2024-11-15T15:52:01-06:00 2023-12-31 BDO USA 200 PARK AVENUE 38TH FLOOR NEW YORK NY 10166 990 2023-01-01 521979028 FORESIGHT AFFORDABLE HOUSING INC % NELSON L MORGAN III FORE 6098232500 6601 Ventnor Avenue Suite 23 Ventnor NJ 08406 BRUCE JOHNSON PRESIDENT 2155641900 2024-11-15 true true Paul Hammerschmidt P01384178 2128858000 2023 2024-10-15 13:58:12Z BRUCE JOHNSON 6601 Ventnor Avenue suite 23 Ventnor NJ 08406 24151286 false X foresightinc.org X 1996 NJ AFFORDABLE HOUSING PROVIDER THAT PROVIDES MANAGEMENT SERVICES AND PROJECT OVERSIGHT IN AN EFFORT TO PROVIDE QUALITY AFFORDABLE HOUSING TO LOWER INCOME INDIVIDUALS AND FAMILIES. 8 5 10 5 0 0 700517 2092751 2627192 16419609 340229 1101390 32628 260579 3700566 19874329 12000 12500 0 0 1456113 3451320 0 0 0 2533416 22593525 4001529 26057345 -300963 -6183016 39444822 249776671 9420680 232658793 30024142 17117878 FORESIGHT AFFORDABLE HOUSING, INC. WAS CREATED TO PROVIDE QUALITY AFFORDABLE HOUSING TO LOW INCOME INDIVIDUALS AND FAMILIES. false false 966482 12500 30000 The organization is a developer, consultant and asset manager of Multi-Family affordable housing communities containing HUD insured or other types of mortgage financing. 22091809 0 16389609 operating expenses of housing projects. 23058291 true true false false false false false false false false true false false false true true false true false false false false false false false false false true false true false false false false false false false false false false false false true true false false false true 16 0 true 10 true false false false false false false false false false false false false X 8 5 false true false false false false false true true false false true true true true true true true true true true IL NJ NY X NELSON L MORGAN III 6098232500 6601 VENTNOR AVE SUITE 23 VENTNOR NJ 08406 NELSON L MORGAN III VICE PRESIDENT 40.0 0.0 X 276359 0 51915 Martin Whalen Vice President of Development 40.0 0.0 X 183286 0 43919 Shonte' Espinal VP of Asset Operations 40.0 0.0 X 167283 0 30080 DONALD REAPE PRESIDENT 20.0 1.0 X X 110272 0 8379 DR BRUCE JOHNSON VP & Asst. SECRETARY 10.0 1.0 X X 34895 0 14839 E James Henderson Secretary & Treasurer 5.0 1.0 X X 19812 0 0 LYNDA BARNESS TRUSTEE 1.0 0.0 X 3000 0 0 Michael Byrnes TRUSTEE 1.0 0.0 X 3000 0 0 NEISA CARABALLO TRUSTEE 1.0 0.0 X 3000 0 0 Janvier L Osborne Trustee 1.0 0.0 X 3000 0 0 Gerald F Schwam TRUSTEE 1.0 0.0 X 3000 0 0 806907 0 149132 4 false true false 0 2092751 2092751 RENT REVENUE 531110 16389609 16389609 OTHER FEE INCOME 531311 25000 25000 MANAGEMENT FEES 531311 5000 5000 16419609 404619 404619 0 0 0 0 0 4362081 611647 4276957 85124 611647 696771 696771 0 0 0 0 0 0 0 0 0 MISCELLANEOUS REVENUE 900009 260579 260579 260579 19874329 16419609 1361969 12500 12500 0 0 0 531471 531471 0 2339793 1928058 411735 13876 5986 7890 315628 267502 48126 250552 228642 21910 1286841 1286841 114471 114471 195929 195929 0 0 0 155256 77215 78041 20617 20617 386137 386137 0 0 14176409 14173228 3181 87021 29140 57881 0 83178 83178 0 0 4382762 4378749 4013 883659 855522 28137 TAXES AND LICENSES 393662 393662 SOFTWARE LICENSE EXPENSE 71981 71981 BAD DEBT EXPENSE 18062 18062 SYNDICATION COSTS 13736 13736 323804 158554 165250 26057345 23058291 2999054 0 0 0 10190896 7781788 0 0 63044 797397 0 0 0 0 21549440 15879897 