Housing Development Corporation: FY2023 Nonprofit Profile & Form 990 (EIN 47-0772308)

Michelle Callahan’s $77K as Executive Director is at the 69th percentile of top reported officer pay among 851 $100K–1M 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 · 1 named individual · Part VII

Name	FY2024	FY2022	FY2021	FY2020
Michelle Callahan	$77,409	$62,000	$61,308	$56,847

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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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

Helps low-to-moderate income families find and keep safe, affordable homes.

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3 programs · $636K · in their own filed words · FY2023

01

The forgiveness of liens placed on homes for down payment assistance and for owner occupied rehab which are forgiven incrementally over 10 or more years. If a house sells before the forgiveness period, the recaptured funds is program income.

$636Kprogram expense

02

A program which does rehabilitation work on owner occupied homes. The funds to provide the work are in the form of a forgivable loan or an installment loan based on income and ability to repay. HDC oversees this program.

Pt IX · col B

03

All other housing program income and expenses.

Pt IX · col B

By the numbers

The FY2023 990, line by line.

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1The main four

Money inPt VIII

$288K

Ln 12

Fees for servicesLn 2g$173K

Gifts and grantsLn 1h$56K

Other incomeLn 4–11$51K

Money outPt IX

$662K

Ln 25

Programscol B$636K

Managementcol C$27K

Owns and owesPt X

$4.9M

net assets · Ln 32

Cash and savingsLn 1–2$972K

Total assetsLn 16$5.4M

LiabilitiesLn 26$469K

PeoplePt VI, VII

8

listed · VII A

PaidVII A0

Voting boardVI 1a8

IndependentVI 1b8

2In more detail

Revenue in detailPt VIII

Gifts and grantsLn 1h$56K

Government grantsLn 1e$56K

Fees for servicesLn 2g$173K

Investment incomeLn 3$7K

Other incomeLn 4–11$51K

Total revenueLn 12$288K

Assets in detailPt X, end of year

CashLn 1$355K

SavingsLn 2$617K

Cash and savings togetherLn 1–2$972K

Land, buildings, equipmentLn 10c$589K

Total assetsLn 16$5.4M

LiabilitiesLn 26$469K

Net assetsLn 32$4.9M

OperationsPt I, VI

EmployeesI 54

VolunteersI 68

Fiscal year endsHeaderDecember

Conflict-of-interest policyVI 12aYes

Whistleblower policyVI 13Yes

Records policyVI 14No

3Year over year

Balance sheet, start vs end of yearPt X · col A, B

Line	Start FY23	End FY23
Cash and savingsLn 1–2	$1.4M	$972K
Land, buildings, equipmentLn 10c	$741K	$589K
Total assetsLn 16	$5.9M	$5.4M
LiabilitiesLn 26	$348K	$469K
Net assetsLn 32	$5.6M	$4.9M

4Every line

Statement of functional expensesPt IX · every line

Line	Total	Programs	Management	Fundraising
Pay of current officers, directors and key staffLn 5	$71K	$65K	$6K
Other salaries and wagesLn 7	$34K	$34K
Payroll taxesLn 10	$8K	$7K	$810
Management feesLn 11a	$51K	$45K	$5K
Legal feesLn 11b	$2K	$2K	$198
Accounting feesLn 11c	$23K	$20K	$2K
Other fees for servicesLn 11g	$1K	$1K	$141
Office expensesLn 13	$5K	$5K	$533
OccupancyLn 16	$12K	$11K	$1K
TravelLn 17	$928	$835	$93
Conferences, conventions and meetingsLn 19	$439	$395	$44
Depreciation, depletion and amortizationLn 22	$47K	$42K	$5K
InsuranceLn 23	$8K	$3K	$5K
Other expenses (24a–d)Ln 24	$399K	$399K	$124
All other expensesLn 24e	$528	$476	$52
Total functional expensesLn 25	$662K	$636K	$27K	$0

Filing history

Year	Money in	Money out	In minus out	Net assets	Download
FY2024 LatestFiled with the IRS Nov 14, 2025	$797K	$650K	$147K	$5.1M	990 PDF
FY2023 ViewingFiled with the IRS Nov 1, 2024	$288K	$662K	−$374K	$4.9M	990 PDF
FY2022Filed with the IRS Nov 13, 2023	$516K	$415K	$101K	$5.6M	990 PDF
FY2021Filed with the IRS Nov 14, 2022	$307K	$360K	−$53K	$5.5M	990 PDF
FY2020Filed with the IRS Nov 11, 2021	$340K	$398K	−$58K	$5.5M	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 FY2023 990 (6 parts)

