Civic Intelligence

Atlantic Housing Foundation Inc.

990 • Fiscal year 2019 • EIN 57-1090154

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 16, 2020

Organization Profilewww.atlantichousing.org

View Organization Page

4770 Iberia Avenue Suite 100Dallas, TX 75207

(469) 206-8900

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$554,431,677

Flat from 2019

Net Assets

Flat

-$131,957,984

Flat from 2019

Liabilities

Flat

$686,389,661

Flat from 2019

Revenue And Expenses

Revenue

Flat

$101,104,174

Flat from 2019

Expenses

Flat

$96,771,729

Flat from 2019

Net Income

Flat

$4,332,445

Flat from 2019

Historical Trend

Balance Sheet Trend

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 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

2019

Assets$554,431,677
Liabilities$686,389,661
Net Assets-$131,957,984
Open 2019 Filing

Operations Trend

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 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

2019

Revenue$101,104,174
Expenses$96,771,729
Net Income$4,332,445
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 16, 2020
Return Version
2019v5.0
Gross Receipts
$119,357,966
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$180,755,995$223,112,905▲ $42,356,910
Intangible Assets$15,535,128$17,141,797▲ $1,606,669
Other Notes and Loans Receivable, Net$15,255,873$14,109,797▼ $1,146,076
Cash and Non-Interest-Bearing Accounts$12,063,529$8,664,298▼ $3,399,231
Prepaid Expenses and Deferred Charges$1,636,017$1,490,450▼ $145,567
Accounts Receivable$672,146$1,139,681▲ $467,535
Loans From Officers Directors$1,326,526$670,000▼ $656,526
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$464,184,556$554,431,677▲ $90,247,121
Other Assets Total$238,265,868$288,772,749▲ $50,506,881
Liabilities
Tax Exempt Bond Liabilities$299,063,743$417,249,232▲ $118,185,489
Mortgage Notes Payable Secured by Investment Property$265,179,127$211,483,347▼ $53,695,780
Other Liabilities$18,460,564$39,387,938▲ $20,927,374
Accounts Payable and Accrued Expenses$5,960,912$17,599,144▲ $11,638,232
Total Liabilities$589,990,872$686,389,661▲ $96,398,789
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-125,806,316$-131,957,984▼ $6,151,668
Total Net Assets Fund Balance$-125,806,316$-131,957,984▼ $6,151,668
Total Liabilities and Net Assets / Fund Balance$464,184,556$554,431,677▲ $90,247,121

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$162,212,076$123,443,238$285,655,314
Land$55,858,699-$55,858,699
Other Land Buildings$5,042,130$9,830,148$14,872,278
Other Assets Org$883,720--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Daniel FrenchChairmanFT$1,241,288$253,235$1,487,060
Michael NguyenPresident & CEOFT$361,481$723,829$1,086,822
Kent FosterDirector of Dev and AcqFT$145,275$226,363$365,369
Wilfredo SaquetonCFO, Scty,TreasFT$159,247$127,890$299,357
Heather BakerAsst.Director OpsFT$143,014$2,449$145,463
Brenda SolisAsso.Director OpsFT$133,223$10,375$143,598
Russell ArthurConstruction MgrFT$125,740$5,788$131,528
Russell RichardsonDirector of OperationsFT$118,718$7,031$125,749
Rosa E HernandezLow Income Rep-$18,791-$18,791
Amy DoddsLow Income Rep-$4,911-$4,911
Patricia GulleyLow Income Rep-$4,702-$4,702
Alan NaulTrustee-$2,000-$2,000
Mike DuffyTrustee-$2,000-$2,000
Raj MenonTrustee-$2,000-$2,000
Richard WhaleyTrustee-$2,000-$2,000

Highest Paid Contractors

ContractorServicesLocationCompensation
Chad BrunsonMaintenance671 Comos Road, Neeses, SC 29107$116,627
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$77,204,965
Investment Income
$23,899,209
Other Revenue
$0
Change in Net Assets
$4,332,445

