Norman Affordable Housing Corporation
- Assets
- $5.0m
- Revenue
- $1.1m
- Investments
- $0.0
- Employees
- 0
- Location
- Norman, OK
- Founding
- 10/2000
- Data as of
- 06/2022
- 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 06/2022, Norman Affordable Housing Corporation generated $1.1m in total revenue. This organization has experienced exceptional growth, as over the past 2 years, it has increased revenue by an average of 67.8% each year . All expenses for the organization totaled $447.2k during the year ending 06/2022. While expenses have increased by 9.5% per year over the past 2 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
2022
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 | $158,206 |
Marianne Ratliff President | Trustee | 1 | $0 |
Jeff Cummins Director | Trustee | 1 | $0 |
Rick Mckinney Vice President | Trustee | 1 | $0 |
Paul Austin Director | Trustee | 1 | $0 |
Jan Hunter Director | 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 | $1,076,369 |
| Investment income | $2,688 |
| 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 | $1,079,057 |
| 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 | $154,751 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $18,046 |
| Payroll taxes | $9,829 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $387 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,097 |
| Office expenses | $11,855 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $98,011 |
| Travel | $741 |
| 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 | $102,008 |
| Insurance | $31,184 |
| All other expenses | $0 |
| Total functional expenses | $447,182 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,037,354 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $11,604 |
| 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 | $26,270 |
| Net Land, buildings, and equipment | $3,922,602 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $4,997,830 |
| Accounts payable and accrued expenses | $66,825 |
| Grants payable | $0 |
| Deferred revenue | $17,140 |
| 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 | $83,965 |
| Net assets without donor restrictions | $4,913,865 |
| 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 | $4,997,830 |