Socayr Inc
- Assets
- $34.9m
- Revenue
- $6.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Louisville, KY
- Founding
- 05/2001
- Data as of
- 12/2021
- EIN
- 61-1352670
Organization Overview
Socayr Inc is located in Louisville, KY. The organization was established in 2001. 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. Socayr 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, Socayr Inc generated $6.7m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.4% each year . All expenses for the organization totaled $5.5m during the year ending 12/2021. While expenses have increased by 15.6% 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
THE ORGANIZATION HAS BEEN ESTABLISHED TO FOSTER THE EMPOWERMENT OF AFFORDABLE HOUSING.
Describe the Organization's Program Activity:
THE ORGANIZATION HAS BEEN ESTABLISHED TO FOSTER THE EMPOWERMENT OF AFFORDABLE HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Travis Yates President | OfficerTrustee | 5 | $0 |
Christopher Redmon Secretary | OfficerTrustee | 1 | $0 |
Brandie M Frankforther Treasurer | OfficerTrustee | 1 | $0 |
Natalie Harris Director | Trustee | 1 | $0 |
Robert Vice Jr Director | Trustee | 1 | $0 |
Rick Kremer Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Beacon Property Management Property Managment, Payroll, And Other S | 12/30/21 | $1,064,547 |
Classic Truss Oracle Construction | 12/30/21 | $808,167 |
Paul Bros Contracting Construction | 12/30/21 | $297,144 |
Ale Bornstein Inc Construction | 12/30/21 | $3,381,581 |
Rcf Construction Llc Construction | 12/30/21 | $190,115 |
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 | $892,490 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $892,490 |
| Total Program Service Revenue | $4,749,245 |
| Investment income | $102,107 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $925,097 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $6,749,829 |
| 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 | $1,307,990 |
| Pension plan accruals and contributions | $66,876 |
| Other employee benefits | $7,640 |
| Payroll taxes | $59,272 |
| Fees for services: Management | $279,049 |
| Fees for services: Legal | $46,443 |
| Fees for services: Accounting | $33,848 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $198,308 |
| Advertising and promotion | $44,746 |
| Office expenses | $306,819 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,251,213 |
| Travel | $7,477 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $21,200 |
| Interest | $646,856 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $795,411 |
| Insurance | $317,718 |
| All other expenses | $64,513 |
| Total functional expenses | $5,455,379 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,794,339 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $69,780 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $16,017,289 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $166,021 |
| Net Land, buildings, and equipment | $14,556,242 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,341,837 |
| Total assets | $34,945,508 |
| Accounts payable and accrued expenses | $1,464,705 |
| Grants payable | $0 |
| Deferred revenue | $112,170 |
| 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 | $10,859,380 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $8,912,197 |
| Total liabilities | $21,348,452 |
| Net assets without donor restrictions | $13,597,056 |
| 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 | $34,945,508 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Center For The Developmentally Disabled Kansas City, MO | $14,632,501 | $18,017,450 |
Lester And Rosalie Anixter Center Chicago, IL | $16,517,406 | $29,142,038 |
Community Housing Network Inc Columbus, OH | $58,364,637 | $14,874,820 |
Over The Rhine Community Housing Cincinnati, OH | $24,358,276 | $7,722,304 |
Society Of St Vincent Depaul Council Of Louisville Louisville, KY | $10,950,346 | $7,888,364 |
Socayr Inc Louisville, KY | $34,945,508 | $6,749,829 |
Lacasa Of Goshen Inc Goshen, IN | $26,643,418 | $6,732,087 |
Creative Housing Inc Columbus, OH | $43,851,773 | $5,323,506 |
Family Scholar House Inc Louisville, KY | $18,614,591 | $4,995,688 |
Lewinsville Retirement Residence McLean, VA | $23,915,511 | $4,142,115 |
The Village At Mercy Creek Lemont, IL | $14,145,576 | $2,549,375 |
Regina Manor Apartments Inc Toledo, OH | $0 | $7,363 |