Civic Intelligence

Atlantic Housing Foundation Inc.

990 • Fiscal year 2017 • EIN 57-1090154

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 15, 2018

Organization Profilewww.atlantichousing.org

View Organization Page

5910 N Central Expy Ste 1310Dallas, TX 75206

(469) 206-8900

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

98th percentile

1.52x

Higher debt load relative to assets than 98% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Liabilities / Revenue

90th percentile

4.16x

Higher debt load relative to revenue than 90% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Net Margin

80th percentile

21%

Higher net margin than 80% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Top Officer Pay

82nd percentile

$1,172,649

Higher top officer pay than 82% of similar nonprofits.

Top officer pay equals 1.4% of source-year revenue.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Asset Growth

51st percentile

6.3%

Faster asset growth than 51% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Revenue Growth

83rd percentile

29%

Faster revenue growth than 83% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets98th percentile

Assets

Up

$235,622,325

Up $13,928,541 (+6.3%) from 2016

Net Assets

Up

-$122,417,124

Up $17,939,182 (+13%) from 2016

Liabilities

Down

$358,039,449

Down $4,010,641 (-1.1%) from 2016

Revenue And Expenses
Liabilities / Revenue90th percentileNet Margin80th percentile

Revenue

Up

$86,041,444

Up $19,179,258 (+29%) from 2016

Expenses

Up

$67,932,262

Up $2,042,929 (+3.1%) from 2016

Net Income

Up

$18,109,182

Up $17,136,329 (+1761%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth51st percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$1.0B$500M$0-$500MAssets 2011: $259,661,427Liabilities 2011: $424,271,610Net Assets 2011: -$164,610,1832011Assets 2012: $246,762,863Liabilities 2012: $420,295,578Net Assets 2012: -$173,532,7152012Assets 2013: $242,249,297Liabilities 2013: $418,440,380Net Assets 2013: -$176,191,0832013Assets 2014: $225,774,098Liabilities 2014: $365,705,175Net Assets 2014: -$139,931,0772014Assets 2015: $223,564,974Liabilities 2015: $364,339,223Net Assets 2015: -$140,774,2492015Assets 2016: $221,693,784Liabilities 2016: $362,050,090Net Assets 2016: -$140,356,3062016Assets 2017: $235,622,325Liabilities 2017: $358,039,449Net Assets 2017: -$122,417,1242017Assets 2018: $464,184,556Liabilities 2018: $589,990,872Net Assets 2018: -$125,806,3162018Assets 2019: $554,431,677Liabilities 2019: $686,389,661Net Assets 2019: -$131,957,9842019Assets 2020: $523,695,373Liabilities 2020: $601,207,985Net Assets 2020: -$77,512,6122020Assets 2021: $500,012,699Liabilities 2021: $576,949,019Net Assets 2021: -$76,936,3202021Assets 2022: $540,951,595Liabilities 2022: $625,998,766Net Assets 2022: -$85,047,1712022Assets 2023: $528,140,962Liabilities 2023: $625,952,365Net Assets 2023: -$97,811,4032023Assets 2024: $439,221,223Liabilities 2024: $529,157,055Net Assets 2024: -$89,935,8322024

Highlighted filing

2017

Assets$235,622,325
Liabilities$358,039,449
Net Assets-$122,417,124
Open 2017 Filing