Part I · Summary $288,493 revenue, 12 lines filed

I-8 Contributions and grantsPrior year $18,000$56,499

I-9 Program service revenuePrior year $549,191$173,491

I-10 Investment incomePrior year $3,609$7,406

I-11 Other revenuePrior year −$54,330$51,097

I-12 Total revenuePrior year $516,470$288,493

I-13 Grants and similar amounts paid$0

I-14 Benefits paid to members$0

I-15 Salaries and benefitsPrior year $142,877$112,886

I-16a Professional fundraising fees$0

I-17 Other expensesPrior year $272,421$549,333

I-18 Total expensesPrior year $415,298$662,219

I-19 Revenue less expensesPrior year $101,172−$373,726

Part VI · Governance 8 of 8 board members independent, 2 to look at

VI-1a Voting members of the governing body8

VI-1b Independent voting members8

VI-14 Document retention and destruction policyNo

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

Part VIII · Statement of revenue $288,493 across 6 lines filed

Lines not itemized here account for $3,058 of total revenue; see the IRS return.

VIII-1e Government grants$56,499

VIII-1h Total contributions, gifts and grants$56,499

VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $170,433$170,433

VIII-3 Investment incomeExcluded from tax $7,406$7,406

VIII-6 Net rental income or lossExcluded from tax $51,097$51,097

VIII-12 Total revenueRelated to mission $173,491 · Excluded from tax $58,503$288,493

Part IX · Statement of functional expenses $662,219 across 15 lines filed

IX-5 Pay of current officers, directors and key staffPrograms $64,692 · Management $6,469$71,161

IX-7 Other salaries and wagesPrograms $33,621$33,621

IX-10 Payroll taxesPrograms $7,294 · Management $810$8,104

IX-11a Management feesPrograms $45,462 · Management $5,051$50,513

IX-11b Legal feesPrograms $1,780 · Management $198$1,978

IX-11c Accounting feesPrograms $20,389 · Management $2,266$22,655

IX-11g Other fees for servicesPrograms $1,264 · Management $141$1,405

IX-13 Office expensesPrograms $4,798 · Management $533$5,331

IX-16 OccupancyPrograms $10,855 · Management $1,206$12,061

IX-17 TravelPrograms $835 · Management $93$928

IX-19 Conferences, conventions and meetingsPrograms $395 · Management $44$439

IX-22 Depreciation, depletion and amortizationPrograms $42,394 · Management $4,711$47,105

IX-23 InsurancePrograms $2,664 · Management $4,877$7,541

IX-24 Other expenses (24a–d)Programs $398,725 · Management $124$398,849

IX-24e All other expensesPrograms $476 · Management $52$528

IX-25 Total functional expensesPrograms $635,644 · Management $26,575 · Fundraising $0$662,219

Part X · Balance sheet $5,390,361 assets, 14 lines filed

Asset lines not itemized here account for $2,031,387; see the IRS return.

X-1 Cash, non-interest-bearingStart of year $1,018,191$355,060

X-2 Savings and temporary cash investmentsStart of year $395,295$617,078

X-4 Accounts receivable$7,851

X-9 Prepaid expenses and deferred chargesStart of year $1,789,737$1,789,737

X-10c Land, buildings and equipment, netStart of year $740,924$589,248

X-16 Total assetsStart of year $5,931,043$5,390,361

X-17 Accounts payable and accrued expenses$48,192

X-24 Unsecured notes and loans payable$402,512

X-25 Other liabilitiesStart of year $20,577$18,293

X-26 Total liabilitiesStart of year $347,759$468,997

X-27 Net assets without donor restrictionsStart of year $1,091,226$429,306

X-28 Net assets with donor restrictionsStart of year $4,492,058$4,492,058

X-32 Total net assets or fund balancesStart of year $5,583,284$4,921,364

X-33 Total liabilities and net assetsStart of year $5,931,043$5,390,361

Part XI · Reconciliation of net assets $4,921,364 net assets at year end

XI-1 Total revenue$288,493

XI-2 Total expenses$662,219

XI-3 Revenue less expenses−$373,726

XI-4 Net assets at start of year$5,583,284

XI-9 Other changes in net assets−$288,194

XI-10 Net assets at end of year$4,921,364

Form 990 e-file (XML) FY2023 from the IRS · Classification, formation year and address from the IRS Business Master File

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Housing Development Corporation FY2023 filing

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