Bowdoin Apartments Corp
- Assets
- $11.9m
- Revenue
- $733.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Malden, MA
- Founding
- 11/1968
- Data as of
- 09/2023
- 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 09/2023, Bowdoin Apartments Corp generated $733.7k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 11.5% each year . All expenses for the organization totaled $589.5k during the year ending 09/2023. While expenses have increased by 20.3% 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.
Since 2017, Bowdoin Apartments Corp has awarded 102 individual grants totaling $1,970,000. 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
2023
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 AFFORDABLE RESIDENTIAL HOUSING IN TERMS OF BELOW MARKET RATE LOANS, GRANTS, AND COUNSELING. THE ORGANIZATION'S LOAN PORTFOLIO BALANCE AT SEPTEMBER 30, 2023 WAS $1,040,000. THE ORGANIZATION ALSO MADE 16 GRANTS TO OTHER 501(C)(3) ORGANIZATIONS THAT HAVE SIMILAR PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James C Miller President/director | OfficerTrustee | 2 | $3,000 |
John R Daly Jr Treasurer/director | OfficerTrustee | 2 | $3,000 |
Nigel A Moffett Clerk/director | OfficerTrustee | 2 | $3,000 |
Leonard Gruenfeld Director | Trustee | 2 | $3,000 |
Raymond O Anderson Director | Trustee | 2 | $2,000 |
Kenric A Prescott Director | Trustee | 2 | $2,000 |
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 | $113,278 |
| Investment income | $296,449 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $323,950 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $733,677 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $380,500 |
| 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. | $16,000 |
| Compensation of current officers, directors, key employees. | $8,000 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $4,000 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $306 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $2,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $78,199 |
| Fees for services: Other | $7,500 |
| Advertising and promotion | $0 |
| Office expenses | $480 |
| Information technology | $1,910 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $2,874 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $11,417 |
| Interest | $81,080 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,210 |
| All other expenses | $0 |
| Total functional expenses | $589,485 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $123,329 |
| Savings and temporary cash investments | $279,877 |
| 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 | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $10,199,099 |
| Investments—other securities | $0 |
| Investments—program-related | $1,040,000 |
| Intangible assets | $0 |
| Other assets | $299,129 |
| Total assets | $11,941,434 |
| Accounts payable and accrued expenses | $0 |
| 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 | $940,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $940,000 |
| Net assets without donor restrictions | $11,001,434 |
| 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 | $11,941,434 |
Grants Awarded
Over the last fiscal year, Bowdoin Apartments Corp has awarded $375,000 in support to 14 organizations.
| Grant Recipient | Amount |
|---|---|
HABITAT FOR HUMANITY GREATER BOSTON INC PURPOSE: PROGRAM SUPPORT | $25,000 |
HABITAT FOR HUMANITY NORTH CENTRAL MASSACHUSETTS INC PURPOSE: PROGRAM SUPPORT | $25,000 |
ALLSTON BRIGHTON COMMUNITY DEVELOPMENT CORPORATION INC PURPOSE: PROGRAM SUPPORT | $50,000 |
VET'S REST STOP INC PURPOSE: PROGRAM SUPPORT | $25,000 |
PEMI VALLEY HABITAT FOR HUMANITY PURPOSE: PROGRAM SUPPORT | $25,000 |
HABITAT FOR HUMANITY OF GREATER LOWELL PURPOSE: PROGRAM SUPPORT | $25,000 |