First Community Housing FY2021 filing

Tax-deductible

Santa Clara, CA501(c)(3)EIN 77-0119210Revenue $734K in FY2021

On file with the IRSfirsthousing.org2755 Augustine Dr Ste 701, 95054-2960 · Santa Clara, CATax-exempt since Oct 1986Publicly supported charity — 170(b)(1)(A)(vi)

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To build high quality, sustainable, affordable Housing.

501(c)(3) charity; gifts are tax-deductible.
56¢ of each $1 spent went to programs.
$1.4M paid to officers and key staff.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · Pay: Part VII

Before you give

FY2021 · 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 $7.2M a year · 131% of revenue · last 5 filings
Concern: a surplus in 1 of the last 5 filings.
Pt I · Ln 19 · 5 filings
Spent on programs
56%
of spending
Worth a look: 56% of spending went to programs; under 65%.
Pt IX · Ln 25 · col B
Pay to officers and key staff
$1.4M
to officers and key staff · 29% of spending
Worth a look: pay to officers and key staff is 29% of spending; over 20%.
Pt VII · Sec A
Cash reserves
9 mo
of spending, in cash
Looks good: 9.0 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
1
named funder · $12K
Fine: 1 funder names it on their filings; under 3.
Funders’ Sch. I, 990-PF
Liabilities
$54.1M
93% of total assets
Concern: liabilities are 93% of assets; over 80%.
Pt X · Ln 26
Independent board members
11
of 11 voting members
Looks good: 11 of 11 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$734K
-46% vs prior year
Spent
$4.9M
To programs
56%
Net assets
$4.2M
By yearFY2020–FY2024
Revenue
$734K
FY2021▼ -46%
Tap a bar for its year
Revenue by fiscal year
FY2020$1.4M
FY2021$734K
FY2022$3.3M
FY2023$23.1M
FY2024−$994K
Expenses
$4.9M
FY2021▲ +19%
Tap a bar for its year
Expenses by fiscal year
FY2020$4.1M
FY2021$4.9M
FY2022$30.7M
FY2023$10.6M
FY2024$13.0M
Net assets
$4.2M
FY2021▼ -50%
Tap a bar for its year
Net assets by fiscal year
FY2020$8.4M
FY2021$4.2M
FY2022−$23.2M
FY2023−$9.2M
FY2024−$23.2M

From the FY2021 Form 990 · see the original

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You’re viewing the FY2021 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 Oct 1986.

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

Where the money goes

56 cents of each dollar spent went to programs.

Program services 56% · $2.8M Management & general 44% · $2.1M

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

20 people listed on the 990; $1.4M paid to officers and key staff.

Part VII, Section A · reportable compensation
President/CEO of Fch
$333,606Pt VII · Sec A
Director of Finance
$184,386Pt VII · Sec A
Director of Asset Mgt
$181,201Pt VII · Sec A
Director of Development
$161,979Pt VII · Sec A
Senior Project Manager
$159,021Pt VII · Sec A
Senior Asset Manager
$136,421Pt VII · Sec A
Senior Construction Manage
$129,227Pt VII · Sec A
Accounting Manager
$125,724Pt VII · Sec A

Compensation history total reportable pay by year · 8 named individuals · Part VII

NameFY2024FY2023FY2022FY2021FY2020
Geoffrey Morgan—$224,214$308,570$333,606$260,060
Michael P Santero$314,706$202,254$186,000$181,201$169,429
Bianey Martinez$221,399$188,868$136,857$136,421$119,501
David Munson$42,122$191,526$181,043$184,386$175,070
Vianey Nava——$179,978——
Renu Madan—$172,747———
Regina Celestin Williams———$161,979$156,204
Araseli Adams$159,862$121,088———

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 15aYes

Programs and updates

Develops and operates high-quality, sustainable, and energy-efficient affordable rental housing for low- to moderate-income households in the Silicon Valley region.

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Provided by the organization

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2 programs · $2.8M · in their own filed words · FY2021
01

In partnership with the privately contracted comprehensive housing management services at each property, FCH provides enhanced, on-site resident services. These services are customized to the needs of residents through partnerships with service-based non-profit organizations.

$1.4Mprogram expense
02

Since 1986 first community housing (FCH) has developed over 1,466 units of high-quality affordable rental housing for households earning 20-80% of the area median income for silicon valley.