Operations Trend

Revenue Growth83rd percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$150M$100M$50M$0-$50MRevenue 2011: $52,633,812Expenses 2011: $68,832,119Net Income 2011: -$16,198,3072011Revenue 2012: $59,024,599Expenses 2012: $70,174,771Net Income 2012: -$11,150,1722012Revenue 2013: $63,916,276Expenses 2013: $69,523,929Net Income 2013: -$5,607,6532013Revenue 2014: $97,886,807Expenses 2014: $65,182,979Net Income 2014: $32,703,8282014Revenue 2015: $62,370,121Expenses 2015: $64,430,416Net Income 2015: -$2,060,2952015Revenue 2016: $66,862,186Expenses 2016: $65,889,333Net Income 2016: $972,8532016Revenue 2017: $86,041,444Expenses 2017: $67,932,262Net Income 2017: $18,109,1822017Revenue 2018: $65,025,066Expenses 2018: $68,244,258Net Income 2018: -$3,219,1922018Revenue 2019: $101,104,174Expenses 2019: $96,771,729Net Income 2019: $4,332,4452019Revenue 2020: $148,610,400Expenses 2020: $93,995,028Net Income 2020: $54,615,3722020Revenue 2021: $103,755,815Expenses 2021: $103,009,523Net Income 2021: $746,2922021Revenue 2022: $98,028,406Expenses 2022: $106,224,237Net Income 2022: -$8,195,8312022Revenue 2023: $101,000,581Expenses 2023: $112,402,795Net Income 2023: -$11,402,2142023Revenue 2024: $120,912,541Expenses 2024: $117,636,361Net Income 2024: $3,276,1802024

Highlighted filing

2017

Revenue$86,041,444
Expenses$67,932,262
Net Income$18,109,182
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 15, 2018
Return Version
2017v2.2
Gross Receipts
$86,041,444
Mission and Program Overview

Mission

To foster, support, provide, acquire, construct, rehabilitate and operate qualified affordable housing for low-income persons and families, elderly, and mentally or physically disabled persons where no adequate housing exists for such persons. Provide aid to the poor and distressed, provide decent, safe and sanitary housing, provide social services to low income persons and families, assist in the social and economic integration of the poor, combat community deterioration, lessen neighborhood tensions, eliminate prejudice and discrimination, and reduce the burden of government through the provision of affordable housing.In order to further assist the communities the Foundation serves or will serve, the board amended the Articles of Incorporation to include the charitable purpose of providing student housing as part of its charitable purposes, and filed the amended articles with the IRS and the South Carolina Secretary of State as of April 24, 2004. The board of directors concluded that

Balance Sheet Detail
LineBeginningEndChange
Assets
Land, Buildings, and Equipment, Net$164,437,917$155,583,699▼ $8,854,218
Cash and Non-Interest-Bearing Accounts$9,593,078$21,548,718▲ $11,955,640
Other Notes and Loans Receivable, Net$10,646,887$13,124,722▲ $2,477,835
Intangible Assets$7,723,569$11,567,918▲ $3,844,349
Loans From Officers Directors$1,925,369$1,925,369→ $0
Prepaid Expenses and Deferred Charges$817,289$1,393,099▲ $575,810
Accounts Receivable$756,104$1,372,700▲ $616,596
Savings and Temporary Cash Investments-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Investments in Publicly Traded Securities-$0-
Inventories for Sale or Use-$0-
Total Assets$221,693,784$235,622,325▲ $13,928,541
Other Assets Total$27,718,940$31,031,469▲ $3,312,529
Liabilities
Mortgage Notes Payable Secured by Investment Property$153,842,139$187,347,647▲ $33,505,508
Tax Exempt Bond Liabilities$170,268,797$151,249,972▼ $19,018,825
Other Liabilities$33,461,990$15,919,068▼ $17,542,922
Accounts Payable and Accrued Expenses$1,637,644$884,385▼ $753,259
Unsecured Notes Loans Payable$914,151$713,008▼ $201,143
Total Liabilities$362,050,090$358,039,449▼ $4,010,641
Net Assets / Fund Balance
Unrestricted Net Assets$-140,356,306$-122,417,124▲ $17,939,182
Total Net Assets Fund Balance$-140,356,306$-122,417,124▲ $17,939,182
Total Liabilities and Net Assets / Fund Balance$221,693,784$235,622,325▲ $13,928,541

