Island Elderly Housing Inc
- Assets
- $3.5m
- Revenue
- $1.2m
- Investments
- $0.0
- Employees
- 18
- Location
- Vineyard Haven, MA
- Founding
- 05/1979
- Data as of
- 08/2023
- EIN
- 04-2638453
Organization Overview
Island Elderly Housing Inc is located in Vineyard Haven, MA. The organization was established in 1979. 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 08/2023, Island Elderly Housing Inc employed 18 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Island Elderly Housing 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 08/2023, Island Elderly Housing Inc generated $1.2m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 3.5% each year. All expenses for the organization totaled $1.0m during the year ending 08/2023. While expenses have increased by 1.8% 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 AFFORDABLE HOUSING FOR THE ELDERLY AND DISABLED
Describe the Organization's Program Activity:
Part 3 - Line 4a
AFFORDABLE HOUSING FOR THE ELDERLY AND DISABLED
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Simone Desorcy President | Trustee | 2 | $0 |
William Lytle Director | Trustee | 2 | $0 |
Robert Edmunds Treasurer | Trustee | 2 | $0 |
Cole Powers Director | Trustee | 2 | $0 |
Jemima James Clerk | Trustee | 2 | $0 |
Theresa C Morrison VP | Trustee | 2 | $0 |
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 | $98,605 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $98,605 |
| Total Program Service Revenue | $778,360 |
| Investment income | $8,886 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $76,461 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,196,618 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $340,245 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $106,059 |
| Payroll taxes | $27,773 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,579 |
| Fees for services: Accounting | $5,500 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $2,308 |
| Office expenses | $40,267 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $2,400 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $128,168 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $86,098 |
| Insurance | $67,859 |
| All other expenses | $3,153 |
| Total functional expenses | $1,040,599 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,108,096 |
| Savings and temporary cash investments | $109,761 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,162 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $439,958 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $203,016 |
| Net Land, buildings, and equipment | $1,596,611 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $28,989 |
| Total assets | $3,489,593 |
| Accounts payable and accrued expenses | $543,795 |
| 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 | $2,301,401 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $28,943 |
| Total liabilities | $2,874,139 |
| Net assets without donor restrictions | $615,454 |
| 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 | $3,489,593 |