Homeowners Rehab Inc
- Assets
- $114.0m
- Revenue
- $6.8m
- Investments
- $27.2m
- Employees
- 16
- Location
- Cambridge, MA
- Founding
- 12/1975
- Data as of
- 12/2021
- EIN
- 04-2519279
Organization Overview
Homeowners Rehab Inc is located in Cambridge, MA. The organization was established in 1975. According to its NTEE Classification (L80) the organization is classified as: Housing Support, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Homeowners Rehab Inc employed 16 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homeowners Rehab 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 12/2021, Homeowners Rehab Inc generated $6.8m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 4.3% each year. All expenses for the organization totaled $4.6m during the year ending 12/2021. While expenses have increased by 12.4% 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.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO MAKE LOW INTEREST LOANS TO LOW INCOME HOMEOWNERS FOR IMPROVEMENTS. DEVELOPMENT OF LOW INCOME HOUSING AND REHABING OLD HOUSING STOCK.
Describe the Organization's Program Activity:
Part 3 - Line 4a
AFFILIATE ACTIVITIES - TO ACQUIRE, RENOVATE, CONSTRUCT, DEVELOP, OWN,LEASE OR MANAGE LOW-INCOME OR MIXED-INCOME FAMILY HOUSING IN CAMBRIDGE,MASSACHUSETTS.
DEVELOPMENT AND OPERATING-HRI IS INVOLVED IN VARIOUS PROJECTS TO DEVELOP LOW INCOME HOUSING. HRI ALSO FACILITATES THE REHABILITATION OF OLD HOUSING STOCK.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Daly Executive Director | Officer | 35 | $250,578 |
John Kelley Previous Director Finance | Officer | 35 | $159,690 |
Louise Elving President | OfficerTrustee | 5 | $0 |
John Hixson Clerk | OfficerTrustee | 5 | $0 |
George Beal Treasurer | OfficerTrustee | 5 | $0 |
Vince O'donnell Vice President | OfficerTrustee | 5 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Star Construction Construction | 12/30/19 | $112,868 |
Nei General Contracting Construction | 12/30/19 | $745,100 |
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 | $5,942,674 |
| Investment income | $1,363,440 |
| 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 | $6,783,220 |
| 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. | $369,473 |
| Compensation of current officers, directors, key employees. | $35,417 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $868,762 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $273,124 |
| Payroll taxes | $96,369 |
| Fees for services: Management | $53,825 |
| Fees for services: Legal | $97,818 |
| Fees for services: Accounting | $142,221 |
| 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 | $70,230 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $147,175 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $1,455,613 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $330,695 |
| Insurance | $20,903 |
| All other expenses | $40,300 |
| Total functional expenses | $4,603,619 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $15,479,028 |
| Savings and temporary cash investments | $3,729,345 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,018,928 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $22,589,156 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $30,914 |
| Net Land, buildings, and equipment | $41,892,821 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $27,229,052 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $2,079,934 |
| Total assets | $114,049,178 |
| Accounts payable and accrued expenses | $635,729 |
| Grants payable | $0 |
| Deferred revenue | $1,823,330 |
| 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 | $53,807,815 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,142,502 |
| Total liabilities | $59,409,376 |
| Net assets without donor restrictions | $54,639,802 |
| 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 | $114,049,178 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Homeowners Rehab Inc has recieved totaling $28,500.
| Awarding Organization | Amount |
|---|---|
East Cambridge Savings Charitable Foundation Inc East Cambridge, MA PURPOSE: EXEMPT PURPOSE | $15,000 |
Cambridge Community Foundation Cambridge, MA PURPOSE: PROGRAM ASSISTANCE | $11,000 |
Cambridge Trust Charitable Found Fka Wellesley Bank Charitable Fdn Burlington, MA PURPOSE: EXEMPT PURPOSE | $2,500 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Womens Housing And Economic Development Corporation Bronx, NY | $29,527,353 | $27,859,543 |
Joint Ownership Entity New York City Corp New York, NY | $155,995,039 | $17,434,025 |
Breaking Ground Housing Development Fund Corporation New York, NY | $193,138,085 | $25,961,669 |
Highland Park Community Development Corporation Brooklyn, NY | $3,265,910 | $15,414,103 |
Centerboard Inc Lynn, MA | $21,186,335 | $15,673,773 |
Interstate I Affordable Housing Inc New York, NY | $783,725 | $8,991,908 |
Ascendant Neighborhood Development Corporation New York, NY | $39,528,943 | $4,446,577 |
Housing Works Services Inc Brooklyn, NY | $2,273,707 | $4,786,590 |
Willow Gardens Inc New Rochelle, NY | $20,661,774 | $5,354,577 |
United Residents In Academy Homes Ii Inc Roxbury, MA | $30,056,643 | $8,930,600 |
Pratt Area Community Council Inc Broooklyn, NY | $10,567,531 | $5,512,215 |
Homeowners Rehab Inc Cambridge, MA | $114,049,178 | $6,783,220 |