Consolidated Statement of Revenues & Expenses For the Year Ended December 31, 2023
PROPERTY OPERATIONS
RESIDENT SERVICES
& MANAGEMENT
CORPORATE
ELIMINATIONS
TOTAL
REVENUES & GAINS
Rental Income
$104,027,968
— —
—
$(66,667) (825,924) (2,776,948)
$103,961,301
Developer Fee Income Resident Services Fee
—
9,827,338
9,001,414
953,279
1,166,320
937,459
280,110
Gain On Sale of Properties Contribution Income /Grants
—
—
—
—
—
1,467,086 1,888,636 15,345,462 2,189,949
756,482
23,894,647 4,357,087 16,074,584 1,292,296
(12,354,975) (6,245,723) (12,400,136)
13,763,240
Financial Revenue Other Revenue Interest Income
— — —
—
19,019,910 3,482,245
—
Total Revenues & Gains
$125,872,380
$1,922,802
$56,383,411
$(34,670,373)
$149,508,220
EXPENSES & LOSSES
Salaries & Benefits
$15,123,078 16,840,994 44,236,043 3,920,830 10,235,835 8,566,598 5,126,563 2,882,376 3,618,858 3,892,656 9,087,212 30,611,743 1,710,393 8,657,247
$915,086
$12,559,708
— —
$28,597,872 16,840,994 41,009,136 5,435,165 10,235,835 8,768,360 5,126,563 4,345,915
Maintenance
— —
—
Interest Expense
1,879,045 1,149,528
$(5,105,952)
Management & Administration
431,474
(66,667)
Utilities
—
—
— — — —
Insurance
12,566
189,196
Real Estate Taxes Professional Fees
—
—
117,484
1,346,055
Property & Asset Management Fees
— — — — — —
—
(1,138,477)
2,480,381 7,440,420
Bad Debt Expense Contribution Expense
3,437,307 430,946
110,457
(9,401,179) (803,468)
116,979
Depreciation & Amortization Other Financial Expenses
16,305
29,824,580
—
—
1,710,393 377,384
Other Losses (Income) In Investment
2,387,066
(10,666,929)
In Housing Funds Discontinued Operations Resident Services Fees
— —
— —
—
—
— —
952,544 2,452,154
(952,544)
Excess of Expenses Over Revenues
3,630,501
963,729
—
7,046,384
Total Expenses & Losses
$168,140,927
$2,440,339
$26,799,854
$(28,024,759)
$169,356,361
Excess (Deficiency) of Revenues
$(42,268,547)
$(517,537)
$29,583,557
$(6,645,614)
$(19,848,141)
Over Expenses
6 THE NHP FOUNDATION | FISCAL YEAR 2023 ANNUAL REPORT
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