Alabama Multifamily Loan Consortium
- Assets
- $54.8m
- Revenue
- $316.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Montgomery, AL
- Founding
- 12/1998
- Data as of
- 12/2021
- EIN
- 72-1372670
Organization Overview
Alabama Multifamily Loan Consortium is located in Montgomery, AL. The organization was established in 1998. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Alabama Multifamily Loan Consortium 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, Alabama Multifamily Loan Consortium generated $316.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $315.8k during the year ending 12/2021. While expenses have increased by 2.9% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE LOW INCOME HOUSING, COMBAT COMMUNITY DETERIORATION, AND LESSEN THE BURDEN OF GOVERNMENT HOUSING PROGRAMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE LOW INCOME HOUSING, COMBAT COMMUNITY DETERIORATION, AND LESSEN THE BURDEN OF GOVERNMENT HOUSING PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charlie Williams President | OfficerTrustee | 1 | $0 |
Kelly Wilson Secretary | Officer | 1 | $0 |
Chris Latta Treasurer | Officer | 1 | $0 |
Scott Miller Executive Director | Officer | 40 | $0 |
George Hendricks Vice President | Officer | 1 | $0 |
Robert Mullins Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $23,384 |
| 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 | $23,384 |
| Total Program Service Revenue | $289,210 |
| Investment income | $4,282 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$563 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $316,680 |
| 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. | $199,160 |
| Compensation of current officers, directors, key employees. | $21,124 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $12,080 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,716 |
| Fees for services: Accounting | $41,593 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $15 |
| Advertising and promotion | $0 |
| Office expenses | $19,419 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $18,163 |
| Travel | $6,807 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $1,840 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $6,158 |
| Insurance | $5,715 |
| All other expenses | $3,087 |
| Total functional expenses | $315,753 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $435,949 |
| Savings and temporary cash investments | $1,000,000 |
| 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 | $53,032,591 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $21,269 |
| Net Land, buildings, and equipment | $14,080 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $263,919 |
| Total assets | $54,767,808 |
| Accounts payable and accrued expenses | $2,026 |
| Grants payable | $0 |
| Deferred revenue | $551,276 |
| 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 | $53,296,727 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $204,563 |
| Total liabilities | $54,054,592 |
| Net assets without donor restrictions | $713,216 |
| 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 | $54,767,808 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Alabama One Credit Union Tuscaloosa, AL | $937,318,452 | $41,746,504 |
Educational Funding of the South Inc Franklin, TN | $0 | $32,440,997 |
Commonwealth Forest Investments Atlanta, GA | $527,167 | $63 |
Mississippi Higher Education Assistance Corporation Jackson, MS | $167,450,530 | $7,686,362 |
South Florida Veterans Affairs Foundation For Research & Educaton Miami, FL | $7,044,922 | $2,522,202 |
River Garden Holding Company Inc Jacksonville, FL | $34,918,747 | $1,904,897 |
Tupelo Service Finance Inc Tupelo, MS | $0 | $1,135,587 |
Greater Kingsport Alliance For Development Inc Kingsport, TN | $2,425,970 | $1,438,393 |
Elizabeth Bisland Wetmore T1295 Orlando, FL | $9,659,124 | $1,316,212 |
Tennessee Medical Education Fund Inc Nashville, TN | $3,892,726 | $343,365 |
John T Hall Testamentary Tr 08-17-44 Orlando, FL | $3,441,856 | $150,400 |
Alabama Multifamily Loan Consortium Montgomery, AL | $54,767,808 | $316,680 |