Chaffee Housing Trust EIN 26-2123010 Form 990 (PDF) Claim this org

Chaffee Housing Trust

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Offers affordable homes and rentals to low- and moderate-income individuals and families. For fiscal year 2024 it reported $2.0M in revenue, $481K in expenses, and $6.0M in net assets.Pt I

Type
Public charity (501(c)(3)) · Housing
Location
Buena Vista, CO
Website
www.chaffeehousing.org
Filings
6 on file (2019–2024)
Revenue
$2.0MFY2024
Expenses
$481K
Net assets
$6.0M
People
13
Filings
6
Updates
0
More identity details & actions ⌄
EIN  26-2123010 Public charity (501(c)(3)) Buena Vista, CO
Form 990 (PDF)
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Figures match the IRS filing checked 9/4/26 · see original: IRS
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Size
$1–10M
What they do
Offers affordable homes and rentals to low- and moderate-income individuals and families.
Leadership
Keith Read McCulloch · Executive Director · $115K
Money in and out
$2.0M revenue, $481K expenses
Bottom line
45% program efficiency
Where the money goes · FY2024
Total revenue
$2.0M
Pt VIII · Ln 12
Total expenses
$481K
Pt IX · Ln 25
Net assets
$6.0M
Pt X · Ln 32
Revenue less expenses (Pt I · Ln 19): $1.5M
Where spending went · Part IX cols B–D
Program services $0.45 Management & general $0.55
Program efficiency
45%
of spending reaches programs▼ -54% vs prior filing year
Surplus margin
+76%
revenue over expenses, this year▲ +210% vs prior filing year
Revenue trend
+38%
avg. annual growth over 5 years▲ +273% vs prior filing year

Summary of the Filing

Part I · fiscal year 2024 · Form 990
Revenue
$2.0M
FY2024▲ +244%
Expenses
$481K
FY2024▼ -51%
Total assets
$17.0M
FY2024▲ +117%
Total liabilities
$11.0M
FY2024▲ +135%
Total revenue
$2.0M
Pt VIII · Ln 12
Total expenses
$481K
Pt IX · Ln 25
Net assets
$6.0M
Pt X · Ln 32
Revenue less expensesPt I · Ln 19$1.5M
Total assetsPt X · Ln 16$17.0M
Program-expense ratioPt IX · col B45%
Voting members of governing bodyPt I · Ln 39
Independent voting membersPt I · Ln 49

Identity & Classification

Form 990 Header · IRS Business Master File
Legal nameHdr · item CChaffee Housing Trust
EINHdr · item D26-2123010
Principal addressHdr · item CBuena Vista, CO
WebsiteHdr · item Jwww.chaffeehousing.org
Year of formationHdr · item Lpending
State of legal domicileHdr · item MCO
Exempt statusHdr · item I501(c)(3) · active
NTEE classificationIRS BMFHousing (L20)
Ruling yearIRS BMFAug 2009

Governance & Policies

Part VI
Voting members of the governing bodyPt VI · Ln 1a9
Independent voting membersPt VI · Ln 1b9
Conflict-of-interest policyPt VI · Ln 12aNo
Whistleblower policyPt VI · Ln 13No
Document retention policyPt VI · Ln 14No
CEO/top-official compensation independently reviewedPt VI · Ln 15aNo
Family or business relationships among officers/directorsPt VI · Ln 2No

Officers, Directors & Key Employees

Part VII, Section A · reportable compensation
Executive Director
$114,503Pt VII · Sec A
Vice-Presidnet
$0Pt VII · Sec A
$0Pt VII · Sec A
Treasurer
$0Pt VII · Sec A
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Keith Read McCulloch’s $115K as Executive Director is at the 48th percentile of top reported officer pay among 2025 $1–10M housing nonprofits. Peer set: organizations in the same NTEE major field of work and revenue-size band, compared on each org’s own highest-paid officer/key-employee, from Form 990 Part VII / 990-PF Part VIII. Descriptive placement, not a verdict on whether the pay is appropriate.

Compensation history total reportable pay by year · 2 named individuals · Part VII

NameFY2024FY2020FY2019
Keith Read McCulloch$114,503
Read McCulloch$52,020$51,000

Total reportable compensation (Form 990 Part VII column D / Schedule J column E) by filing year, matched by name within this organization. The Schedule J base / bonus / deferred breakdown is not parsed into this dataset.

