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Venture INC FY2022 filing

Tax-deductible

Pontiac, MI501(c)(3)Housing EIN 38-3024297Revenue $471K in FY2022

On file with the IRSolhsa.orgPo Box 430598, 48343-0598 · Pontiac, MITax-exempt since Jul 1992Publicly supported charity — 170(b)(1)(A)(vi)

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Venture, INC. Will provide, energy-efficient, affordable housing for persons of low and moderate income levels by facilitating home purchase, rehabilitaiton, construction, and lending and perform other community development activities to assist in such objectives.

501(c)(3) charity; gifts are tax-deductible.
80¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

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FY2022 · Form 990Independent: from IRS data, not the org
Download 990
IRS status
501(c)(3)
not on the IRS revocation list
Looks good: listed by the IRS and not on the revocation list.
IRS BMF · Auto-Revocation List
Tax-deductible gifts
Yes
Donations are tax-deductible
Looks good: the IRS lists gifts to it as deductible.
IRS Pub. 78 · IRS BMF
Latest return
FY2024
latest Form 990
Looks good: the latest return is for FY2024, 2 tax years back; within 2 tax years.
IRS e-file · Filing history
Surplus or deficit
2 of 5
filings with a surplus
Average surplus $138K a year · 17% of revenue · last 5 filings
Worth a look: a surplus in 2 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
80%
of spending
Looks good: 80% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
2 mo
of spending, in cash
Fine: 1.8 months of spending in cash; 1 to 3.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $30K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$1.4M
399% of total assets
Concern: liabilities are 399% of assets; over 80%.
Pt X · Ln 26
Independent board members
6
of 9 voting members
Looks good: 6 of 9 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$471K
+39% vs prior year
Spent
$704K
To programs
80%
Net assets
−$1.1M
By yearFY2020–FY2024
Revenue
$471K
FY2022▲ +39%
Tap a bar for its year
Revenue by fiscal year
FY2020$825K
FY2021$339K
FY2022$471K
FY2023$295K
FY2024$2.1M
Expenses
$704K
FY2022▲ +50%
Tap a bar for its year
Expenses by fiscal year
FY2020$738K
FY2021$468K
FY2022$704K
FY2023$775K
FY2024$707K
Net assets
−$1.1M
FY2022▼ -28%
Tap a bar for its year
Net assets by fiscal year
FY2020−$1.0M
FY2021−$819K
FY2022−$1.1M
FY2023−$1.5M
FY2024−$90K

From the FY2022 Form 990 · figures checked against the IRS filing · see the original

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You’re viewing the FY2022 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Jul 1992.

IRS Pub. 78 · IRS Auto-Revocation List · IRS Business Master File

Where the money goes

80 cents of each dollar spent went to programs.

Program services 80% · $564K Management & general 20% · $140K

Form 990 Part IX, line 25, columns B–D. Every line is in By the numbers.

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Who runs it and what they're paid

9 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Brad Michaud
President
$0Pt VII · Sec A
Thomas Kabel
Secretary
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A

Susan Harding’s $137K as Chairman is at the 63rd percentile of top reported officer pay among 2037 $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.

See Venture INC executive salaries →

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Questions the 990 asks

The form asks each of these directly. These are the filed answers.

  • Family or business ties among officersPt VI · Ln 2No
  • Top official's pay set by an independent reviewPt VI · Ln 15aNo

Programs and updates

Builds and finances affordable, energy-efficient homes for low-income individuals and families.

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Provided by the organization

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1 program · $564K · in their own filed words · FY2022
01

To increase the amount of affordable housing within oakland and livingston counties. During 2022, venture continued its work in the GM modern housing neighborhood by doing some owner occupied rehabilitation work.

$564Kprogram expense

Funders

Who pays for it.

From grant filings on record. Receipts are incomplete: individual donors are never listed.

Grants

Schedule I · funders on record
Grants received · FY2022
Enterprise Community Partners INCFY2022$30K
Total grants receivedfrom 1 funder$30K

