Sarasota Housing Funding Corporation
269 S. Osprey Avenue
#100
SARASOTA FL 34236-3423
Mission
Sarasota Housing Funding Corporation's mission is to expand the supply of affordable housing in Sarasota and advance the goals and mission of the Sarasota Housing Authority.
Leadership
CEO/Executive Director Mr. William O Russell III
Board Chair Mr. John Colon
Board Chair Affiliation Wells Fargo Investments
General Info
Supported Organization Sarasota Housing Authority
Tax Exempt Status Public Charity Type I Supporting Organization
Incorporation Year 2009
State Charitable Solicitations Permit Yes Oct 2018
State Registration 0
Financial Summary
 
 
IRS Letter of Determination
Name
SFHC Determination Letter 3.10.10View
Impact Statement
Accomplishments:
1. Increased the number of affordable housing rentals for low and very-low income families to 67 units.
2. Held a successful 6th Annual Shop with a Cop holiday shopping event with over 50 Sarasota Police officers who volunteered to take 100 kids from public housing shopping for gifts with donations to purchase Target gift cards. This event helps build mutual trust and respect and builds lasting relationships that will help the community.
 
 Goals:
1. Raise funds for and host 7th annual Shop with a Cop shopping event in December 2018.
2. Raise funds to support ongoing early childhood literacy efforts (Campaign for Grade-Level Reading) 
Needs Statement
  1. We have a need to raise $10,000 annually to purchase gift cards for our Shop with a Cop holiday event that pairs up Sarasota Police officers with children from public housing to break down misconceptions and build trust and key relationships.
Background Statement
SHFC is a non-profit that was created to support the Sarasota Housing Authority in advancing its' mission. SHFC has made tremendous progress in the past few years in acquiring/rehabbing/developing 67 units of affordable rental housing that are all leased to low and mostly very-low income families in Sarasota. SHFC has sponsored six (6) successful Shop with a Cop holiday shopping events with the Sarasota Police Department (SPD) to build more positive relations between SPD and families who reside in public housing.
Areas Served
Areas Served
Area
FL- Sarasota
Areas Served Comments While the housing authority houses families throughout Sarasota County and into Manatee, most of the physical apartments owned and managed by the housing authority and SHFC are in North Sarasota.
Service Categories
Primary Org Type Housing, Shelter
Secondary Org Type Community Improvement, Capacity Building
Tertiary Org Type Youth Development
Statement from the Board Chair/Board President
Statement from the CEO/Executive Director

The formation of the Sarasota Housing Funding Corp as a 501c3 affiliate of the Sarasota Housing Authority (SHA) was a major step in the entrepreneurial growth and vision of SHA. While SHA qualifies as a 501c1 non-profit, it is not eligible for the same funding sources as a 501c3. It is for that reason that SHA decided to create its first 501c3, the Sarasota Housing Funding Corp.

HUD has encouraged housing authorities to create non-profit affiliates to expand the potential funding sources needed to develop and expand the supply of affordable housing in their jurisdiction as well as to expand services for our residents.

SHFC has partnered with local government to develop 67 affordable apartments in Sarasota that are owned and managed by SHFC and leased to low and very-low income families.

SHFC aims to continue addressing local affordable housing challenges.

Programs
Description

Shop with a Cop pairs 100 local underprivileged children with local law enforcement to shop for holiday gifts at a local Target. The Sarasota Housing Authority, through donations, provides Sarasota Police officers with Target gift cards to purchase gifts for the kid(s) they shop with.

Budget $10,000
Category Philanthropy, Voluntarism & Grantmaking, General/Other Community Service
Program Linked to Organizational Strategy Yes
Population Served Children and Youth (0 - 19 years) Families
Short Term Success This program has run six successful years.
Long Term Success The Shop with a Cop event is an initiative designed to help build mutual trust and respect between law enforcement officials and children of families living in Sarasota Housing Authority communities. After six years, there is already evidence that officers and families have stronger relationships, trust and mutual respect.
Program Success Monitoring Query officers and families about the perceived impact of the event during and after the event.
Program Success Examples
  • Increase in funds raised from year to year in order to increase number of kids participating. 
  • Seeing children who know and recognize police officers the following year and vice-versa.
  • Knowing the children participating have gifts for the holiday season, feel appreciated and cared for, and now see local law enforcement as individuals who care about them personally. 
  • Seeing the number of SPD officers who show up each year to voluntarily shop with our kids.
  • Positive media coverage.
Description
Pathways to a Better Life is a 2 Generational program in conjunction with Sarasota Housing Authority to require residents to work or be in school full time while focusing on their children’s education and development in order to break the cycle of poverty.  PBL offers applicants a “super preference” to reach the top of our waiting list and thus secure an apartment for their family much faster than would otherwise be possible. In return, the applicants agree to be held accountable for being employed and/or in school on a full time basis as part of their plan to reach self-sufficiency.
 