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$122,501,878$117,673,907$240,175,785
Land$33,031,385-$33,031,385
Other Land Buildings$50,436$12,074,858$12,125,294
Other Assets Org$602,942--
Compensation and Service Providers
Top Officer Pay82nd percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael NguyenPresident & CEOFT$339,772$832,877$1,172,649
Daniel FrenchChairman/evpFT$185,800$188,697$374,497
Elizabeth W SnyderSecretaryFT$130,100$137,016$267,116
Russell L RichardsonDirector of OperationsFT$148,685$112,256$260,941

Board Members and Trustees

NameTitle
Alton JonesTrustee
Raj MenonTrustee
Richard WhaleyTrustee
Scottie SmithTrustee
Amy DoddsLow Income Rep
Patricia GulleyLow Income Rep
Robert HeardLow Income Rep

Highest Paid Contractors

ContractorServicesLocationCompensation
Kent FosterConsulting320 Swallowtail Drive, Austin, TX 75206$144,327
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$85,962,437
Investment Income
$79,007
Other Revenue
$0
Change in Net Assets
$18,109,182

Audited Revenue Reconciliation

Revenue per Audited Statements
$85,827,324
Revenue Not Reported on Financial Statements
$214,120
Other Revenue Adjustments
$214,120
Total Revenue per Audited Statements
$85,827,324
Total Revenue per Form 990
$86,041,444
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$64,669,296
Salaries, Compensation, and Employee Benefits$2,921,346
Grants and Similar Amounts Paid$341,620
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$17,916,411--$17,916,411
Depreciation Depletion$8,663,002$18,931-$8,681,933
All Other Expenses$5,607,835$95,418-$5,703,253
Insurance$3,470,015$3,061-$3,473,076
Other Expenses$2,827,558--$2,827,558
Current Officers, Directors, Trustees, and Key Employees$1,528,013$509,338-$2,037,351
Other Salaries and Wages$471,353$157,118-$628,471
Grants to Domestic Individuals$341,620--$341,620
Travel$72,847$72,846-$145,693
Occupancy-$136,904-$136,904
Payroll Taxes$100,431$33,478-$133,909
Other Employee Benefits$91,211$30,404-$121,615
Information Technology-$75,557-$75,557
Fees for Services Other$59,486--$59,486
Fees for Services Legal$28,265--$28,265
Office Expenses-$16,981-$16,981
Total Functional Expenses$66,782,226$1,150,036$0$67,932,262

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$68,005,147
Total Expenses per Form 990$67,932,262
Expenses per Audited Statements$67,718,142
Expenses Not Reported on Form 990$287,005
Expenses Not Reported on Financial Statements$214,120
Other Expense Adjustments$214,120
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$1,925,369$1,925,369→ $0
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Accrued Interest Payable$13,083,777
Security Deposits$1,547,440
Prepaid Rent$856,918
Other Accrued Expenses$430,932
Rounding$1

Bond Issues

BondIssuerIssuedIssue PricePurpose
ACapital Trust Agency2008-07-23$109,333,797Refund Series 2005 Bonds
BCapital Trust Agency2005-11-10$105,305,000Acquire Bay Fund Properties
CCapital Trust Agency2017-12-21$88,334,972Refund Series 2008 Bonds

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
A$109,333,797$108,164,397$108,393,797$1,169,400
B$105,305,000-$42,390,000$1,592,532
C$88,334,972--$1,722,532

Bond Financing Compliance

No rebate due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
Yes
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Line 3: Description of Delegated Duties to Management Company

“During January 2017, management of the AHF-Bay Fund, LLC affordable housing projects was contracted out to a third party property management company. Commencing in February 2017, the Bay Fund properties were managed by Atlantic Housing Management. All other properties are managed by Atlantic Housing Management duing 2017.”

Form 990, Part VI, Line 11B: Form 990 Review Process

“Form 990 is reviewed by 501(c)(3) legal counsel, then provided to the board of directors for review and approval prior to filing.”

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

“Each director, officer, executive level employee and contractor shall annually sign a statement which affirms that such person :a. has received a copy of this Policy of the Corporation,b. has read and understands this Policy,c. has agreed to comply with this Policy, andd. understands that the Corporation is a charitable organization and that inorder to maintain its federal tax exemption, it must engage primarily inactivities which accomplish one or more of its stated tax exempt charitablepurposes and does not result in private inurement or unreasonable orexcessive economic benefit to private individuals or entities.”

