Heritage Acres I Ltd
- Assets
- $892.0k
- Revenue
- $3.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Roanoke, VA
- Founding
- 02/1980
- Data as of
- 12/2023
- EIN
- 54-1114920
Organization Overview
Heritage Acres I Ltd is located in Roanoke, VA. The organization was established in 1980. 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. Heritage Acres I Ltd 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, Heritage Acres I Ltd generated $3.8k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 9 years, the organization has seen revenues fall by an average of (46.1%) each year. All expenses for the organization totaled $222.7k during the year ending 12/2023. 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
PRIOR TO 2020, HOUSING SERVICES WERE PROVIDED TO ELDERLY AND HANDICAPPED INDIVIDUALS INCLUDING A 93 UNIT FACILITY IN CAPE CHARLES, VIRGINIA, AND A 40 UNIT FACILITY IN MOUNTAIN CITY, TN. THE DIRECT HOUSING SERVICES WERE TERMINATED IN 2019 WITH THE SALE OF THE HOUSING UNITS. IN ADDITION TO HOUSING FOR THE ELDERLY, THE ORGANIZATION'S ORIGINAL PURPOSES INCLUDED SUPPORTING OTHER EXEMPT PURPOSES. THE ORGANIZATION HAS RESTATED ITS PURPOSES IN 2020 TO INCLUDE THE MAKING OF DISTRIBUTIONS TO ORGANIZATIONS THAT QUALIFY AS EXEMPT ORGANIZATIONS UNDER CODE SECTION 501(C)(3) AND ALSO TO PROVIDE ELDERLY AND HANDICAPPED PERSONS WITH HOUSING FACILITIES AND SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PRIOR TO 2020, THE CORPORATION OWNED AND OPERATED HOUSING FACILITIES FOR APPROXIMATELY 200 INDIVIDUALS WHO QUALIFIED FOR HOUSING ASSISTANCE BY VIRTUE OF BEING ELDERLY OR HANDICAPPED. THE ORIGINAL OBJECTIVES OF THE CORPORATION WERE TO PROVIDE FACILITIES DESIGNED TO MEET THE RESIDENTS' PHYSICAL, SOCIAL AND PSYCHOLOGICAL NEEDS AND TO SERVE OTHER CHARITABLE PURPOSES. SINCE THE ORIGINAL HOUSING FACILITIES HAVE BEEN SOLD, THE CORPORATION WILL DIRECT ITS EFFORTS TO THE SUPPORT OF OTHER TAX EXEMPT ORGANZATIONS WHICH QUALIFY AS 501(C)(3) ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
C Richard Cranwell President | OfficerTrustee | 5 | $0 |
Ellen Cranwell Sr. Vice Pre | OfficerTrustee | 5 | $0 |
William C Cranwell Vice Preside | OfficerTrustee | 5 | $0 |
Wf Mason Jr CEO | OfficerTrustee | 5 | $0 |
Peter V Martin Treasurer | OfficerTrustee | 5 | $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 | $0 |
| Investment income | $5,102 |
| 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 | $3,821 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $220,006 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $1,650 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $18 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $222,691 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $39,402 |
| 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 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $852,553 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $891,955 |
| 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 | $28,013 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $28,013 |
| Net assets without donor restrictions | $863,942 |
| 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 | $891,955 |
Grants Awarded
Over the last fiscal year, Heritage Acres I Ltd has awarded $220,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CRANWELL FOUNDATION INC | | | $150,000 |
BILL AND ELLEN CRANWELL CHARITABLE | | | $70,000 |