The program is built on four pillars:
1. Belief in the ability of our residents;
2. The value of high expectations;
3. Taking ownership of and accountability for choices;
4. A two generational approach to propelling families out of poverty and breaking the generational cycle.
 
*Program Budget is for a social worker with benefits. 
Budget $50,000
Category Housing, General/Other Affordable Housing
Program Linked to Organizational Strategy Yes
Population Served Families Poor,Economically Disadvantaged,Indigent Unemployed, Underemployed, Dislocated
Short Term Success
Adults: Stable employment (adult family member(s), GED/post secondary education, professional certifications, life and financial skill development, financial asset building.
 
Children: Early childhood education (pre-school/VPK, consistent school attendance, after school programming, tutoring, case management.
Long Term Success
The single motivation for SHA proposing this pilot program is to partner with families for the express purpose of breaking the cycle of poverty and bringing about self-sufficiency. We believe families who are willing to work hard should have the opportunity to achieve a better life through being provided the benefit of public housing while they participate in this program. A focus on supporting children with a focus on education will be a strong component with the goal of our at-risk youth graduating from HS and have the opportunity to attend college and get out of low-income housing altogether.
Program Success Monitoring
Earned income
Savings/asset development
School attendance and grades (adults and kids)
Degrees earned 
Program Success Examples
This program is one year old. 
Description

 

The Sarasota Housing Authority’s After School Learning Center assists approximately 25 students with homework help and tutoring assistance.  There is a certified teacher available daily to coach students who have been identified by a teacher, staff or parent as needing additional help with reading skills.  Students also have access to computers and online educational software.

Budget $15,000
Category Education, General/Other Afterschool Enrichment
Program Linked to Organizational Strategy Yes
Population Served Children Only (5 - 14 years) K-12 (5-19 years)
Short Term Success

 

 

The students that attended the Learning Center during the 2015 -2016 school year saw an improvement in grades or maintained grades when consistently in attendance.

  • 54% of students made honor roll.
  • 27 of students showed an improvement or maintained GPA.
  • 88% of students had good attendance as and not labeled as chronically absent.
  • 50% of students that had attendance issues showed improvement during the second semester.

Long Term Success

SHA is dedicated in our efforts of eliminating the achievement gap for children growing up in public housing.  It is our hope that every child has the opportunity to perform on or above grade level.  SHA has aligned its efforts with the Campaign for Grade Level Reading and will highlight three key areas to address in order to eliminate the achievement gap:

  1. School readiness - SHA has an on-site VPK classroom serving 20 kids during the 2015 – 2016 school year. All students that were in attendance were Pre-K ready.
  2. Chronic absences - SHA monitors attendance data, identifies chronic absenteeism and attends the Alta Vista SWISS team meetings with school principle, social worker, teacher, parent and student to address the attendance and absenteeism of the student.
  3. Summer learning loss - Summer Enrichment Program students receive 2 hours per day in academic activities delivered by our certified teacher.  Book ’em Cops 'n Kids book giveaway events to coincide with National Summer Learning Day.  SHA partners with the Community Foundation of Sarasota and Sarasota Police Department to deliver books to children within our properties.

Program Success Monitoring

This past school year SHA was able to collect data from various sources that will be used to establish bench marks.  SHA will use those benchmarks to measure and track the following.

  • School attendance records - Every two weeks.
  • Report cards - Quarterly report cards are received from the schoolboard.
  • I-Ready scores - As they results are available.
  • SHA Learning Center attendance - Tracked daily.
  • 3rd Grade Reading Levels - Annually

Program Success Examples

Students that attended the Learning Center received many success throughout the year.