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Mission & Programs · Part III

Where the work happens

1 program service account for $217K of program spending, described in the organization's own filed words · FY2024.
01

Provide affordable home ownership and rental opportunities to individuals, families and households earning below certain percentages (80%, 50% & 120%) of the area median income

$217Kprogram expense

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Statement of Revenue

Part VIII
Contributions & grants$1.9M · 97%
Other revenue$58K · 3%
Contributions & grants97%$1.9M
Other revenue3%$58K
Program service revenue$7K
Investment income$3K
— government grantsLn 1e$1.8M
Total revenueLn 12$2.0M

Statement of Functional Expenses

Part IX · allocated across program, management, and fundraising
Allocation · columns B–D
Program services $0.45 Management & general $0.55
Program services45%$217K
Management & general55%$264K
Total functional expensesLn 25$481K

Balance Sheet

Part X · end of year
CashLn 1$1.5M
Total assetsLn 16$17.0M
Total liabilitiesLn 26$11.0M
Total net assetsLn 32$6.0M
Months of cash on handcomputed36.2

Financial Metrics

Form 990 · FY2024 · each ratio shown with the dollars behind it
Liquidity & Payout
Operating runway
Highly liquid reserves $1.5M · Operating expenses (Pt IX) $481K · Less non-cash grants $1.3M · Cash operating expenses/yr $-859K
Highly liquid reserves (cash & marketable securities on Pt X) ÷ monthly operating expenses (Pt IX total, less non-cash grants & depreciation when reported).
Where the money goes
Program services
Program services $217K · Total expenses $481K
45%
Management & General
Management & general $264K · Total expenses $481K
55%
Fundraising
Fundraising $0 · Total expenses $481K
0%
Cost to raise $1
Fundraising expense (3-yr avg) $0 · Solicited contributions (3-yr avg) $166K
Solicited contributions below reporting floor
Where the money comes from
Contribution dependence
Contributions & grants $1.9M · Total revenue $2.0M
97%
Government reliance
Government grants $1.8M · Total revenue $2.0M
88%
Earned-income share
Program service revenue $7K · Total revenue $2.0M
0.3%
Investment reliance
Investment income $3K · Total revenue $2.0M
+0.1%
Program self-sufficiency
Program service revenue $7K · Total expenses $481K
1%
Growth & trend
Revenue growth (YoY)
This year $2.0M · Prior year $583K
+244%
Revenue CAGR
FY2019 $394K · FY2024 $2.0M
+38%
Net-asset trend (YoY)
End of year $6.0M · Beginning of year —
Beginning net assets not meaningfully positive — showing dollar change
Balance sheet
Surplus Margin
Revenue $2.0M · Expenses $481K
+76%
Liabilities-to-Assets
Total liabilities — · Total assets $17.0M
Net-asset ratio
Net assets $6.0M · Total assets $17.0M
35%
Marketable Investment Share
Publicly traded securities (Pt X, ln 11) — · Other securities (Pt X, ln 12) — · Total assets (Pt X, ln 16) $17.0M
Excludes program-related investments (Pt X, ln 13)
People & payroll
Highest Reported Total Compensation
Individual Keith Read McCulloch · Reported title EXECUTIVE DIRECTOR · Highest reported compensation $115K · Total expenses $481K
24%
Personnel share
Salaries, benefits & payroll (Pt IX 5-10) $152K · Total expenses $481K
32%
Peer comparison

Same NTEE category, revenue band, and state where available. Descriptive — not a grade.

MetricThis orgPeer medianPercentile
Program ratio 45%
Overhead ratio 55%
Fundraising cost ratio 0%
Revenue growth 244%
Legal fee ratio 4%
Accounting fee ratio 8%

Straight from the Form 990 — descriptive, not an evaluation. A ratio is hidden when its base is zero or too small to be meaningful; the dollars are always shown.

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 2 funders$26K
Grants paid · 1 grant · $11K · 2024–2024
Central Colorado Title and EscrowFY2024$11,000

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Filings & Schedule Manifest

Part IV
III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
FY2024 (Latest)$2.0M revenue · viewing · ⤓ 990 PDF
FY2023$583K revenue · ⤓ 990 PDF
FY2022$1.8M revenue · ⤓ 990 PDF
FY2021$1.0M revenue · ⤓ 990 PDF
FY2020$367K revenue · ⤓ 990 PDF
FY2019$394K revenue · ⤓ 990 PDF

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Sources

Every figure above is drawn from these filings
Form 990 e-file (XML) · FY2024IRS
Classification, formation year, addressIRS Business Master File
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