Caritas Affordable Housing Inc in Irvine, California (CA)

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Caritas Affordable Housing Inc
Employer Identification Number (EIN)330829212
Name of OrganizationCaritas Affordable Housing Inc
Address5520 Trabuco Rd, Irvine, CA 92620-5705
SubsectionCharitable Organization
Ruling Date02/1999
DeductibilityContributions are deductible
FoundationOrganizations operated solely for the benefit of and in conjunction with organizations described in 10 through 16 above
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period12/2013
Assets$50,000,000 to greater
Income$5,000,000 to $9,999,999
Filing Requirement990 (all other) or 990EZ return
Asset Amount$60,588,353
Amount of Income$9,331,913
Form 990 Revenue Amount$9,331,913
National Taxonomy of Exempt Entities (NTEE)Housing, Shelter: Housing Development, Construction, Management


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Amount of income in 2013: $9,331,913
This organization: 

 $9,331,913
Other organizations performing similar types of work: 

 $141,278

Assets in 2013: $60,588,353
This organization: 

 $60,588,353
Other organizations performing similar types of work: 

 $740,093

Expenses in 2012: $8,764,234
This organization: 

 $8,764,234
Other organizations performing similar types of work: 

 $124,074

Income to expenses ratio in 2012: 1.1
Caritas Affordable Housing Inc: 

 1.1
Other organizations performing similar types of work: 

 0.7

Expenses allocated to program services in 2007: 95.1%
Caritas Affordable Housing Inc: 

 95.1%
Other organizations performing similar types of work: 

 91.8%

Grants share in income in 2012: 0.0%
Caritas Affordable Housing Inc: 

 0.0%
Other organizations performing similar types of work: 

 3.7%

Financial snapshot ($)

