2016-10-24T14:58:05-05:00 2015-12-31 BDO USA LLP 1801 MARKET STREET SUITE 1700 PHILADELPHIA PA 19103 990 2015-01-01 521979028 FORESIGHT AFFORDABLE HOUSING INC % NELSON MORGAN FORE 6098232500 6601 Ventnor Ave suite 23 Suite 23 Ventnor NJ 08406 DONALD REAPE PRESIDENT 2155641900 2016-08-29 true MARC R BERGER CPA P01871563 2155641900 2016-08-29 2015 2017-02-10 21:41:12Z DONALD REAPE 6601 VENTNOR AVENUE Suite 23 VENTNOR NJ 08406 3830498 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. 7 4 7 4 0 0 0 2991303 3530479 31994 182140 17525 117879 3040822 3830498 0 7660 0 0 669986 924265 0 0 0 2439138 2919761 3109124 3851686 -68302 -21188 27430033 25706094 22281445 9966173 5148588 15739921 FORESIGHT AFFORDABLE HOUSING, INC. WAS CREATED TO PROVIDE QUALITY AFFORDABLE HOUSING TO LOW INCOME INDIVIDUALS AND FAMILIES. false false 569231 25000 The organization is an asset manager of multi-family housing projects with HUD insured mortgages and consults on new developments. 3282455 3580352 operating expenses of housing projects. 3851686 true false false false false false false false false false true false false true 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 10 0 true 7 true false false false false false false false false false false X 7 4 false false false false false false false true true false false true true true true true true true true false IL MD NJ NY X NELSON MORGAN 6098232500 6601 VENTNOR AVE SUITE 23 VENTNOR NJ 08406 DONALD REAPE PRESIDENT 20.0 1.0 X X 76753 0 0 MORTON W SCHOMER VICE PRESIDENT 10.0 1.0 X X 33524 0 0 DR BRUCE JOHNSON SECRETARY 5.0 1.0 X X 16524 0 0 GERALD F SCHWAM TRUSTEE 1.0 1.0 X 2000 0 0 LYNDA BARNESS TRUSTEE 1.0 1.0 X 2000 0 0 NEISA CARABALLO TRUSTEE 1.0 0.0 X 2000 0 0 BONNIE LAYTON TRUSTEE 1.0 0.0 X 0 0 0 NELSON MORGAN VICE PRESIDENT 40.0 0.0 X 169950 0 28551 302751 0 28551 1 false true false 0 0 RENT REVENUE 3474340 3474340 MANAGEMENT FEES 31139 31139 FEE INCOME 25000 25000 3530479 182140 182140 0 0 0 0 0 0 0 0 0 MISCELLANEOUS 117879 74873 43006 117879 3830498 3605352 225146 X 7660 7660 0 0 0 302751 302751 0 434115 434115 0 113156 113156 74243 74243 219583 219583 20147 20147 119821 119821 0 0 0 0 780 780 40831 40831 0 0 9725 9725 9315 9315 0 0 388086 388086 0 436439 436439 217938 217938 RE TAXES AND INSURANCE 320113 320113 REPAIRS & MAINTENANCE 335482 335482 SERVICE CONTRACTS 291744 291744 UTILITIES 288654 288654 221103 221103 3851686 3851686 0 0 1202164 2816094 1411593 0 0 0 36078 85598 0 0 0 0 12144265 10851645 0 0 115500 127207 13848910 3590656 10623942 10258254 0 0 1100 1277 0 0 283030 0 1612361 1566019 27430033 25706094 206994 121173 0 0 0 62384 0 0 0 0 0 0 9891769 9723379 12074265 0 108417 59237 22281445 9966173 X 0 0 0 0 5148588 15739921 5148588 15739921 27430033 25706094 X -21188 10612521 X X false true X true false X X 2 FORESIGHT AFFORDABLE HOUSING OF MARYLAND INC 521962141 9 true 0 0 FORESIGHT AFFORDABLE HOUSING OF PENNSYLVANIA INC 521910387 9 true 0 0 FORESIGHT AFFORDABLE HOUSING - PENNSVILLE INC 222262967 9 true 0 0 3 0 0 false false false false false false false false false false false false false false false true true true X true true PART IV SECTION A LINE 1 - SUPPORTED ORGANIZATIONS 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. PART IV SECTION D LINE 3 THE SUPPORTING ORGANIZATION AND SUPPORTED ORGANIZATIONS HAVE AN INTERLOCKING BOARD. 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 LINE 3A&B FORESIGHT AFFORDABLE HOUSING, INC. HAS BOARD CONTROL AND THE POWER TO APPOINT BOARD MEMBERS TO BOTH FORESIGHT AFFORDABLE HOUSING OF MARYLAND, INC. & FORESIGHT AFFORDABLE HOUSING OF PENNSYLVANIA, INC. THROUGH CONTROL OF THE BOARD FORESIGHT AFFORDABLE HOUSING, INC. IS ABLE TO EXERCISE A SUBSTANTIAL DEGREE OF DIRECTION OVER THE SUPPORTED ORGANIZATIONS. 1445000 1445000 12361068 3547814 8813254 42842 42842 0 10258254 TENANT SECURITY DEPOSITS 70894 MORTGAGE ESCROW DEPOSITS 1221347 DEFERRED FINANCING FEES 273778 1566019 0 TENANT SECURITY DEPOSITS 59237 59237 X Sch D Part X Line 2 - FIN 48 Footnote As of December 31, 2015, the Corporation 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 Corporation 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 Corporation is potentially subject to federal income tax examinations for three years. false The Michaels Organization Educational Foundation PO Box 994 Marlton NJ 08053 223113975 501(c)(3) 7660 FMV 1 X X X false false false false false false false false false NELSON MORGAN VICE PRESIDENT 169950 0 0 0 0 0 0 0 28551 0 198501 0 0 0 Part VI Section B Line 11b - 990 Review The Form 990 WILL BE REVIEWED BY THE FINANCE COMMITTEE WHICH IS FORESIGHT'S EXECUTIVE COMMITTEE AND A COPY WILL BE PROVIDED TO THE BOARD. Part VI Section B Line 12c - Conflict of Interest THE ORGANIZATION MONITORS COMPLIANCE WITH THE CONFLICT OF INTEREST POLICY THROUGH ANNUAL UPDATES BY BOARD MEMBERS. PART VI SECTION C LINE 19 - PUBLIC DOCUMENTS MANUAL COPIES ARE AVAILABLE UPON REQUEST. PART XI LINE 8 - prior period adjustments adjustment to fund balance related to restricted net assets being classified as liabilities in prior years. $10,621,521 Part VI Section A Line 1a - Governing Body Three members of the board of directors make up the executive committe who have authority to act on behalf of Foresight Affordable Housing, Inc. PART VI SECTION B LINE 15A & 15B - COMPENSATION COMPENSATION IS DETERMINED THROUGH A THIRD PARTY REVIEW AND RECOMMENDATION OF SALARY RANGES BASED ON COMPARATIVE ANALYSIS. PART XII LINE 2C - AUDIT REVIEW THE Financial committee reviews all financial statements, selects independent accountant and reviews Form 990. 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