New Lima Housing For The Future
- Assets
- $3.8m
- Revenue
- $574.2k
- Investments
- $0.0
- Employees
- 2
- Location
- Lima, OH
- Founding
- 08/2001
- Data as of
- 12/2022
- EIN
- 34-1958570
Organization Overview
New Lima Housing For The Future, operating under the name New Lima Inc, is located in Lima, OH. The organization was established in 2001. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, New Lima Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. New Lima Inc 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 12/2022, New Lima Inc generated $574.2k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 17.2% each year . All expenses for the organization totaled $287.6k during the year ending 12/2022. While expenses have increased by 4.2% per year over the past 8 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE HOUSING OPPORTUNITIES AND ASSISTANCE FOR ALL LOW AND MODERATE-INCOME RESIDENTS THROUGH A COMPREHENSIVE PROGRAM OF FINANCIAL ASSISTANCE AND EDUCATION. NEW LIMA HOUSING FOR THE FUTURE WORKS WITH THE CITY OF LIMA, ALLEN COUNTY, OHIO AND LIMA CITY SCHOOLS IN AN EFFORT TO FURTHER DEVELOP SCHOOL SITES WITHIN THE CDBG TARGET AREAS. EFFORTS WITHIN THE LOW AND MODERATE-INCOME COMMUNITY IS ITS FOCUS: COOPERATION, COMMUNICATION AND COLLABORATION, ITS MEANS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROPERTY MANAGEMENT:TO DATE, NEW LIMA HOUSING FOR THE FUTURE HAS DEVELOPED A TOTAL OF 26 SENIOR RENTAL UNITS WHICH ARE OWNED DIRECTLY BY AND CONTINUE TO BE MANAGED BY THE ORGANIZATION. A FEW OF THE DAY-TO-DAY ACTIVITIES INVOLVED IN MANAGEMENT OF THESE UNITS INCLUDE: ACCOUNTS PAYABLE & RECEIVABLE, MAINTENANCE/GROUNDS/UPKEEP ACTIVITIES, SCHEDULING VENDORS, TENANT SELECTION & LEASING, AND ANNUAL RECERTIFICATIONS OF RESIDENT HOUSEHOLDS.
CHDO/AFFORDABLE HOUSING DEVELOPMENT:NEW LIMA HOUSING FOR THE FUTURE UTILIZES GRANT FUNDS, OFTEN FROM MULTIPLE FUNDING SOURCES, TO DEVELOP LOW-TO-MODERATE INCOME HOUSING FOR THE CITIZENS IN OUR SERVICE AREA. LOW-TO-MODERATE INCOME IS DEFINED AS HOUSEHOLDS EARNING AT OR BELOW 80% OF THE AREA MEDIAN INCOME LEVEL. THE ORGANIZATION HAS DEVELOPED SMALLER IN-FILL SINGLE-FAMILY HOMEOWNERSHIP UNITS UP TO PARTNERING WITH FOR PROFIT DEVELOPMENT PARTNERS ON TAX CREDIT RENTAL DEVELOPMENTS AS LARGE AS 88 LIVING UNITS. NEW LIMA HOUSING FOR THE FUTURE IS THE SOLE, CERTIFIED COMMUNITY HOUSING DEVELOPMENT ORGANIZATION (CHDO) FOR THE CITY OF LIMA. THE ORGANIZATION HAS HELD THIS ROLE SINCE 2003. BEING A CERTIFIED CHDO ALLOWS OUR ORGANIZATION ACCESS TO GRANT FUNDS THROUGH THE HOME INVESTMENT PARTNERSHIP PROGRAM, WHICH THE CITY OF LIMA RECEIVES ANNUALLY. THESE FUNDS ARE USED BY THE ORGANIZATION TO FUND AFFORDABLE HOUSING DEVELOPMENT WITHIN THE LIMA COMMUNITY.
DOWN PAYMENT ASSISTANCE:NEW LIMA HOUSING FOR THE FUTURE PROVIDES THE ADMINISTRATIVE SUPPORT FOR THE FIRST HOME LIMA DOWN PAYMENT ASSISTANCE PROGRAM WHICH IS IN PARTNERSHIP WITH WEST OHIO COMMUNITY ACTION PARTNERSHIP AND THE CITY OF LIMA. THE ORGANIZATIONS ROLE IN THIS PROGRAM INCLUDES: VETTING/PROCESSING APPLICATIONS FROM POTENTIAL FIRST TIME HOME BUYERS, TRACKING CLIENT PROGRESS, SEMI-ANNUAL RECERTIFICATIONS AND PROVIDING A PRE-CLOSING REVIEW OF EACH HOME PURCHASE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Scott Frenger Executive Director | 40 | $74,699 | |
Miriam Adams Board Member | Trustee | 1 | $0 |
Ramona Hucks Secretary | Officer | 1 | $0 |
Jacqueline Daley-Perrin Vice President | Officer | 1 | $0 |
Cynthia Davis-White Treasurer | Officer | 1 | $0 |
Ginger Loscavo President | Officer | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $274,288 |
| All other contributions, gifts, grants, and similar amounts not included above | $3,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $277,288 |
| Total Program Service Revenue | $248,165 |
| Investment income | $47,983 |
| 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 | $574,227 |
| 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. | $74,699 |
| Compensation of current officers, directors, key employees. | $14,778 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $13,573 |
| Pension plan accruals and contributions | $7,800 |
| Other employee benefits | $14,185 |
| Payroll taxes | $7,294 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $700 |
| Fees for services: Accounting | $14,501 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $694 |
| Advertising and promotion | $1,592 |
| Office expenses | $7,535 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,663 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $49,033 |
| Insurance | $8,840 |
| All other expenses | $11,769 |
| Total functional expenses | $287,559 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $69,685 |
| Savings and temporary cash investments | $60,140 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $212,628 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $517,768 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $2,255,985 |
| Investments—publicly traded securities | $652,782 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,768,988 |
| Accounts payable and accrued expenses | $778 |
| 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 | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $147,286 |
| Total liabilities | $148,064 |
| Net assets without donor restrictions | $1,699,149 |
| Net assets with donor restrictions | $1,921,775 |
| 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 | $3,768,988 |