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Peninsula Housing

Tax-deductible

Suttons Bay, MI501(c)(3)Community Development EIN 87-1940229Revenue $540K in FY2024

On file with the IRSpeninsula-housing.orgPo Box 555, 49682-0555 · Suttons Bay, MITax-exempt since Mar 2022Publicly supported charity — 170(b)(1)(A)(vi)

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A community land trust dedicated to providing secure, affordable Housing in leelanau county.

501(c)(3) charity; gifts are tax-deductible.
91¢ of each $1 spent went to programs.
Run by 10 volunteers.
Mission: Form 990 Part I, line 1 · Status: IRS Pub. 78 · Programs: Part IX · People: Part I, lines 5–6

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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
2 of 2
filings with a surplus
Average surplus $419K a year · 81% of revenue · last 2 filings
Looks good: a surplus in 2 of the last 2 filings.
Pt I · Ln 19 · 2 filings
Spent on programs
91%
of spending
Looks good: 91% of spending went to programs; 75% or more.
Pt IX · Ln 25 · col B
Cash reserves
21 mo
of spending, in cash
Looks good: 20.6 months of spending in cash; 3 or more.
Pt X · Ln 1–2 · Pt I · Ln 18
Named funders
4
named funders · $183K
Looks good: 4 funders name it on their filings; 3 or more.
Funders’ Sch. I, 990-PF
Liabilities
$364K
29% of total assets
Looks good: liabilities are 29% of assets; 50% or less.
Pt X · Ln 26
Independent board members
5
of 5 voting members
Looks good: 5 of 5 voting members are independent, a majority.
Pt VI · Ln 1a–1b
Looks goodFineWorth a lookConcernNo data yetTap a box for the reason.
Revenue
$540K
+10% vs prior year
Spent
$146K
To programs
91%
Net assets
$908K
By yearFY2023–FY2024
Revenue
$540K
FY2024▲ +10%
Tap a bar for its year
Revenue by fiscal year
FY2023$493K
FY2024$540K
Expenses
$146K
FY2024▲ +203%
Tap a bar for its year
Expenses by fiscal year
FY2023$48K
FY2024$146K
Net assets
$908K
FY2024▲ +76%
Tap a bar for its year
Net assets by fiscal year
FY2023$515K
FY2024$908K

From the FY2024 Form 990 · see the original

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Is it real?

Yes. Never revoked by the IRS. Latest filing on record: FY2024. IRS ruling in Mar 2022.

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

Where the money goes

91 cents of each dollar spent went to programs.

Program services 91% · $133K Management & general 5% · $7K Fundraising 4% · $6K

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

5 people listed on the 990.

Part VII, Section A · reportable compensation
$0Pt VII · Sec A
Meg Delor
Treasurer
$0Pt VII · Sec A
James Dyer
Director
$0Pt VII · Sec A
$0Pt VII · Sec A
Sara Michael
Secretary
$0Pt VII · Sec A
See Peninsula Housing 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

Provides secure, affordable housing through community land ownership.

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Provided by the organization

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1 program · $133K · in their own filed words · FY2024
01

Purchase and update residential properties. Sell the house, but not the land, to individuals who would otherwise not be able to afford the home. Peninsula housing leases the land to the homeowner on a long term lease.

$133Kprogram 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
Fidelity Investments Charitable Gift FundFY2024$101K
Vanguard Charitable Endowment ProgramFY2024$65K
Green Brick Foundation INCFY2024$10K
The Richard L and Freda K Flerlage FoundationFY2024$7K
Total grants receivedfrom 4 funders$183K
See all 4 funders →

By the numbers

The FY2024 990, line by line.

