Norman Affordable Housing Corporation
- Assets
- $4.3m
- Revenue
- $383.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Norman, OK
- Founding
- 10/2000
- Data as of
- 06/2021
- EIN
- 73-1529495
Organization Overview
Norman Affordable Housing Corporation is located in Norman, OK. The organization was established in 2000. 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. Norman Affordable Housing Corporation 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 06/2021, Norman Affordable Housing Corporation generated $383.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (13.3%) each year. All expenses for the organization totaled $373.1k during the year ending 06/2021. 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 MANAGE AND DEVELOP LOW INCOME APARTMENT COMPLEXES
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO ADMINISTER AND MANAGE HOUSING FOR NON-PROFIT HOUSING PROPERTIES FOR THE LOW-INCOME, DISABLED, AND ELDERLY. TO OWN AND MANAGE PROPERTIES DESIGNED TO PROVIDE AFFORDABLE HOUSING FOR THE CITY OF NORMAN.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Karen Canavan Exec. Dir. | Officer | 12 | $151,842 |
Marianne Ratliff President | Trustee | 1 | $0 |
Jeff Cummins Director | Trustee | 1 | $0 |
Paul Austin Director | Trustee | 1 | $0 |
Lee Lawrence Director | Trustee | 1 | $0 |
Rick Mckinney Vice President | Trustee | 1 | $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 | $380,916 |
| Investment income | $2,238 |
| 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 | $383,154 |
| 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 | $137,859 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $16,353 |
| Payroll taxes | $10,547 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $542 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $97 |
| Office expenses | $10,301 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $54,197 |
| Travel | $198 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $97,053 |
| Insurance | $25,925 |
| All other expenses | $0 |
| Total functional expenses | $373,073 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $788,286 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,636 |
| 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 | $18,611 |
| Net Land, buildings, and equipment | $3,520,513 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,341,046 |
| Accounts payable and accrued expenses | $52,739 |
| Grants payable | $0 |
| Deferred revenue | $6,317 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $59,056 |
| Net assets without donor restrictions | $4,281,990 |
| 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 | $4,341,046 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mercy Housing Wheaton Nfp Denver, CO | -$15,968,467 | $14,335,053 |
Center For The Developmentally Disabled Kansas City, MO | $14,632,501 | $18,017,450 |
Rocky Mountain Mutual Housing Association Inc Denver, CO | $89,135,511 | $15,318,775 |
Alamo Area Mutual Housing Association Inc San Antonio, TX | $51,706,215 | $15,020,368 |
Community Development Corporation Of Brownsville Inc Brownsville, TX | $63,084,439 | $14,190,282 |
Mercy Housing Northwest Denver, CO | $73,547,369 | $9,509,795 |
Merced Housing Texas San Antonio, TX | $50,611,683 | $9,858,961 |
Community Housing Concepts Inc Denver, CO | $87,603,673 | $7,035,643 |
Trinity Affordable Housing Corporation Austin, TX | $27,521,509 | $8,167,693 |
Community Resources & Housing Development Corporation Westminster, CO | $39,546,722 | $6,041,584 |
Elevation Community Land Trust Denver, CO | $49,445,560 | $8,122,320 |
Assisting Texas With Housing Inc Austin, TX | $21,990,420 | $4,581,783 |