2016-10-01T07:02:47-05:00 2016-03-31 460952065 SHAW & CO PC 1564 SOUTH 500 WEST SUITE 201 BOUNTIFUL UT 840107400 990 2015-04-01 870514438 MOUNTAINLANDS COMMUNITY HOUSING ASSOCIATION MOUN 4356479719 1960 SIDWINDER DR STE 107 PARK CITY UT 840607448 SCOTT LOOMIS EX. DIRECTOR 4356479719 2016-09-23 true JUSTIN R SHAW CPA CFE CGMA P00081558 8012943155 2016-10-01 2015 2017-02-10 21:41:12Z SCOTT LOOMIS 2535148 false X HTTP://WWW.HOUSINGHELP.ORG X 1993 UT MOUNTAINLANDS COMMUNITY HOUSING ASSOCIATION'S (MCHA) PURPOSE IS BASED ON THE BELIEF THAT A SAFE AFFORDABLE HOME IS OFTEN A FAMILYS FIRST STEP TOWARD ECONOMIC SELF-SUFFICIENCY. MCHA ADDRESSES THE DUAL PROBLEMS OF HOUSING AFFORDABILITY AND AVAILABILITY ON THREE FRONTS: ACQUISITION AND NEW CONSTRUCTION OF AFFORDABLE HOUSING, DIRECT ASSISTANCE IN SECURING HOUSING AND NEEDED BASIC SERVICES, AND EDUCATION AND ADVOCACY TO PROMOTE HOUSING POLICY. 9 9 10 0 1003026 853272 466210 610355 23496 31395 82056 1492732 1577078 117893 118080 0 656933 734200 0 13304 402965 401411 1177791 1253691 314941 323387 8330616 7377456 4235428 2958881 4095188 4418575 X MOUNTAINLANDS COMMUNITY HOUSING ASSOCIATION'S (MCHA) PURPOSE IS BASED ON THE BELIEF THAT A SAFE AFFORDABLE HOME IS OFTEN A FAMILYS FIRST STEP TOWARD ECONOMIC SELF-SUFFICIENCY. MCHA ADDRESSES THE DUAL PROBLEMS OF HOUSING AFFORDABILITY AND AVAILABILITY ON THREE FRONTS: ACQUISITION AND NEW CONSTRUCTION OF AFFORDABLE HOUSING, DIRECT ASSISTANCE IN SECURING HOUSING AND NEEDED BASIC SERVICES, AND EDUCATION AND ADVOCACY TO PROMOTE HOUSING POLICY. false false 1157552 118080 610355 SEE SCHEDULE O DURING THE FISCAL YEAR ENDING MARCH 31, 2016, MOUNTAINLANDS COMMUNITY HOUSING TRUST (MCHT) COMPLETED 18 SELF HELP HOMES IN FRANCIS BRINGING THE TOTAL OF SELF HELP HOMES COMPLETED SINCE 2002 TO 180\1. THESE HOMES WERE COMPLETED UNDER MCHT'S SELF HELP PROGRAM WITH A USDA RURAL DEVELOPMENT GRANT. SFOUR CROWN LEASE-TO-OWN HOMES ALSO WERE COMPLETED IN THE RIVER BLUFFS SUBDIVISION IN COLLABORATION WITH UTAH HOUSING CORPORATION. OF THE 43 LOTS PURCHASED IN THE RIVER BLUFFS SUBDIVISION IN FRANCIS, 11 WERE CONVEYED IN FY2016, LEAVING 15 IN INVENTORY. MCHT ALSO COMPLETED TWO RESTRICTED HOMES THAT USE THE COMMUNITY LAND TRUST MODEL ON LOTS THAT WERE DONATED BY THE DEVELOPER OF RIVER BLUFFS SUBDIVISION IN FY 2015. MCHT CLOSED AND STARTED CONSTRUCTION ON ITS RICHER PLACE APARTMENTS 28 UNIT PROJECT IN KIMBALL JUNCTION. COMPLETION IS SCHEDULED FOR AUGUST 2016.. MCHT COMPLETED ITS FOURTH AND FINAL YEAR OF ITS CORNERSTONE HOMEOWNERSHIP OPPORTUNITY PROGRAM (CHIP) AND RECEIVED GRANTS TOTALING 135,000. MCHT'S SUMMIT COUNTY CONTRACT OF 50,000 WAS RENEWED AND THE SERVICE AGREEMENT WITH PARK CITY MUNICIPAL CORPORATION WAS RENEWED AT 20,000 PER