Download 990
from philanthropy.org
1The main four
Money inPt VIII
$540K
Ln 12
Gifts and grantsLn 1h$511K
Fees for servicesLn 2g$21K
Investment incomeLn 3$8K
Money outPt IX
$146K
Ln 25
Programscol B$133K
Managementcol C$7K
Fundraisingcol D$6K
Owns and owesPt X
$908K
net assets · Ln 32
Cash and savingsLn 1–2$251K
Total assetsLn 16$1.3M
LiabilitiesLn 26$364K
PeoplePt VI, VII
5
listed · VII A
PaidVII A0
Voting boardVI 1a5
IndependentVI 1b5
2In more detail
Revenue in detailPt VIII
Gifts and grantsLn 1h$511K
Government grantsLn 1e$55K
Fees for servicesLn 2g$21K
Investment incomeLn 3$8K
Total revenueLn 12$540K
Assets in detailPt X, end of year
CashLn 1$39K
SavingsLn 2$212K
Cash and savings togetherLn 1–2$251K
Land, buildings, equipmentLn 10c$713K
Other assetsLn 15$307K
Total assetsLn 16$1.3M
LiabilitiesLn 26$364K
Net assetsLn 32$908K
OperationsPt I, VI
EmployeesI 50
VolunteersI 610
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$177K$251K
Land, buildings, equipmentLn 10c$428K$713K
Total assetsLn 16$1.6M$1.3M
LiabilitiesLn 26$1.1M$364K
Net assetsLn 32$515K$908K
4Every line
Statement of functional expensesPt IX · every line
LineTotalProgramsManagementFundraising
Management feesLn 11a$2K$2K
Other fees for servicesLn 11g$7K$7K
Advertising and promotionLn 12$5K$5K
Office expensesLn 13$765$765
Information technologyLn 14$1K$1K
InterestLn 20$40K$40K
Depreciation, depletion and amortizationLn 22$6K$6K
InsuranceLn 23$3K$3K
Other expenses (24a–d)Ln 24$76K$76K
All other expensesLn 24e$5K$2K$2K$1K
Total functional expensesLn 25$146K$133K$7K$6K

Filing history

YearMoney inMoney outIn minus outNet assetsDownload
FY2024 Latest Viewing $540K$146K$394K$908K 990 PDF
FY2023 $493K$48K$445K$515K 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 $539,634 revenue, 12 lines filed
I-8 Contributions and grantsPrior year $477,905$511,175
I-9 Program service revenuePrior year $10,841$20,920
I-10 Investment incomePrior year $4,046$7,539
I-11 Other revenue$0
I-12 Total revenuePrior year $492,792$539,634
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 $48,199$146,057
I-18 Total expensesPrior year $48,199$146,057
I-19 Revenue less expensesPrior year $444,593$393,577
Part VI · Governance 5 of 5 board members independent, 4 to look at
VI-1a Voting members of the governing body5
VI-1b Independent voting members5
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 $539,634 across 6 lines filed
VIII-1e Government grants$55,383
VIII-1f All other contributions, gifts and grants$455,792
VIII-1h Total contributions, gifts and grants$511,175
VIII-2a-f Program service revenue, itemized rows (sum of 2a–2f as filed)Related to mission $20,920$20,920
VIII-3 Investment incomeRelated to mission $7,539$7,539
VIII-12 Total revenueRelated to mission $28,459$539,634
Part IX · Statement of functional expenses $146,057 across 10 lines filed
IX-11a Management feesPrograms $2,133$2,133
IX-11g Other fees for servicesPrograms $6,759$6,759
IX-12 Advertising and promotionFundraising $5,000$5,000
IX-13 Office expensesManagement $765$765
IX-14 Information technologyManagement $1,180$1,180
IX-20 InterestPrograms $40,414$40,414
IX-22 Depreciation, depletion and amortizationPrograms $6,058$6,058
IX-23 InsuranceManagement $3,054$3,054
IX-24 Other expenses (24a–d)Programs $75,836$75,836
IX-24e All other expensesPrograms $1,981 · Management $1,803 · Fundraising $1,074$4,858
IX-25 Total functional expensesPrograms $133,181 · Management $6,802 · Fundraising $6,074$146,057
Part X · Balance sheet $1,271,832 assets, 9 lines filed
X-1 Cash, non-interest-bearingStart of year $30,255$38,856
X-2 Savings and temporary cash investmentsStart of year $146,609$212,422
X-10c Land, buildings and equipment, netStart of year $427,559$713,196
X-15 Other assetsStart of year $1,014,213$307,358
X-16 Total assetsStart of year $1,618,636$1,271,832
X-25 Other liabilitiesStart of year $1,400$1,880
X-26 Total liabilitiesStart of year $1,103,900$363,519
X-32 Total net assets or fund balancesStart of year $514,736$908,313
X-33 Total liabilities and net assetsStart of year $1,618,636$1,271,832
Part XI · Reconciliation of net assets $908,313 net assets at year end
XI-1 Total revenue$539,634
XI-2 Total expenses$146,057
XI-3 Revenue less expenses$393,577
XI-4 Net assets at start of year$514,736
XI-10 Net assets at end of year$908,313

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

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