Communities. The best measures of our success are found in the many ways we have served the people and communities where our housing is located.

Transcription

1 Annual Report The mission of Dwelling Place is to improve the lives of people by creating quality affordable housing, providing essential support services and serving as a catalyst for neighborhood revitalization.

2 Communities 2 The best measures of our success are found in the many ways we have served the people and communities where our housing is located. Communities Served: Grand Rapids Hesperia Kentwood Rockford Wyoming Whitehall Grand Rapids Neighborhoods Served: East Hills North Park Roosevelt Park South East Community Association Wealthy Theatre District

3 Housing 3 Housing Communities Owned and Managed (As of December 2008) Apartment Names Apartment Totals Biermeister Apartments 2 Calumet Flats 16 Chaffee Apartments 8 Elmdale Apartments 19 Ferguson Apartments 101 Goodrich Apartments 14 Grandville Avenue Homes 10 Herkimer Apartments 122 Harvest Hill Apartments 46 Kelsey Apartments 14 Lenox Apartments 14 Martineau Apartments 23 New Hope Homes 12 Verne Barry Place 116 Villa Esperanza 40 Wealthy Heights 13 West Shore Apartments 48 Weston Apartments 190 White River Estates 31 Liz s House (Transitional Housing) 9 My Sisters House (Transitional Housing) 21 Total 869

4 Housing 4 Housing Communities Managed for Genesis Non-Profit Housing Corporation (As of December 2008) Apartment Names Apartment Totals Genesis East Apartments 23 Heron Courtyard Apartments 33 Oroiquis Apartments 27 Kingsbury Place Apartments 44 Total 127 Housing Communities Joint Ventured with Other Groups Apartment Names Apartment Totals Globe Apartments 109 Emerald Creek Apartments 64 Total 173 Dwelling Place owns and manages a total of 869 affordable apartments and homes and manages an additional 127. Combined, Dwelling Place owns and/or manages 996 apartments and homes. The entire portfolio of housing units in West Michigan in which Dwelling Place is involved, either as owner, manager or joint venture partner, is 1,169.

5 Commercial 5 Commercial Property Owned and Managed (As of December 2008) Commercial Tenants Bo Hemia Too Calvin College, Capsule Living Space Creo Productions Foodsmith George A. Bayard Art Gallery God s Kitchen Goodwill Industries Grand Rapids Community College Grand Rapids Film Farm/ 45 Video Grand Rapids Police Department Grand Valley State University School of Nursing Ministry Ministry Art Gallery Huntington Bank Jeffery Lake Insurance Local Initiatives Support Corporation (LISC) National City Bank Natural Solutions Pine Rest Sanctuary Folk Art Salvation Army Senior Neighbors Szundera Insulation Tanner Taylor Consulting Touchstone Innovare United States Veteran s Administration Neighborhood Location Wealthy Theatre District Wealthy Theatre District Wealthy Theatre District Wealthy Theatre District Wealthy Theatre District

6 Live/Work 6 Artist Live/Work Spaces Businesses (As of December 2008) Live/work spaces offered by Dwelling Place provide a unique opportunity for artists to combine their living space with their creative space or studio. Many artists have also chosen to run their arts business out of their space. Several of the live/work spaces are in the first floor storefronts on Division Avenue and allow for the artists to have retail presence along the Avenue for the Arts. Artist Live/Work Spaces Photobug Photography Amber Woolsey Emily s Big Picture Project, Nonprofit/ Jeff Dykehouse Photography Jeff Dykehouse Imagination Creations Heather McGartland FWD Space/ Space Craft Nick Stockton, Sally England The Keep Rollin Foundation/ Roll on Rehab Inc. Shawn Hall Plastic Son Productions LLC. Nathan Mabie William Bennett Framing Bill Bennett Wojtek Dabrowski Photo Bill Taylor LLC Bill Taylor Movement and Music Rachel Finan and Corey Ruffin Visions Beyond Art Joe Snerry and Bill Kirk Goodwood Gallery Garrett Brooks and Hyun Yoo

7 Services 7 Services Offered in 2008 Total Individuals Housed: 1,119 Total Families Housed: 172 Total Individuals Receiving Support Services in Transitional Housing: 20 Total Families Receiving Support Services in Transitional Housing: 16 Total Individuals and Families Who Attended Life Skills Curriculum Classes: 34 Total Individuals and Families who Participated in Educational Programs (College, Technical, GED, Vocational Training, or Assistance):17 Total Individuals Receiving Support Services in Permanent Supportive Housing: 373 Total Individuals who Completed the Program at My Sisters House who now live in Permanent Housing: 17 Total Families who Completed the Program at Liz s House who now live in Permanent Housing: 5 Total Commercial Businesses, 61 total: 13 For-Profit Organizations 14 Non-Profit Organizations 45 Live/Work Spaces for Artists: º 35 Affordable Live/Work Spaces º 10 Market Rate Live/Work Spaces

