Rockbridge Area Housing Corporation
- Assets
- $299.9k
- Revenue
- $321.9k
- Investments
- $0.0
- Employees
- 6
- Location
- Lexington, VA
- Founding
- 01/1972
- Data as of
- 04/2024
- EIN
- 23-7148225
Organization Overview
Rockbridge Area Housing Corporation is located in Lexington, VA. The organization was established in 1972. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 04/2024, Rockbridge Area Housing Corporation employed 6 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Rockbridge Area Housing Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 04/2024, Rockbridge Area Housing Corporation generated $321.9k in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 1.6% each year. All expenses for the organization totaled $340.3k during the year ending 04/2024. While expenses have increased by 2.5% per year over the past 9 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2024
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE LOW INCOME HOUSING AND MAINTAIN A SAFE, AFFORDABLE, AND FAMILY-ORIENTED ENVIRONMENT. THE ULTIMATE GOAL IS TO ALWAYS INSTILL PRIDE, RESPECT, AN A SENSE OF "HOME OWNERSHIP" IN THE HEARTS AND MINDS OF EACH FAMILY RESIDING AT MOUNTAINVIEW TERRACE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ROCKBRIDGE AREA HOUSING CORPORATION OWNS AND OPERATES A 40 UNIT APARTMENT COMPLEX THAT PROVIDES SUBSIDIZED HOUSING UNDER SECTION 8 OF THE NHA UNDER THE DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD).TO RESPOND TO THE HOUSING NEEDS OF THE LEXINGTON/ROCKBRIDGE COMMUNITY AND BE AN ASSET TO OUR NEIGHBORS.WE STRIVE TO MAINTAIN A SAFE, AFFORDABLE, AND FAMILY ORIENTED ENVIRONMENT FOR THOSE WHO CHOOSE TO LIVE HERE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marylin Alexander Property Manage | Officer | 40 | $41,081 |
Mary Beth Harris Secretary-Treas | OfficerTrustee | 0.3 | $0 |
Herman Dickerson Director | Trustee | 0.3 | $0 |
Dan Lyons Director | Trustee | 0.3 | $0 |
Lori Turner Director | Trustee | 0.3 | $0 |
Mabel Poindexter Director | Trustee | 0.3 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,025 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,025 |
| Total Program Service Revenue | $315,358 |
| Investment income | $33 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $321,858 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $39,773 |
| Compensation of current officers, directors, key employees. | $19,886 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $82,411 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $9,379 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $6,638 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $282 |
| Office expenses | $9,766 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $21,592 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $20,627 |
| Insurance | $27,371 |
| All other expenses | $17,137 |
| Total functional expenses | $340,329 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $5,223 |
| Savings and temporary cash investments | $15,820 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,759 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $226,772 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $3,862 |
| Other assets | $45,478 |
| Total assets | $299,914 |
| Accounts payable and accrued expenses | $2,348 |
| Grants payable | $0 |
| Deferred revenue | $3,478 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $547,951 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $9,855 |
| Total liabilities | $563,632 |
| Net assets without donor restrictions | -$267,458 |
| Net assets with donor restrictions | $3,740 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $299,914 |