Better Housing Coalition meets the 20 Standards for Charity Accountability.
The Better Housing Coalition (BHC) creates high-quality homes for Richmond residents of modest means, and empowers them with programs and tools to help them reach their potential, at all stages of life. The BHC Founders? Scholarship Fund provides financial assistance to adults of BHC?s rental communities seeking higher education. The organization?s Church Hill Initiative supports revitalization efforts in historic Church Hill by reducing blight, attracting private investment and increasing the stock of affordable housing options in the community. The Possibilities Project is the result of a partnership between BHC and Children?s Home Society with the goal to empower youth ages 18 to 25 who have aged out of Virginia foster care. The project provides safe, stable housing, trauma-informed therapeutic counseling, and connections to networks that build permanent connections with adults to offer a lifetime of support and guidance.
For the year ended December 31, 2019, Better Housing Coalition's program expenses were:
Rental properties |
$9,889,353 |
Property development activities |
$997,813 |
Community social work |
$680,716 |
Total Program Expenses: |
$11,567,882 |
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Chief Executive
Greta Harris, President and Chief Executive Officer
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Compensation*
$269,094
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Chair of the Board
R. McDowell
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Chair's Profession / Business Affiliation
Richmond Capital Management
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Board Size
17
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Paid Staff Size
70
*2019 compensation includes annual salary and, if applicable, benefit plans, expense accounts, and other allowances.
Method(s) Used:
Direct mail appeals, Grant proposals, Internet, Invitations to fund raising events, Planned giving arrangements
Fundraising costs were 17% of related contributions. (Related contributions, which totaled $2,626,627, are donations received as a result of fundraising activities.)
This organization is tax-exempt under section 501(c) (3) of the Internal Revenue Code.It is eligible to receive contributions deductible as charitable donations for federal income tax purposes.
The following information is based on Better Housing Coalition's audited financial statements - consolidated for the year ended December 31, 2019.
Source of Funds |
Rental revenue |
$12,457,361 |
Capital contributions |
$3,060,701 |
Property sales |
$2,272,000 |
Contributions and philanthropic support |
$1,924,618 |
Grants and awards |
$702,009 |
Earned fees |
$419,661 |
Subsidies, government |
$394,635 |
Other revenue |
$369,825 |
Other tenant revenue |
$345,373 |
Interest and investment income |
$93,404 |
Laundry and vending |
$68,648 |
Homebuyer assistance |
($37,200) |
Cost of property sales |
($2,726,028) |
Total Income |
$19,345,007 |
- Programs: 92%
- Administrative: 5%
- Fundraising: 3%
Total Income |
$19,345,007 |
Program expenses |
$11,567,882 |
Fundraising expenses |
$441,468 |
Administrative expenses |
$609,698 |
Other expenses |
$0 |
Total expenses: |
$12,619,048 |
Income in Excess of Expenses |
$6,725,959 |
Beginning Net Assets |
$67,475,394 |
Other Changes In Net Assets |
$4,047,842 |
Ending Net Assets |
$70,153,511 |
Total Liabilities |
$48,173,552 |
Total Assets |
$118,327,063 |
Note: In the financial summary above, “other changes in net assets” refers to depreciation ($4,007,616) and amortization ($40,226).