Audited Revenue Reconciliation

Revenue per Audited Statements
$91,662,059
Revenue Not Reported on Financial Statements
$9,442,115
Other Revenue Adjustments
$9,442,115
Total Revenue per Audited Statements
$91,662,059
Total Revenue per Form 990
$101,104,174
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$90,353,320
Salaries, Compensation, and Employee Benefits$6,070,483
Grants and Similar Amounts Paid$347,926
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$33,319,291--$33,319,291
Depreciation Depletion$12,728,441$12,727-$12,741,168
Insurance$4,391,248$19,538-$4,410,786
Other Expenses$3,793,398$3,620-$3,793,398
Current Officers, Directors, Trustees, and Key Employees$3,372,065$390,227-$3,762,292
All Other Expenses$3,328,695$297,003-$3,625,698
Other Salaries and Wages$1,368,474$491,726-$1,860,200
Grants to Domestic Individuals$347,926--$347,926
Payroll Taxes$230,375$45,179-$275,554
Fees for Services Other$250,437--$250,437
Travel$200,065$50,016-$250,081
Other Employee Benefits$129,651$42,786-$172,437
Office Expenses-$139,576-$139,576
Occupancy-$88,383-$88,383
Fees for Services Legal-$54,278-$54,278
Information Technology-$30,316-$30,316
Total Functional Expenses$95,106,354$1,665,375$0$96,771,729

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$96,885,514
Total Expenses per Form 990$96,771,729
Expenses per Audited Statements$96,625,803
Expenses Not Reported on Form 990$259,711
Expenses Not Reported on Financial Statements$145,926
Other Expense Adjustments$145,926
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Nancy NguyenFmr spouse-CEODevelopment bonusNo$207,982

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$1,326,526$670,000▼ $656,526
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$35,544,344
Security Deposits$1,829,148
Other Accrued Expenses$1,108,359
Prepaid Rent$906,087

Bond Issues

BondIssuerIssuedIssue PricePurpose
CCapital Trust Agency2018-09-25$222,331,482Fl Intl Univ Hsg Development
ACapital Trust Agency2005-11-10$105,305,000Acquire Bay Fund Properties
BCapital Trust Agency2017-12-21$88,334,972Refund Series 2008 Bonds
APublic Finance Authority2019-03-14$69,616,000Acquire Southeast Portfolio
DPublic Finance Authority2019-03-14$7,000,000Acquire Southeast Portfolio

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
C$222,331,482-$5,000$2,932,431
A$105,305,000-$68,990,000$1,592,532
B$88,334,972-$2,756,740$1,722,532
A$69,616,000---
D$7,000,000--$879,038

Bond Financing Compliance

No rebate due
Yes
Rebate not yet 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 35% controlled entity
No
Business relationship with family members
Yes
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
No

Governance Explanations

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
4770 Iberia Avenue Suite 100, DALLAS, TX 75207

Signing Officer

Name
Michael Nguyen
Title
President & CEO
Signed
2020-11-16
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Michael Nguyen
Formed
1999
Legal Domicile
Sc
Voting Board Members
9
Independent Board Members
4
Employees
454

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

“Gain on Sale of Bay Fund Properties $9296189 Reclass Non Cash Scholarships $145926”

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

“Depreciation Expense - Bay Fund $259711”

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

“Reclass Non Cash Scholarships` $145926”

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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). Manitoba Apartments was sold during 2019.During 2002 the Foundation acquired a low-income multi-family project in Ft. Worth, Texas known as Quail Ridge Apartments (296 units), a HUD insured low-income multi-family project in San Antonio, Texas known as The Waters at Elm Creek Apartments (200 units) and a HUD insured 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 Brampton Court Apartments to an unrelated third party. During 2014, the Foundation sold Mariner's Pointe Apartments to an unrelated third party. During 2019, the Foundation sold Waterman's Crossing 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 2016, the Foundation sold Ashton at Long Creek Apartments 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 and HUD insured financing. The Foundation serves as the .01% general partner. The project was completed and placed in service during 2018 and 2019. During 2016, the Foundation sold Stoney Creek Apartments 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 and HUD insured financing. The Foundation serves as the .01% general
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IRS990/Form990PartVIISectionAGrp/PersonNm4Heather Baker
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IRS990/Form990PartVIISectionAGrp/PersonNm7Russell Richardson
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IRS990/Form990PartVIISectionAGrp/TitleTxt1President & CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt2Dir of Dev and Acq
IRS990/Form990PartVIISectionAGrp/TitleTxt3CFO, Scty,Treas
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IRS990/Form990PartVIISectionAGrp/TitleTxt5Asso.Dir Ops
IRS990/Form990PartVIISectionAGrp/TitleTxt6Construction Mgr
IRS990/Form990PartVIISectionAGrp/TitleTxt7Dir of Operations
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IRS990/Form990PartVIISectionAGrp/TitleTxt9LOW INCOME REP
IRS990/Form990PartVIISectionAGrp/TitleTxt10LOW INCOME REP
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IRS990/MissionDesc0To 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
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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$554,431,677
Liabilities
$686,389,661
Net assets
-$131,957,984
Revenue
$101,104,174
Expenses
$96,771,729
Net income
$4,332,445
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
2019Detailed filing. Detailed filing data is available for this year.$554$686$132$101$96.8$4.33
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