  • 100% of the students attending the intensive reading program showed an increase in reading skills and improved grades.
  • Students had an increase in FCAT and I-Ready Scores.
  • Increase in students receiving Renaissance (most improved awards).
  • Increase in the number of students with improved self-esteem and confidence.

CEO/Executive Director
CEO/Executive Director Mr. William O Russell III
CEO Term Start May 2005
CEO/Executive Director Email wrussell@sarasotahousing.org
Experience Currently serves as CEO for Sarasota Housing Authority with a $17 million annual budget and staff of 33 which provides housing subsidy for over 1,800 families. Took over a HUD-designated “troubled” agency at the beginning of a rare federal receivership and quickly transformed agency in to a high performer in all HUD-assessed aspects (98% overall). Led the troubled Section 8 voucher program from an assessment score of 39 to a perfect score of 100, culminating in the take-over of the county’s voucher program. SHA was honored by its 85 peer agencies in FL as the Most Outstanding Agency of the Year in 2013. Initiated and garnered broad coalition of local support for and now directing a major $100 million redevelopment of 288 distressed public housing units on 40 acres into a mixed-income community with over 550 units of housing. The first three phases totaling 225 apartments is fully occupied.
Former CEOs/Executive Directors
NameTerm
Senior Staff
NameTitle
Staff & Volunteer Statistics
Full Time Staff 0
Part Time Staff 0
Staff Retention Rate % N/A
Professional Development No
Contractors 0
Volunteers 7
Management Reports to Board Yes
CEO/Executive Director Formal Evaluation Yes
Senior Management Formal Evaluation N/A
Non-Management Formal Evaluation No
Collaborations

 

  1. 2-1-1
  2. All Faiths Food Bank
  3. Boys and Girls Club of Sarasota
  4. Brotherhood of Men
  5. CareerSource Suncoast
  6. Children First
  7. City of Sarasota
  8. Community Foundation of Sarasota County
  9. Department of Children and Families
  10. Early Learning Coalition Of Sarasota County
  11. Habitat for Humanity
  12. Iberia Bank
  13. Manasota Goodwill Industries
  14. Manatee Technical College
  15. Salvation Army
  16. Sarasota Chamber of Commerce
  17. Sarasota County Government
  18. Sarasota County Schools
  19. Sarasota County Sheriff Office
  20. Sarasota Technical College (STC)
  21. Sarasota Police Department
  22. SPARCC
  23. State College of Florida
  24. Suncoast Coalition to End Homelessness
  25. Suncoast Workforce Board
  26. Unitarian Universalist Church of Sarasota
  27. United Way Suncoast
  28. Women’s Resource Center
  29. YMCA

 