0 0 121906 384733 224048197 9295874 4229877 214752323 1973904 5210578 253 1836 0 0 0 0 1315502 4968119 39444822 249776671 128613 6346076 0 0 20474 0 0 0 0 0 0 0 8275219 223061418 0 0 996374 3251299 9420680 232658793 X 0 0 0 0 30024142 17117878 30024142 17117878 39444822 249776671 X -6183016 86034 -578149 -6231133 X X false true X true false X X 2 FORESIGHT AFFORDABLE HOUSING OF PENNSYLVANIA INC 521910387 10 true 0 0 FORESIGHT AFFORDABLE HOUSING - PENNSVILLE INC 222262967 10 true 0 0 2 0 0 false false false false true true false false false false false false false false false true true true X true true PART IV, SECTION A, LINE 1: THE ORGANIZATION'S SUPPORTED ORGANIZATIONS ARE NOT SPECIFICALLY LISTED BY NAME IN THE SUPPORTING ORGANIZATION'S ARTICLES OF INCORPORATION. HOWEVER, THE ENTITIES HAVE INTERLOCKING BOARDS AND THE SAME PURPOSE: TO PROVIDE AFFORDABLE HOUSING TO LOWER INCOME INDIVIDUALS AND FAMILIES. HISTORICALLY THE ENTITIES HAVE ALWAYS HAD INTERLOCKING BOARDS, AND THE RELATIONSHIP BETWEEN THE SUPPORTING ORGANIZATIONS AND SUPPORTED ORGANIZATION IS PART OF ITS CORE PURPOSE. THE ORGANIZATION HAS THE ABILITY TO APPOINT AND REMOVE OFFICERS. PART IV, SECTION A, LINE 5A: 5a(i): Name: Foresight Affordable Housing of Maryland, Inc. EIN: 52-1962141 5a(ii): Reason for Action: The property was sold 5a(iii): Authority for the action: Upon dissolution of the corporation, its assets shall be distributed for one or more exempt purposes within the meaning of Section 501(c)(3) of the Internal Revenue Code (i.e. charitable, educational, religious, or scientific, or corresponding section of any future Federal tax code) of shall be distributed to the Federal government, or to a state or local government for a public purpose. 5a(iv): The action was facilitated through state filing of dissolution and Board actions of written consent, plan of action, and Board resolution. PART IV, SECTION A, LINE 6: During the year the organization made a $12,500 education grant as reported on Schedule I, Part II. The Michaels Organization Educational Foundation that provides scholarships to military and affordable communities, including the supported organizations of Foresight Affordable Housing, Inc., the reporting organization. PART IV, SECTION D, LINE 3: THE SUPPORTING ORGANIZATION AND SUPPORTED ORGANIZATIONS HAVE INTERLOCKING BOARDS. IN THIS REGARD THE BOARD ACTS IN THE INTEREST OF BOTH THE SUPPORTING AND SUPPORTED ORGANIZATIONS AND AS A RESULT THE SUPPORTED ORGANIZATIONS HAVE A VOICE IN THE DECISIONS OF THE BOARD. PART IV, SECTION E, LINES 3A AND 3B: FORESIGHT AFFORDABLE HOUSING, INC. HAS BOARD CONTROL AND THE POWER TO APPOINT BOARD MEMBERS TO BOTH FORESIGHT AFFORDABLE HOUSING OF PENNSYLVANIA, INC. AND FORESIGHT AFFORDABLE HOUSING - PENNSVILLE, INC. THROUGH CONTROL OF THE BOARD FORESIGHT AFFORDABLE HOUSING, INC. IS ABLE TO EXERCISE A SUBSTANTIAL DEGREE OF DIRECTION OVER THE SUPPORTED ORGANIZATIONS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 43555860 43555860 180368219 9289482 171078737 124118 6392 117726 214752323 0 TENANT SECURITY DEPOSITS 773655 CONTRA OPERATING LEASES 24000 REFUNDABLE ADVANCES 1925000 DEFERRED CHARGES 378408 OTHER LIABILITIES 150236 3251299 X PART X, LINE 2: As of December 31, 2023, the Organization did not identify any uncertain tax positions taken