Mercy Housing - Affordable & Low Income Housing Services

2015 Mercy Housing Annual Report Cover

 

ANNUAL REPORT HOME         LETTER FROM THE PRESIDENT          FINANCIALS        DOWNLOAD PDF

 

 

 

 

                         

 

 

 

 

 

 

 

At Mercy Housing, we recognize that safe, affordable, service-enriched housing helps people invest in themselves and their communities. 

 

On behalf of our eight Sponsor Communities, our Board of Trustees, and everyone who works at Mercy Housing, we thank you. Thank you to our donors, financial partners, investors, and supporters who have joined us in our efforts to create and preserve a more equitable world.  

 

 

 

2015 By the Numbers                    

 

OUR MISSION

To create stable, vibrant and healthy communities by developing, financing and operating affordable,
program-enriched housing for families, seniors and people with special needs
who lack the economic resources to access quality, safe housing opportunities.

 

mercy housing

 

 

2015 Annual Report Financials Graphic

 

Consolidated Statement of Financial Position

For years ended December 31, 2015 and 2014 

2015 2014
 Assets     
 Cash and equivalents - Unrestricted             $37,771,876 $26,726,910
 Cash and equivalents - Restricted              166,049,901             177,491,807
 Investments                  8,255,804                 9,057,273
 Cash and investments             212,077,581            213,275,990
     
 Notes Receivable                45,007,454               43,045,391
 Pledges receivable                  1,938,910                 2,371,266
 Grants Receivable                  6,416,878                 2,353,433
 Notes, pledges and grants receivable                53,363,242               47,770,090
     
 Receivables (net of allowance)                  7,660,904                 6,089,294
 Investments in limited partnerships                  1,127,092                 1,033,388
 Receivables and investments                   8,787,996                 7,122,682
     
 Project development costs                14,972,756               17,090,242
 Gross property and equipment           2,569,630,540          2,426,073,004
 Accumulated depreciation             (692,880,947)            (625,469,486)
 Net property and equipment          1,891,722,349         1,817,693,760
     
 Other assets                44,786,000               45,074,860
     
 Total assets   $    2,210,737,168  $    2,130,937,382
     
 Liabilities     
 Accounts payable and accrued expenses   $          56,883,996  $          48,516,503
 Accrued interest                97,006,004               86,646,881
 Miscellaneous current liabilities                               -                                -  
 Accounts Payable, accrued expenses and accrued interest             153,890,000            135,163,384
     
 Current portion of notes payable                84,455,616               92,386,795
 Long term portion of notes payable           1,149,848,921          1,079,618,115
 Notes payable          1,234,304,537         1,172,004,910
     
 Deferred revenue                42,942,004               72,505,442
     
 Tenant security deposits                  7,155,933                 6,824,920
     
 Total liabilities          1,438,292,474         1,386,498,656
     
 Non Controlling Interest             520,367,923            487,395,322
     
 Net assets     
 Unrestricted net assets                32,320,306               40,250,750
 Temporarily restricted net assets              216,354,465             213,390,654
 Permanently restricted net assets                  3,402,000                 3,402,000
 Total net assets             252,076,771            257,043,404
     
 Total liabilities and net assets   $    2,210,737,168  $    2,130,937,382
     

 

 

CONSOLIDATED STATEMENT OF Revenues & expenses

For year ended December 31, 2015

      Property Operations & Management   Resident Services   Housing Development   Mercy Loan Fund   Neighborhood Stabilization   Corporate Operations    Consolidated Total
                                 
Revenues                                
   Rent - net of vacancies     $       162,060,498 $                           - $                           - $                        - $                                - $                           - $

      162,060,498

   Developer Fees                                  -                             -          10,176,486                          -                                  -                             -           10,176,486
   Service Fees                     643,616                126,658               123,368                          -                                  -               200,498              1,094,140
   Philanthropy                     275,902            7,545,410            3,912,641            199,220                         5,000            3,647,773           15,585,946
   Capital Grants                     897,155                      (112)            8,774,936                          -                                  -                             -              9,671,979
   Consulting                       24,640                169,901               305,353                          -                 2,359,873                             -              2,859,767
   Interest                     664,422                    4,057                  69,593         1,805,819                       12,996               121,762              2,678,649
   Other                 9,559,874                  99,142               350,993            674,609                       15,167               178,572           10,878,357
                                   -                             -                             -                          -                          -                             -    
Total revenues        174,126,107       7,945,056     23,713,370     2,679,648           2,393,036       4,148,605    215,005,822
                                 
Expenses and losses                                
   Compensation               49,132,654            9,341,006            8,066,532            911,888                 1,460,620            9,849,203           78,761,903
   Administrative               11,117,345            1,368,762            1,161,581               75,066                    202,280            3,210,685           17,135,719
   Professional services                 6,960,298                611,305            1,260,431               61,852                    281,138               523,583              9,698,607
   Depreciation and amortization               89,012,755                             -                  63,999                          -                         4,434                 16,839           89,098,027
   Grants                       86,347                106,707                  45,605                          -                       19,160                    3,000                 260,819
   Facility               59,399,819                  12,954               529,830                       83                    137,018               822,765           60,902,469
   Interest and fees               28,730,633                        144               207,379            900,631                       30,012            1,030,894           30,899,693
   Bad debts                     898,619                  10,925               217,466                          -                       15,450                             -              1,142,460
   Provision for impaired assets                     213,191                             -                  14,430            140,940                                  -                 34,147                 402,708
   Project expenses                                  -                             -               665,498                          -                                  -                             -                 665,498
   Allocation                 2,619,904            4,376,155            1,580,280            303,479                    704,042          (9,583,860)                               -
   (Gain) loss on sale of assets                (8,031,191)                             -          (2,936,899)                          -                         8,158                             -          (10,959,932)
   (Gain) loss on investment in limited partnership                     1,024                             -                             -                          -                    153,250                 20,812                 175,086
                                 
Total expenses and losses        240,141,398     15,827,958     10,876,132     2,393,939           3,015,562       5,928,068    278,183,057
                                 
Excess (deficiency) of revenues over expenses                            
Consolidated             (66,015,291)           (7,882,902)          12,837,238            285,709                   (622,526)          (1,779,463)          (63,177,235)
Attributable to non-controlling interests           (59,395,741)                             -                  (2,958)                          -                                  -                             -          (59,398,699)
Excess (deficiency) of revenues over expenses                            
attributable to Mercy Housing, Inc.   $     (6,619,550) $    (7,882,902) $   12,840,196 $      285,709 $          (622,526) $

  (1,779,463)

$

    (3,778,536)

                                 

 

 

 

 

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