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Project Home Development Corporation FY2020 filing

Tax-deductible

Madison, WI501(c)(3)HousingEIN 39-1947692Revenue $354K in FY2020

On file with the IRSprojecthomewi.org3841 Kipp St, 53718-6878 · Madison, WITax-exempt since Jul 2014Publicly supported — 509(a)(2)

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To foster decent housing which is affordable by low-income and moderate-income households.

501(c)(3) charity; gifts are tax-deductible.
96¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2020 · 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
1 of 5
filings with a surplus
Average deficit $23K a year · 5% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
96%
of spending
Looks good: 96% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
4 mo
of spending, in cash
Looks good: 4.3 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $22K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$2.5M
205% of total assets
Concern: liabilities are 205% of assets; over 80%.
Pt X · Ln 26
Independent board members
3
of 3 voting members
Looks good: 3 of 3 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$354K
Spent
$356K
To programs
96%
Net assets
−$1.3M
By yearFY2020–FY2024
Revenue
$354K
FY2020
Tap a bar for its year
Revenue by fiscal year
FY2020$354K
FY2021$397K
FY2022$412K
FY2023$598K
FY2024$477K
Expenses
$356K
FY2020
Tap a bar for its year
Expenses by fiscal year
FY2020$356K
FY2021$399K
FY2022$511K
FY2023$528K
FY2024$559K
Net assets
−$1.3M
FY2020
Tap a bar for its year
Net assets by fiscal year
FY2020−$1.3M
FY2021−$1.3M
FY2022−$1.4M
FY2023−$1.3M
FY2024−$1.4M

From the FY2020 Form 990 · see the original

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You’re viewing the FY2020 filing — not the latest on file. See the latest (FY2024) →

Is it real?

Yes. Exemption reinstated (2011-05-15). Per the IRS revocation list. Latest filing on record: FY2024. IRS ruling in Jul 2014.

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

Where the money goes

96 cents of each dollar spent went to programs.

Program services 96% · $342K Management & general 4% · $14K

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

4 people listed on the 990.

Part VII, Section A · reportable compensation
Karyn Knaak
President
$0Pt VII · Sec A
Adam Kleinmaus
Vice President/Treasurer
$0Pt VII · Sec A
Ryan Estrella
Secretary
$0Pt VII · Sec A
Denise Matyka
Executive Director
$0Pt VII · Sec A
See Project Home Development Corporation 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 affordable homes for low and moderate-income families.

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Provided by the organization

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1 program · $342K · in their own filed words · FY2020
01

Prairie crossing apartments are section 42 apartments for low income individuals and families. They are located on allied drive, close to shopping, bus routes and a bike path. All 48 units have 2 bedrooms. Qualified tenants' incomes must be at or below 60% of county median income level.

$342Kprogram 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 · FY2024
Project Home INCFY2024$22K
Total grants receivedfrom 1 funder$22K

By the numbers

The FY2020 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$354K
Ln 12
Fees for servicesLn 2g$352K
Other incomeLn 4–11$2K
Investment incomeLn 3$55
Money outPt IX
$356K
Ln 25
Programscol B$342K
Managementcol C$14K
Owns and owesPt X
−$1.3M
net assets · Ln 32
Cash and savingsLn 1–2$126K
Total assetsLn 16$1.2M
LiabilitiesLn 26$2.5M
PeoplePt VI, VII
4
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b3
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$352K
Investment incomeLn 3$55
Other incomeLn 4–11$2K
Total revenueLn 12$354K
Assets in detailPt X, end of year
CashLn 1$126K
Cash and savings togetherLn 1–2$126K
Land, buildings, equipmentLn 10c$986K
Other assetsLn 15$79K
Total assetsLn 16$1.2M
LiabilitiesLn 26$2.5M
Net assetsLn 32−$1.3M
OperationsPt I, VI
EmployeesI 50
VolunteersI 63
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 FY20End FY20
Cash and savingsLn 1–2$34K$126K
Land, buildings, equipmentLn 10c$1.0M$986K
Total assetsLn 16$1.1M$1.2M
LiabilitiesLn 26$2.4M$2.5M
Net assetsLn 32−$1.3M−$1.3M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$122K$116K$6K
Accounting feesLn 11c$8K$8K
Office expensesLn 13$7K$7K
OccupancyLn 16$72K$72K
TravelLn 17$74$74
Depreciation, depletion and amortizationLn 22$105K$105K
InsuranceLn 23$21K$21K
Other expenses (24a–d)Ln 24$21K$21K$625
Total functional expensesLn 25$356K$342K$14K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest $477K$559K−$81K−$1.4M 990 PDF
FY2023 $598K$528K$70K−$1.3M 990 PDF
FY2022 $412K$511K−$99K−$1.4M 990 PDF
FY2021 $397K$399K−$1K−$1.3M 990 PDF
FY2020 Viewing $354K$356K−$2K−$1.3M 990 PDF

