2024-07-20T18:26:18-05:00 2023-12-31 540504608 BROWN EDWARDS & COMPANY LLP 3906 ELECTRIC ROAD ROANOKE VA 24018 990 2023-01-01 471045682 RESTORATION HOUSING INC REST 9178879840 1116 MAIN STREET STEB ROANOKE VA 24015 ISABEL THORNTON EXECUTIVE DIRECTOR 9178879840 2024-07-10 1 ISABEL THORNTON 999009999 1 RICHARD HEDLEY P00936170 5403450936 2024-07-01 2 AAL1 IAL1 2023 2023-04-26 12:10:37Z ISABEL THORNTON 1116 MAIN STREET STE B ROANOKE VA 24015 650831 0 X RESTORATIONHOUSING.ORG X 2014 VA OUR MISSION IS TO CREATE AND ASSIST IN DEVELOPMENT PROJECTS WITH A FOCUS ON HISTORIC PRESERVATION OF ARCHITECTURAL RESOURCES. OUR PROJECTS ARE INTENDED TO BOTH ADDRESS THE NEEDS OF LIMITED INCOME FAMILIES AND TO STRENGTHEN THE COMMUNITY BY REDUCING BLIGHT AND VACANCY 9 9 5 46 0 0 333838 568089 42514 36600 54 177 23270 20314 399676 625180 0 0 0 0 75439 96327 0 0 35441 59949 52983 135388 149310 264288 475870 1777561 2417472 1120 115991 1776441 2301481 X OUR MISSION IS TO CREATE AND ASSIST IN DEVELOPMENT PROJECTS WITH A FOCUS ON HISTORIC PRESERVATION OF ARCHITECTURAL RESOURCES. OUR PROJECTS ARE INTENDED TO BOTH ADDRESS THE NEEDS OF LIMITED INCOME FAMILIES AND TO STRENGTHEN THE COMMUNITY BY REDUCING BLIGHT AND VACANCY 0 0 56791 36600 OUR ORGANIZATION BEGAN 2023 BY PURCHASING OUR SEVENTH HISTORIC PROPERTY AFTER WORKING ON THE ACQUISITION FOR MANY MONTHS. IT IS OUR FOURTH PROJECT IN THE BELMONT NEIGHBORHOOD OF SOUTHEAST ROANOKE. WE SIMULTANEOUSLY BEGAN APPLYING FOR GRANTS TO COVER THE CONSTRUCTION COSTS TO REHAB IT. WORK COMMENCED BY THE END OF SUMMER THAT YEAR AND IS ONGOING THROUGH SPRING OF 2024. WE ACCOMPLISHED OUR TWO MAIN EVENTS FOR THE YEAR - OUR ANNUAL FUNDRAISER, WHICH WAS AN IN-PERSON LUNCHEON IN SEPTEMBER AND OUR ANNUAL COMMUNITY PARTNERSHIP DAY, WHICH WE HELD AT THE VILLA HEIGHTS RECREATION CENTER. IN CONJUNCTION WITH OUR COMMUNITY PARTNERSHIP DAY, WE HELD A STEWARDSHIP CAMPAIGN TO RAISE FUNDS FOR THE PROPERTY THAT WAS SPECIFIC TO 2023. THROUGHOUT THE YEAR, WE ALSO ACCOMPLISHED OUR ON-GOING WORK TO BE GOOD STEWARDS OF OUR PROPERTIES AND TO BE RELIABLE LANDLORDS TO OUR AFFORDABLE HOUSING UNITS. WE SPENT A LOT OF THE THIRD AND FOURTH QUARTER OF THE YEAR PREPARING FOR OUR UPCOMING PROJECTS, WHICH INCLUDE THE REHAB OF A HISTORIC PROPERTY INTO A TREATMENT CENTER FOR PREGNANT AND POSTPARTUM WOMEN AND THEIR NEWBORN INFANTS AND THE REHAB OF A HISTORIC CHURCH INTO FIFTEEN UNITS OF ELDERLY AFFORDABLE HOUSING. BOTH PROJECTS REQUIRED A GREAT DEAL OF PRE-DEVELOPMENT WORK IN 2023 AND WILL BEGIN CONSTRUCTION IN 2024. 56791 1 1 0 0 0 0 0 0 0 0 1 0 1 0 1 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 7 0 1 5 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 1 0 0 0 0 0 0 1 1 0 0 1 1 1 0 1 1 1 0 1 1 X ISABEL THORNTON 9178879840 1116 MAIN STREET STE B ROANOKE VA 24015 CAROL TUNING PRESIDENT 1.00 X X 0 0 0 JOHN CORNTHWAIT VICE PRESIDENT 1.00 X X 0 0 0 RICHARD HEDLEY TREASURER 1.00 X X 0 0 0 SHIRLEY HOLLAND SECRETARY 1.00 X X 0 0 0 DAVID ALLEN BOARD MEMBER 1.00 X 0 0 0 CYNTHIA LAWRENCE BOARD MEMBER 1.00 X 0 0 0 ALISON JORGENSEN BOARD MEMBER 1.00 X 0 0 0 ERIN ASHWELL BOARD MEMBER 1.00 X 0 0 0 KELLY JONES BOARD MEMBER 1.00 X 0 0 0 ISABEL THORNTON EXECUTIVE DIRECTOR 40.00 X 31522 0 0 31522 0 0 0 0 0 0 0 62309 56950 448830 6134 568089 REAL ESTATE MANAGEMENT 900099 36600 36600 36600 177 177 2320 62309 25651 -23331 -23331 PARTNERSHIP INCOME 900099 43645 43645 43645 625180 36600 0 20491 31523 15762 6304 9457 57959 28979 11592 17388 6845 2875 1643 2327 215 215 15725 15725 358 358 1746 1746 6334 2112 2111 2111 2003 2003 12474 4158 4158 4158 552 552 465 465 1364 1364 2547 