Ann Arbor Affordable Housing Corporation
- Assets
- $6.1m
- Revenue
- $1.3m
- Investments
- $0.0
- Employees
- 0
- Location
- Ann Arbor, MI
- Founding
- Data as of
- 06/2022
- EIN
- 85-0626336
Organization Overview
Ann Arbor Affordable Housing Corporation, operating under the name Lurie Terrace, is located in Ann Arbor, MI. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, 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. Lurie Terrace 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, Lurie Terrace generated $1.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (7.6%) each year. All expenses for the organization totaled $1.3m during the year ending 06/2022. 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 RELIEVE A SHORTAGE OF DECENT, SAFE AND SANITARY HOUSING FOR PERSONS OF LOW INCOME, INCLUDING FAMILIES AND ELDERLY, HANDICAPPED OR DISABLED PERSONS, IN THE CITY OF ANN ARBOR, MICHIGAN AND TO PROMOTE AND ADVANCE DECENT, SAFE AND SANITARY HOUSING FOR SAID PERSONS BY, AMONG OTHER THINGS, FINANCING HOUSING PROJECTS APPROVED BY THE MEMBER THAT ARE USABLE FOR PUBLIC HOUSING PURPOSES OR OTHER CHARITABLE PURPOSES NOT INCONSISTENT. ALSO TO ENGAGE IN OR ASSIST IN THE DEVELOPMENT, FINANCING OR OPERATION, AND CARRYING OUT OR ASSISTING IN CARRYING OUT SUCH LOW INCOME HOUSING PROJECTS, AND FUNCTION WITHIN THE MEANING OF SECTION 3(6) OF THE UNITED STATES HOUSING ACT OF 1937, AS AMENDED, AS AN INSTRUMENTALITY OF THE MEMBER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE LOW INCOME HOUSING TO THE CITIZENS OF ANN ARBOR.
TO PROVIDE LOW INCOME HOUSING TO THE CITIZENS OF ANN ARBOR.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jennifer Hall Executive Di | OfficerTrustee | $0 | |
Ulli Raak Finance Dire | OfficerTrustee | $0 | |
Patricia Jenkins Board Member | Trustee | $0 | |
Dr Lee Meadows Board Chair | Trustee | $0 | |
Deanna Boer Board Member | Trustee | $0 | |
Thierry Batalonga Board Member | Trustee | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $220,735 |
| All other contributions, gifts, grants, and similar amounts not included above | $6,632 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $227,367 |
| Total Program Service Revenue | $1,049,462 |
| Investment income | $958 |
| 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 | $1,277,787 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $61,068 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $13,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $20 |
| Advertising and promotion | $0 |
| Office expenses | $35,965 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $145,583 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $99,292 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $169,912 |
| Insurance | $87,580 |
| All other expenses | $11,010 |
| Total functional expenses | $1,261,805 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,278,022 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $13,461 |
| 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 | $43,160 |
| Net Land, buildings, and equipment | $4,260,631 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $282,006 |
| Other assets | $174,408 |
| Total assets | $6,051,688 |
| Accounts payable and accrued expenses | $397,830 |
| Grants payable | $0 |
| Deferred revenue | $18,306 |
| 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 | $4,448,931 |
| Total liabilities | $4,865,067 |
| Net assets without donor restrictions | $1,186,621 |
| 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 | $6,051,688 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Cinnaire Corporation Cinnaire Lansing, MI | $74,619,323 | $21,850,720 |
Bethany Housing Ministries Inc Muskegon, MI | $4,087,536 | $16,635,219 |
Milwaukee Habitat For Humanity Milwaukee, WI | $24,987,795 | $20,382,762 |
Habitat For Humanity International Inc Cincinnati, OH | $19,861,311 | $21,403,808 |
Buckeye Community Hope Foundation Columbus, OH | $50,429,521 | $11,276,532 |
Caracole Inc Cincinnati, OH | $7,131,053 | $11,567,326 |
Taylor Community Development Corp Taylor, MI | $29,334,174 | $14,242,807 |
Habitat For Humanity International Inc Indianapolis, IN | $27,221,776 | $14,208,425 |
Western Reserve Revitalization & Management Co Cleveland, OH | $81,496,475 | $17,708,509 |
Affordable Housing Partners Inc Carmel, IN | $150,650,716 | $9,214,618 |
Famicos Foundation Inc Cleveland, OH | $56,363,268 | $13,331,115 |
Mht Housing Inc Bingham Farms, MI | $103,750,395 | $19,352,676 |