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EIN 87-4567668

Frankfort Area Community Land Trust

IRS 501(c) type
501(c)(3)
Num. employees
0
City
Frankfort
State
Michigan
Year formed
2021
Most recent tax filings
2023-12-01
NTEE code, primary
L80: Housing Support Services
Description
The Frankfort Area Community Land Trust engages in activities to provide attainable homes that remain accessible to local middle-income wage earners. In 2023, the FACLT constructed and conveyed two homes now occupied by members of the local workforce earning between 60 and 120% of the area median income for Benzie County, Michigan. Each home, appraised at $275,000, sold for $205,500 under a land trust model where purchasers acquire the improvements while the land trust retains ownership of the land through long-term ground leases.
Total revenues
$179,303
2023
Total expenses
$73,081
2023
Total assets
$308,412
2023
Num. employees
0
2023

Program areas at Frankfort Area Community Land Trust

In 2023, the Frankfort Area Community Land Trust constructed and closed on the sale of two attainable homes. The purchasers were from the local workforce, earning between 60 and 120% of the area median income for Benzie County, Michigan. The appraised value of each home was $275,00; and each was sold for $205,500. In a land trust model, these purchasers buy the improvements to the land while the land trust retains ownership of the land. Purchasers sign a long-term ground lease and pay nominal rent for the land.

Who funds Frankfort Area Community Land Trust

Grants from foundations and other nonprofits
GrantmakerDescriptionAmount
Herbert H and Barbara C Dow FoundationPurchase and Remodel Home for Low Income$100,000
Rotary Charities of Traverse CityAssets for Thriving Communities$50,000
Grand Traverse Regional Community FoundationHuman Services$10,885
...and 1 more grant received

Personnel at Frankfort Area Community Land Trust

NameTitleCompensation
Jay WhitePresident$0

Financials for Frankfort Area Community Land Trust

RevenuesFYE 12/2023
Total grants, contributions, etc.$235,830
Program services$0
Investment income and dividends$0
Tax-exempt bond proceeds$0
Royalty revenue$0
Net rental income$260
Net gain from sale of non-inventory assets$-56,787
Net income from fundraising events$0
Net income from gaming activities$0
Net income from sales of inventory$0
Miscellaneous revenues$0
Total revenues$179,303

Form 990s for Frankfort Area Community Land Trust

Fiscal year endingDate received by IRSFormPDF link
2023-122024-11-14990View PDF
Data update history
January 4, 2025
Received grants
Identified 3 new grant, including a grant for $50,000 from Rotary Charities of Traverse City
July 11, 2024
Received grants
Identified 1 new grant, including a grant for $100,000 from Herbert H and Barbara C Dow Foundation
January 22, 2024
Updated personnel
Identified 1 new personnel
January 1, 2024
Posted financials
Added Form 990N for fiscal year 2022
Nonprofit Types
Social advocacy organizationsHousing and shelter organizationsCharities
Issues
Human servicesHousing
Characteristics
Partially liquidatedTax deductible donationsNo full-time employeesAccepts online donations
General information
Address
PO Box 254
Frankfort, MI 49635
County
Benzie County, MI
Website URL
frankfortlandtrust.org/ 
Phone
(734) 558-1923
IRS details
EIN
87-4567668
Fiscal year end
December
Taxreturn type
Form 990
Year formed
2021
Eligible to receive tax-deductible contributions (Pub 78)
Yes
Categorization
NTEE code, primary
L80: Housing Support Services
NAICS code, primary
813312: Environment, Conservation, and Wildlife Organizations
Parent/child status
Independent
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