Homeowners Options For Massachusetts Elders Inc
- Assets
- $174.1k
- Revenue
- $262.2k
- Investments
- $0.0
- Employees
- 5
- Location
- Lowell, MA
- Founding
- 07/1987
- Data as of
- 06/2021
- EIN
- 04-2931627
Organization Overview
Homeowners Options For Massachusetts Elders Inc is located in Lowell, MA. The organization was established in 1987. 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 06/2021, Homeowners Options For Massachusetts Elders Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Homeowners Options For Massachusetts Elders 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 06/2021, Homeowners Options For Massachusetts Elders Inc generated $262.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (4.9%) each year. All expenses for the organization totaled $216.5k during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (3.9%) per year over the past 6 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
PROVIDING COUNSELING ON FINANCIAL HOUSING AND RESOURCE OPTIONS TO NEEDY ELDERS IN MASSACHUSETTS WHO WISH TO PROTECT THE EQUITY IN THEIR HOMES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION PROVIDES COUNSELING ON FINANCIAL, HOUSING, AND RESOURCE OPTIONS AVAILABLE TO NEEDY ELDERS IN MASSACHUSETTS WHO WISH TO PROTECT THE EQUITY IN THEIR HOMES.
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PDF Copies of 990 Filings
Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Leonard F Raymond Executive Director | Officer | 40 | $76,109 |
David Anderson Vice President | OfficerTrustee | 1 | $0 |
Don Frost Clerk | OfficerTrustee | 1 | $0 |
Jon Auger President | OfficerTrustee | 1 | $0 |
Carl Allen Jr Treasurer | OfficerTrustee | 1 | $0 |
Andrew Calamare Trustee | Trustee | 1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $119,454 |
| All other contributions, gifts, grants, and similar amounts not included above | $142,535 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $261,989 |
| Total Program Service Revenue | $126 |
| Investment income | $59 |
| 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 | $262,174 |
| 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. | $60,000 |
| Compensation of current officers, directors, key employees. | $12,600 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $75,265 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $16,108 |
| Payroll taxes | $12,693 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| 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 | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $8,081 |
| Travel | $8 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,018 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $2,154 |
| Insurance | $10,270 |
| All other expenses | $3,699 |
| Total functional expenses | $216,507 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $163,039 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $4,000 |
| 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 | $1,765 |
| Net Land, buildings, and equipment | $5,263 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $174,067 |
| Accounts payable and accrued expenses | $1,408 |
| Grants payable | $0 |
| Deferred revenue | $6,301 |
| 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 | $70,356 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $7,730 |
| Total liabilities | $85,795 |
| Net assets without donor restrictions | $88,272 |
| 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 | $174,067 |
Grants Recieved
Over the last fiscal year, we have identified 3 grants that Homeowners Options For Massachusetts Elders Inc has recieved totaling $25,055.
| Awarding Organization | Amount |
|---|---|
The Swan Society In Boston Inc Boston, MA PURPOSE: ASSISTING LOW AND MIDDLE INCOME ELDER INDIVIDUALS SO THEY CAN "AGE IN PLACE" | $25,000 |
Bank Of America Charitable Foundation Inc Charlotte, NC PURPOSE: OPERATIONAL SUPPORT | $50 |
Amazonsmile Foundation Seattle, WA PURPOSE: GENERAL SUPPORT | $5 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Aspire Of Western New York Inc Getzville, NY | $37,144,710 | $73,972,719 |
Neighborhood Assistance Corporation Of America Boston, MA | $267,784,866 | $49,655,624 |
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 |