Innovative Housing Inc
- Assets
- $64.1m
- Revenue
- $7.5m
- Investments
- $3.4m
- Employees
- 20
- Location
- Portland, OR
- Founding
- 12/1985
- Data as of
- 06/2022
- EIN
- 93-0877440
Organization Overview
Innovative Housing Inc is located in Portland, OR. The organization was established in 1985. 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. As of 06/2022, Innovative Housing Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Innovative Housing 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 06/2022, Innovative Housing Inc generated $7.5m in total revenue. This represents relatively stable growth, over the past 4 years the organization has increased revenue by an average of 6.0% each year. All expenses for the organization totaled $6.4m during the year ending 06/2022. While expenses have increased by 10.1% per year over the past 4 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
DEVELOP, PRESERVE AND OPERATE AFFORDABLE HOUSING FOR LOW AND MODERATE-INCOME HOUSEHOLDS AND PROVIDE SERVICES TO RESIDENTS TO MAINTAIN HOUSING STABLITY, IMPROVE QUALITY OF LIFE AND BREAK THE CYCLE OF POVERTY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROPERTY OWNERSHIP: IN ADDITION TO THE PROPERTIES OWNED BY LP/LLCS, IHI DIRECTLY OWNS 425 AFFORDABLE RENTAL UNITS AT TEN PORTLAND AREA PROPERTIES.
ASSET MANAGEMENT: IHI IS THE MANAGING GENERAL PARTNER OR MANAGING MEMBER OF 11 LIMITED PARTNERSHPS/LIMITED LIABLITY COMPANIES THAT OWN 998 AFFORDABLE RENTAL UNITS IN OREGON AND WASHINGTON.
RESIDENT SERVICES: IHI COMPLEMENTS ITS HOUSING WITH RESIDENT SERVICES DESIGNED TO HELP RESIDENTS MAINTAIN THEIR HOUSING STABILITY, IMPROVE THEIR QUALITY OF LIFE, AND BREAK THE CYCLE OF POVERTY.
HOUSING DEVELOPMENT: INNOVATIVE HOUSING CREATES AND PRESERVES AFFORDABLE HOUSING THROUGH NEW CONSTRUCTION AND THE ACQUISITION/REHABILITATION OF EXISTING MULTIFAMILY PROPERTIES AND HISTORIC BUILDINGS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Sarah Stevenson Executive Director | Officer | 32 | $154,583 |
Julie Garver Housing Developer | 40 | $130,000 | |
Shawn Morgan Board Member | Officer | 1 | $0 |
Riad Sahli Board Member | Officer | 1 | $0 |
Joseph Hughes President | Officer | 1 | $0 |
Larry Byers Board Member | Officer | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Gbc Construction Construction | 6/29/22 | $271,500 |
Lrs Architects Design Services | 6/29/22 | $1,924,404 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $59,725 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $56,146 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $115,871 |
| Total Program Service Revenue | $6,583,406 |
| Investment income | $838,929 |
| 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 | $7,538,206 |
| 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. | $170,372 |
| Compensation of current officers, directors, key employees. | $59,630 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $896,807 |
| Pension plan accruals and contributions | $33,864 |
| Other employee benefits | $89,144 |
| Payroll taxes | $91,662 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $4,102 |
| Fees for services: Accounting | $27,900 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $27,383 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $28,740 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $71,333 |
| Interest | $563,384 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $761,608 |
| Insurance | $11,267 |
| All other expenses | $63,053 |
| Total functional expenses | $6,383,041 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $245,358 |
| Savings and temporary cash investments | $6,597,078 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $426,174 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $22,118,301 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $137,505 |
| Net Land, buildings, and equipment | $18,495,840 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,400,896 |
| Investments—program-related | $2,955,755 |
| Intangible assets | $0 |
| Other assets | $9,717,216 |
| Total assets | $64,094,123 |
| Accounts payable and accrued expenses | $694,058 |
| Grants payable | $0 |
| Deferred revenue | $86,616 |
| 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 | $24,543,421 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $25,324,095 |
| Net assets without donor restrictions | $32,278,424 |
| Net assets with donor restrictions | $6,491,604 |
| 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 | $64,094,123 |