Massachusetts Mortgage Bankers Association Inc
- Assets
- $1.1m
- Revenue
- $497.7k
- Investments
- $350.4k
- Employees
- 2
- Location
- Boston, MA
- Founding
- 10/1989
- Data as of
- 12/2021
- EIN
- 04-2605504
Organization Overview
Massachusetts Mortgage Bankers Association Inc is located in Boston, MA. The organization was established in 1989. According to its NTEE Classification (W01) the organization is classified as: Alliances & Advocacy, under the broad grouping of Public & Societal Benefit and related organizations. As of 12/2021, Massachusetts Mortgage Bankers Association Inc employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Massachusetts Mortgage Bankers Association Inc is a 501(c)(6) and as such, is described as a "Business League, Chambers of Commerce, or Real Estate Board" by the IRS.
For the year ending 12/2021, Massachusetts Mortgage Bankers Association Inc generated $497.7k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (4.9%) each year. All expenses for the organization totaled $595.6k during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (0.6%) per year over the past 7 years. 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 SPONSOR EDUCATIONAL SEMINARS RELATIVE TO THE MORTGAGE INDUSTRY AND TO ATTEMPT TO SOLVE MORTGAGE RELATED PROBLEMS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
TO SPONSOR EDUCATIONAL SEMINARS RELATIVE TO THE MORTGAGE INDUSTRY AND ATTEMPT TO SOLVE MORTGAGE REALTED PROBLEMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Deborah Sousa Executive Director | OfficerTrustee | 1 | $99,100 |
Ben Guimarra Secretary | OfficerTrustee | 1 | $0 |
Ryan Hayes Treasurer | OfficerTrustee | 1 | $0 |
Phil Tocci Chair | OfficerTrustee | 1 | $0 |
Dawn Dawson Director | Trustee | 1 | $0 |
Shane Bellevance Director | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $135,677 |
| 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 | $135,677 |
| Total Program Service Revenue | $354,298 |
| Investment income | $7,737 |
| 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 | $497,712 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,033 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $204,994 |
| 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 | $9,700 |
| Fees for services: Lobbying | $48,000 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $6,422 |
| Advertising and promotion | $0 |
| Office expenses | $24,441 |
| Information technology | $14,865 |
| Royalties | $0 |
| Occupancy | $27,576 |
| Travel | $13,226 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $208,101 |
| Interest | $10,900 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $11,940 |
| Insurance | $7,549 |
| All other expenses | $1,845 |
| Total functional expenses | $595,592 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $337,262 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,100 |
| 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 | $8,555 |
| Net Land, buildings, and equipment | $347,617 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $350,412 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,758 |
| Total assets | $1,052,704 |
| Accounts payable and accrued expenses | $110,707 |
| Grants payable | $0 |
| Deferred revenue | $68,775 |
| 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 | $240,109 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $419,591 |
| Net assets without donor restrictions | $633,113 |
| 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 | $1,052,704 |
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