Havenside Corporation
- Assets
- $3.2m
- Revenue
- $450.3k
- Investments
- $0.0
- Employees
- 1
- Location
- Vineyard Haven, MA
- Founding
- 10/1991
- Data as of
- 12/2021
- EIN
- 04-3117050
Organization Overview
Havenside Corporation is located in Vineyard Haven, MA. The organization was established in 1991. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Havenside 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 12/2021, Havenside Corporation generated $450.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $358.7k during the year ending 12/2021. 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 PROVIDE AFFORDABLE HOUSING FOR SENIORS ON THE ISLAND OF MARTHA'S VINEYARD. THE ORGANIZATION HAS TWENTY-NINE RENTAL UNITS IN FOUR BUILDINGS THAT ARE AVAILABLE TO QUALIFIED SENIORS AT BELOW MARKET RATE RENT.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HAVENSIDE CORPORATION PROVIDES APARTMENTS AVAILABLE FOR RENT TO ELDERLY RESIDENTS OF MARTHA'S VINEYARD. THESE APARTMENTS HAVE RENT AT OR BELOW COST FOR THE AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Beth Welch President | OfficerTrustee | 10 | $0 |
Rev Stephen Harding Clerk | OfficerTrustee | 2 | $0 |
Carl Malmquist Treasurer | OfficerTrustee | 2 | $0 |
Glenn Alberich Vice President | OfficerTrustee | 2 | $0 |
Bebee Greene Director | Trustee | 2 | $0 |
Elizabeth Rawlins Director | 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 | $325 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $325 |
| Total Program Service Revenue | $319,809 |
| Investment income | $130,159 |
| 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 | $450,293 |
| 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 | $67,500 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $43,748 |
| Payroll taxes | $5,266 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $8,328 |
| 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 | $5,072 |
| 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 | $7,581 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $56,092 |
| Insurance | $16,556 |
| All other expenses | $1,852 |
| Total functional expenses | $358,723 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $23,205 |
| Savings and temporary cash investments | $1,925,498 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $17,627 |
| 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 | $8,989 |
| Net Land, buildings, and equipment | $1,250,891 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,226,210 |
| Accounts payable and accrued expenses | $21,167 |
| 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 | $131,919 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $5,206 |
| Total liabilities | $158,292 |
| Net assets without donor restrictions | $3,067,918 |
| 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 | $3,226,210 |
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