External Assessments and Accreditations
Assessment/AccreditationYear
Risk Management Provisions
Government Licenses
Organization Licensed by the Government No
Plans
Fundraising Plan No
Communication Plan No
Strategic Plan No
Strategic Plan Years 5
Strategic Plan Adopted Apr 2012
Management Succession Plan No
Continuity of Operations Plan No
Policies
Nondiscrimination Policy Yes
Whistle Blower Policy Yes
Document Destruction Policy Yes
Directors and Officers Insurance Policy No
Policies and Procedures No
Comments
Management Comments by Organization
There are no direct full or part time employees under the Sarasota Housing Funding Corporation (SHFC).  SHFC relies on and utilizes the staff of SHA under a Consulting and Shared Services Agreement and all staff are governed by SHA policy and procedure.  SHFC reimburses SHA monthly for staff time spent on SHFC business.
Other Documents
Other Document 2
Record Retention Policy
Board Chair
Board Chair Mr. John Colon
Company Affiliation Wells Fargo Investments
Board Term July 2017 to July 2018
Board Chair Email jcolon@sarasotahousing.org
Board Members
Board Members
NameAffiliation
Ms. Valerie Buchand Community Volunteer
Mr. John Colon Wells Fargo Advisors, LLC
Ms. Veavie DeLaughter Retired
Mr. G. Duane Finger Retired
Pastor Peter Greenidge Light of the World International Church
Mr. Jack Meredith Hoyt Architects
Mr. David Morgan DL Morgan & Associates
Constituency Includes Client Representation Yes
Board Ethnicity
African American/Black 4
Asian American/Pacific Islander 0
Caucasian 2
Hispanic/Latino 1
Native American/American Indian 0
Other 0 0
Board Gender
Male 5
Female 2
Unspecified 0
Governance
Board Term Lengths 4
Board Term Limits 99
Board Orientation Yes
Number of Full Board Meetings Annually 3
Board Meeting Attendance % 86
Board Self-Evaluation Yes
Written Board Selection Criteria Yes
Board Conflict of Interest Policy Yes
% of Board Making Monetary Contributions 71
% of Board Making In-Kind Contributions 14
Comments
Governance Comments by Organization The SHFC board normally meets 3-4 times a year or as needed. It is the same board as SHA, which meets 10 times per year, so it is an active board. The SHA Board is appointed by the (rotating) Mayor of Sarasota.
Fiscal Year Projections
Fiscal Year Start Month Apr
Fiscal Year Start Day 01
Fiscal Year Begins 2017
Fiscal Year End Month Mar
Fiscal Year End Day 31
Fiscal Year Ends 2018
Projected Revenue $734,241.00
Projected Expenses $587,107.00
Organization has Endowment No
Capital Campaign
Currently In a Capital Campaign No
Campaign Purpose
Campaign Goal
Campaign Dates 0 to 0
Amount Raised To Date 0 as of 0
IRS Form 990s
Historical Financial Review
Expense Allocation
Fiscal Year201720162015
Program Expense$636,551$569,897$669,815
Administration Expense$91,531$7,857$9,283
Fundraising Expense$0$0$0
Payments to Affiliates$0$0$0
Total Revenue/Total Expenses1.101.201.04
Program Expense/Total Expenses87%99%99%
Fundraising Expense/Contributed Revenue--0%0%
Assets and Liabilities
Fiscal Year201720162015
Total Assets$12,481,025$12,482,727$11,484,902
Current Assets$941,949$627,300$778,565
Long-Term Liabilities$11,329,012$11,414,058$11,019,767
Current Liabilities$640,658$629,564$142,385
Total Net Assets$511,355$439,105$322,750
Top Funding Sources
Fiscal Year201720162015
Top Funding Source & Dollar AmountNet Tenant Rental Revenue $775,991Net Tenant Rental Revenue $669,549Net Tenant Rental $627,224
Second Highest Funding Source & Dollar AmountTenant Revenue - Other $24,288Contributions, gifts, grants $16,173Other Income $42,790
Third Highest Funding Source & Dollar AmountInvestment Income $53Tenant Revenue - Other $7,989Contributions, gifts, grants $28,848
CEO/Executive Director Compensation N/A
Tax Credits No
Solvency
Short Term Solvency
Fiscal Year201720162015
Current Ratio: Current Assets/Current Liabilities1.471.005.47
Long Term Solvency
Fiscal Year201720162015
Long-Term Liabilities/Total Assets91%91%96%
Financials Comments
Financial Comments by Organization The audited financial statements are for the Sarasota Housing Authority. Sarasota Housing Funding Corporation information can be found on pages 29 - 31 of the report for 2014 and pages 28 - 30 for 2015.
Financial Comments by Foundation Financial information taken from Federal tax returns and audited financial statements, where available.  Contributions include foundation and corporate support.
Nonprofit Sarasota Housing Funding Corporation
Address 269 S. Osprey Avenue
#100
SARASOTA , FL 34236 3423
Phone 941 361-6210 221

THE COMMUNITY FOUNDATION OF SARASOTA COUNTY, INC. IS A REGISTERED 501(C)(3) NON-PROFIT CORPORATION. A COPY OF THE OFFICIAL REGISTRATION AND FINANCIAL INFORMATION MAY BE OBTAINED FROM THE DIVISION OF CONSUMER SERVICES BY CALLING TOLL-FREE WITHIN THE STATE (1-800-HELP-FLA) OR FROM THE WEBSITE: WWW.FRESHFROMFLORIDA.COM. REGISTRATION DOES NOT IMPLY ENDORSEMENT, APPROVAL, OR RECOMMENDATION BY THE STATE. ONE HUNDRED PERCENT (100%) OF EACH CONTRIBUTION IS RECEIVED BY THE COMMUNITY FOUNDATION OF SARASOTA COUNTY. REGISTRATION #SC-02471.