Newport Millennium Housing Corporation Iii
- Assets
- $14.2m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Newport, KY
- Founding
- 06/2001
- Data as of
- 12/2023
- EIN
- 31-1762432
Organization Overview
Newport Millennium Housing Corporation Iii is located in Newport, KY. The organization was established in 2001. 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. Newport Millennium Housing Corporation Iii 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 12/2023, Newport Millennium Housing Corporation Iii generated $1.1m in total revenue. This represents relatively stable growth, over the past 9 years the organization has increased revenue by an average of 2.2% each year. All expenses for the organization totaled $539.9k during the year ending 12/2023. 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
CREATE LOW INCOME HOUSING THROUGH THE ACQUISITION OF PROPERTY FOR DEVELOPMENT AND OPERATION OF MULTI-INCOME HOUSING PROJECTS IN NEWPORT, KENTUCKY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PARTNERED WITH DEVELOPERS FOR THE DEVELOPMENT OF A SENIOR HIGH RISE BUILDING AND A SEPARATE TWENTY UNIT BUILDING USING HOPE VI FUNDS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Chalk Chairperson | OfficerTrustee | 1 | $0 |
Carolyn Duff Board Member | Trustee | 1 | $0 |
Richard Buechel Jr Board Member | Trustee | 1 | $0 |
Mayor Thomas Guidugli Jr Board Member | Trustee | 1 | $0 |
Joseph Mumper Board Member | Trustee | 1 | $0 |
Thomas Guidugli President | Officer | 6 | $22,496 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Forge Lumber Construction | 12/30/23 | $313,553 |
Woeste Builders Inc Construction | 12/30/23 | $300,481 |
Wr Colors & Services Inc Construction | 12/30/23 | $246,395 |
Chriss Sapp Construction Construction | 12/30/23 | $241,642 |
Dwane Smith Masonry Llc Construction | 12/30/23 | $179,089 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $1,050,000 |
| Government grants | $374,629 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,424,629 |
| Total Program Service Revenue | $282,391 |
| Investment income | $80,930 |
| 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 | -$1,213,806 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,080,536 |
| 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. | $28,508 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $175,028 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $38,626 |
| Payroll taxes | $18,082 |
| Fees for services: Management | $6,497 |
| Fees for services: Legal | $938 |
| Fees for services: Accounting | $15,033 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15 |
| Advertising and promotion | $1 |
| Office expenses | $3,406 |
| Information technology | $2,594 |
| Royalties | $0 |
| Occupancy | $121,925 |
| Travel | $7,336 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $7,661 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $90,278 |
| Insurance | $22,510 |
| All other expenses | $1,472 |
| Total functional expenses | $539,910 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $112,776 |
| Savings and temporary cash investments | $1,640,120 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,835 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $2,582,029 |
| Prepaid expenses and deferred charges | $14,226 |
| Net Land, buildings, and equipment | $3,784,098 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $6,084,152 |
| Intangible assets | $0 |
| Other assets | $4,150 |
| Total assets | $14,223,386 |
| Accounts payable and accrued expenses | $30,783 |
| Grants payable | $0 |
| Deferred revenue | $750 |
| 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 | $276,590 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $18,354 |
| Total liabilities | $326,477 |
| Net assets without donor restrictions | $11,850,557 |
| Net assets with donor restrictions | $2,046,352 |
| 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 | $14,223,386 |