Massdevelopment Hefa Trust
- Assets
- $8.9m
- Revenue
- $807.8k
- Investments
- $0.0
- Employees
- 0
- Location
- Boston, MA
- Founding
- 11/1997
- Data as of
- 06/2022
- EIN
- 04-3379905
Organization Overview
Massdevelopment Hefa Trust is located in Boston, MA. The organization was established in 1997. According to its NTEE Classification (T30) the organization is classified as: Public Foundations, under the broad grouping of Philanthropy, Voluntarism & Grantmaking Foundations and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Massdevelopment Hefa Trust 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, Massdevelopment Hefa Trust generated $807.8k in total revenue. This organization has experienced exceptional growth, as over the past 7 years, it has increased revenue by an average of 24.8% each year . All expenses for the organization totaled $1.1m during the year ending 06/2022. While expenses have increased by 9.7% 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.
Since 2015, Massdevelopment Hefa Trust has awarded 89 individual grants totaling $4,164,477. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
THE TRUST MAY PROVIDE FUNDS (I) FOR THE BENEFIT OF MASSACHUSETTS DEVELOPMENT FINANCE AGENCY (MASSDEVELOPMENT), A QUASI-PUBLIC ENTITY, TO REDUCE CHARGES THAT IT OTHERWISE WOULD IMPOSE ON CERTAIN INSTITUTIONS USING ITS SERVICES AND (II) FOR THE BENEFIT OF CERTAIN CHARITABLE ORGANIZATIONS AND GOVERNMENTAL ENTITIES THAT THE FORMER MASSACHUSETTS HEALTH AND EDUCATIONAL FACILITIES AUTHORITY, PRIOR TO ITS MERGER BY LAW INTO MASSDEVELOPMENT, WAS AUTHORIZED BY STATUTE TO ASSIST.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DURING THE YEAR, A TOTAL OF 5 GRANTS WERE AWARDED THROUGH THE COMMUNITY HEALTH CENTER GRANT PROGRAM. THE PROGRAM PROVIDES GRANTS OF UP TO $50,000 TO COMMUNITY HEALTH CENTERS FOR INFRASTRUCTURE PROJECTS, WHICH INCLUDE CONSTRUCTION, RENOVATION, EQUIPMENT, FURNITURE, AND TECHNOLOGY RELATED PROJECTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ricks Frazier Trustee | Trustee | 0.3 | $0 |
Brian Kavoogian Trustee | Trustee | 0.3 | $0 |
Mike Kennealy Trustee | Trustee | 0.3 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $0 |
| Investment income | $355,922 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $451,875 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $807,797 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $933,976 |
| 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 | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $85,046 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,164 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $48,252 |
| 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 | $0 |
| All other expenses | $0 |
| Total functional expenses | $1,071,438 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $150,250 |
| Savings and temporary cash investments | $10,575 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $8,766,265 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $8,927,090 |
| Accounts payable and accrued expenses | $4,986 |
| 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 | $52,410 |
| Total liabilities | $57,396 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $8,869,694 |
| 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 | $8,927,090 |
Grants Awarded
Over the last fiscal year, Massdevelopment Hefa Trust has awarded $933,976 in support to 19 organizations.
| Grant Recipient | Amount |
|---|---|
North Quincy, MA PURPOSE: $50,000 FOR CONSTRUCTION, EQUIP AND FURNISH A RADIOLOGY SUITE AT MANET'S NORTH QUINCY LOCATION. $31,191 FOR CONSTRUCTION OF A PUBLIC BATHROOM FOR THE CLINIC. | $81,191 |
Dorchester, MA PURPOSE: REPLACE THE LEAKING RUBBER MEMBRANE ROOFS OF THE GREAT HALL, A HISTORIC BUILDING THAT SERVES AS A MAJOR SITE OF PUBLIC SERVICES AND PROGRAMS BENEFITTING DORCHESTER'S CODMAN SQUARE AND BEYOND. | $50,000 |
West Tisbury, MA PURPOSE: FUNDS WILL BE USED TO RENOVATE OUR PROPERTY IN ORANGE, MA TO EXPAND THE HEALTH CENTER INTO CURRENTLY VACANT AREAS OF THE BUILDING. | $50,000 |
Worcester, MA PURPOSE: DEMOLISH AND REBUILD THE BATHROOM, INCLUDING SHOWER, TOILET, AND SINK AT 162 CHANDLER STREET. | $50,000 |
Great Barrington, MA PURPOSE: FACILITY UPGRADES: DENTAL EQUIPMENT FOR NORTH ADAMS PRACTICE. | $50,000 |
Fitchburg, MA PURPOSE: COSTS ASSOCIATED WITH THE BUILDOUT OF TWO (2) URGENT CARE ROOMS WITHIN OUR NEW 20,000 SQUARE FOOT COMMUNITY HEALTH CENTER BEING BUILT AT 529 TIMPANY BOULEVARD IN GARDNER, MASSACHUSETTS. | $50,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Partnership Schools New York, NY | $64,379,139 | $24,282,663 |
Royal College Of Art Usa Inc New York, NY | $1,933,182 | $14,916,047 |
Imago Dei Fund Boston, MA | $57,020,766 | $29,637,241 |
Boston Charitable Trust Fund Boston, MA | $1,173,216 | $4,494,143 |
Nfa Foundation Inc Norwich, CT | $77,129,817 | $5,415,738 |
American Friends Of B Nai Levy Foundation Brooklyn, NY | $493,786 | $13,431,000 |
Rf Catalytic Capital Inc New York, NY | $241,603,034 | $246,273,218 |
Freedom Fund Brooklyn, NY | $51,719,352 | $51,201,158 |
Provision Ministry Inc Westborough, MA | $833,220 | $12,247,682 |
Student Leadership Network Inc New York, NY | $11,626,545 | $12,224,104 |
The Good Nation Foundation Inc New York, NY | $2,105,948 | $9,558,970 |
New York Times Neediest Cases Fund New York, NY | $66,331,518 | $11,554,497 |