2015 Annual Report

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)

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.

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