Freeport Housing Trust Inc
- Assets
- $8.3m
- Revenue
- $1.9m
- Investments
- $0.0
- Employees
- 1
- Location
- Freeport, ME
- Founding
- 07/1990
- Data as of
- 09/2022
- EIN
- 01-0449761
Organization Overview
Freeport Housing Trust Inc is located in Freeport, ME. The organization was established in 1990. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Freeport Housing Trust Inc 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 09/2022, Freeport Housing Trust Inc generated $1.9m in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 18.1% each year . All expenses for the organization totaled $1.1m during the year ending 09/2022. While expenses have increased by 11.8% 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
PROVIDE LOW-INCOME HOUSING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATION OF A 30 UNIT LOW-INCOME HOUSING PROJECT KNOWN AS VARNEY SQUARE.
OPERATION OF A 30 UNIT LOW-INCOME HOUSING PROJECT KNOWN AS VILLAGE VIEW.
OPERATION OF AN 18 UNIT LOW-INCOME HOUSING PROJECT KNOWN AS MAPLEWOOD TERRACE.
DEVELOPMENT AND MANAGEMENT OF VARIOUS LOW-INCOME HOUSING PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Matt Peters Executive Director | Officer | 30 | $79,919 |
Amy Cartmell Vice President | OfficerTrustee | 2 | $0 |
Chris Roney President | OfficerTrustee | 3 | $0 |
Thomas Whelan Treasurer | OfficerTrustee | 2 | $0 |
Thomas H Kelley Secretary & Clerk | OfficerTrustee | 2 | $0 |
Dr Jeffrey Stenzel Director | Trustee | 2 | $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 | $1,830,697 |
| Investment income | $48,043 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $14,626 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,893,366 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $16,000 |
| 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. | $79,919 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $485 |
| Payroll taxes | $4,530 |
| Fees for services: Management | $120,313 |
| Fees for services: Legal | $1,184 |
| Fees for services: Accounting | $22,663 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $862 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,551 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $91,876 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $205,541 |
| Insurance | $49,980 |
| All other expenses | $76,649 |
| Total functional expenses | $1,132,954 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $3,230,116 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,697 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $400,000 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $9,352 |
| Net Land, buildings, and equipment | $3,811,639 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $71,116 |
| Intangible assets | $0 |
| Other assets | $739,625 |
| Total assets | $8,269,545 |
| Accounts payable and accrued expenses | $59,747 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $3,671,450 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $83,976 |
| Total liabilities | $3,815,173 |
| Net assets without donor restrictions | $4,454,372 |
| 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 | $8,269,545 |
Grants Awarded
Over the last fiscal year, Freeport Housing Trust Inc has awarded $25,000 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
Freeport, ME PURPOSE: SCHOLARSHIP FUND | $15,000 |
WARDTOWN MOBILE HOME COOPERATIVE PURPOSE: improvements | $10,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Avesta Housing Management Corporation Portland, ME | $3,765,380 | $8,258,375 |
State Street Housing Preservation Corporation Portland, ME | $24,631,700 | $3,259,892 |
Monadnock Affordable Housing Corporation Keene, NH | $28,241,880 | $6,742,174 |
Affordable Housing Education And Development Inc Littleton, NH | $9,970,385 | $3,045,198 |
Bartlett Woods Inc Rockland, ME | $6,101,412 | $2,284,525 |
Housing Foundation Orono, ME | $3,133,048 | $2,829,758 |
Manchester Neighborhood Housing Services Inc Manchester, NH | $9,007,199 | $1,551,770 |
Laconia Area Community Land Trust Laconia, NH | $15,899,939 | $3,154,056 |
Bath Housing Development Corporation Bath, ME | $12,708,509 | $6,289,688 |
Housing Foundation Phase 1 & 2 Orono, ME | $5,226,993 | $1,967,341 |
Habitat For Humanity Of Greater Portland Inc Portland, ME | $4,759,457 | $2,582,640 |
Community Concepts Finance Corp Lewiston, ME | $13,201,299 | $1,637,763 |