8 8 Dwelling Place Financial Information Where does the money come from to fund Dwelling Place? Dwelling Place of Grand Rapids, Inc. and Related Entities 2008 Revenue & Support 22.6% - Rental Assistance Income 9.0% - Other Income 30.5% - Tenant Rental Income 10.2% - Governmental Funding 8.5% - Commercial Rental Income 3.8% - Interest Income 15.4% - Contributions Rental Assistance Income Tenant Rental Income Commercial Rental Income Interest Income Contributions Government Funding Other Financials

9 9 Dwelling Place Financial Information How is money spent? Dwelling Place of Grand Rapids, Inc. and Related Entites Where Does $1 in Revenue Go? % - Miscellaneous 7.3% - Consultant and Contractor 1.7% - Client Assitance - Aftercare Grant 19.3% - Salaries & Wages Salaries & Wages Operating Expenses Consultant and Contractual Client Assistance - Aftercare Grant Miscellaneous 68.8% - Operating Expenses Management and General 26% Dwelling Place of Grand Rapids, Inc. Functional Expense Breakdown Fundraising 4% Program Services 70% Program Services Management and General Fundraising Financials

10 Balance Sheets 10 Dwelling Place of Grand Rapids, Inc. And Related Entities Combined Balance Sheets 2008 and 2007 (restated) ASSETS Current Assets Cash Promises to give Accounts Receivable Prepaid expenses and deposits TOTAL CURRENT ASSETS 2008 $923, , , ,053 1,876, $841, , , ,055 1,487,667 Property and Equipment 62,660,874 58,768,055 Other Assets Restricted cash Promises to give Notes Receivable Investments Other assets TOTAL OTHER ASSETS TOTAL ASSETS 3,699,448 86, , ,100 1,207,646 5,799,080 $70,336,367 4,269, , ,244 2,613,246 1,152,972 8,453,047 $68,708,769 LIABILITIES AND NET ASSETS Current Liabilities Current maturities of long-term debt Accounts payable Accrued liabilities Deferred revenue TOTAL CURRENT LIABILITIES Tenant Security Deposits Long-Term Debt, net of current maturities Long-Term Accrued Interest TOTAL LIABILITIES Net Assets and Equity Unrestricted net assets Temporarily restricted net assets Equity TOTAL NET ASSETS AND EQUITY TOTAL LIABILITIES, NET ASSETS AND EQUITY $3,152, , , ,030 4,156, ,183 21,266,303 1,984,923 27,568,447 22,156, ,021 20,044,498 42,767,920 $70,336,367 $7,931,292 2,176,508 94, ,316 10,396, ,857 19,317,628 1,723,406 31,437,353 18,920, ,177 17,968,221 37,271,416 $68,708,769 Financials

11 11 Dwelling Place Financial Information Dwelling Place of Grand Rapids, Inc. and Related Entities Liabilities and Net Assets $80,000,000 $70,000,000 $60,000,000 $50,000,000 $40,000,000 $30,000,000 $20,000,000 $10,000,000 $ Temporarily Restricted Net Assets 1,252, ,290 1,590, , , , , ,021 Unrestricted Net Assets 5,611,038 8,158,249 8,544,471 11,169,327 17,939,937 18,576,355 18,884,344 22,156,401 Equity 8,521,765 7,193,440 6,909,310 11,622,109 11,803,468 16,403,919 17,875,235 20,044,498 Liabilities 19,258,924 21,889,100 21,159,962 24,892,171 26,754,611 31,558,336 31,455,221 27,568,447 Financials

12 Board Board of Directors Renee Williams, Chairperson Troy Zapolski, Vice Chairperson Serena Norris, Treasurer Francine Gaston, Secretary Paul Bowers, Jr. Larry Bratschie Annamarie Buller John Gehling Lesley Holland Kyle Irwin Eric O Conner Robert Sears Richard Stevens Larry Titley Robert Tol Pete VanderVeen Tommie Wallace Sean Welsh Rock Wood Lifetime Board Members Sally Gleason Betty Ladd Andre Margaret Sellers Walker 101 Sheldon Blvd. SE Suite 2 Grand Rapids, MI PH. (616) FAX (616)