Restoration Housing
- Assets
- $2.4m
- Revenue
- $625.2k
- Investments
- $0.0
- Employees
- 5
- Location
- Roanoke, VA
- Founding
- 02/2015
- Data as of
- 12/2023
- EIN
- 47-1045682
Organization Overview
Restoration Housing is located in Roanoke, VA. The organization was established in 2015. 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. As of 12/2023, Restoration Housing employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Restoration Housing 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, Restoration Housing generated $625.2k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 33.6% each year . All expenses for the organization totaled $149.3k during the year ending 12/2023. While expenses have increased by 25.8% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
OUR MISSION IS TO CREATE AND ASSIST IN DEVELOPMENT PROJECTS WITH A FOCUS ON HISTORIC PRESERVATION OF ARCHITECTURAL RESOURCES. OUR PROJECTS ARE INTENDED TO BOTH ADDRESS THE NEEDS OF LIMITED INCOME FAMILIES AND TO STRENGTHEN THE COMMUNITY BY REDUCING BLIGHT AND VACANCY
Describe the Organization's Program Activity:
Part 3 - Line 4a
OUR ORGANIZATION BEGAN 2023 BY PURCHASING OUR SEVENTH HISTORIC PROPERTY AFTER WORKING ON THE ACQUISITION FOR MANY MONTHS. IT IS OUR FOURTH PROJECT IN THE BELMONT NEIGHBORHOOD OF SOUTHEAST ROANOKE. WE SIMULTANEOUSLY BEGAN APPLYING FOR GRANTS TO COVER THE CONSTRUCTION COSTS TO REHAB IT. WORK COMMENCED BY THE END OF SUMMER THAT YEAR AND IS ONGOING THROUGH SPRING OF 2024. WE ACCOMPLISHED OUR TWO MAIN EVENTS FOR THE YEAR - OUR ANNUAL FUNDRAISER, WHICH WAS AN IN-PERSON LUNCHEON IN SEPTEMBER AND OUR ANNUAL COMMUNITY PARTNERSHIP DAY, WHICH WE HELD AT THE VILLA HEIGHTS RECREATION CENTER. IN CONJUNCTION WITH OUR COMMUNITY PARTNERSHIP DAY, WE HELD A STEWARDSHIP CAMPAIGN TO RAISE FUNDS FOR THE PROPERTY THAT WAS SPECIFIC TO 2023. THROUGHOUT THE YEAR, WE ALSO ACCOMPLISHED OUR ON-GOING WORK TO BE GOOD STEWARDS OF OUR PROPERTIES AND TO BE RELIABLE LANDLORDS TO OUR AFFORDABLE HOUSING UNITS. WE SPENT A LOT OF THE THIRD AND FOURTH QUARTER OF THE YEAR PREPARING FOR OUR UPCOMING PROJECTS, WHICH INCLUDE THE REHAB OF A HISTORIC PROPERTY INTO A TREATMENT CENTER FOR PREGNANT AND POSTPARTUM WOMEN AND THEIR NEWBORN INFANTS AND THE REHAB OF A HISTORIC CHURCH INTO FIFTEEN UNITS OF ELDERLY AFFORDABLE HOUSING. BOTH PROJECTS REQUIRED A GREAT DEAL OF PRE-DEVELOPMENT WORK IN 2023 AND WILL BEGIN CONSTRUCTION IN 2024.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Carol Tuning President | OfficerTrustee | 1 | $0 |
John Cornthwait Vice President | OfficerTrustee | 1 | $0 |
Richard Hedley Treasurer | OfficerTrustee | 1 | $0 |
Shirley Holland Secretary | OfficerTrustee | 1 | $0 |
David Allen Board Member | Trustee | 1 | $0 |
Cynthia Lawrence Board Member | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $62,309 |
| Related organizations | $0 |
| Government grants | $56,950 |
| All other contributions, gifts, grants, and similar amounts not included above | $448,830 |
| Noncash contributions included in lines 1a–1f | $6,134 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $568,089 |
| Total Program Service Revenue | $36,600 |
| Investment income | $177 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | -$23,331 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $625,180 |
| 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. | $31,523 |
| Compensation of current officers, directors, key employees. | $6,304 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $57,959 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $6,845 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $215 |
| Fees for services: Accounting | $15,725 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $358 |
| Advertising and promotion | $1,746 |
| Office expenses | $6,334 |
| Information technology | $2,003 |
| Royalties | $0 |
| Occupancy | $12,474 |
| Travel | $552 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $465 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,364 |
| Insurance | $2,547 |
| All other expenses | $0 |
| Total functional expenses | $149,310 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $240,398 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $130,116 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,099,188 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $900 |
| Net Land, buildings, and equipment | $435,666 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $484,503 |
| Intangible assets | $0 |
| Other assets | $26,701 |
| Total assets | $2,417,472 |
| Accounts payable and accrued expenses | $9,661 |
| 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 | $106,330 |
| Total liabilities | $115,991 |
| Net assets without donor restrictions | $2,301,481 |
| 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 | $2,417,472 |