LEE GARDENS HOUSING CORPORATION

EIN: 541516042 501(c)(3) Housing & Shelter

ARLINGTON, VA

Total Revenue
$2,944,714
Total Expenses
$1,455,542
Total Assets
$40,862,988
Net Assets
$17,792,422
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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year
1987
Legal Domicile
VA
Principal Officer
PAUL BERNARD
Phone
7034860626
Tax Period
2023-01-01 to 2023-12-31

LEE GARDENS HOUSING CORPORATION, founded in 1987, is a community nonprofit in the Housing & Shelter sector that reported $2.9M in total revenue in fiscal year 2023. The organization ran a surplus of $1.5M, a strong 51% operating margin.

Mission

TO ASSIST IN THE OPERATIONS OF DECENT, SAFE, AFFORDABLE HOUSING FOR LOW-INCOME PERSONS.

Program Service Accomplishments

Program 1
Expenses: $1,281,506 Revenue: $1,192,025

ON APRIL 9, 2021, LEE GARDENS HOUSING CORPORATION ACQUIRED A MULTIFAMILY APARTMENT COMPLEX FROM KATE'S TRACE LIMITED PARTNERSHIP, AN AFFILIATE, WHICH CONSISTS OF 108 UNITS LOCATED IN NEWPORT NEWS...

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ON APRIL 9, 2021, LEE GARDENS HOUSING CORPORATION ACQUIRED A MULTIFAMILY APARTMENT COMPLEX FROM KATE'S TRACE LIMITED PARTNERSHIP, AN AFFILIATE, WHICH CONSISTS OF 108 UNITS LOCATED IN NEWPORT NEWS, VIRGINIA AND OPERATES UNDER THE NAME OF KATE'S TRACE APARTMENTS.

Program 2
Expenses: $104,187 Revenue: $1,748,220

LEE GARDENS HOUSING CORPORATION (LEE GARDENS) PROVIDED 364 RENTAL HOUSING UNITS FOR LOW/MODERATE INCOME FAMILIES THROUGH DECEMBER 5, 2014, WHEN THE ASSET WAS SOLD TO AN AFFILIATED ENTITY. LEE GARDENS...

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LEE GARDENS HOUSING CORPORATION (LEE GARDENS) PROVIDED 364 RENTAL HOUSING UNITS FOR LOW/MODERATE INCOME FAMILIES THROUGH DECEMBER 5, 2014, WHEN THE ASSET WAS SOLD TO AN AFFILIATED ENTITY. LEE GARDENS PROVIDED A SELLER TAKE BACK NOTE WHICH MATURES DECEMBER 4, 2044.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $0
Program Service Revenue $2,940,245
Investment Income $4,469
Other Revenue $0
TOTAL REVENUE $2,944,714

Expense Breakdown

Grants Paid $0
Salaries & Benefits $236,085
Fundraising Expenses $0
Program Expenses $1,385,693
Other Expenses $1,219,457
TOTAL EXPENSES $1,455,542

Year-over-Year Comparison

2023 2022 Change
Revenue $2,944,714 $2,872,714 +0.0%
Expenses $1,455,542 $2,324,674 -0.4%
Net Income $1,489,172 $548,040 +1.7%
Key Indicators
✗ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required
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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

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Governance

Voting Members
4
Independent Members
N/A
Employees
N/A
Volunteers
N/A

Governance Policies

✓ Conflict of Interest Policy
✓ Whistleblower Policy
✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School
✗ Operated a Hospital
✗ Provided First Class Travel
✗ Reported Conflict of Interest
✗ Reported Asset Diversion
✗ Excess Benefit Transaction
✗ Made Political Expenditures
✗ Engaged in Lobbying
✗ Operated Donor Advised Fund
✗ Maintained Art Collections
✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$1,367,536
Total Directors
5
$1,367,536
Key Employees
0
$0
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
PAUL BERNARD PRESIDENT 1.00
Officer Director
$0 $20,307 $366,911
KENNETH CRAWFORD VICE PRESIDENT 1.00
Officer Director
$0 $8,363 $169,893
STEVE YEATMAN TREASURER 1.00
Officer Director
$0 $33,849 $302,246
JENNIFER ENDO SECRETARY 1.00
Officer Director
$0 $28,589 $224,063
ALAN GOLDSTEIN VICE PRESIDENT UNTIL 9/23 1.00
Officer Director
$0 $36,348 $304,423
WALTER WEBDALE FORMER PRESIDENT 0.00
$0 $0 $129,813
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $2,944,714 $1,455,542 $40,862,988 $1,489,172
2022 $2,872,714 $2,324,674 $40,000,237 $548,040
2021 $2,498,487 $2,196,925 $33,404,956 $301,562
2020 $1,638,037 $1,764,120 $27,590,263 $-126,083
2019 $1,633,408 $1,020,990 $27,716,346 $612,418
2018 $1,558,515 $370,133 $27,101,235 $1,188,382
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