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

“Compensation Procedures1. No Interested Person shall vote on any matter relating to his or hercompensation, irrespective or whether said compensation is received directly orindirectly from the Corporation. No Interested Person, however, is prohibitedfrom providing information to the Board or a committee regarding compensation,including factual data on comparable compensation for comparable services orproposed compensation.2. The Corporation shall endeavor to ensure that all compensation arrangementsaffecting Interested Persons are objectively reasonable, based on the relevantmarket for persons of comparable skills, training, education and experience andperforming similar duties for comparable organizations under similar conditionsand circumstances. The Corporation shall consider and give due weight to studiespublished by third parties regarding rates of compensation whenever and, to theextent that, such studies are reliable, comparable and available.”

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

“Documents are made available by written request.”

Filing and Contact Details

Filer

Filer Name
Atlantic Housing Foundation Inc
EIN
57-1090154
Phone
4692068900
Address
5910 N Central Expy Ste 1310, DALLAS, TX 75206

Signing Officer

Name
Michael Nguyen
Title
President & CEO
Signed
2018-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Nguyen
Formed
1999
Legal Domicile
Sc
Voting Board Members
9
Independent Board Members
7
Employees
279

Preparer

Firm
M Group Llp
Address
515 W SOUTHLAKE BLVD Ste 150, SOUTHLAKE, TX 76092-6176
Preparer
Michael C Martin
Phone
8178651360
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Decreases

“Capital distributions to minority partner = -$170000”

Financial Statement Notes

Part X : FIN48 Footnote

“The rules governing uncertainty in income taxes for nonpublic enterprises require additional disclosures for situations, if any, where the Corporations tax positions are considered uncertain. This did not have a material effect on the Corporations results of operations or financial position. Income tax returns filed by the Corporation are subject to examination by the Internal Revenue Service for a period of three years. There are no examinations currently in progress.”

Part XI, Line 4B: Other revenue amounts included on 990 but not included in F/S

“Reclassify Scholarship Grants - Rent $214120”

Part XII, Line 2D: Other expenses and losses per audited F/S

“Bay Fund Depreciation $287005”

Part XII, Line 4B: Other revenue amounts included on 990 but not included in F/S

“Reclassify Scholarship Grants - Rent $214120”