YEAR. TWO TRANSITIONAL HOUSING GRANTS WITH HUD WERE RENEWED SO MCHT CONTINUED TO OPERATE 11 UNITS UNDER THIS PROGRAM IN FY2016. ELMBRIDGE APARTMENTS COMPLETED ITS SECOND FULL YEAR OF OPERATIONS AND HAS EXCEEDED CASH FLOW PROJECTIONS. IN ADDITION TO PAYING DOWN THE DEFERRED DEVELOPMENT FEE AND ARREARAGE, THE MAXIMUM INCENTIVE MANAGEMENT FEE OF APPROXIMATELY 72,000 WAS PAID. THE LOAN FUNDING FROM GE CAPITAL (NOW, SYNCHRONY BANK) FOR ACQUISITION OF LOTS FOR SELF HELP HOMES HAS BEEN PAID DOWN SIGNIFICANTLY. MCHT PAID OFF OF THIS LOAN IN FULL IN APRIL 2016 WITH THE CLOSING OF SIX LOTS TO SELF HELP PARTICIPANTS. MCHT HAS BUILT OPERATING RESERVES AND RESERVES FOR DEVELOPMENT TO THE POINT WHERE LINES OF CREDIT RARELY NEED TO BE UTILIZED. MCHT CURRENTLY IS IN A STRONG CASH POSITION WITH ALMOST 900,000 OF UNRESTRICTED FUNDS AVAILABLE IN SUPPORT OF A CONTINUING BALANCED BUDGET AND PRODUCTIVE DEVELOPMENT EFFORTS. 1157552 true true false false false false false false false false true false false true true false false true false false false false false false false false false false true true false false false false false false false false false false false false true true false false false true 53 0 10 true false false false false false false false false false false X 9 9 false true false false false false false true true false false true true true true true true true true false UT X X X BRUCE CRANE 4356479719 1960 SIDEWINDER DR 107 PARK CITY UT 840607448 BOB RICHER PRESIDENT 1.50 X 0 0 0 MONIKA GUENDNER VICE PRESIDE 0.50 X 0 0 0 RYAN HOFFMAN TREASURER 0.50 X 0 0 0 ANNETTE SNEED SECRETARY 0.50 X 0 0 0 JEFF BRADSHAW BOARD MEMBER 0.50 X 0 0 0 ALEXIS BROWN BOARD MEMBER 0.50 X 0 0 0 STEVE ISSOWITS BOARD MEMBER 0.50 X 0 0 0 ERIN O'KEEFE BOARD MEMBER 0.50 X 0 0 0 THOMAS EDDINGTON JR BOARD MEMBER 0.50 X 0 0 0 SCOTT LOOMIS EX. DIRECTOR 40.00 X 165726 0 0 165726 1 false true false 670955 182317 15320 853272 MANAGEMENT FEES 203710 203710 MEADOWVIEW APARTMENTS RENT 194777 194777 DEVELOPMENT FEES 128373 128373 WASHINGTON MILL RENT 80495 80495 LAND LEASE 3000 3000 610355 31395 31395 1040126 958070 82056 82056 1577078 692411 31395 118080 118080 165726 140867 18880 5979 461743 425635 36108 51008 46457 4375 176 55723 50343 4875 505 16468 15596 623 249 21191 12619 8085 487 82633 75306 4287 3040 12896 11539 749 608 45058 45058 70956 70956 3108 3108 REPAIRS 41966 41966 SALARIES 21238 21238 SELF HELP TOOLS 19254 19254 REPAIRS 15069 15069 51574 47569 1745 2260 1253691 1157552 82835 13304 554664 707556 180150 536121 14791 23811 1468570 1349811 3947671 548919 3464265 3398752 2648176 1361405 8330616 7377456 85566 75252 1613992 1565605 2535870 1318024 4235428 2958881 X 3851567 4230065 243621 188510 4095188 4418575 8330616 7377456 