Marsh Island Corporation
- Assets
- $948.5k
- Revenue
- $53.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Old Town, ME
- Founding
- 12/1998
- Data as of
- 03/2021
- EIN
- 04-3379136
Organization Overview
Marsh Island Corporation is located in Old Town, ME. The organization was established in 1998. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, 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. Marsh Island 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 03/2021, Marsh Island Corporation generated $53.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 52.6% each year . All expenses for the organization totaled $33.6k during the year ending 03/2021. While expenses have increased by 18.1% 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO DEVELOP, OWN AND MANAGE SUBSIDIZED RESIDENTIAL HOUSING FOR QUALIFIED LOW INCOME, ELDERLY OR DISABLED INDIVIDUALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SUBSIDIZED HOUSING FOR LOW INCOME, ELDERLY OR DISABLED PERSONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Margaret Comeau Chairman | OfficerTrustee | 5 | $0 |
Betty Smart Vice Chairman | OfficerTrustee | 5 | $0 |
Laurie Miller Treasurer/secretary | OfficerTrustee | 5 | $0 |
Dennis Whitmore Director | Trustee | 5 | $0 |
Robert Stanley Director | Trustee | 5 | $0 |
Susan Randall Director | Trustee | 5 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $50,000 |
| Investment income | $3,816 |
| 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 | $53,816 |
| Statement of Expenses | |
|---|---|
| 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 to disqualified persons | $0 |
| Other salaries and wages | $0 |
| 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 | $1,000 |
| 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 | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $891 |
| All other expenses | $0 |
| Total functional expenses | $33,550 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $32,094 |
| Savings and temporary cash investments | $362,832 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $553,581 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $948,507 |
| Accounts payable and accrued expenses | $2,000 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $2,000 |
| Net assets without donor restrictions | $0 |
| 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 |
| Total liabilities and net assets/fund balances | $946,507 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Fit-Nhnh Inc Manchester, NH | $20,051,648 | $10,413,245 |
Housing Benefits Manchester, NH | $19,848,686 | $2,975,053 |
Community Housing Of Maine Inc Portland, ME | $35,247,004 | $3,832,747 |
Village Square Housing Corporation Portland, ME | $5,696,859 | $2,944,780 |
Diocesan Bureau Of Housing Deering Pavilion Portland, ME | $10,086,881 | $2,452,298 |
United States Catholic Conference Portland, ME | $5,797,365 | $1,499,768 |
Rural Housing For The Elderly Manchester, NH | $3,090,190 | $1,063,291 |
Berry Park Housing Corporation Portland, ME | $4,394,655 | $939,723 |
Northern Lights Housing Corp Littleton, NH | $1,590,776 | $753,630 |
Stella Maris Housing Development Corp Rockland, ME | $1,538,930 | $636,464 |
Emc Affordable Housing Preservation Westbrook, ME | $1,783,460 | $692,643 |
The Housing Foundation Orono, ME | $2,690,905 | $535,666 |