Merchants Affordable Housing Corp
- Assets
- $53.3m
- Revenue
- $14.9m
- Investments
- $0.0
- Employees
- 18
- Location
- Carmel, IN
- Founding
- 11/2008
- Data as of
- 12/2021
- EIN
- 31-1013632
Organization Overview
Merchants Affordable Housing Corp is located in Carmel, IN. The organization was established in 2008. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Merchants Affordable Housing Corp employed 18 individuals. This organization is a parent organization of an affiliated group for tax-exemption purposes. Merchants Affordable Housing Corp 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, Merchants Affordable Housing Corp generated $14.9m in total revenue. This represents relatively stable growth, over the past 5 years the organization has increased revenue by an average of 4.5% each year. All expenses for the organization totaled $11.5m during the year ending 12/2021. While expenses have increased by 11.4% per year over the past 5 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROMOTE AND PROVIDE LOW AND MODERATE INCOME PERSONS WITH HOUSING FACILITIES AND SERVICES SPECIALLY DESIGNED TO MEET THEIR NEEDS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROMOTE AND PROVIDE LOW AND MODERATE INCOME PERSONS WITH HOUSING FACILITIES AND SERVICES SPECIALLY DESIGNED TO MEET THEIR NEEDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Janine Betsey Former President | Trustee | 1 | $77,836 |
Bruce Baird President | OfficerTrustee | 40 | $50,423 |
Kathy Overbey Vice-Chairwoman/secretary | OfficerTrustee | 0 | $0 |
Walter Friehofer Chairman/treasurer | OfficerTrustee | 0 | $0 |
Mary Trujillo Director | Trustee | 0 | $0 |
Thomas Marendt Director | Trustee | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $3,383,288 |
| All other contributions, gifts, grants, and similar amounts not included above | $67,500 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,450,788 |
| Total Program Service Revenue | $11,323,323 |
| Investment income | $81,745 |
| 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 | $14,855,856 |
| 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. | $128,259 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,459,030 |
| Pension plan accruals and contributions | $9,134 |
| Other employee benefits | $94,596 |
| Payroll taxes | $118,429 |
| Fees for services: Management | $703,506 |
| Fees for services: Legal | $76,588 |
| Fees for services: Accounting | $76,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $250,916 |
| Office expenses | $156,473 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,852,101 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,710,940 |
| Payments to affiliates | $20,100 |
| Depreciation, depletion, and amortization | $1,191,810 |
| Insurance | $306,055 |
| All other expenses | $208,552 |
| Total functional expenses | $11,507,496 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,939,867 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,586,021 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $7,555,079 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $809,292 |
| Net Land, buildings, and equipment | $34,425,500 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $724,583 |
| Other assets | $3,262,609 |
| Total assets | $53,302,951 |
| Accounts payable and accrued expenses | $1,115,094 |
| Grants payable | $0 |
| Deferred revenue | $623,219 |
| 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 | $45,420,348 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $271,510 |
| Total liabilities | $47,430,171 |
| Net assets without donor restrictions | $5,872,780 |
| 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 | $53,302,951 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Merchants Affordable Housing Corp has recieved totaling $87,500.
| Awarding Organization | Amount |
|---|---|
Central Indiana Community Foundation Inc Indianapolis, IN PURPOSE: To Be Used at the Organization's Discretion | $51,500 |
United Way Of Central Indiana Inc Indianapolis, IN PURPOSE: Program and/or Operating Support | $36,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
American Senior Communities Group Health Plan Indianapolis, IN | $8,703,398 | $37,045,158 |
Kenton Housing Inc Latonia, KY | $68,380,829 | $31,745,821 |
Washington & Jane Smith Community- Orland Park Orland Park, IL | $98,659,201 | $23,019,583 |
Clare Oaks Bartlett, IL | $26,201,984 | $13,279,793 |
Ness Healthcare Nfp Lincolnwood, IL | $31,649,898 | $15,770,291 |
Moosehaven Inc Mooseheart, IL | $55,843,533 | $19,375,610 |
Masonic Home Independent Living Ii Inc Masonic Home, KY | $142,516,912 | $16,410,935 |
Oakwood Village Prairie Ridge Homes Inc Madison, WI | $61,014,266 | $15,535,778 |
Saint Anne Home And Retirment Community Fort Wayne, IN | $21,467,824 | $25,970,139 |
Lewis Memorial Christian Village St Louis, MO | $48,381,888 | $18,539,239 |
Prairie Landing Community Inc Indianapolis, IN | $109,459,923 | $13,961,062 |
Hubbard Hill Estates Inc Elkhart, IN | $40,723,668 | $16,327,220 |