Friends Development Corporation
- Assets
- $1.0m
- Revenue
- $250.7k
- Investments
- $0.0
- Employees
- 0
- Location
- Boston, MA
- Founding
- 08/1990
- Data as of
- 06/2022
- EIN
- 04-3075898
Organization Overview
Friends Development Corporation is located in Boston, MA. The organization was established in 1990. According to its NTEE Classification (L25) the organization is classified as: Housing Rehabilitation, 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. Friends Development Corporation 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 06/2022, Friends Development Corporation generated $250.7k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 5.3% each year. All expenses for the organization totaled $229.5k during the year ending 06/2022. While expenses have increased by 2.4% per year over the past 7 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
STATEMENT 1 AT SCHEDULE O
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION OPERATES THREE TRANSITIONAL HOMES FOR FORMERLY HOMELESS INDIVIDUALS WITH A TOTAL OF 21 UNITS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
John E Rosenthal President And Director | OfficerTrustee | 5 | $0 |
Brett Larson Treasurer And Director | OfficerTrustee | 2 | $0 |
Mariann Bucina Roca Clerk | Officer | 5 | $0 |
James Dailey Jr Director | Trustee | 1 | $0 |
Sara Burns Director | Trustee | 1 | $0 |
David Crowley Jr ESQ Director | Trustee | 1 | $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 | $90,668 |
| Noncash contributions included in lines 1a–1f | $26,616 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $90,668 |
| Total Program Service Revenue | $126,770 |
| Investment income | $9 |
| 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 | $250,677 |
| 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 | $7,265 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $13,107 |
| Fees for services: Legal | $668 |
| Fees for services: Accounting | $8,100 |
| 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 | $10,726 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,182 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $54,265 |
| Insurance | $15,352 |
| All other expenses | $0 |
| Total functional expenses | $229,482 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $33,230 |
| Savings and temporary cash investments | $51,705 |
| Pledges and grants receivable | $10,351 |
| Accounts receivable, net | $54,425 |
| 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 | $462 |
| Net Land, buildings, and equipment | $875,013 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $10,118 |
| Total assets | $1,035,304 |
| 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 | $994,530 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $994,530 |
| Net assets without donor restrictions | $40,774 |
| 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 | $1,035,304 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Friends Development Corporation has recieved totaling $89,868.
| Awarding Organization | Amount |
|---|---|
Friends Of Boston Homeless Inc Beverly, MA PURPOSE: OPERATING COSTS OF GROUP HOMES - HOME START FUNDS - $63,252; CAPITAL IMPROVEMENTS - $ 26,616 | $89,868 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Praxis Housing Initiatives Inc New York, NY | $17,550,749 | $43,469,449 |
Home Headquarters Inc Syracuse, NY | $61,706,462 | $11,933,384 |
Depaul Properties Inc Rochester, NY | $60,046,501 | $8,018,697 |
Center Communities Of Brookline Inc Boston, MA | $21,612,727 | $5,843,127 |
Hrca Brookline Housing 1550 Beacon Plaza Boston, MA | $18,498,571 | $4,652,823 |
North Shore Community Development Coalition Inc Salem, MA | $17,290,346 | $6,893,056 |
Troy Rehabilitation And Improvement Program Inc Troy, NY | $4,527,116 | $4,140,655 |
Opportunity Headquarters Inc Syracuse, NY | $931,819 | $3,257,864 |
Rebuilding Together-Saratoga County Ballston Spa, NY | $1,364,946 | $2,773,949 |
Mutual Housing Association Of Southwestern Connecticut Inc Trumbull, CT | $16,772,020 | $2,661,661 |
Neighborhood Housing Services Of Rochester Inc Rochester, NY | $8,905,786 | $3,020,780 |
Albany County Land Bank Corporation Albany, NY | $10,389,467 | $1,512,121 |