 24b · Other expenses: DUES AND SUBSCRIPTIONS

    total $11,452 · management and general $11,452

  • 24c · Other expenses: OTHER EXPENSES

    total $4,408 · management and general $4,408

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,330,834 · end of year $711,711

  • 2 · Savings and temporary cash investments

    beginning of year $356,171 · end of year $484,920

  • 4 · Accounts receivable

    beginning of year $726 · end of year $2,174,975

  • 6 · Loans and receivables from disqualified persons

    beginning of year $4,414,660 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $254,151 · end of year $6,955,938

  • 9 · Prepaid expenses and deferred charges

    beginning of year $8,795 · end of year $13,765

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

    $1,634

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

    $1,634

  • 10c · Land, buildings and equipment, net

    beginning of year $289,029 · end of year $0

  • 15 · Other assets

    beginning of year $532,663 · end of year $216,149

  • 17 · Accounts payable and accrued expenses

    beginning of year $51,624 · end of year $256,693

  • 25 · Other liabilities

    beginning of year $6,668,153 · end of year $6,331,999

  • 27 · Net assets without donor restrictions

    beginning of year $246,762 · end of year $1,457,153

  • 28 · Net assets with donor restrictions

    beginning of year $220,490 · end of year $2,511,613

Mission and programs · 2023

Mission

SEE SCH ONEW WAY HOMES WAS FORMED TO SIGNIFICANTLY INCREASE THE AVAILABILITY AND AFFORDABILITY OF RENTAL HOUSING TO VULNERABLE AND LOW INCOME POPULATIONS BY MAKING CHARITABLE LOANS THAT ARE USED TO INCREASE THE RATE OF DEVELOPMENT OF NEW AFFORDABLE HOUSING INCLUDING WITHIN MIXED INCOME HOUSING PROJECTS.

Activities or mission (Part I)

SEE SCH ONEW WAY HOMES WAS FORMED TO SIGNIFCANTLY INCREASE THE AVAILABILITY AND AFFORDABILITY OF RENTAL HOUSING TO VULNERABLE AND LOW INCOME POPULATIONS BY MAKING CHARITABLE LOANS THAT ARE USED TO INCREASE THE RATE OF DEVELOPMENT OF NEW AFFORDABLE HOUSING INCLUDING WITHIN MIXED INCOME HOUSING PROJECTS.

  • DURING 2023 NEW WAY HOMES FURTHERED ITS MISSION TO INCREASE AFFORDABLE/LOW-INCOME HOUSING BY MAKING PRE-DEVELOPMENT LOANS TOTALING $2,027,834 AND DIRECTLY PAYING PREDEVELOPMENT EXPENSES TOTALING $614,535.

    Expenses $1,055,154 · Grants $1,000 · Revenue $47,313

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

Listed in Part VII

  • John Ballard

    TREASURER

    Total calculated
    $0
    Hours/week
    1.25

  • Robert Singleton

    SECRETARY

    Total calculated
    $0
    Hours/week
    0.5

  • Christine Sippl

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Uche Uwahemu

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Andrew Ow

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • James Rector

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Micah Silvey

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Owen Lawlor

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Aura Oslapas

    DIRECTOR

    Total calculated
    $0
    Hours/week
    0.5

  • Sibley Simon

    PRESIDENT

    Total calculated
    $0
    Hours/week
    18.5

  • Elaine Johnson

    HSCC EXECUTIVE DIRECTOR

    Total calculated
    $113,400
    From this org
    $110,549
    From related orgs
    $0
    Other
    $2,851
    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

No itemized grants to organizations on this return.

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.

  • 8930 MACARTHUR BLVD LLC

    HOUSING DEVELOPEMENT · CA

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202413209349310916

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