Dhic Inc
- Assets
- $35.5m
- Revenue
- $8.3m
- Investments
- $0.0
- Employees
- 28
- Location
- Raleigh, NC
- Founding
- 08/1974
- Data as of
- 12/2023
- EIN
- 56-1085131
Organization Overview
Dhic Inc is located in Raleigh, NC. The organization was established in 1974. According to its NTEE Classification (L25) the organization is classified as: Housing Rehabilitation, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Dhic Inc employed 28 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Dhic 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 12/2023, Dhic Inc generated $8.3m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 11.2% each year . All expenses for the organization totaled $4.6m during the year ending 12/2023. While expenses have increased by 8.0% per year over the past 9 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
TO BUILD, PROMOTE, AND PRESERVE AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME PERSONS
Describe the Organization's Program Activity:
Part 3 - Line 4a
THESE EXPENSES ARE GENERATED BY VARIOUS DEVELOPMENTS OF LOW-INCOME HOUSING PROJECTS. MODERATE AND LOW-INCOME FAMILIES WILL OCCUPY THE HOMES UPON COMPLETION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Name Not Listed Director | Trustee | 0.5 | $0 |
Name Not Listed Director | Trustee | 0.5 | $0 |
Name Not Listed Director | Trustee | 0.5 | $0 |
Name Not Listed Director | Trustee | 0.5 | $0 |
Name Not Listed Director | Trustee | 0.5 | $0 |
Name Not Listed Director | Trustee | 0.5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Rankin Mckenzie Llc Accounting And Hr Services | 12/30/18 | $124,104 |
Rick Laughlin Asset Management Consulting | 12/30/18 | $112,151 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $818,525 |
| All other contributions, gifts, grants, and similar amounts not included above | $328,262 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,146,787 |
| Total Program Service Revenue | $5,980,867 |
| Investment income | $471,283 |
| 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 | $8,321,223 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $45,366 |
| 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. | $748,565 |
| Compensation of current officers, directors, key employees. | $571,895 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,738,501 |
| Pension plan accruals and contributions | $262,112 |
| Other employee benefits | $336,469 |
| Payroll taxes | $180,594 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $12,180 |
| Fees for services: Accounting | $52,725 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $490,897 |
| Advertising and promotion | $76,224 |
| Office expenses | $30,683 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $72,855 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $31,598 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $141,529 |
| Total functional expenses | $4,607,766 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,340,769 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $435,735 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $10,518,964 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,382 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $16,146,949 |
| Total assets | $35,451,799 |
| Accounts payable and accrued expenses | $650,033 |
| Grants payable | $0 |
| Deferred revenue | $350 |
| 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 | $125,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $775,383 |
| Net assets without donor restrictions | $33,114,226 |
| Net assets with donor restrictions | $1,562,190 |
| 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 | $35,451,799 |
Grants Awarded
Over the last fiscal year, Dhic Inc has awarded $45,366 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
BEACON RIDGE LLC PURPOSE: Residential Rental Assistance | $17,040 |
WASHINGTON TERRACE AFFORDABLE HOUSING LLC PURPOSE: Residential Rental Assistance | $10,826 |
THE HOUSING PARTNERSHIP NETWORK INC PURPOSE: Residential rental Assistance | $17,500 |