Revenue for 2012

Functional expenses for 2012

Support schedule

Statements Regarding Other IRS Filings and Tax Compliance (for 2012)
Did the organization have unrelated business gross income of $1,000 or more during the year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities $0
Gross income from members or shareholders$0
Gross income from other sources$0
Statement of Revenue (for 2012)
Total revenue$9,107,902
Contributions, Gifts, Grants and Other Similar Amounts$0
Program Service Revenue$9,012,149
Other Revenue
Investment income (including dividends, interest, and other similar amounts)$95,753
Income from investment of tax-exempt bond proceeds$0
Royalties$0
Net rental income$0
Net gain from sales of assets other than inventory$0
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous Revenue$0
Statement of Functional Expenses (for 2012)
Total functional expenses$8,764,234
Compensation of current officers, directors, trustees, and key employees$0
Other salaries and wages$632,636
Payroll taxes$67,265
Professional fundraising services$0
Other$8,064,333
Balance Sheet (for 2012)
Total assets$61,323,010
Total liabilities$64,847,183
Tax-exempt bond liabilities$62,095,000
Secured mortgages and notes payable to unrelated third parties$1,080,000
Unsecured notes and loans payable to unrelated third parties$0
Other$1,672,183
Total net assets or fund balances$-3,524,173
Retained earnings, endowment, accumulated income, or other funds$0
Reason for Public Charity Status (for 2012)
The organization is not a private foundation because it is:An organization that normally receives: (1) more than 33 1/3 % of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions - subject to certain exceptions, and (2) no more than 33 1/3 % of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975
Support Schedule for Organizations Described in Section 509(a)(2) (for 2012)
2008 - 2012 Total
Total support$44,531,079
Gifts, grants, contributions, and membership fees received$0
Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose$43,566,427
Tax revenues levied for the organization's benefit and either paid to or expended on its behalf$0
The value of services or facilities furnished by a governmental unit to the organization without charge$0
Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources and Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975$945,562
Other$19,090
Revenue, Expenses, and Changes in Net Assets or Fund Balances
20032004200520062007
Total revenue$818,391$5,215,036$7,121,399$8,774,020$8,548,439
Contributions, gifts, grants, and similar amounts received$0$0$0$0$0
Contributions to donor advised funds$0$0
Direct public support$0$0$0$0$0
Indirect public support$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0
Program service revenue including government fees and contracts$805,353$5,071,809$6,942,241$7,892,272$8,122,059
Membership dues and assessments$0$0$0$0$0
Interest on savings and temporary cash investments$8,154$129,260$162,123$433,587$418,253
Dividends and interest from securities$0$0$0$0$0
Net rental income or (loss)$0$0$0$0$0
Gross rents$0$0$0$0$0
Less: rental expenses$0$0$0$0$0
Other investment income$0$0$0$0$0
Gain or (loss) from sales of assets other than inventory$0$0$0$403,148$0
Gross amount from sales of assets other than inventory$0$0$0$9,797,038$0
Less: cost or other basis and sales expenses$0$0$0$9,393,890$0
Net income or (loss) from special events and activities$0$0$0$0$0
Gross revenue$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0
Gross profit or (loss) from sales of inventory$4,884$13,967$17,035$45,013$8,127
Gross sales of inventory, less returns and allowances$25,000$13,967$17,035$45,013$8,127
Less: cost of goods sold$20,116$0$0$0$0
Other revenue$0$0$0$0$0
Total expenses$1,168,627$5,191,582$6,100,465$8,316,825$8,644,079
Program services$1,165,826$5,076,849$5,786,715$8,005,879$8,217,579
Management and general$0$0$0$0$0
Fundraising$0$0$0$0$0
Payments to affiliates$2,801$114,733$313,750$310,946$426,500
Net assets or fund balances at end of year$-4,470,804$-4,447,350$-3,426,416$-2,994,006$-3,087,974
Excess or (deficit) for the year$-350,236$23,454$1,020,934$457,195$-95,640
Net assets or fund balances at beginning of year$0$-4,470,804$-4,447,350$-3,426,416$-2,994,006
Other changes in net assets or fund balances$-4,120,568$0$0$-24,785$1,672
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$8,217,579$8,217,579$0$0
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$0$0$0$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$523,476$523,476$0$0
Pension plan contributions not included above$0$0$0$0
Employee benefits not included above$95,931$95,931$0$0
Payroll taxes$43,747$43,747$0$0
Professional fundraising fees$0$0$0$0
Accounting fees$47,358$47,358$0$0
Legal fees$76,656$76,656$0$0
Supplies$20,029$20,029$0$0
Telephone$125$125$0$0
Postage and shipping$7,152$7,152$0$0
Occupancy$5,731,144$5,731,144$0$0
Equipment rental and maintenance$0$0$0$0
Printing and publications$7,427$7,427$0$0
Travel$5,266$5,266$0$0
Conferences, conventions, and meetings$3,732$3,732$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$895,625$895,625$0$0
Other expenses not covered above$759,911$759,911$0$0
Balance Sheets
20032004200520062007
Total assets$38,131,767$37,636,178$65,797,831$65,938,702$65,254,839
Cash - non-interest-bearing$88,624$5,559$140,320$154,385$87,000
Savings and temporary cash investments$3,810,151$3,660,219$9,141,958$8,907,680$8,870,005
Accounts receivable less allowance for doubtful accounts$15,172$37,329$41,191$30,017$64,533
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0
Grants receivable$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$1,550$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$125,324$74,579$70,505$201,658$232,474
Inventories for sale or use$0$0$0$0$0
Prepaid expenses and deferred charges$20,669$133,809$206,725$191,746$179,516
Investments - publicly-traded securities$0$0
Investments - other securities$0$0$0$0$0
Investments - land, buildings, and equipment less accumulated depreciation$0$0$0$0$0
Investments - other$0$0$0$0$0
Land, buildings, and equipment less accumulated depreciation$27,468,431$27,431,710$48,119,311$48,731,308$48,327,577
Other assets, including program-related investments$6,603,396$6,291,423$8,077,821$7,721,908$7,493,734
