RICHMOND AFFORDABLE HOUSING INC

EIN: 541860225 501(c)(3) Housing & Shelter

Richmond, VA

Total Revenue
$2,174,364
Total Expenses
$3,678,130
Total Assets
$23,701,947
Net Assets
$6,668,126
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Tuckman-Chang Vulnerability Assessment

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Financial Trends

Organization Details

Formation Year
1997
Legal Domicile
VA
Principal Officer
JULIE HOVERMALE
Phone
8046440546
Tax Period
2024-01-01 to 2024-12-31

Richmond Affordable Housing Inc, founded in 1997, is a community nonprofit in the Housing & Shelter sector that reported $2.0M in total revenue in fiscal year 2018. Revenue surged 80% from the prior year, signaling strong growth momentum. Expenses of $2.3M exceeded revenue, resulting in a 17% operating deficit.

Mission

TO PROVIDE AFFORDABLE HOUSING

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Trantor Score

Financial Health & Payment Capacity Assessment (FICO Scale: 300–850)

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

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Financial Overview (2024)

Revenue Breakdown

Contributions & Grants $296,544
Program Service Revenue $1,756,719
Investment Income $121,101
Other Revenue $0
TOTAL REVENUE $2,174,364

Expense Breakdown

Grants Paid $0
Salaries & Benefits $807,577
Fundraising Expenses $0
Program Expenses $3,678,130
Other Expenses $2,870,553
TOTAL EXPENSES $3,678,130

Year-over-Year Comparison

2024 2023 Change
Revenue $2,174,364 $2,883,336 -0.2%
Expenses $3,678,130 $2,400,146 +0.5%
Net Income $-1,503,766 $483,190 -4.1%
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

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Governance

Voting Members
5
Independent Members
5
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
4
$644,474
Total Directors
5
$0
Key Employees
4
$673,038
Highest Compensated
0
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
GRETA HARRIS PRESIDENT & CEO 0.00
Officer
$0 $61,369 $416,862
JULIE HOVERMALE VICE PRESIDENT & CFO 0.00
Officer
$0 $15,864 $227,612
MATT SCAPARRO VP OF PROPERTY MANAGEMENT 0.00
Key Emp
$0 $23,484 $156,031
LEE ALFORD DIR. OF MULTI-FAMILY DEVELOP. 0.00
Key Emp
$0 $25,780 $158,393
STACIE BIRCHETT VP OF RESOURCE DEVELOPMENT 0.00
Key Emp
$0 $9,946 $137,465
ALANA GONZALEZ CHIEF OPERATING OFFICER 0.00
Key Emp
$0 $3,317 $221,149
TODD WALDO CHAIR & DIRECTOR 0.00
Officer Director
$0 $0 $0
RICHARD DICKENSON SECRETARY/TREASURER 0.00
Officer Director
$0 $0 $0
TREVOR BUCKLEY DIRECTOR 0.00
Director
$0 $0 $0
FREDA GREEN BOLLING DIRECTOR 0.00
Director
$0 $0 $0
W MARTIN WILLIAMS DIRECTOR 0.00
Director
$0 $0 $0
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 $2,174,364 $3,678,130 $23,701,947 $-1,503,766
2023 $2,883,336 $2,400,146 $22,498,413 $483,190
2022 $784,750 $1,206,885 $17,217,718 $-422,135
2021 $1,259,127 $1,123,177 $16,660,809 $135,950
2020 $1,110,435 $977,027 $11,750,706 $133,408
2019 $669,142 $885,593 $10,865,264 $-216,451
2018 $1,956,096 $2,285,592 $11,032,888 $-329,496
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