323387 X false true X true false X 740761 1509350 884721 1003026 853272 4991130 740761 1509350 884721 1003026 853272 4991130 241841 4749289 7722 7693 50798 48271 31395 145879 5137009 1958402 0.92450 0.90340 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 2403380 2403380 1506714 528517 978197 25159 8408 16751 12418 11994 424 3398752 INVESTMENT IN LAND - SELF-HELP 1258415 DEVELOPMENTS IN PROGRESS 53985 MEADOWVIEW OTHER ASSETS 36520 OTHER CURRENT ASSETS 12485 1361405 INVESTMENTS IN LAND LOANS 531512 SHOP CONSTRUCTION LOANS 486000 SELF-HELP PARTICIPANT RESTRICTED 185512 DEFERRED REVENUE - SELF-HELP SALES 115000 CONSTRUCTION LOANS LINE OF CREDIT 1318024 1577078 1577078 1577078 1253691 1253691 1253691 false TRANSITIONAL HOUSING 18 118080 false false false false false false false false false SCOTT LOOMIS EX. DIRECTOR 126726 32000 7000 165726 FORM 990 - ORGANIZATION'S MISSION MOUNTAINLANDS COMMUNITY HOUSING ASSOCIATION'S (MCHA) PURPOSE IS BASED ON THE BELIEF THAT A SAFE AFFORDABLE HOME IS OFTEN A FAMILYS FIRST STEP TOWARD ECONOMIC SELF-SUFFICIENCY. MCHA ADDRESSES THE DUAL PROBLEMS OF HOUSING AFFORDABILITY AND AVAILABILITY ON THREE FRONTS: ACQUISITION AND NEW CONSTRUCTION OF AFFORDABLE HOUSING, DIRECT ASSISTANCE IN SECURING HOUSING AND NEEDED BASIC SERVICES, AND EDUCATION AND ADVOCACY TO PROMOTE HOUSING POLICY. FORM 990, PAGE 2, PART III, LINE 4A DURING THE FISCAL YEAR ENDING MARCH 31, 2016, MOUNTAINLANDS COMMUNITY HOUSING TRUST (MCHT) COMPLETED 18 SELF HELP HOMES IN FRANCIS BRINGING THE TOTAL OF SELF HELP HOMES COMPLETED SINCE 2002 TO 180\1. THESE HOMES WERE COMPLETED UNDER MCHT'S SELF HELP PROGRAM WITH A USDA RURAL DEVELOPMENT GRANT. SFOUR CROWN LEASE-TO-OWN HOMES ALSO WERE COMPLETED IN THE RIVER BLUFFS SUBDIVISION IN COLLABORATION WITH UTAH HOUSING CORPORATION. OF THE 43 LOTS PURCHASED IN THE RIVER BLUFFS SUBDIVISION IN FRANCIS, 11 WERE CONVEYED IN FY2016, LEAVING 15 IN INVENTORY. MCHT ALSO COMPLETED TWO RESTRICTED HOMES THAT USE THE COMMUNITY LAND TRUST MODEL ON LOTS THAT WERE DONATED BY THE DEVELOPER OF RIVER BLUFFS SUBDIVISION IN FY 2015. MCHT CLOSED AND STARTED CONSTRUCTION ON ITS RICHER PLACE APARTMENTS 28 UNIT PROJECT IN KIMBALL JUNCTION. COMPLETION IS SCHEDULED FOR AUGUST 2016.. MCHT COMPLETED ITS FOURTH AND FINAL YEAR OF ITS CORNERSTONE HOMEOWNERSHIP OPPORTUNITY PROGRAM (CHIP) AND RECEIVED GRANTS TOTALING 135,000. MCHT'S SUMMIT COUNTY CONTRACT OF 50,000 WAS RENEWED AND THE SERVICE AGREEMENT WITH PARK CITY MUNICIPAL CORPORATION WAS RENEWED AT 20,000 PER YEAR. TWO TRANSITIONAL HOUSING GRANTS WITH HUD WERE RENEWED SO MCHT CONTINUED TO OPERATE 11 UNITS UNDER THIS PROGRAM IN FY2016. ELMBRIDGE APARTMENTS COMPLETED ITS SECOND FULL YEAR OF OPERATIONS AND HAS EXCEEDED CASH FLOW