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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