or expected to be taken in an income tax return which would require adjustment to or disclosure in its consolidated financial statements. In addition, the Organization believes it has not engaged in any activities for which its tax-exempt status would not be sustained under Internal Revenue Service examination. Generally, the Organization is potentially subject to federal income tax examinations for three years. true THE MICHAELS ORGANIZATION EDUCATIONAL FOUNDATION PO BOX 90708 CAMDEN NJ 08101 223113975 501(C)(3) 12500 1 PART I, LINE 2: Foresight Affordable Housing, Inc., in partnership with the Michaels Educational Foundation, has been awarding scholarships to residents of Foresight apartment communities on an annual basis since 2015. Foresight awards 6 scholarships each year and in 2023 awarded one additional scholarship. Recipients are selected each year from the pool of Foresight residents selected to receive a scholarship by the Michaels Educational Foundation. The Foresight scholarship funds are added to the amount of money awarded by the Michaels Educational Foundation. X X X X false false false false false false false true false NELSON L MORGAN III VICE PRESIDENT 222963 0 53000 0 396 0 6818 0 45097 0 328274 0 0 0 Martin Whalen Vice President of Development 152524 0 30000 0 762 0 4716 0 39203 0 227205 0 0 0 Shonte' Espinal VP of Asset Operations 147223 0 20000 0 60 0 4532 0 25548 0 197363 0 0 0 PART I, LINE 7: The organization issued non-fixed, objective board approved bonuses during calendar year 2023. FORM 990, PART VI, SECTION A, LINE 1A: THREE MEMBERS OF THE BOARD OF DIRECTORS MAKE UP THE EXECUTIVE COMMITTEE WHO HAVE AUTHORITY TO ACT ON BEHALF OF FORESIGHT AFFORDABLE HOUSING, INC. FORM 990, PART VI, SECTION A, LINE 3: PROPERTIES OWNED THROUGH FORESIGHT'S AFFILIATES ARE MANAGED BY A CONTRACTED MANAGEMENT AGENT. FORM 990, PART VI, SECTION B, LINE 11B: FORM 990 WILL BE REVIEWED BY THE FINANCE COMMITTEE, WHICH IS FORESIGHT'S EXECUTIVE COMMITTEE, AND A COPY WILL BE PROVIDED TO THE BOARD PRIOR TO FILING WITH THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C: THE ORGANIZATION MONITORS COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY THROUGH ANNUAL UPDATES BY BOARD MEMBERS. FORM 990, PART VI, SECTION B, LINES 15A AND 15B: COMPENSATION IS DETERMINED THROUGH A THIRD-PARTY REVIEW, RECOMMENDATION OF SALARY RANGES BASED ON COMPARATIVE ANALYSIS AND EXECUTIVE BOARD RECOMMENDATION. FORM 990, PART XI, LINE 9: CUMULATIVE EFFECT OF ADOPTION OF NEW ACCOUNTING STANDARD..................................................$(6,231,133) FORM 990, PART XII, LINE 2C: THE FINANCIAL COMMITTEE REVIEWS ALL FINANCIAL STATEMENTS, SELECTS INDEPENDENT ACCOUNTANT AND REVIEWS FORM 990. foresight affordable housing of pa inc 6601 Ventnor Avenue Suite 23 Ventnor NJ 08406 521910387 RENTAL PA 501(c)(3) 10 NA false FORESIGHT AFFORDABLE HOUSING-PENNSVILLe 6601 Ventnor Avenue Suite 23 Ventnor NJ 08406 222262967 RENTAL NJ 501(c)(3) 7 NA false LAFAYETTE FAMILY PHASE II URBAN RENEWAL 2 cooper street po box 90708 camden NJ 08102 200439982 REAL ESTATE NJ FAH PACIFIC CT NONE 0 0 false 0 VINELAND ASSOCIATES LLC 2 cooper street po box 90708 camden NJ 08102 260539415 REAL ESTATE NJ FAH VINELAND NONE -34 0 false 0 EAST I PRESERVATION LLC 2 cooper street po box 90708 camden NJ 08102 