Buchanan Housing Inc
- Assets
- $774.0k
- Revenue
- $139.9k
- Investments
- $0.0
- Employees
- 0
- Location
- Independence, IA
- Founding
- 08/2000
- Data as of
- 06/2021
- EIN
- 42-1487279
Organization Overview
Buchanan Housing Inc is located in Independence, IA. The organization was established in 2000. 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. Buchanan Housing 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 06/2021, Buchanan Housing Inc generated $139.9k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $124.6k 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
TO PROVIDE LOW COST HOUSING FOR PEOPLE WITH MENTAL DISABILITIES. THE AGENCY OWNS THREE DUPLEXES IN INDEPENDENCE, IOWA, ONE DUPLEX IN WINTHROP, IOWA, ONE DUPLEX IN JESUP, IOWA, AND ONE DUPLEX IN FAIRBANK, IOWA. EACH DUPLEX HAS TWO APARTMENTS AND EACH APARTMENT HAS TWO BEDROOMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THERE ARE FOUR DUPLEXES IN INDEPENDENCE, IOWA WHICH HOUSE A TOTAL OF 12 TENANTS. ONE DUPLEX IN WINTHROP, IOWA HOUSES 4 TENANTS, A DUPLEX IN JESUP, IOWA HOUSES 4 TENANTS, AND ANOTHER DUPLEX IN FAIRBANK, IOWA HOUSES 4 TENANTS. ALL OF THE DUPLEXES EXCEPT THE FAIRBANK, IOWA DUPLEX AND ONE INDEPENDENCE, IOWA DUPLEX WERE BUILT WITH LOANS FROM THE USDA, AND THE LOANS ARE PAYABLE FROM TENANT'S RENTAL INCOME. THE FAIRBANK, IOWA DUPLEX WAS BUILT WITH EXISTING CASH BALANCES AND A LOAN FROM FAIRBANK STATE BANK. THE INDEPENDENCE, IOWA DUPLEX PURCHASED IN 2011 WAS PAID FOR WITH EXISTING CASH BALANCES, GRANTS, AND A LOAN FROM BANKIOWA WHICH IS A LOCAL FINANCIAL INSTITUTION. EACH TENANT RECEIVES HUD ASSISTANCE WHICH HELPS PAY THEIR PORTION OF THE RENT. THE APARTMENTS ARE CURRENTLY BEING RENTED BY TENANTS WHO HAVE BEEN DIAGNOSED AS HAVING A MENTAL DISABILITY. THE COUNTY MENTAL HEALTH ADVOCATE PERFORMS SCREENINGS OF THE INDIVIDUALS WHO WOULD QUALIFY FOR THE HOUSING AND MAKES REFERENCES TO THE ORGANIZATION FOR POTENTIAL TENANTS WHO HAVE A MENTAL IMPAIRMENT. THIS HOUSING IS AN ALTERNATIVE TO A GROUP HOME SETTING FOR THE INDIVIDUALS. THEY HAVE MORE FREEDOM AND CAN CHOOSE SERVICES THAT BETTER MEET THEIR INDIVIDUAL NEEDS.THE EXPENSES ASSOCIATED WITH THE PRIMARY EXEMPT PURPOSE OF THE ORGANIZATION ARE MAINLY DUE TO INTEREST EXPENSE ON THE USDA AND BANK LOANS, DEPRECIATION EXPENSE OF THE DUPLEXES, AND OCCUPANCY EXPENSES (INCLUDING MAINTENANCE, UPKEEP, AND UTILITIES) FOR THE DUPLEXES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ralph Kremer Chairman | Officer | 0 | $0 |
Pat Kayser Chairman | Officer | 0 | $0 |
Greg Becker Vice President | Officer | 0 | $0 |
Gary Gissel Chairman | Officer | 0 | $0 |
Anna Marie Catt Secretary | Officer | 0 | $0 |
Julie Davison Treasurer | Officer | 0 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $21,555 |
| Investment income | $5,135 |
| 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 | $139,882 |
| Statement of Expenses | |
|---|---|
| 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 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 | $5,624 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $966 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $65 |
| Advertising and promotion | $0 |
| Office expenses | $476 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $49,319 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $15,074 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $45,518 |
| Insurance | $6,138 |
| All other expenses | $0 |
| Total functional expenses | $124,618 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $44,197 |
| Savings and temporary cash investments | $167,386 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $773,950 |
| Accounts payable and accrued expenses | $0 |
| 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 | $300,851 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,200 |
| Total liabilities | $302,051 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $471,899 |
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|---|---|---|
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Center For The Developmentally Disabled Kansas City, MO | $14,632,501 | $18,017,450 |
Lester And Rosalie Anixter Center Chicago, IL | $16,517,406 | $29,142,038 |
Ho-Chunk Housing And Community Development Agency Tomah, WI | $18,849,800 | $12,706,218 |
Southwest Minnesota Housing Partnership Slayton, MN | $59,310,088 | $10,657,099 |
Reach For Your Potential Inc Iowa City, IA | $7,743,905 | $10,140,331 |
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