$1.4Mprogram expense

Funders

Who pays for it.

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

Grants

Schedule I · received and paid
Grants received · FY2025
Total grants receivedfrom 1 funder$12K
Grants paid · 4 grants · $123K · 2020–2021
Second Street Studios LPCA · FY2021$100,000

By the numbers

The FY2021 990, line by line.

1The main four
Money inPt VIII
$734K
Ln 12
Gifts and grantsLn 1h$3.3M
Investment incomeLn 3$75K
Fees for servicesLn 2g−$2.6M
Money outPt IX
$4.9M
Ln 25
Programscol B$2.8M
Managementcol C$2.1M
Owns and owesPt X
$4.2M
net assets · Ln 32
Cash and savingsLn 1–2$3.7M
Total assetsLn 16$58.3M
LiabilitiesLn 26$54.1M
PeoplePt VI, VII
20
listed · VII A
PaidVII A8
Voting boardVI 1a11
IndependentVI 1b11
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$3.3M
Government grantsLn 1e$359K
Fees for servicesLn 2g−$2.6M
Investment incomeLn 3$75K
Total revenueLn 12$734K
Assets in detailPt X, end of year
CashLn 1$3.4M
SavingsLn 2$229K
Cash and savings togetherLn 1–2$3.7M
InvestmentsLn 11–13−$17.4M
Land, buildings, equipmentLn 10c$912K
Other assetsLn 15$57.4M
Total assetsLn 16$58.3M
LiabilitiesLn 26$54.1M
Net assetsLn 32$4.2M
OperationsPt I, VI
EmployeesI 531
VolunteersI 614
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 FY21End FY21
Cash and savingsLn 1–2$4.5M$3.7M
InvestmentsLn 11–13−$11.3M−$17.4M
Land, buildings, equipmentLn 10c$925K$912K
Total assetsLn 16$54.1M$58.3M
LiabilitiesLn 26$45.7M$54.1M
Net assetsLn 32$8.4M$4.2M
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Grants to domestic organizationsLn 1$158K$158K
Pay of current officers, directors and key staffLn 5$845K$234K$612K
Other salaries and wagesLn 7$1.8M$1.4M$397K
Pension plan contributionsLn 8$40K$34K$6K
Other employee benefitsLn 9$341K$299K$43K
Payroll taxesLn 10$193K$129K$64K
Legal feesLn 11b$34K$34K
Accounting feesLn 11c$122K$122K
Other fees for servicesLn 11g$308K$76K$232K
Advertising and promotionLn 12$12K$1K$10K
Office expensesLn 13$98K$20K$78K
Information technologyLn 14$80K$55K$25K
OccupancyLn 16$264K$159K$105K
TravelLn 17$29K$3K$25K
Conferences, conventions and meetingsLn 19$77K$7K$70K
InterestLn 20$170K$170K
Depreciation, depletion and amortizationLn 22$29K$5K$24K
InsuranceLn 23$2K$2K
Other expenses (24a–d)Ln 24$313K$199K$114K
Total functional expensesLn 25$4.9M$2.8M$2.1M$0

