Home City Development Inc
- Assets
- $19.4m
- Revenue
- $3.0m
- Investments
- $0.0
- Employees
- 5
- Location
- Springfield, MA
- Founding
- 03/1968
- Data as of
- 12/2022
- EIN
- 04-6190467
Organization Overview
Home City Development Inc is located in Springfield, MA. The organization was established in 1968. According to its NTEE Classification (L20) the organization is classified as: Housing Development, Construction & Management, under the broad grouping of Housing & Shelter and related organizations. As of 12/2022, Home City Development Inc employed 5 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Home City Development Inc 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 12/2022, Home City Development Inc generated $3.0m in total revenue. The organization has seen a slow decline revenue. Over the past 7 years, revenues have fallen by an average of (0.7%) each year. All expenses for the organization totaled $1.6m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (6.6%) per year over the past 7 years. 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
1.TO RESTORE OR REPLACE SUBSTANDARD HOUSING WITH A SUPPLY OF DECENT, AFFORDABLE, AND WELL-MANAGED HOUSING FOR INDIVIDUALS AND FAMILIES.2.TO FACILITATE NEIGHBORHOOD GROWTH AND HEALTH IN COLLABORATION WITH PARTNERS, LEADING TO LONG-TERM FAMILY AND COMMUNITY STABILITY.3.TO WORK WITH RESIDENTS, BUILDING ON THEIR STRENGTHS, TOWARD HEALTHY AND STABLE FUTURES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
HOME CITY DEVELOPMENT, INC. AND ITS SUBSIDIARIES WERE FORMED TO PROVIDE AND MAINTAIN HOUSING FOR USE BY FAMILIES AND PERSONS OF LOWER INCOME IN WESTERN MASSACHUSETTS. RENTAL DEVELOPMENT & MANAGEMENT OF LOW INCOME HOUSING IN SPRINGFIELD, MA AREA.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Dr Andrew Balder Director | Trustee | 1 | $0 |
V Van Johnson ESQ President | OfficerTrustee | 1 | $0 |
Thomas Mccolgan Director | Trustee | 1 | $0 |
Loleta Collins Vice President | OfficerTrustee | 1 | $0 |
Christopher Sugrue Director | Trustee | 1 | $0 |
Kyle Callender Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Housing Management Resources Property Management | 12/30/17 | $214,861 |
Davis Square Architects Inspection Engineer | 12/30/17 | $106,798 |
Housing Management Resources Property Management | 12/30/17 | $214,861 |
Davis Square Architects Inspection Engineer | 12/30/17 | $106,798 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $923,530 |
| All other contributions, gifts, grants, and similar amounts not included above | $135,882 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,059,412 |
| Total Program Service Revenue | $1,643,149 |
| Investment income | $247,647 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $10,557 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,023,264 |
| 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. | $147,248 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $281,631 |
| Pension plan accruals and contributions | $13,508 |
| Other employee benefits | $27,618 |
| Payroll taxes | $37,998 |
| Fees for services: Management | $11,947 |
| Fees for services: Legal | $619 |
| Fees for services: Accounting | $68,672 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $25,280 |
| Fees for services: Other | $0 |
| Advertising and promotion | $24,125 |
| Office expenses | $169,526 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $3,050 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $15,224 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $97,268 |
| Insurance | $33,170 |
| All other expenses | $54,799 |
| Total functional expenses | $1,600,953 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $775,753 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $1,692,044 |
| 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 | $16,948 |
| Net Land, buildings, and equipment | $5,314,345 |
| Investments—publicly traded securities | $3,062,881 |
| Investments—other securities | $0 |
| Investments—program-related | $5,353,900 |
| Intangible assets | $0 |
| Other assets | $3,227,519 |
| Total assets | $19,443,390 |
| Accounts payable and accrued expenses | $94,413 |
| Grants payable | $0 |
| Deferred revenue | $1,958 |
| 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 | $6,194,959 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $283,260 |
| Total liabilities | $6,574,590 |
| Net assets without donor restrictions | $12,513,833 |
| Net assets with donor restrictions | $354,967 |
| 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 | $19,443,390 |