Civic Intelligence

Atlantic Housing Foundation Inc.

990 • Fiscal year 2020 • EIN 57-1090154

Jan 01, 2020 to Dec 31, 2020 • Filed on Jan 13, 2022

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

$523,695,373

Flat from 2020

Net Assets

Flat

-$77,512,612

Flat from 2020

Liabilities

Flat

$601,207,985

Flat from 2020

Revenue And Expenses

Revenue

Flat

$148,610,400

Flat from 2020

Expenses

Flat

$93,995,028

Flat from 2020

Net Income

Flat

$54,615,372

Flat from 2020

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 2020: $523,695,373Liabilities 2020: $601,207,985Net Assets 2020: -$77,512,6122020Assets 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

2020

Assets$523,695,373
Liabilities$601,207,985
Net Assets-$77,512,612
Open 2020 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 2020: $148,610,400Expenses 2020: $93,995,028Net Income 2020: $54,615,3722020Revenue 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

2020

Revenue$148,610,400
Expenses$93,995,028
Net Income$54,615,372
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2020 to Dec 31, 2020
Signed
Jan 13, 2022
Return Version
2020v4.0
Gross Receipts
$181,757,602
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$223,112,905$396,229,804▲ $173,116,899
Cash and Non-Interest-Bearing Accounts$8,664,298$41,898,471▲ $33,234,173
Other Notes and Loans Receivable, Net$14,109,797$29,949,186▲ $15,839,389
Intangible Assets$17,141,797$13,295,258▼ $3,846,539
Prepaid Expenses and Deferred Charges$1,490,450$2,010,976▲ $520,526
Accounts Receivable$1,139,681$734,861▼ $404,820
Loans From Officers Directors$670,000$450,000▼ $220,000
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$554,431,677$523,695,373▼ $30,736,304
Other Assets Total$288,772,749$39,576,817▼ $249,195,932
Liabilities
Tax Exempt Bond Liabilities$417,249,232$382,915,844▼ $34,333,388
Mortgage Notes Payable Secured by Investment Property$211,483,347$209,722,753▼ $1,760,594
Other Liabilities$39,387,938$6,563,647▼ $32,824,291
Accounts Payable and Accrued Expenses$17,599,144$1,555,741▼ $16,043,403
Total Liabilities$686,389,661$601,207,985▼ $85,181,676
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$-131,957,984$-77,512,612▲ $54,445,372
Total Net Assets Fund Balance$-131,957,984$-77,512,612▲ $54,445,372
Total Liabilities and Net Assets / Fund Balance$554,431,677$523,695,373▼ $30,736,304

Asset Categories

AssetBook ValueDepreciationBasis
Buildings$320,209,922$123,752,782$443,962,704
Land$55,547,097-$55,547,097
Other Land Buildings$20,472,785$8,236,928$28,709,713
Other Assets Org$1,077,673--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
Michael NguyenPresident & CEOFT$97,605$69,249$1,249,839
Kent FosterDirector of Dev and AcqFT$369,516$880,323$418,024
Wilfredo SaquetonCFO, Scty,TreasFT$328,930$9,504$338,434
Bryan MarketDirector - ConstructionFT$122,019$270,709$202,372
Daniel FrenchChairmanPT$147,665$270,359$190,356
Russell ArthurConstruction MgrFT$162,546$175,888$166,854
Belinda SolisAsso.Director OpsFT$133,223$14,661$147,884
Robert LumprisDeveloperFT$133,934$7,184$141,118
Alan NaulTrustee-$6,000-$6,000
Michael DuffyTrustee-$6,000-$6,000
Richard WhaleyTrustee-$6,000-$6,000
James SalaizLow Income Rep-$5,000-$5,000
Rachel HaydenTrustee-$5,000-$5,000
Rev Jeffrey DoveLow Income Rep-$5,000-$5,000
Ruth Ann McNeilLow Income Rep-$2,500-$2,500
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$76,645,272
Investment Income
$71,965,128
Other Revenue
$0
Change in Net Assets
$54,615,372

