Norwich Housing Corporation
- Assets
- $9.6m
- Revenue
- $443.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Carmel, IN
- Founding
- 04/1998
- Data as of
- 06/2021
- EIN
- 35-2037592
Organization Overview
Norwich Housing Corporation is located in Carmel, IN. The organization was established in 1998. According to its NTEE Classification (L50) the organization is classified as: Homeowners & Tenants Associations, 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. Norwich Housing Corporation is a 501(c)(7) and as such, is described as a "Social and Recreational Club" by the IRS.
For the year ending 06/2021, Norwich Housing Corporation generated $443.9k in total revenue. The organization has seen a slow decline revenue. Over the past 6 years, revenues have fallen by an average of (0.8%) each year. All expenses for the organization totaled $316.5k during the year ending 06/2021. 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
THE NORWICH HOUSING CORPORATION PROVIDES FUNDING TO MEMBER ALUMNI CORPORATIONS WHICH PROVIDE HOUSING OPPORTUNITIES FOR THEIR UNDERGRADUATE STUDENT MEMBERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MORTGAGE LOANS: TO PROVIDE ASSISTANCE TO AFFILIATED CHAPTERS BY AIDING IN THE PROCESS OF ISSUING LOANS FOR HOUSING PURPOSES.
LIFE SAFETY LOANS: LOANS GIVEN AT LOW INTEREST RATES TO FUND LIFE SAFETY IMPROVEMENTS FOR UNDERGRADUATE STUDENT HOUSING.
LADUE LOANS: EMERGENCY LOANS FOR HOUSE REPAIRS/IMPROVEMENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe L Clack Vice President | OfficerTrustee | 3 | $0 |
Douglas M Allen Secretary | OfficerTrustee | 2 | $0 |
Wesley K Wicker President | OfficerTrustee | 4 | $0 |
Eric W Raasch Counselor | OfficerTrustee | 2 | $0 |
Peter S Mackey Treasurer | OfficerTrustee | 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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $186,524 |
| Investment income | $48,695 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $110,358 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $443,931 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $10,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| 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 | $210,290 |
| Fees for services: Legal | $627 |
| Fees for services: Accounting | $16,855 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $24,180 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $366 |
| Information technology | $165 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $1,157 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $47,745 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,720 |
| All other expenses | $3,434 |
| Total functional expenses | $316,539 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $704,285 |
| Savings and temporary cash investments | $266,716 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $93,754 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $6,166,587 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,558 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $2,336,617 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,569,517 |
| Accounts payable and accrued expenses | $4,202 |
| 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 | $48,712 |
| Total liabilities | $52,914 |
| Net assets without donor restrictions | $9,516,603 |
| 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 | $9,569,517 |
Grants Awarded
Over the last fiscal year, Norwich Housing Corporation has awarded $35,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Carmel, IN PURPOSE: GENERAL ASSISTANCE | $25,000 |
Carmel, IN PURPOSE: GENERAL ASSISTANCE | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Apple Canyon Lake Property Owners Association Apple River, IL | $10,186,851 | $3,960,232 |
820 W Belle Plaine Cooperative Chicago, IL | $8,052,333 | $2,389,201 |
Building Owners And Managers Association Of Chicago Chicago, IL | $1,459,387 | $2,903,504 |
Lake Holiday Property Owners Association Inc Somonauk, IL | $7,075,550 | $2,253,751 |
Carr Square Tenant Corporation Saint Louis, MO | $3,519,634 | $1,262,069 |
Csl Community Association Inc North Vernon, IN | $4,686,607 | $1,182,975 |
Lake Winnebago Home Owners Association Lake Winnebago, MO | $7,105,548 | $1,164,558 |
William E English Foundation Indianapolis, IN | $7,061,359 | $1,037,570 |
Home Builders Association Of Kentucky Inc Frankfort, KY | $2,651,419 | $1,095,871 |
Deliverance Manor Housing Corporation Homewood, IL | $2,120,469 | $901,172 |
Prairie Stone Property Owners Association Hoffman Estates, IL | $186,635 | $871,721 |
Terre Haute Housing Authority Development Corp Terre Haute, IN | $4,462,492 | $1,044,101 |