Financials

As one of the first social enterprises, we recycle every dollar we earn back into our mission to create opportunity for low- and moderate-income people through affordable housing in diverse, thriving communities.

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Assets
in Thousands

Total Assets $705,701 $570,648
2015 2014
Cash, cash equivalents and investments $110,415 $84,085
Restricted cash, cash equivalents and investments $84,058 $78,661
Contributions receivable, net $16,858 $15,065
Accounts and other receivables, net $116,733 $88,003
Bridge loans to unconsolidated partnerships $6,630 $18,408
Loans receivable, net $117,753 $122,097
Mortgage loans held for sale $119,762 $31,403
Derivative assets $10,031 $10,379
Real estate held for sale $6,009 $3,539
Investments in operating properties $15,569 $3,266
Investments in unconsolidated partnerships $19,376 $43,748
Other assets, net $15,354 $13,765
Deferred tax assets, net $8,447 $10,863
Mortgage servicing rights, net $30,574 $26,283
Property and equipment, net $17,959 $17,318
Goodwill $9,543 $3,765

Liabilities
in Thousands

Total Liabilities $440,065 $336,391
2015 2014
Accounts payable and accrued expenses $44,798 $38,008
Capital contributions payable $15,658 $35,536
Funds held for others $11,157 $7,673
Derivative liabilities $6,289 $4,181
Indebtedness $332,341 $215,422
Losses in excess of investments in unconsolidated partnerships $3,902 $3,389
Mortgage servicing obligations, net $56 $39
Deferred revenue and other liabilities $25,864 $32,143
Total Net Assets $265,006 $234,257
Total Liabilities and Net Assets $705,071 $570,648
2015 2014

Revenue & Support
in Thousands

Unrestricted Temporarily
Restricted
Total
Total Revenue and Support $202,768
$176,263
$8,197
$3,726
$210,965
$179,989
Gains from mortgage banking activities $47,469
$32,693

$47,469
$32,693
Syndication and consulting fees $37,406
$38,590

$37,406
$38,590
Grants and contracts $30,036
$33,316
$3,653
$2,000
$33,689
$35,316
Contributions $1,154
$845
$23,620
$18,713
$24,774
$19,558
Asset management fees $22,457
$22,179

$22,457
$22,179
Sales of real estate $15,647
$4,163

$15,647
$4,163
Interest income $13,610
$10,812

$13,610
$10,812
Loan servicing fees $4,687
$3,233

$4,687
$3,233
Development and construction
management fees
$4,637
$6,283

$4,637
$6,283
Operating properties rents $1,240
$1,812

$1,240
$1,812
Investment income $44
$827
$(79)
$1,145
$(35)
$1,972
Other revenue $5,384
$3,378

$5,384
$3,378
Net assets released from restrictions $18,997
$18,132
$(18,997)
$(18,132)

Expenses
in Thousands

Unrestricted Temporarily Restricted Total
Total Expenses $186,137
$163,028

$186,137
$163,028
Program activities $157,808
$138,419

$157,808
$138,419
General and administrative $17,207
$8,881

$17,207
$8,881
Interest $7,069
$5,633

$7,069
$5,633
Fundraising $3,959
$2,449

$3,959
$2,449
Cost of real estate sold
(including impairment of
$0 and $1,145, respectively)
$3,685
$5,128

$3,685
$5,128
Operating properties activities $949
$1,594

$949
$1,594
Income tax (benefit) expense $(4,540)
$924

$(4,540)
$924

Net Assets
in Thousands

Unrestricted Temporarily Restricted Total
Changes in net assets $16,631
$13,235
$8,197
$3,726
$24,828
$16,961
Changes in net assets, attributable
to noncontrolling interest
$(3,221)
$(3,025)

$(3,221)
$(3,025)
Changes in net assets, attributable
to controlling interest
$13,410
$10,210
$8,197
$3,726
$21,607
$13,936

Unrestricted
in Thousands

Controlling Noncontrolling Total
Balance, December 31, 2013 $145,195  $12,975  $158,170
Distributions $(2,443)  $(2,443) 
Acquisition of Towle $672  $4,400  $5,072 
Change in net assets $10,210  $3,025  $13,235
Balance, December 31, 2014 $156,077  $17,957  $174,034
Distributions $(4,300)  $(4,300)
Contribution related to Spyglass –  $4,289 $4,289
Acquisition of Capital Advisors $734  $5,198  $5,932 
Change in net assets $13,410 $3,221 $16,631
Balance, December 31, 2015 $170,221  $26,365 $196,586

Temporarily Restricted
in Thousands

Program
Activities
Cullman
Challenge
Grant
Terwilliger
Fund
Total
Balance, December 31, 2013 $39,067 $13,122  $4,308 $56,497
Distributions
Acquisition of Towle – 
Change in net assets $3,211  $513  $2  $3,726 
Balance, December 31, 2014 $42,278  $13,635 $4,310  $60,223
Distributions
Contribution related to Spyglass
Acquisition of Capital Advisors
Change in net assets $8,948  $(753) $2 $8,197
Balance, December 31, 2015 $51,226  $12,882  $4,312   $68,420

Totals
in Thousands

Unrestricted Temporarily
Restricted
Consolidated
Net Assets
Balance, December 31, 2013 $158,170 $56,497 $214,667
Distributions $(2,443) $(2,443)
Acquisition of Towle $5,072 $5,072
Change in net assets $13,235 $3,726 $16,961
Balance, December 31, 2014 $174,034 $60,223 $234,257
Distributions $(4,300) $(4,300)
Contribution related to Spyglass $4,289 $4,289
Acquisition of Capital Advisors $5,932 $5,932
Change in net assets $16,631 $8,197 $24,828
Balance, December 31, 2015 $196,586 $68,420 $265,006
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