Total liabilities$42,602,571$42,083,528$69,224,247$68,932,708$68,342,813
Accounts payable and accrued expenses$1,031,134$1,164,893$1,584,377$1,817,839$1,679,725
Grants payable$0$0$0$0$0
Deferred revenue$0$0$34,017$2,033$0
Loans from officers, directors, trustees, and key employees$0$0$0$0$0
Tax-exempt bond liabilities$0$36,891,699$63,390,000$63,335,000$63,275,000
Mortgages and other notes payable$41,536,256$4,026,936$4,195,995$3,758,928$3,363,009
Other liabilities$35,181$0$19,858$18,908$25,079
Total liabilities and net assets/fund balances$38,131,767$37,636,178$65,797,831$65,938,702$65,254,839
Total net assets or fund balances$-4,470,804$-4,447,350$-3,426,416$-2,994,006$-3,087,974
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20032004200520062007
Total revenue$818,391$5,215,036$7,121,399$8,774,020$8,548,439
Total revenue, gains, and other support per audited financial statements$818,391$5,215,036$7,121,399$8,774,020$8,548,439
Other expenses$0$0$0$0$0
Net unrealized gains on investments$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0
Other$0$0$0$0$0
Other revenue$0$0$0$0$0
Investment expenses$0$0$0$0$0
Other$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20032004200520062007
Total expenses$1,168,627$5,191,582$6,100,465$8,316,825$8,644,079
Total expenses and losses per audited financial statements$1,168,627$5,191,582$6,100,465$8,316,825$8,644,079
Other revenue$0$0$0$0$0
Donated services and use of facilities$0$0$0$0$0
Prior year adjustments$0$0$0$0$0
Losses$0$0$0$0$0
Other$0$0$0$0$0
Other expenses$0$0$0$0$0
Investment expenses$0$0$0$0$0
Other$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings6
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?Yes
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?Yes
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 20060
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$426,380$8,122,059
Program service revenue
Program service revenue 1000000$000$0$6,809,814
Program service revenue 2000000$000$0$1,312,245
Program service revenue 3000000$000$0$0
Program service revenue 4000000$000$0$0
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$0
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$418,253$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$000$0$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$0Section 501(c)(3) organization - Income from an activity carried on primarily for the convenience of the organization's members, students, patients, visitors, officers, or employees (hospital parking lot or museum cafeteria, for example) (section 513(a)(2))$8,127$0
Other revenue000000$000$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
0%$0$0
0%$0$0
0%$0$0
0%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?No
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?No
Did the organization maintain any donor advised funds?No
Did the organization make any taxable distributions under section 4966?No
Did the organization make a distribution to a donor, donor advisor, or related person?No
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it isOrganization that normally receives: less than 1/3 of its support from gross investment income and unrelated taxable business income and more than 1/3 of its support from contribution, membership fees
Support Schedule
20022003200420052006
Total$0$818,391$5,215,036$7,121,399$8,774,020
Gifts, grants, and contributions received$0$0$0$0$0
Membership fees received$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$805,353$5,071,809$6,942,241$7,892,272
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$8,154$129,260$162,123$433,587
Net income from unrelated business activities not included above$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0
Other income$0$4,884$13,967$17,035$448,161
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0
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2Vine Street Manor Housing Corp2300 Flora, Kansas City, MO 64108MO2004-03$366,819
3Hometown Community Development Corporation8711 Monroe Court Suite A, Rancho Cucamonga, CA 91730CA1999-04$55,417,325
4Restore Neighborhoods La Inc315 W 9th St Ste 407, Los Angeles, CA 90015-4207CA2010-04$46,170,813
5Wilshire Retirement Center Fallbrook Inc285 South St, San Luis Obispo, CA 93401-5037CA2001-01$8,414,114
6University Glen Corporation45 Rincon Dr Unit 104a, Camarillo, CA 93012-8423CA2002-09$5,661,500
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8Rural Communities Housing Development Corporation499 Leslie St, Ukiah, CA 95482-5506CA2009-01$3,311,563
9Rufino Contreras Affordable Housing Corporation Inc29700 Woodford Tehachapi Rd, Keene, CA 93531CA2002-03$3,242,750
10San Mateo County Colleges Educational Housing Corporation3401 Csm Dr, San Mateo, CA 94402-3651CA2006-04$1,674,447
11Milpitas Economic Development Corporation455 E Calaveras Blvd, Milpitas, CA 95035-5411CA2012-07$1,661,464
12Women Organizing Resources Knowledge And Services795 N Ave 50, Los Angeles, CA 90042-3282CA1998-08$1,576,832
13Heart Of Compassion1248 S Rosal Ave, Concord, CA 94521-3358CA2011-03$1,569,598
14St Catherine Rhf Housing Inc911 N Studebaker Rd, Long Beach, CA 90815-4900CA2000-08$1,562,891
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16Tustin Affordable Housing Corporation18100 Von Karman Ave Ste 500, Irvine, CA 92612-0196CA1999-09$1,054,139
17San Francisco Community Investment Fund1 Dr Carlton B Goodlett Place No, San Francisco, CA 94102-4603CA2012-02$1,049,796
18Santa Clara Teacher Housing Foundation1201 Franklin Mall, Santa Clara, CA 95050-4806CA2002-08$1,021,249
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Number of organizations performing similar types of work
Alaska15
Alabama79
Arkansas52
Arizona71
California590
Colorado62
Connecticut70
District of Columbia39
Delaware21
Florida278
Georgia199
Hawaii37
Iowa49
Idaho18
Illinois189
Indiana97
Kansas30
Kentucky63
Louisiana165
Massachusetts149
Maryland116
Maine37
Michigan201
Minnesota80
Missouri91
Mississippi47
Montana28
North Carolina133
North Dakota11
Nebraska34
New Hampshire15
New Jersey159
New Mexico19
Nevada27
New York431
Ohio189
Oklahoma55
Oregon47
Pennsylvania186
Rhode Island30
South Carolina70
South Dakota22
Tennessee105
Texas313
Utah33
Virginia114
Vermont10
Washington71
Wisconsin64
West Virginia23
Wyoming10
International36
Total5,080

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