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Affordable Housing Development Corp

Tax-deductible

Boynton Beach, FL501(c)(3)Housing EIN 65-0678966Revenue $748K in FY2024

On file with the IRSPo Box 740405, 33474-0405 · Boynton Beach, FLTax-exempt since Apr 1997Publicly supported — 509(a)(2)

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To provide Affordable Housing for low and moderately low income families.

501(c)(3) charity; gifts are tax-deductible.
84¢ of each $1 spent went to programs.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX

Before you give

FY2024 · 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
5 of 5
filings with a surplus
Average surplus $71K a year · 12% of revenue · last 5 filings
Looks good: a surplus in 5 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
84%
of spending
Looks good: 84% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
17 mo
of spending, in cash
Looks good: 16.8 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Liabilities
$1.3M
48% of total assets
Looks good: liabilities are 48% of assets; 50% or less.
Pt X · Ln 26
Independent board members
2
of 3 voting members
Looks good: 2 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
$748K
+15% vs prior year
Spent
$547K
To programs
84%
Net assets
$1.4M
By yearFY2020–FY2024
Revenue
$748K
FY2024▲ +15%
Tap a bar for its year
Revenue by fiscal year
FY2020$540K
FY2021$549K
FY2022$599K
FY2023$650K
FY2024$748K
Expenses
$547K
FY2024▼ -3%
Tap a bar for its year
Expenses by fiscal year
FY2020$516K
FY2021$535K
FY2022$566K
FY2023$565K
FY2024$547K
Net assets
$1.4M
FY2024▲ +20%
Tap a bar for its year
Net assets by fiscal year
FY2020$1.0M
FY2021$1.1M
FY2022$1.1M
FY2023$1.2M
FY2024$1.4M

From the FY2024 Form 990 · figures checked against the IRS filing · see the original

990 PDF Claim

Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Apr 1997.

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

Where the money goes

84 cents of each dollar spent went to programs.

Program services 84% · $457K Management & general 16% · $90K

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

3 people listed on the 990.

Part VII, Section A · reportable compensation
Frank Mossucco
Director Treasurer
$0Pt VII · Sec A
$0Pt VII · Sec A
$0Pt VII · Sec A
See Affordable Housing Development Corp 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 manages affordable homes for low-income families.

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Provided by the organization

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1 program · $457K · in their own filed words · FY2024
01

Providing residential units at a rent which is lower than the usual market rate to low and moderately low-income families. The organization owns 71 such rental units. Expenses incurred are incidental to providing housing facilities like maintenance, repairs, management fees, interest, taxes, utilities, etc

