The Housing Foundation
- Assets
- $2.7m
- Revenue
- $535.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Orono, ME
- Founding
- 09/1979
- Data as of
- 06/2022
- EIN
- 01-0367546
Organization Overview
The Housing Foundation is located in Orono, ME. The organization was established in 1979. 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. This organization is a subordinate organization within an affiliated group for tax-exemption purposes. Housing Foundation 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 06/2022, Housing Foundation generated $535.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 0.1% each year. All expenses for the organization totaled $613.0k during the year ending 06/2022. While expenses have increased by 0.6% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
HUD 223(F) LOW-INCOME HOUSING
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES LOW-INCOME HOUSING WITH A 24 UNIT FACILITY KNOWN AS DEER RUN APARTMENTS LOCATED IN DEER ISLE, MAINE AND A 16 UNIT FACILITY KNOWN AS BENJAMIN RIVER APARTMENTS LOCATED IN SEDGWICK, MAINE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Duska Hayman Executive Director | Officer | 1 | $5,154 |
Lynne Spooner Treasurer | Officer | 0.5 | $0 |
John Mccormack President | Officer | 0.5 | $0 |
Patti Kenny Secretary | Officer | 0.5 | $0 |
Elizabeth Bicknell Vice-President | Officer | 0.5 | $0 |
Judy Whitney Director | Trustee | 0.5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $528,739 |
| Investment income | $658 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $535,666 |
| 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. | $5,154 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $48,350 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $113,195 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $65,501 |
| Insurance | $0 |
| All other expenses | $28,188 |
| Total functional expenses | $612,994 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,118,095 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,194 |
| 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 | $2,377 |
| Net Land, buildings, and equipment | $371,637 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $195,602 |
| Other assets | $0 |
| Total assets | $2,690,905 |
| Accounts payable and accrued expenses | $62,986 |
| Grants payable | $0 |
| Deferred revenue | $574 |
| 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 | $3,025,423 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,630 |
| Total liabilities | $3,101,613 |
| Net assets without donor restrictions | -$410,708 |
| 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 | $2,690,905 |
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 |