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Schedules filed Part IV

III · Programs I · Grants R · Related orgs G · Fundraising L · Interested persons A · Public support F · Foreign M · Noncash
See the full FY2020 990 (6 parts)
Part I · Summary $353,725 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $0$0
I-9 Program service revenuePrior year $383,704$351,870
I-10 Investment incomePrior year $166$55
I-11 Other revenuePrior year $50$1,800
I-12 Total revenuePrior year $383,920$353,725
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 $0$0
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $432,682$356,173
I-18 Total expensesPrior year $432,682$356,173
I-19 Revenue less expensesPrior year −$48,762−$2,448
Part VI · Governance 3 of 3 board members independent, 1 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members3
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 $353,725 across 3 lines filed
Lines not itemized here account for $5,571 of total revenue; see the IRS return.
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $348,099$348,099
VIII-3 Investment incomeExcluded from tax $55$55
VIII-12 Total revenueRelated to mission $351,870 · Unrelated business $0 · Excluded from tax $1,855$353,725
Part IX · Statement of functional expenses $356,173 across 8 lines filed
IX-11a Management feesPrograms $115,968 · Management $6,036$122,004
IX-11c Accounting feesManagement $7,701$7,701
IX-13 Office expensesPrograms $6,993$6,993
IX-16 OccupancyPrograms $72,018$72,018
IX-17 TravelPrograms $74$74
IX-22 Depreciation, depletion and amortizationPrograms $104,851$104,851
IX-23 InsurancePrograms $21,252$21,252
IX-24 Other expenses (24a–d)Programs $20,655 · Management $625$21,280
IX-25 Total functional expensesPrograms $341,811 · Management $14,362 · Fundraising $0$356,173
Part X · Balance sheet $1,221,755 assets, 13 lines filed
X-1 Cash, non-interest-bearingStart of year $34,360$126,217
X-4 Accounts receivableStart of year $4,894$30,166
X-9 Prepaid expenses and deferred chargesStart of year $0$463
X-10c Land, buildings and equipment, netStart of year $1,021,566$985,925
X-15 Other assetsStart of year $75,502$78,984
X-16 Total assetsStart of year $1,136,322$1,221,755
X-17 Accounts payable and accrued expensesStart of year $149,075$229,902
X-19 Deferred revenueStart of year $15,460$13,384
X-25 Other liabilitiesStart of year $2,046,674$2,055,804
X-26 Total liabilitiesStart of year $2,411,209$2,499,090
X-27 Net assets without donor restrictionsStart of year −$1,274,887−$1,277,335
X-32 Total net assets or fund balancesStart of year −$1,274,887−$1,277,335
X-33 Total liabilities and net assetsStart of year $1,136,322$1,221,755
Part XI · Reconciliation of net assets −$1,277,335 net assets at year end
XI-1 Total revenue$353,725
XI-2 Total expenses$356,173
XI-3 Revenue less expenses−$2,448
XI-4 Net assets at start of year−$1,274,887
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year−$1,277,335

Form 990 e-file (XML) FY2020 from the IRS · Classification, formation year and address from the IRS Business Master File

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