Massdevelopment Hefa Trust
- Assets
- $9.3m
- Revenue
- $74.2k
- Investments
- $0.0
- Employees
- 0
- Location
- Boston, MA
- Founding
- 11/1997
- Data as of
- 06/2023
- 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 06/2023, Massdevelopment Hefa Trust generated $74.2k in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (9.9%) each year. All expenses for the organization totaled $247.5k during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (9.7%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Massdevelopment Hefa Trust has awarded 98 individual grants totaling $4,561,081. 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
2023
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 4 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 P Frazier Trustee (thru 03/2023) | Trustee | 0.3 | $0 |
Brian Kavoogian Trustee | Trustee | 0.3 | $0 |
Mike Kennealy Trustee (thru 01/2023) | Trustee | 0.3 | $0 |
Sean Calnan Trustee (as Of 06/2023) | 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 | $283,768 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$209,519 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $74,249 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $150,786 |
| 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 | $54,543 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $4,032 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $38,094 |
| 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 | $247,455 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $449,464 |
| Savings and temporary cash investments | $10,985 |
| 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 | $8,856,730 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $9,317,179 |
| Accounts payable and accrued expenses | $4,032 |
| 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 | $18,562 |
| Total liabilities | $22,594 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $9,294,585 |
| 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 | $9,317,179 |
Grants Awarded
Over the last fiscal year, Massdevelopment Hefa Trust has awarded $150,000 in support to 3 organizations.
| Grant Recipient | Amount |
|---|---|
DIMOCK COMMUNITY HEALTH CENTER INC PURPOSE: PROJECT RECOVER - MODIFYING AND EXPANDING DIMOCK'S HEALTH CARE SERVICES AND INFRASTRUCTURE (PROJECT RECOVER), THE HEALTH CENTER IS SEEKING TO BEGIN IMPLEMENTATION OF STRATEGIC "MOVES" WITHIN THE RICHARDS BUILDING AND EYE SERVICES AT DIMOCK. | $50,000 |
COMMUNITY HEALTH CENTER OF CAPE COD INC PURPOSE: PURCHASE, UPGRADE AND INSTALL OUR IDENTIFICATION BADGE AND CAMERA SURVEILLANCE SYSTEMS AT OUR SATELLITE LOCATIONS IN CENTERVILLE, SANDWICH, FALMOUTH, AND BOURNE. | $50,000 |
FENWAY COMMUNITY HEALTH CENTER INC PURPOSE: FUNDS ARE REQUESTED TO PURCHASE A 3D PRINTER FOR ITS DENTAL DEPARTMENT. | $50,000 |