Avesta Housing Development Corporation
- Assets
- $69.4m
- Revenue
- $13.1m
- Investments
- $0.0
- Employees
- 55
- Location
- Portland, ME
- Founding
- 11/1976
- Data as of
- 12/2021
- 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 12/2021, Avesta Housing Development Corporation employed 55 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 12/2021, Avesta Housing Development Corporation generated $13.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.0% each year. All expenses for the organization totaled $10.4m during the year ending 12/2021. While expenses have increased by 5.4% per year over the past 7 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
2021
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 |
|---|---|---|---|
Dana Totman Chief Executive Officer | Officer | 1 | $230,571 |
Eric Boucher Chief Financial Officer | Officer | 1 | $167,506 |
Katy Smith VP Of Senior Living | Officer | 1 | $146,150 |
Rebecca Hatfield Senior VP Of Real Estate | Officer | 1 | $137,940 |
Kim Farrar VP Of Strategic Initiative | Officer | 1 | $133,527 |
Tony Cipollone Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Curtis Thaxter Llc Legal | 12/30/20 | $258,605 |
Orix Real Estate Capital Finance | 12/30/20 | $142,277 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $4,223,242 |
| All other contributions, gifts, grants, and similar amounts not included above | $1,335,233 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $5,558,475 |
| Total Program Service Revenue | $6,458,804 |
| Investment income | $229,427 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $868,167 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,114,873 |
| 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. | $815,694 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,956,087 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $621,457 |
| Payroll taxes | $251,073 |
| Fees for services: Management | $282,854 |
| Fees for services: Legal | $37,193 |
| Fees for services: Accounting | $126,641 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $51,395 |
| Office expenses | $0 |
| Information technology | $28,439 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $21,531 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,117,260 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,015,522 |
| Insurance | $124,812 |
| All other expenses | $736,537 |
| Total functional expenses | $10,368,140 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $6,102,743 |
| Savings and temporary cash investments | $3,019,241 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $539,304 |
| 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 | $154,413 |
| Net Land, buildings, and equipment | $22,108,435 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $37,487,459 |
| Total assets | $69,411,595 |
| Accounts payable and accrued expenses | $1,883,237 |
| Grants payable | $0 |
| Deferred revenue | $347,427 |
| 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 | $43,130,317 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,118,995 |
| Total liabilities | $46,479,976 |
| Net assets without donor restrictions | $22,931,619 |
| 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 | $69,411,595 |
Grants Recieved
Over the last fiscal year, we have identified 10 grants that Avesta Housing Development Corporation has recieved totaling $430,708.
| Awarding Organization | Amount |
|---|---|
John T Gorman Foundation Portland, ME PURPOSE: $125,000 FOR THE SILVER HEARTH FUND; $20,000 TO SUPPORT THE MAINE AFFORDABLE HOUSING COALITION | $145,000 |
United Way Inc Portland, ME PURPOSE: Community Investment, Donor Designations | $78,420 |
Five Together Foundation Tr Philadelphia, PA PURPOSE: TO FURTHER THE EXEMPT PURPOSE OF THE RECEIPIENT | $75,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $30,000 |
Kennebunk Savings Bank Foundation Kennebunk, ME PURPOSE: SILVER HEARTH FUND CAPITAL CAMPAIGN | $25,000 |
Kennebunk Savings Bank Foundation Kennebunk, ME PURPOSE: SILVER HEARTH FUND CAMPITAL CAMPAIGN | $25,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Harbor Homes Inc Nashua, NH | $29,802,318 | $34,009,669 |
Coastal Enterprises Inc Brunswick, ME | $100,877,671 | $43,453,136 |
New Communities Inc Westbrook, ME | $21,168,953 | $23,774,102 |
Avesta Housing Development Corporation Portland, ME | $69,411,595 | $13,114,873 |
Fit-Nhnh Inc Manchester, NH | $20,051,648 | $10,413,245 |
Housing Benefits Manchester, NH | $19,848,686 | $2,975,053 |
Community Housing Of Maine Inc Portland, ME | $35,247,004 | $3,832,747 |
Village Square Housing Corporation Portland, ME | $5,696,859 | $2,944,780 |
Diocesan Bureau Of Housing Deering Pavilion Portland, ME | $10,086,881 | $2,452,298 |
United States Catholic Conference Portland, ME | $5,797,365 | $1,499,768 |
Rural Housing For The Elderly Manchester, NH | $3,090,190 | $1,063,291 |
Berry Park Housing Corporation Portland, ME | $4,394,655 | $939,723 |