2547 OTHER EXPENSES 8557 8557 BANK FEES 643 643 149310 56791 57078 35441 49562 240398 35955 130116 1203568 1099188 1190 900 437990 2324 45243 435666 441543 484503 500 26701 1777561 2417472 1120 9661 0 106330 1120 115991 X 1776441 2301481 1776441 2301481 1777561 2417472 X 475870 49855 -685 X X 0 1 X 1 0 X 96206 381445 416275 333838 568089 1795853 16400 49570 21550 42514 36600 166634 112606 431015 437825 376352 604689 1962487 0 0 0 1962487 119 14 4 54 177 368 119 14 4 54 177 368 112725 431029 437829 376406 604866 1962855 0.99980 0.99980 0.00020 0.00020 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1300 1300 421011 421011 8875 1332 7543 6804 992 5812 435666 INVESTMENT IN DALE AVE PSH, LLC 95533 F INVESTMENT IN VILLA HEIGHTS REC CENTER LLC 307691 F INVESTMENT IN VILLA HEIGHTS SCP -1142 F INVESTMENT IN 820 DALE AVE LLC 39141 F INVESTMENT IN 920 STEWART AVE LLC 44117 F INVESTMENT IN 920 STEWART SCP -837 F 484503 OPERATING LEASE LIABILITY 21535 LINE OF CREDIT 60000 DEVELOPER FEE PAYABLE 24795 106330 PRESERVE LUNCHEON 64629 62309 2320 6826 18825 64629 62309 2320 6826 18825 25651 -23331 FORM 990, PART VI, SECTION A, LINE 2 ISABEL THORNTON, EXECUTIVE DIRECTOR & SECRETARY, IS THE SPOUSE OF LUCAS THORNTON, BOARD MEMBER. ISABEL THORNTON, EXECUTIVE DIRECTOR & SECRETARY, IS THE DAUGHTER OF WALTON RUTHERFOORD, BOARD MEMBER. LUCAS THORNTON, BOARD MEMBER, IS THE 100% OWNER OF TWO OF THE PROPERTIES THAT THE ORGANIZATION DEVELOPED AND NOW OVERSEES (1018 PATTERSON AVENUE AND 530 DAY AVENUE). LUCAS THORNTON, BOARD MEMBER, IS THE 98% OWNER OF THREE ADDITIONAL PROPERTIES THAT THE ORGANIZATION DEVELOPED AND NOW OVERSEES (DALE AVENUE PSH - 326 DALE AVENUE, 820 DALE AVENUE AND 920 STEWART AVENUE). FORM 990, PART VI, SECTION B, LINE 11B AT THE END OF THE FISCAL YEAR, AN OUTSIDE CPA WILL PREPARE THE ANNUAL RETURN FOR ORGANIZATION EXEMPT FROM INCOME TAX (IRS FORM 990). THE RETURN WILL BE PRESENTED TO THE EXECUTIVE DIRECTOR, THE BOARD FINANCE COMMITTEE, AND THE BOARD CHAIR FOR THEIR REVIEW AND APPROVAL. THE FINANCE COORDINATOR WILL THEN FILE THE RETURN WITH THE INTERNAL REVENUE SERVICE BY THE ANNUAL DEADLINE. FORM 990, PART VI, SECTION B, LINE 15A THE BOARD OF DIRECTORS REVIEWS THE EXECUTIVE DIRECTOR'S PERFORMANCE ANNUALLY AND ESTABLISHES THE SALARY. FORM 990, PART VI, SECTION C, LINE 19 AVAILABLE UPON REQUEST FORM 990, PART XI, LINE 9: K1 BASIS REDUCTION - FEDERAL TAX CREDIT -685. FORM 990, PART XII, LINE 2C THE PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 930 STEWART AVENUE LLC 1116 MAIN STREET STE B ROANOKE VA 24015 LOW INCOME HOUSING VA 1729 PATTERSON AVENUE LLC 1116 MAIN STREET STE B ROANOKE VA 24015 LOW INCOME HOUSING VA TRINITY COMMONS LLC 1116 MAIN STREET STE B ROANOKE VA 24015 LOW INCOME HOUSING VA 530 DAY LLC 1116 MAIN STREET STE B ROANOKE VA 24015 LOW INCOME HOUSING VA 1018 PATTERSON LLC 1116 MAIN STREET STE B ROANOKE VA 24015 LOW INCOME HOUSING VA VILLA HEIGHTS REC CENTER LLC 1116 MAIN STREET STE B ROANOKE VA 24015 823432824 LOW INCOME HOUSING VA N/A RENTAL -171 8084 0 1 0.01000 DALE AVENUE PSH LLC 1116 MAIN STREET STE B ROANOKE VA 24015 833069662 LOW INCOME HOUSING VA N/A N/A -189 10197 0 1 0.02000 820 DALE AVENUE LLC 1116 MAIN STREET STE B ROANOKE VA 24015 844336836 LOW INCOME HOUSING VA N/A N/A -115 3590 0 1 0.01000 920 STEWART AVENUE LLC 1116 MAIN STREET STE B ROANOKE VA 24015 853475238 LOW INCOME HOUSING VA N/A N/A 44272 3940 0 1 0.01000 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 VILLA HEIGHTS REC CENTER LLC D 280350 CASH DALE AVENUE PSH D 336000 CASH 820 DALE AVENUE LLC D 275080 CASH 920 STEWART AVENUE LLC D 207758 CASH