REAL ESTATE NJ FAH EAST I LLC NONE 0 0 false 0 GLENNVIEW TOWNHOUSES URBAN RENEWAL ASSOC 2 cooper street po box 90708 camden NJ 08102 271107874 REAL ESTATE NJ FAH GLENNVIEW NONE -53 0 false 0 CENTERVILLE SOUTH URBAN RENEWAL ASSOCIAT 2 cooper street po box 90708 camden NJ 08102 261797224 REAL ESTATE NJ FAH CENTERVILLE NONE 0 0 false 0 ATLANTIC CITY PRESERVATION LLC 2 cooper street po box 90708 camden NJ 08102 260878703 REAL ESATE NJ FAH-VILLAS WEST NONE 0 0 false 0 OAK DALE APARTMENTS LTD 2 cooper street po box 90708 camden NJ 08102 630771104 REAL ESTATE NJ FAH HOLDINGS NONE 0 0 false 0 HIGHLAND VIEW APARTMENTS LTD 2 cooper street po box 90708 camden NJ 08102 630745020 REAL ESTATE NJ FAH HOLDINGS NONE 0 0 false 0 VILLAGE GREEN LTD 2 cooper street po box 90708 camden NJ 08102 630842875 REAL ESTATE NJ FAH HOLDINGS NONE 0 0 false 0 SUNFLOWER LANE APARTMENTS LTD 2 cooper street po box 90708 camden NJ 08102 630771106 REAL ESTATE NJ FAH HOLDINGS NONE 0 0 false 0 WOOD VILLAGE APARTMENTS LTD 2 cooper street po box 90708 camden NJ 08102 630745036 REAL ESTATE NJ FAH HOLDINGS NONE 0 0 false 0 MORGAN VILLAGE URBAN RENEWAL ASSOC LP 2 cooper street po box 90708 camden NJ 08102 272534069 REAL ESTATE NJ FAH-MORGAN VILL NONE 0 0 false 0 Keller Court Ltd 2 cooper street po box 90708 camden NJ 08102 630812275 REAL ESTATE NJ FAH Holdings NONE 0 0 false 0 Driftwood Apartments Ltd 2 cooper street po box 90708 camden NJ 08102 630807240 REAL ESTATE NJ FAH Holdings NONE 0 0 false 0 Lorena Apartments A California LP 2 cooper street po box 90708 camden NJ 08102 263278793 REAL ESTATE CA FAH lorena NONE 0 0 false 0 baxter park south associates lp 2 cooper street po box 90708 camden NJ 08102 273008545 real estate NJ fah baxter NONE 0 0 false 0 Hilldale Investors LTD 3 East Stow Road Suite 100 camden NJ 08102 630917593 Real Estate NJ FAH Holdings NONE 0 0 false 0 Rose Garden Apartments LTD 2 cooper street po box 90708 camden NJ 08102 630806381 Real estate NJ FAH HOLDINGS NONE 0 0 false 0 TULANE REVITALIZATION 2 LP 2 cooper street po box 90708 camden NJ 08102 611677132 REAL ESTATE NJ FAH - CENTENNIA NONE 0 0 false 0 GLENNVIEW TOWNHOUSES II 2 cooper street po box 90708 camden NJ 08102 462752700 REAL ESTATE NJ FAH - GLENNVIEW NONE -36 0 false 0 TULANE REVITALIZATION 1 LP 2 cooper street po box 90708 camden NJ 08102 272195181 REAL ESTATE NJ FAH-CENTENNIAL NONE 0 0 false 0 KAMAKANA senior LLC 2 cooper street po box 90708 camden NJ 08053 474637738 REAL ESTATE HI FAH-KAMAKANA NONE 0 0 false 0 MAPLE JACK LLC 2 cooper street po box 90708 camden NJ 08102 473451025 REAL ESTATE IL FAH-CITY GARDEN NONE 0 0 false 0 Legends C-3 LLC 2 cooper street po box 90708 camden NJ 08102 274470455 REAL ESTATE NJ FAH-LEGENDS C-3 NONE 0 0 false 0 PIEDMONT SENIOR TOWN LLC 2 cooper street po box 90708 camden NJ 08102 473244089 REAL ESTATE NJ FAH-PIEDMONT NONE 0 0 false 0 BEECHLANE APARTMENTS LTD 2 cooper street po box 90708 CAMDEN NJ 08102 275206161 REAL ESTATE NJ FAH-HOLDINGS NONE 0 0 false 0 WEST MAYPOLE LP 6601 VENTNOR AVE VENTNOR NJ 08406 320024261 REAL ESTATE IL FAH-WEST MAYPOL NONE 0 0 false 0 FAH - LEGENDS C-3 LLC 6601 VENTNOR AVENUE SUITE 23 VENTNOR NJ 08406 463917978 REAL ESTATE NJ FAHI S CORP false false true true false false false false false false false false false false false false false false false