$457Kprogram expense

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$748K
Ln 12
Fees for servicesLn 2g$690K
Investment incomeLn 3$58K
Money outPt IX
$547K
Ln 25
Programscol B$457K
Managementcol C$90K
Owns and owesPt X
$1.4M
net assets · Ln 32
Cash and savingsLn 1–2$766K
Total assetsLn 16$2.7M
LiabilitiesLn 26$1.3M
PeoplePt VI, VII
3
listed · VII A
PaidVII A0
Voting boardVI 1a3
IndependentVI 1b2
2In more detail
Revenue in detailPt VIII
Fees for servicesLn 2g$690K
Investment incomeLn 3$58K
Gains on assetsLn 7$35K
Total revenueLn 12$748K
Assets in detailPt X, end of year
CashLn 1$245K
SavingsLn 2$521K
Cash and savings togetherLn 1–2$766K
InvestmentsLn 11–13$436K
Land, buildings, equipmentLn 10c$1.5M
Total assetsLn 16$2.7M
LiabilitiesLn 26$1.3M
Net assetsLn 32$1.4M
OperationsPt I, VI
EmployeesI 50
VolunteersI 60
Fiscal year endsHeaderDecember
Conflict-of-interest policyVI 12aNo
Whistleblower policyVI 13No
Records policyVI 14No
3Year over year
Balance sheet, start vs end of yearPt X · col A, B
LineStart FY24End FY24
Cash and savingsLn 1–2$630K$766K
InvestmentsLn 11–13$342K$436K
Land, buildings, equipmentLn 10c$1.6M$1.5M
Total assetsLn 16$2.5M$2.7M
LiabilitiesLn 26$1.3M$1.3M
Net assetsLn 32$1.2M$1.4M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$124K$35K$89K
Legal feesLn 11b$117$117
Office expensesLn 13$1K$1K
OccupancyLn 16$93K$93K
TravelLn 17$220$220
InterestLn 20$53K$53K
Depreciation, depletion and amortizationLn 22$117K$117K
InsuranceLn 23$68K$68K
Other expenses (24a–d)Ln 24$87K$87K
All other expensesLn 24e$3K$3K
Total functional expensesLn 25$547K$457K$90K$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $748K$547K$202K$1.4M 990 PDF
FY2023 $650K$565K$84K$1.2M 990 PDF
FY2022 $599K$566K$33K$1.1M 990 PDF
FY2021 $549K$535K$14K$1.1M 990 PDF
FY2020 $540K$516K$24K$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 FY2024 990 (6 parts)
Part I · Summary $748,479 revenue, 12 lines filed
I-8 Contributions and grants$0
I-9 Program service revenuePrior year $623,408$690,496
I-10 Investment incomePrior year $26,097$57,983
I-11 Other revenue$0
I-12 Total revenuePrior year $649,505$748,479
I-13 Grants and similar amounts paid$0
I-14 Benefits paid to members$0
I-15 Salaries and benefits$0
I-16a Professional fundraising fees$0
I-17 Other expensesPrior year $565,476$546,683
I-18 Total expensesPrior year $565,476$546,683
I-19 Revenue less expensesPrior year $84,029$201,796
Part VI · Governance 2 of 3 board members independent, 4 to look at
VI-1a Voting members of the governing body3
VI-1b Independent voting members2
VI-12a Written conflict of interest policyNo
VI-13 Written whistleblower policyNo
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
Part VIII · Statement of revenue $748,479 across 5 lines filed
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $690,496$690,496
VIII-3 Investment incomeExcluded from tax $22,841$22,841
VIII-7 Net gain or loss on sales of assetsExcluded from tax $35,142$35,142
VIII-8 Net income from fundraising events$0
VIII-12 Total revenueRelated to mission $690,496 · Unrelated business $0 · Excluded from tax $57,983$748,479
Part IX · Statement of functional expenses $546,683 across 10 lines filed
IX-11a Management feesPrograms $34,701 · Management $88,800$123,501
IX-11b Legal feesPrograms $117$117
IX-13 Office expensesManagement $1,287$1,287
IX-16 OccupancyPrograms $93,182$93,182
IX-17 TravelPrograms $220$220
IX-20 InterestPrograms $53,462$53,462
IX-22 Depreciation, depletion and amortizationPrograms $117,022$117,022
IX-23 InsurancePrograms $67,563$67,563
IX-24 Other expenses (24a–d)Programs $87,029$87,029
IX-24e All other expensesPrograms $3,300$3,300
IX-25 Total functional expensesPrograms $456,596 · Management $90,087 · Fundraising $0$546,683
Part X · Balance sheet $2,699,417 assets, 11 lines filed
X-1 Cash, non-interest-bearingStart of year $300,796$245,088
X-2 Savings and temporary cash investmentsStart of year $328,872$521,004
X-4 Accounts receivable$6,360
X-10c Land, buildings and equipment, netStart of year $1,553,713$1,490,682
X-12 Other securitiesStart of year $342,415$436,283
X-16 Total assetsStart of year $2,525,796$2,699,417
X-17 Accounts payable and accrued expensesStart of year $23,995$10,747
X-25 Other liabilitiesStart of year $58,530$82,187
X-26 Total liabilitiesStart of year $1,348,573$1,292,380
X-32 Total net assets or fund balancesStart of year $1,177,223$1,407,037
X-33 Total liabilities and net assetsStart of year $2,525,796$2,699,417
Part XI · Reconciliation of net assets $1,407,037 net assets at year end
XI-1 Total revenue$748,479
XI-2 Total expenses$546,683
XI-3 Revenue less expenses$201,796
XI-4 Net assets at start of year$1,177,223
XI-5 Net unrealized gains (losses) on investments$28,018
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$1,407,037

Form 990 e-file (XML) FY2024 from the IRS · Classification, formation year and address from the IRS Business Master File

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