By the numbers

The FY2022 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$471K
Ln 12
Gifts and grantsLn 1h$416K
Investment incomeLn 3$33K
Other incomeLn 4–11$22K
Money outPt IX
$704K
Ln 25
Programscol B$564K
Managementcol C$140K
Owns and owesPt X
−$1.1M
net assets · Ln 32
Cash and savingsLn 1–2$106K
Total assetsLn 16$352K
LiabilitiesLn 26$1.4M
PeoplePt VI, VII
9
listed · VII A
PaidVII A0
Voting boardVI 1a9
IndependentVI 1b6
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$416K
Government grantsLn 1e$312K
Investment incomeLn 3$33K
Other incomeLn 4–11$22K
Total revenueLn 12$471K
Assets in detailPt X, end of year
CashLn 1$106K
Cash and savings togetherLn 1–2$106K
InvestmentsLn 11–13−$104K
Land, buildings, equipmentLn 10c$628K
Total assetsLn 16$352K
LiabilitiesLn 26$1.4M
Net assetsLn 32−$1.1M
OperationsPt I, VI
EmployeesI 51
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aYes
Whistleblower policyVI 13Yes
Records policyVI 14Yes
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY22End FY22
Cash and savingsLn 1–2$100K$106K
InvestmentsLn 11–13−$77K−$104K
Land, buildings, equipmentLn 10c$648K$628K
Total assetsLn 16$534K$352K
LiabilitiesLn 26$1.4M$1.4M
Net assetsLn 32−$819K−$1.1M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Other salaries and wagesLn 7$52K$52K
Other employee benefitsLn 9$23K$23K
Other fees for servicesLn 11g$507K$367K$140K
InterestLn 20$75K$75K
Depreciation, depletion and amortizationLn 22$20K$20K
Other expenses (24a–d)Ln 24$27K$27K
Total functional expensesLn 25$704K$564K$140K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $2.1M$707K$1.4M−$90K 990 PDF
FY2023 $295K$775K−$480K−$1.5M 990 PDF
FY2022 Viewing $471K$704K−$233K−$1.1M 990 PDF
FY2021 $339K$468K−$129K−$819K 990 PDF
FY2020 $825K$738K$87K−$1.0M 990 PDF

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Schedules filed Part IV

III · Programs R · Related orgs G · Fundraising L · Interested persons I · Grants A · Public support O · Explanations
See the full FY2022 990 (6 parts)
Part I · Summary $471,444 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $254,043$416,370
I-9 Program service revenuePrior year $0$0
I-10 Investment incomePrior year $32,615$32,615
I-11 Other revenuePrior year $52,283$22,459
I-12 Total revenuePrior year $338,941$471,444
I-13 Grants and similar amounts paidPrior year $0$0
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $77,438$74,989
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $390,464$629,114
I-18 Total expensesPrior year $467,902$704,103
I-19 Revenue less expensesPrior year −$128,961−$232,659
Part VI · Governance 6 of 9 board members independent, 1 to look at
VI-1a Voting members of the governing body9
VI-1b Independent voting members6
VI-15a Process for setting top official's payNo
VI-2 Family or business relationship among officers or directorsNo
VI-12a Written conflict of interest policyYes
VI-13 Written whistleblower policyYes
VI-14 Document retention and destruction policyYes
Part VIII · Statement of revenue $471,444 across 6 lines filed
VIII-1e Government grants$311,791
VIII-1f All other contributions, gifts and grants$104,579
VIII-1h Total contributions, gifts and grants$416,370
VIII-3 Investment incomeRelated to mission $32,615$32,615
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $22,459$22,459
VIII-12 Total revenueRelated to mission $55,074 · Unrelated business $0 · Excluded from tax $0$471,444
Part IX · Statement of functional expenses $704,103 across 6 lines filed
IX-7 Other salaries and wagesPrograms $52,358$52,358
IX-9 Other employee benefitsPrograms $22,631$22,631
IX-11g Other fees for servicesPrograms $367,250 · Management $140,143$507,393
IX-20 InterestPrograms $74,661$74,661
IX-22 Depreciation, depletion and amortizationPrograms $20,109$20,109
IX-24 Other expenses (24a–d)Programs $26,951$26,951
IX-25 Total functional expensesPrograms $563,960 · Management $140,143 · Fundraising $0$704,103
Part X · Balance sheet $351,748 assets, 11 lines filed
Asset lines not itemized here account for $1,443,419; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $100,386$105,567
X-4 Accounts receivableStart of year −$1,554,023−$1,721,259
X-10c Land, buildings and equipment, netStart of year $648,297$628,188
X-12 Other securitiesStart of year −$76,798−$104,167
X-16 Total assetsStart of year $533,526$351,748
X-17 Accounts payable and accrued expensesStart of year $68,168$86,043
X-19 Deferred revenueStart of year $5,291$1,798
X-26 Total liabilitiesStart of year $1,352,842$1,403,724
X-27 Net assets without donor restrictionsStart of year −$819,316−$1,051,976
X-32 Total net assets or fund balancesStart of year −$819,316−$1,051,976
X-33 Total liabilities and net assetsStart of year $533,526$351,748
Part XI · Reconciliation of net assets −$1,051,976 net assets at year end
XI-1 Total revenue$471,444
XI-2 Total expenses$704,103
XI-3 Revenue less expenses−$232,659
XI-4 Net assets at start of year−$819,316
XI-8 Prior period adjustments−$1
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$1,051,976

Form 990 e-file (XML) FY2022 from the IRS · Classification, formation year and address from the IRS Business Master File

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