Franklin Homestead Inc
- Assets
- $1.7m
- Revenue
- $897.0k
- Investments
- $545.2k
- Employees
- 20
- Location
- Franklin, VT
- Founding
- 01/1992
- Data as of
- 12/2023
- EIN
- 03-0323491
Organization Overview
Franklin Homestead Inc is located in Franklin, VT. The organization was established in 1992. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Franklin Homestead Inc employed 20 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Franklin Homestead 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 12/2023, Franklin Homestead Inc generated $897.0k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.2% each year . All expenses for the organization totaled $690.5k during the year ending 12/2023. While expenses have increased by 3.2% 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE AND PROMOTE AFFORDABLE, SAFE AND CONVENIENT HOUSING FOR CITIZENS FIFTY-FIVE AND OVER.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO PROVIDE AFFORDABLE SENIOR HOUSING
Get More from Intellispect for FreeCreate a free account to get more data, nonprofit salaries, advanced search and more.
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Jay Hartman President | OfficerTrustee | 1 | $0 |
Vera Lynn Gates Vice President (end 8/23) | OfficerTrustee | 1 | $0 |
Patricia Whittemore Vice President (start 8/23) | OfficerTrustee | 1 | $0 |
Jean Richard Treasurer | OfficerTrustee | 20 | $17,444 |
Mary B Larose Secretary | OfficerTrustee | 1 | $0 |
John Cote Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $204,600 |
| All other contributions, gifts, grants, and similar amounts not included above | $44,043 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $248,643 |
| Total Program Service Revenue | $630,939 |
| Investment income | $12,686 |
| 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 | $897,035 |
| 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. | $80,840 |
| Compensation of current officers, directors, key employees. | $17,478 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $226,198 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,500 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,915 |
| 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 | $20,084 |
| 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 | $6,082 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $68,516 |
| Insurance | $32,967 |
| All other expenses | $0 |
| Total functional expenses | $690,521 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $40,448 |
| Savings and temporary cash investments | $81,070 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| 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 | $9,462 |
| Net Land, buildings, and equipment | $1,052,883 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $545,247 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $1,729,110 |
| Accounts payable and accrued expenses | $9,321 |
| 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 | $757,730 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $38,038 |
| Total liabilities | $805,089 |
| Net assets without donor restrictions | $906,140 |
| Net assets with donor restrictions | $17,881 |
| 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 | $1,729,110 |