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest −$994K$13.0M−$14.0M−$23.2M 990 PDF
FY2023 $23.1M$10.6M$12.4M−$9.2M 990 PDF
FY2022 $3.3M$30.7M−$27.4M−$23.2M 990 PDF
FY2021 Viewing $734K$4.9M−$4.2M$4.2M 990 PDF
FY2020 $1.4M$4.1M−$2.7M$8.4M 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 FY2021 990 (6 parts)
Part I · Summary $734,419 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $2,382,568$3,269,247
I-9 Program service revenuePrior year −$1,125,713−$2,618,759
I-10 Investment incomePrior year $75,865$75,128
I-11 Other revenuePrior year $32,803$8,803
I-12 Total revenuePrior year $1,365,523$734,419
I-13 Grants and similar amounts paidPrior year $24,833$158,269
I-14 Benefits paid to membersPrior year $0$0
I-15 Salaries and benefitsPrior year $2,683,928$3,197,137
I-16a Professional fundraising feesPrior year $0$0
I-17 Other expensesPrior year $1,396,921$1,537,675
I-18 Total expensesPrior year $4,105,682$4,893,081
I-19 Revenue less expensesPrior year −$2,740,159−$4,158,662
Part VI · Governance 11 of 11 board members independent, no flags
VI-1a Voting members of the governing body11
VI-1b Independent voting members11
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
VI-15a Process for setting top official's payYes
Part VIII · Statement of revenue $734,419 across 8 lines filed
VIII-1d Related organizations$2,490,148
VIII-1e Government grants$359,487
VIII-1f All other contributions, gifts and grants$419,612
VIII-1h Total contributions, gifts and grants$3,269,247
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission −$2,618,759−$2,618,759
VIII-3 Investment incomeExcluded from tax $75,128$75,128
VIII-11a-d Other revenue, itemized rows (sum of 11a–11d as filed)Related to mission $8,803$8,803
VIII-12 Total revenueRelated to mission −$2,609,956 · Unrelated business $0 · Excluded from tax $75,128$734,419
Part IX · Statement of functional expenses $4,893,081 across 19 lines filed
IX-1 Grants to domestic organizationsPrograms $158,269$158,269
IX-5 Pay of current officers, directors and key staffPrograms $233,805 · Management $611,572$845,377
IX-7 Other salaries and wagesPrograms $1,379,972 · Management $397,237$1,777,209
IX-8 Pension plan contributionsPrograms $33,858 · Management $6,246$40,104
IX-9 Other employee benefitsPrograms $298,658 · Management $42,708$341,366
IX-10 Payroll taxesPrograms $128,629 · Management $64,452$193,081
IX-11b Legal feesManagement $34,474$34,474
IX-11c Accounting feesManagement $122,058$122,058
IX-11g Other fees for servicesPrograms $76,149 · Management $232,066$308,215
IX-12 Advertising and promotionPrograms $1,162 · Management $10,483$11,645
IX-13 Office expensesPrograms $19,669 · Management $77,985$97,654
IX-14 Information technologyPrograms $55,457 · Management $24,517$79,974
IX-16 OccupancyPrograms $159,238 · Management $105,016$264,254
IX-17 TravelPrograms $3,218 · Management $25,287$28,505
IX-19 Conferences, conventions and meetingsPrograms $7,440 · Management $69,644$77,084
IX-20 InterestManagement $170,338$170,338
IX-22 Depreciation, depletion and amortizationPrograms $5,368 · Management $23,588$28,956
IX-23 InsuranceManagement $1,849$1,849
IX-24 Other expenses (24a–d)Programs $198,788 · Management $113,881$312,669
IX-25 Total functional expensesPrograms $2,759,680 · Management $2,133,401 · Fundraising $0$4,893,081
Part X · Balance sheet $58,290,308 assets, 17 lines filed
Asset lines not itemized here account for $13,427,833; see the IRS return.
X-1 Cash, non-interest-bearingStart of year $3,752,094$3,423,476
X-2 Savings and temporary cash investmentsStart of year $712,525$229,148
X-4 Accounts receivableStart of year $122,694$131,003
X-9 Prepaid expenses and deferred chargesStart of year $165,141$214,639
X-10c Land, buildings and equipment, netStart of year $925,076$912,464
X-13 Program-related investmentsStart of year −$11,292,601−$17,439,401
X-15 Other assetsStart of year $47,119,045$57,391,146
X-16 Total assetsStart of year $54,081,683$58,290,308
X-17 Accounts payable and accrued expensesStart of year $3,870,499$1,757,932
X-18 Grants payable$100,000
X-19 Deferred revenueStart of year $93,633$887,351
X-25 Other liabilitiesStart of year $2,001,249$4,020,531
X-26 Total liabilitiesStart of year $45,684,937$54,052,224
X-27 Net assets without donor restrictionsStart of year $8,125,413$3,874,428
X-28 Net assets with donor restrictionsStart of year $271,333$363,656
X-32 Total net assets or fund balancesStart of year $8,396,746$4,238,084
X-33 Total liabilities and net assetsStart of year $54,081,683$58,290,308
Part XI · Reconciliation of net assets $4,238,084 net assets at year end
XI-1 Total revenue$734,419
XI-2 Total expenses$4,893,081
XI-3 Revenue less expenses−$4,158,662
XI-4 Net assets at start of year$8,396,746
XI-9 Other changes in net assets$0
XI-10 Net assets at end of year$4,238,084

Form 990 e-file (XML) FY2021 from the IRS · Classification, formation year and address from the IRS Business Master File

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