Housing Preservation Inc
- Assets
- $40.2m
- Revenue
- $5.6m
- Investments
- $0.0
- Employees
- 289
- Location
- Memphis, TN
- Founding
- 02/2004
- Data as of
- 12/2021
- EIN
- 56-2409519
Organization Overview
Housing Preservation Inc is located in Memphis, TN. The organization was established in 2004. According to its NTEE Classification (P20) the organization is classified as: Human Service Organizations, under the broad grouping of Human Services and related organizations. As of 12/2021, Housing Preservation Inc employed 289 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Housing Preservation 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, Housing Preservation Inc generated $5.6m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (9.0%) each year. All expenses for the organization totaled $8.4m during the year ending 12/2021. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Housing Preservation Inc has awarded 35 individual grants totaling $6,525,050. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE AFFORDABLE RESIDENTIAL RENTAL UNITS TO LOW INCOME INDIVIDUALS AND FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOUSING PRESERVATION, INC. PROVIDED AFFORDABLE RESIDENTIAL RENTAL UNITS TO LOW INCOME INDIVIDUALS AND FAMILIES WHO QUALIFY FOR HOUSING SUBSIDIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Timothy Doug Gilland Director Of Acquisition | 40 | $583,204 | |
James Carmichael Key Employee | Officer | 30 | $342,482 |
Oliver Haynes Acquisition Associate | 40 | $218,334 | |
David Bridgforth Acquisition Associate | 40 | $158,000 | |
Stuart Johnson Acquisition Associate | 40 | $136,666 | |
Gabriel Roark Acquisition Associate | 40 | $117,500 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Direct Energy Business Gas | 12/30/19 | $102,324 |
Silver Tree Residential Management And Bookkeeping | 12/30/19 | $249,692 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $71,342 |
| 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 | $71,342 |
| Total Program Service Revenue | $2,703,018 |
| Investment income | $689,244 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $2,276,486 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,595,751 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,397,300 |
| 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. | $377,000 |
| Compensation of current officers, directors, key employees. | $109,120 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,516,703 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $47,658 |
| Payroll taxes | $122,532 |
| Fees for services: Management | $247,901 |
| Fees for services: Legal | $500,074 |
| Fees for services: Accounting | $40,505 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $37,395 |
| Fees for services: Other | $0 |
| Advertising and promotion | $89,417 |
| Office expenses | $82,145 |
| Information technology | $25,894 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $41,167 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $400,958 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $221,864 |
| Insurance | $64,605 |
| All other expenses | $181,855 |
| Total functional expenses | $8,443,627 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,123,290 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,319,426 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $536,262 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $28,628 |
| Net Land, buildings, and equipment | $7,386,610 |
| Investments—publicly traded securities | $17,061,310 |
| Investments—other securities | $0 |
| Investments—program-related | $3,036,330 |
| Intangible assets | $525,254 |
| Other assets | $4,159,299 |
| Total assets | $40,176,409 |
| Accounts payable and accrued expenses | $191,164 |
| Grants payable | $0 |
| Deferred revenue | $26,061 |
| 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 | $8,140,000 |
| Unsecured mortgages and notes payable | $25,337 |
| Other liabilities | $34,791 |
| Total liabilities | $8,417,353 |
| 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 |
| Retained earnings, endowment, accumulated income, or other funds | $31,759,056 |
| Total liabilities and net assets/fund balances | $40,176,409 |
Grants Awarded
Over the last fiscal year, Housing Preservation Inc has awarded $3,380,300 in support to 9 organizations.
| Grant Recipient | Amount |
|---|---|
Getzville, NY PURPOSE: LOW INCOME HOUSING | $1,000,000 |
San Angelo, TX PURPOSE: LOW INCOME HOUSING | $900,000 |
FIRST CHRISTIAN CHURCH OF SAN ANGELO PURPOSE: LOW INCOME HOUSING | $900,000 |
Pittsburgh, PA PURPOSE: LOW INCOME HOUSING | $435,300 |
Memphis, TN PURPOSE: LOW INCOME HOUSING | $50,000 |
Memphis, TN PURPOSE: DONATION - GENERAL OPERATING | $35,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Montgomery Community Action Committee Montgomery, AL | $13,253,001 | $19,355,950 |
Economic Improvement Council Inc Edenton, NC | $4,246,156 | $20,948,013 |
Frontstream Global Fund Alexandria, VA | $871,140 | $19,414,740 |
Catholic Charities Of Tennessee Inc Nashville, TN | $6,708,389 | $19,282,106 |
Hinds County Human Resource Agency Jackson, MS | $2,640,686 | $19,218,444 |
Country Club Of Landfall Wilmington, NC | $36,040,032 | $19,318,350 |
Central Missouri Community Action Columbia, MO | $7,094,173 | $19,692,460 |
Community Service Programs Of West Alabama Inc Tuscaloosa, AL | $11,169,657 | $19,088,639 |
Arkansas Early Learning Inc Jonesboro, AR | $12,519,715 | $17,680,686 |
Commonwealth Catholic Charities Richmond, VA | $9,806,748 | $17,802,660 |
Action Pathways Inc Fayetteville, NC | $19,024,818 | $19,740,388 |
Daniel Boone Community Action Agency Inc Manchester, KY | $8,884,267 | $15,954,203 |