FCHC 2023 Annual Report

FCHC Fiscal Year 2023 Annual Report

FCHC: A VIRGINIA COMMUNITY DEVELOPMENT CORPORATION (FCHC) began in the early 1980s when community leaders, trying to help a single mother remain in Falls Church, were struck by the absence of adequate housing options in the City. Inspired to take action, its founders became dedicated to creating and preserving further housing choices and resources

Our Mission FCHC’s mission is to preserve and increase service enriched affordable rental housing, serve unmet needs, and help to ensure that people of low to moderate income have housing they can afford.

RICHARD F. BURNS

THOMAS G. VACCARO

for people who could not otherwise afford to live, continue to live, or retire here. In 1981, FCHC was established as a not-for-profit, tax-exempt, 501(c)(3) corporation operating in the Commonwealth of Virginia. Forty-three years later, FCHC remains a vital part of the Falls Church community, offering seniors resident service-supported housing. In 2023, FCHC continued to provide bridge funding to help create and preserve more much-needed affordable housing. Richard F. Burns Thomas G. Vaccaro President, FCHC Executive Director & Chief Operating Officer, FCHC

330-B.S. Virginia Avenue, Suite 2 Falls Church, VA 22046 703.241.5402 • fchccdc.org

Financial Statement For the Year Ended December 31, 2023

FCHC: A Virginia Community Development Corporation is audited in accordance with accounting principles generally accepted in the United State of America (GAAP). The audit for the year ending December 31, 2023 was performed by Dixon Hughes Goodman LLP. The financial statements were found to present fairly, in all material respected, the financial position of Falls Church Housing Corporation and its subsidiaries as of December 31, 2023, and the results of operations and its cash flows for the year then ended.

REVENUES & GAINS 

ASSETS

Winter Hill Rental Income

$1,534,669

Cash & Cash Equivalents

$1,750,374

Interest Income Other Revenue

171,259 174,603

Account Receivable Grant Receivable

7,926

130,000 1,982,237 3,407,115 320,065

Note Receivable

Total Revenues & Gains 

$1,880,531

Fixed Assets Other Assets

EXPENSES & LOSSES

Total Assets

$7,597,717

Winter Hill Operations

$1,225,996

HQ

309,383 131,156 101,257

LIABILITIES

Depreciation & Amortization

Accounts Payable Short Term Liabilities Long Term Liabilities Tenant Security Deposits

$40,228 276,868 6,611,582

Program Expenses

Total Expenses & Losses 

$1,767,792

58,214

Excess (Deficiency) of Revenues Over Expenses

Total Liabilities

$6,986,892

$112,739

EQUITY

Net Assets / Restricted Net Assets / Unrestricted

$130,000 480,825

Total Equity

$610,825

Total Liabilities & Equity 

$7,597,717

EXPENSES

INCOME

Winter Hill Rental Income 82% Interest Income  9% Other Revenue 9%

Winter Hill Operations

69%

HQ 18% Depreciation & Amortization 7% Program Expenses 6%

330-B.S. Virginia Avenue, Suite 2 Falls Church, VA 22046 703.241.5402 • fchccdc.org

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