Legacy Community Housing Corporation
- Assets
- $8.1m
- Revenue
- $451.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Atlanta, GA
- Founding
- 11/2016
- Data as of
- 12/2021
- EIN
- 27-1761971
Organization Overview
Legacy Community Housing Corporation is located in Atlanta, GA. The organization was established in 2016. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Legacy Community 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 12/2021, Legacy Community Housing Corporation generated $451.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (21.9%) each year. All expenses for the organization totaled $657.7k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (19.2%) per year over the past 7 years. 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
WE SERVE DISADVANTAGED COMMUNITIES WORLDWIDE BY PROVIDING CHARITY, FINANCIAL SUPPORT AND INVESTMENT IN AREAS SUCH AS REAL ESTATE, COMMUNITY DEVELOPMENT, MINISTRIES, MEDICAL OUTREACH, EDUCATION, CHILDREN'S WELLNESS AND MENTAL HEALTH. WE SUPPORT PEOPLE AND ORGANIZATIONS THAT TRANSFORM LIVES AND COMMUNITIES. OUR INITIATIVES ELEVATE ALL MANKIND.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDING RESPECTABLE AFFORDABLE HOUSING WITH MEANINGFUL RESIDENT SERVICES
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Brent Sobol President And Executive Di | OfficerTrustee | 32 | $175,000 |
Philip Guistolise Secretary | OfficerTrustee | 0.2 | $0 |
Joe Frisella Treasurer | OfficerTrustee | 1.5 | $0 |
JD Sobol Vice President | OfficerTrustee | 0.7 | $0 |
Courtland Elichta Trustee | Trustee | 0.2 | $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 | $15,250 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $15,250 |
| Total Program Service Revenue | $56,367 |
| Investment income | $176,403 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $203,224 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $451,244 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $81,955 |
| Grants and other assistance to domestic individuals. | $24,477 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $175,000 |
| Compensation of current officers, directors, key employees. | $140,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $2,364 |
| Fees for services: Accounting | $1,835 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $29,499 |
| Fees for services: Other | $0 |
| Advertising and promotion | $39 |
| Office expenses | $26,701 |
| Information technology | $2,654 |
| 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 | $109,287 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $895 |
| All other expenses | $0 |
| Total functional expenses | $657,705 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $73,741 |
| Savings and temporary cash investments | $34,051 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $15,578 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $7,569,163 |
| Investments—other securities | $0 |
| Investments—program-related | $444,638 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,137,171 |
| Accounts payable and accrued expenses | $72,492 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $977,205 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,049,697 |
| Net assets without donor restrictions | $7,087,474 |
| Net assets with donor restrictions | $0 |
| 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 | $8,137,171 |
Grants Awarded
Over the last fiscal year, Legacy Community Housing Corporation has awarded $47,803 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
Saint Louis, MO PURPOSE: TO SUPPORT THE CENTER FOR EXPERIENTIAL LEARNING | $21,427 |
St Louis, MO PURPOSE: GENERAL SUPPORT | $16,376 |
Cordova, TN PURPOSE: GENERAL SUPPORT | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Dreamkey Partners Inc Charlotte, NC | $109,024,724 | $87,997,566 |
Horizon Development Properties Inc Charlotte, NC | $420,836,852 | $43,904,469 |
Georgia Hap Administrators Inc Atlanta, GA | $13,430,323 | $20,876,355 |
Sunrise Northeast Inc Miami, FL | $3,715,475 | $18,670,620 |
Affordable Housing Preservation Corporation St Augustine, FL | $540,750,555 | $2,294,342 |
Choanoke Area Development Assoc Rich Square, NC | $3,243,319 | $10,393,050 |
Preservation Housing Inc Mobile, AL | $45,095,355 | $8,020,455 |
Nonprofit Housing Preservations Sb Inc Riviera Beach, FL | $13,108,120 | $31,278,179 |
Association For Retarded Citizens Housing Development Services Inc Greensboro, NC | $38,855,283 | $9,434,004 |
Jewish Association For Residential Care Inc Boca Raton, FL | $7,062,896 | $8,370,046 |
Habitat For Humanity Of Greater Miami Inc Miami, FL | $44,913,698 | $17,755,764 |
Contemporary Housing Alternatives Of Florida Inc Clearwater, FL | $42,120,344 | $6,399,709 |