Audited Revenue Reconciliation

Revenue per Audited Statements
$114,100,043
Revenue Not Reported on Financial Statements
$34,510,357
Revenue Not Reported on Form 990
$16,020,929
Other Revenue Adjustments
$34,510,357
Total Revenue per Audited Statements
$130,120,972
Total Revenue per Form 990
$148,610,400
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$83,669,842
Grants and Similar Amounts Paid$5,421,853
Salaries, Compensation, and Employee Benefits$4,903,333
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$26,659,007$193,633-$26,852,640
Depreciation Depletion$15,687,734$8,556-$15,696,290
All Other Expenses$5,101,656$182,442-$5,284,098
Other Expenses$5,063,129$80,823-$5,063,129
Grants to Domestic Orgs$5,038,203--$5,038,203
Insurance$3,741,784$11,181-$3,752,965
Current Officers, Directors, Trustees, and Key Employees$2,462,777$368,425-$2,831,202
Other Salaries and Wages$1,685,020$301,004-$1,986,024
Fees for Services Legal-$493,678-$493,678
Grants to Domestic Individuals$383,650--$383,650
Office Expenses-$190,203-$190,203
Other Employee Benefits-$45,670-$45,670
Payroll Taxes-$40,437-$40,437
Occupancy-$27,764-$27,764
Travel-$25,334-$25,334
Fees for Services Accounting-$11,850-$11,850
Fees for Services Other-$11,840-$11,840
Total Functional Expenses$91,998,735$1,996,293$0$93,995,028

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Audited Statements$117,252,913
Expenses per Audited Statements$93,995,028
Total Expenses per Form 990$93,995,028
Expenses Not Reported on Form 990$23,257,885
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
GWJ Charitable Foundation IncDoral, FL501(c)(3)Scholarships$4,869,000
FIU Foundation IncMiami, FL501(c)(3)Scholarships$70,350
Miami Dade College FoundationMiami, FL501(c)(3)Book foundation$15,000
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$670,000$450,000▼ $220,000
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$2,513,787
Security Deposits$1,704,777
Other Accrued Expenses$1,542,641
Prepaid Rent$689,109
LT Rentention$113,333

Bond Issues

BondIssuerIssuedIssue PricePurpose
BCapital Trust Agency2018-09-25$222,331,482Fl Intl Univ Hsg Development
ACapital Trust Agency2017-12-21$88,334,972Refund Series 2008 Bonds
DPublic Finance Authority2019-03-14$69,616,000Acquire Southeast Portfolio
CPublic Finance Authority2019-03-14$7,000,000Acquire Southeast Portfolio

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
B$222,331,482-$115,000$2,932,431
A$88,334,972-$4,251,610$1,722,532
D$69,616,000---
C$7,000,000--$879,038

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 35% controlled entity
No
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
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
2022-01-13
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
427

Preparer

Firm
M Group Llp
Address
515 W SOUTHLAKE BLVD Ste 150, SOUTHLAKE, TX 76092
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”

Amended Explanation

“Taxpayer is amending 2020 Form 990 and Form 4720 to reflect additional compensation of $180,009 paid to taxpayers CEO.”

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 2D: Other revenue amounts included in F/S but not included on form 990

“LIHTC Investments reported separately $16020929”

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

“Gain on Sale of Rental Properties $34510357 Reclass Non Cash Scholarships $0”

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

“LIHTC investments reported separately $23257885”

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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 Longcreek 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 to a third party 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) 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 2020, Village Lakes and Brittany Bay were sold 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 2016. During 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. 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. The Foundation formed Waters at Berryhill, LP, a South Carolina Limited partnership to acquire and rehabilitate the property (formerly known as Stoney), using LIHTC equity,tax-exempt bonds and
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IRS990/Form990PartVIISectionAGrp/PersonNm6Belinda Solis
IRS990/Form990PartVIISectionAGrp/PersonNm7Robert Lumpris
IRS990/Form990PartVIISectionAGrp/PersonNm8RICHARD WHALEY
IRS990/Form990PartVIISectionAGrp/PersonNm9Michael Duffy
IRS990/Form990PartVIISectionAGrp/PersonNm10Alan Naul
IRS990/Form990PartVIISectionAGrp/PersonNm11Rev Jeffrey Dove
IRS990/Form990PartVIISectionAGrp/PersonNm12Rachel Hayden
IRS990/Form990PartVIISectionAGrp/PersonNm13James Salaiz
IRS990/Form990PartVIISectionAGrp/PersonNm14Ruth Ann McNeil
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IRS990/Form990PartVIISectionAGrp/TitleTxt0President & CEO
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IRS990/Form990PartVIISectionAGrp/TitleTxt2CFO, Scty,Treas
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IRS990/Form990PartVIISectionAGrp/TitleTxt4Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt5Construction Mgr
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IRS990/Form990PartVIISectionAGrp/TitleTxt10Trustee
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IRS990/Form990PartVIISectionAGrp/TitleTxt14LOW 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

2020 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.

Open filing
Assets
$523,695,373
Liabilities
$601,207,985
Net assets
-$77,512,612
Revenue
$148,610,400
Expenses
$93,995,028
Net income
$54,615,372
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
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