Bowdoin Apartments Corp
- Assets
- $14.0m
- Revenue
- $792.5k
- Investments
- $0.0
- Employees
- 0
- Location
- Malden, MA
- Founding
- 11/1968
- Data as of
- 09/2021
- EIN
- 04-2399546
Organization Overview
Bowdoin Apartments Corp is located in Malden, MA. The organization was established in 1968. 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 an independent organization and not affiliated with a larger national or regional group of organizations. Bowdoin Apartments Corp is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 09/2021, Bowdoin Apartments Corp generated $792.5k in total revenue. This organization has experienced exceptional growth, as over the past 6 years, it has increased revenue by an average of 17.1% each year . All expenses for the organization totaled $427.0k during the year ending 09/2021. While expenses have increased by 21.2% per year over the past 6 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.
Since 2017, Bowdoin Apartments Corp has awarded 68 individual grants totaling $1,210,000. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO SUPPORT AFFORDABLE HOUSING THROUGH BELOW MARKET RATE LOANS AND GRANTS AND FACILITATE TECHNICAL ASSISTANCE THROUGH THE DUE DILIGENCE PROCESS TO 501(C) ORGANIZATIONS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE PROGRAM SERVICE ACTIVITY IS THE SUPPORT OF RESIDENTIAL HOUSING IN TERMS OF LOANS AND COUNSELING. DURING THE YEAR ENDED SEPTEMBER 30, 2021, THE ORGANIZATION MADE LOW INTEREST PREDEVELOPMENT LOANS IN THE AMOUNT OF $690,000 AND ITS LOAN PORTFOLIO BALANCE AT SEPTEMBER 30, 2021 WAS $1,325,900. THE ORGANIZATION ALSO MADE 21 GRANTS TO OTHER 501(C) ORGANIZATIONS THAT HAVE SIMILAR PROGRAMS.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James C Miller President/director | OfficerTrustee | 2 | $2,500 |
John R Daly Jr Treasurer/director | OfficerTrustee | 2 | $2,500 |
Nigel A Moffett Clerk/director | OfficerTrustee | 2 | $2,500 |
Leonard Gruenfeld Director | Trustee | 2 | $2,500 |
Kenric A Prescott Director | Trustee | 2 | $1,500 |
J Lee Westrate Director | Trustee | 2 | $1,500 |
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 | $17,525 |
| Investment income | $239,426 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $535,539 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $792,490 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $288,500 |
| 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. | $14,000 |
| Compensation of current officers, directors, key employees. | $7,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| 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 | $4,875 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $85,418 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $1,316 |
| 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 | $30,637 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $1,917 |
| All other expenses | $0 |
| Total functional expenses | $427,025 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,797 |
| Savings and temporary cash investments | $462,215 |
| 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 | $1,325,900 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $11,870,443 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $328,427 |
| Total assets | $14,002,782 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $30,000 |
| 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 | $1,349,115 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $1,379,115 |
| Net assets without donor restrictions | $12,623,667 |
| 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 | $14,002,782 |
Grants Awarded
Over the last fiscal year, Bowdoin Apartments Corp has awarded $285,000 in support to 19 organizations.
| Grant Recipient | Amount |
|---|---|
Springfield, MA PURPOSE: PROGRAM SUPPORT | $15,000 |
MANSFIELD NONPROFIT HOUSING DEVELOPMENT CORPORATION PURPOSE: PROGRAM SUPPORT | $15,000 |
Laconia, NH PURPOSE: PROGRAM SUPPORT | $15,000 |
Plymouth, NH PURPOSE: PROGRAM SUPPORT | $15,000 |
Westford, MA PURPOSE: PROGRAM SUPPORT | $15,000 |
Boston, MA PURPOSE: PROGRAM SUPPORT | $15,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Community Builders Inc Boston, MA | $148,217,575 | $87,790,279 |
Doe Fund Inc New York, NY | $135,128,444 | $76,076,390 |
First Chinese Presbyterian Community Affairs Home Attendant C New York, NY | $26,741,134 | $40,973,137 |
Corporation For Supportive Housing New York, NY | $191,922,281 | $44,983,722 |
Harbor Homes Inc Nashua, NH | $29,802,318 | $34,009,669 |
Lantern Community Services Inc New York, NY | $8,603,902 | $30,172,757 |
Pathstone Corporation Rochester, NY | $88,645,469 | $21,347,590 |
Services For The Underserved Inc New York, NY | $8,662,192 | $15,624,121 |
Hudson River Housing Poughkeepsie, NY | $27,296,400 | $16,670,773 |
Division Housing Corporation Brooklyn, NY | $37,066,960 | $16,618,579 |
Cambridge Affordable Housing Corporation Cambridge, MA | $128,682,054 | $13,147,216 |
Boston Tremont Housing Development Fund Corporation New York, NY | $28,761,784 | $24,917,100 |