Acts Lending Inc
- Assets
- $4.6m
- Revenue
- $702.0k
- Investments
- $0.0
- Employees
- 0
- Location
- Milwaukee, WI
- Founding
- 06/2014
- Data as of
- 12/2021
- EIN
- 46-2986750
Organization Overview
Acts Lending Inc is located in Milwaukee, WI. The organization was established in 2014. According to its NTEE Classification (L30) the organization is classified as: Housing Search Assistance, 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. Acts Lending 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 12/2021, Acts Lending Inc generated $702.0k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 26.2% each year . All expenses for the organization totaled $257.8k during the year ending 12/2021. While expenses have increased by 25.5% per year over the past 7 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
ACTS LENDING'S MISSION IS EMPOWERMENT THROUGH HOMEOWNERSHIP.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACTS LENDING, INC., PROVIDES PURCHASE-REHAB MORTGAGE LOANS TO FAMILIES THAT ARE PURCHASING DISTRESSED FORECLOSURES IN MILWAUKEE AND BELOIT, WISCONSIN. LOANS ARE OUTSTANDING TO 105 INDIVIDUALS/FAMILIES AND THE PORTFOLIO HAS DELINQUENCIES OF LESS THAN 3.9% AT DECEMBER 31, 2021.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Joe Schlidt Chair | OfficerTrustee | 1 | $0 |
Allison Steinhafel Past President | OfficerTrustee | 1 | $0 |
Michael Gosman President & CEO | Officer | 10 | $0 |
Oscar Tovar Director | Trustee | 1 | $0 |
Marc Perry Director | Trustee | 1 | $0 |
Anthony Mchenry Director | Trustee | 1 | $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 | $526,677 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $526,677 |
| Total Program Service Revenue | $174,390 |
| Investment income | $939 |
| 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 | $702,006 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $115,586 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $26,431 |
| Advertising and promotion | $0 |
| Office expenses | $3,920 |
| Information technology | $432 |
| Royalties | $0 |
| Occupancy | $1,200 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,960 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $257,803 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $205,394 |
| Savings and temporary cash investments | $3,837 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $63,788 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,277,513 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,550,532 |
| Accounts payable and accrued expenses | $3,670 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $30,994 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $1,364,464 |
| Other liabilities | $0 |
| Total liabilities | $1,399,128 |
| Net assets without donor restrictions | $3,141,404 |
| Net assets with donor restrictions | $10,000 |
| 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 | $4,550,532 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Acts Lending Inc has recieved totaling $526,677.
| Awarding Organization | Amount |
|---|---|
Acts Community Development Corporation Milwaukee, WI PURPOSE: HOUSING LENDING | $526,677 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Hope Fair Housing Center Wheaton, IL | $1,642,512 | $793,358 |
Rogers Park Community Development Corporation Chicago, IL | $936,489 | $434,319 |
Trinity Housing Resources Inc Madison, WI | $4,566,644 | $455,391 |
Acts Lending Inc Milwaukee, WI | $4,550,532 | $702,006 |
Newport Reno Supportive Housing Inc St Paul, MN | $3,404,939 | $161,511 |
Community Resolution Center Flint, MI | $201,389 | $191,659 |
Affordable Housing Initiatives Waite Park, MN | $1,216,506 | $29,640 |