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IRS990/Desc0During 2001 the Foundation acquired two low-income multi-family rental housing projects located in Columbia, South Carolina. Ashton at Long Creek Apartments consists of 220 units and Stoney Creek Apartments consists of 196 units. During 2001 the Foundation also acquired a low-income multi-family project in Ft. Worth, Texas known as Manitoba Apartments (265 units).During 2002 the Foundation acquired a low-income multi-family project in Ft. Worth, Texas known as Quail Ridge Apartments (296 units), a HUD regulated low-income multi-family project in San Antonio, Texas known as The Waters at Elm Creek Apartments (200 units) and a HUD regulated low-income multi-family project in Austin, Texas known as The Waters at Bluff Springs Apartments (300 units).During 2003 the Foundation acquired fourteen (14) low-income multi-family projectsknown as Villas at Sonterra (156 units) in San Antonio, Texas, Silverleaf Villas (176 units - HUD regulated) in Ft. Worth, Texas, Arbors at Denton (191 units of student housing)in Denton, Texas, Arbors at Sam Houston (228 units of student housing) in Huntsville, Texas, Arbors at Sam Houston II (192 units of student housing) in Huntsville, Texas, Westfield Apartments (136 units of student housing) in San Marcos, Texas, Arrowood Apartments (304 units) in Houston, Texas, Waterchase Apartments (134 units) in Dallas, Texas, Redbud Trails Apartments (150 units) in McKinney, Texas, Stone Creek Apartments (200 units) in Lewisville, Texas, Tall Timbers Apartments (256 units) in Houston, Texas, Hillcrest Apartments (298 units) in Ft. Worth, Texas, Heather Ridge Apartments (204 units) in Irving, Texas and Covington Creek Apartments (248 units) in Irving, Texas. During 2005 the Foundation acquired eleven (11) low-income multi-family projects known as Brittany Bay Apartments (568 units) in Largo, Florida, Brampton Court Apartments (352 units) in Lauderhill, Florida, Mariners Pointe (368 units) in St. Petersburg, Florida, Village Lakes Apartments (228 units) in Sanford, Florida, Waterman's Crossing Apartments (403 units) in Tampa, Florida, Orleans Gardens (100 units) in Charleston, South Carolina, Palm House (155 units) in Ft. Worth, Texas, Parkview (60 units) in Beaufort, South Carolina, Roosevelt Gardens (200 units) in Orangeburg, South Carolina, Windover Palms (236 units) in Melbourne, Florida and Windover Oaks (238 units) in Titusville Florida. During 2012, the Foundation sold its ownership interest in Brampton Court Apartments to an unrelated third party.During 2012, the Foundation acquired land in Austin, TX. The Foundation serves as the .01% general partner in The Waters at Willow Run, LP, a LIHTC tax-exempt bond project consisting of 242 units. The project was completed and placed in service during 2016During 2014, the Foundation acquired land in Round Rock, TX. The Foundation serves as the .01% general partner in The Waters at Sunrise, LP, a LIHTC tax-exempt bond project consisting of 300 units. The project was completed and placed in service during 2016 and 2017.During 2014, the Foundation sold its ownership interest in Mariner's Pointe Apartments to an unrelated third party.During 2016, the Foundation sold Ashton to a related party. During 2016, the Foundation formed Waters at Longcreek, LP, a South Carolina Limited partnership to acquire and rehabilitate the property (formerly known as Ashton), using LIHTC tax-exempt bonds. The Foundation serves as the .01% general partner. During 2016, the Foundation sold Stoney to a related party. During 2016, the Foundation formed Waters at Berryhill, LP, a South Carolina Limited partnership to acquire and rehabilitate the property (formerly known as Stoney), using LIHTC tax-exempt bonds. The Foundation serves as the .01% general partner. During 2015, the Foundation acquired land in Lincolnville, SC. The Foundation serves as the .01% general partner in The Waters at Magnolia Bay, LP, a LIHTC tax-exempt bond project consisting of 300 units. The Project was completed and p
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Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$235,622,325
Liabilities
$358,039,449
Net assets
-$122,417,124
Revenue
$86,041,444
Expenses
$67,932,262
Net income
$18,109,182
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$439$529$89.9$121$118$3.28
2023Detailed filing. Detailed filing data is available for this year.$528$626$97.8$101$112$11.4
2022Detailed filing. Detailed filing data is available for this year.$541$626$85.0$98.0$106$8.20
2021Detailed filing. Detailed filing data is available for this year.$500$577$76.9$104$103$0.75
2020Facts available. Structured filing facts are available, but richer extracted sections are limited.$524$601$77.5$149$94.0$54.6
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$554$686$132$101$96.8$4.33
2018Detailed filing. Detailed filing data is available for this year.$464$590$126$65.0$68.2$3.22
2017Detailed filing. Detailed filing data is available for this year.$236$358$122$86.0$67.9$18.1
2016Detailed filing. Detailed filing data is available for this year.$222$362$140$66.9$65.9$0.97
2015Detailed filing. Detailed filing data is available for this year.$224$364$141$62.4$64.4$2.06
2014Summary only. Only limited summary data is available for this year.$226$366$140$97.9$65.2$32.7
2013Summary only. Only limited summary data is available for this year.$242$418$176$63.9$69.5$5.61
2012Summary only. Only limited summary data is available for this year.$247$420$174$59.0$70.2$11.2
2011Summary only. Only limited summary data is available for this year.$260$424$165$52.6$68.8$16.2