PROJECTIONS. IN ADDITION TO PAYING DOWN THE DEFERRED DEVELOPMENT FEE AND ARREARAGE, THE MAXIMUM INCENTIVE MANAGEMENT FEE OF APPROXIMATELY 72,000 WAS PAID. THE LOAN FUNDING FROM GE CAPITAL (NOW, SYNCHRONY BANK) FOR ACQUISITION OF LOTS FOR SELF HELP HOMES HAS BEEN PAID DOWN SIGNIFICANTLY. MCHT PAID OFF OF THIS LOAN IN FULL IN APRIL 2016 WITH THE CLOSING OF SIX LOTS TO SELF HELP PARTICIPANTS. MCHT HAS BUILT OPERATING RESERVES AND RESERVES FOR DEVELOPMENT TO THE POINT WHERE LINES OF CREDIT RARELY NEED TO BE UTILIZED. MCHT CURRENTLY IS IN A STRONG CASH POSITION WITH ALMOST 900,000 OF UNRESTRICTED FUNDS AVAILABLE IN SUPPORT OF A CONTINUING BALANCED BUDGET AND PRODUCTIVE DEVELOPMENT EFFORTS. FORM 990, PAGE 6, PART VI, LINE 3 THE MANAGEMENT OF DAILY OPERATIONS RELATED TO THE MEADOWVIEW APARTMENTS HAS BEEN DELEGATED TO A MANAGEMENT COMPANY. FORM 990, PAGE 6, PART VI, LINE 11B THE 990 IS PROVIDED TO EACH BOARD MEMBER FOR REVIEW AND COMMENT PRIOR TO FILING. IN ADDITION, MANAGEMENT REVIEWS THE 990 PRIOR TO FILING. FORM 990, PAGE 6, PART VI, LINE 12C THE ORGANIZATION FOLLOWS THE POLICIES OF THE UTAH NONPROFIT ASSOCIATION CODE OF ETHICS. ONE CODE SPECIFICALLY RELATES TO CONFLICTS OF INTEREST. ALL EMPLOYEES AND BOARD MEMBERS ARE SUBJECT TO THE CONFLICT OF INTEREST POLICY, WHICH REQUIRES THAT ALL ACTUAL, POTENTIAL, OR PERCEIVED CONFLICTS OF INTEREST BE DISCLOSED. THE POLICY REQUIRES THAT BOARD MEMBERS AND STAFF ACT IN THE BEST INTERESTS OF THE ORGANIZATION RATHER THAN ON THE BASIS OF PERSONAL INTERESTS OR THE INTERESTS OF THIRD PARTIES. THE BOARD OF DIRECTORS AND EXECUTIVE DIRECTOR REVIEWS EACH ACTUAL, POTENTIAL, OR PERCEIVED CONFLICT OF INTEREST. THEY WILL DETERMINE WHAT SPECIFIC ACTION IS REQUIRED TO ENSURE THE BEST INTERESTS OF THE ORGANIZATION. IN ADDITION, EACH YEAR THE ORGANIZATION AFFIRMS COMPLIANCE WITH THIS POLICY IN A SIGNED DOCUMENT TO THE UTAH NONPROFIT ASSOCIATION. FORM 990, PAGE 6, PART VI, LINE 15A THE COMPENSATION FOR THE EXECUTIVE DIRECTOR AND OTHER EMPLOYEES IS APPROVED BY THE BOARD EACH YEAR WHEN THE BUDGET IS APPROVED. ALL SALARIES AND RAISES ARE GIVEN TO THE BOARD AS PART OF THE BUDGET AND THE ENTIRE BUDGET IS APPROVED BY THE BOARD AFTER DISCUSSION. SALARY COMPARISONS ARE SHARED WITH FOUR OTHER NON-PROFIT ENTITIES IN UTAH IN THE AFFORDABLE HOUSING BUSINESS. THIS DATA IS USED AS A COMPARISON WHEN ESTABLISHING SALARIES. THE BOARD DOCUMENTS APPROVAL OF ALL PAY RATE CHANGES AND MERIT AWARDS. FORM 990, PAGE 6, PART VI, LINE 15B THE BOARD OF DIRECTOR REVIEWS AND APPROVES COMPENSATION OF OTHER KEY EMPLOYEES. FORM 990, PAGE 6, PART VI, LINE 19 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE MADE AVAILABLE TO THE PUBLIC UPON REQUEST. 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