Avesta Housing Development Corporation
- Assets
- $77.3m
- Revenue
- $13.9m
- Investments
- $0.0
- Employees
- 57
- Location
- Portland, ME
- Founding
- 11/1976
- Data as of
- 12/2022
- EIN
- 01-0315296
Organization Overview
Avesta Housing Development Corporation is located in Portland, ME. The organization was established in 1976. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Avesta Housing Development Corporation employed 57 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Avesta Housing Development Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Avesta Housing Development Corporation generated $13.9m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $12.7m during the year ending 12/2022. While expenses have increased by 7.4% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
DEVELOPMENT AND MAINTENANCE OF LOW INCOME HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ALL EXPENSES RELATE TO DEVELOPMENT AND MAINTENANCE OF LOW INCOME ELDERLY HOUSING AND SECTION 8 EXISTING HOUSING RENTAL PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Tony Cipollone Director | Trustee | 1 | $0 |
Jonathan Culley Chair | Trustee | 1 | $0 |
Janice DE Lima Vice Chair | Trustee | 1 | $0 |
Kimberly Twitchell Director | Trustee | 1 | $0 |
Renee Fay-Leblanc MD Secretary | Trustee | 1 | $0 |
Lori Parham Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Firehouse Ventures Llc Construction | 12/30/22 | $711,658 |
Curtis Thaxter Llc Legal | 12/30/22 | $297,019 |
Harold M Brooks Construction | 12/30/22 | $118,000 |
Preti-flaherty Legal | 12/30/22 | $129,532 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $5,006,211 |
| All other contributions, gifts, grants, and similar amounts not included above | $685,263 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,691,474 |
| Total Program Service Revenue | $7,207,147 |
| Investment income | $139,915 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $883,087 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,921,623 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $901,015 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,548,869 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $692,362 |
| Payroll taxes | $292,730 |
| Fees for services: Management | $314,848 |
| Fees for services: Legal | $74,638 |
| Fees for services: Accounting | $159,160 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $102,616 |
| Office expenses | $0 |
| Information technology | $31,277 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $36,438 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,218,657 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,117,155 |
| Insurance | $150,735 |
| All other expenses | $1,400,858 |
| Total functional expenses | $12,679,009 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $4,938,662 |
| Savings and temporary cash investments | $3,426,193 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $260,327 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $169,718 |
| Net Land, buildings, and equipment | $25,663,399 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $42,886,127 |
| Total assets | $77,344,426 |
| Accounts payable and accrued expenses | $2,912,938 |
| Grants payable | $0 |
| Deferred revenue | $344,784 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $47,780,087 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,303,582 |
| Total liabilities | $52,341,391 |
| Net assets without donor restrictions | $25,003,035 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $77,344,426 |