Cove Homes Incorporated is located in East Greenwich, RI. The organization was established in 1997. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Cove Homes Incorporated 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, Cove Homes Incorporated generated $2.1m in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 3.9% each year. All expenses for the organization totaled $2.0m during the year ending 06/2022. While expenses have increased by 1.3% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE DECENT AND AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME SENIOR CITIZENS AND FAMILIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE DECENT AND AFFORDABLE HOUSING FOR LOW AND MODERATE INCOME SENIOR CITIZENS AND FAMILIES.
Name (title) | Role | Hours | Compensation |
---|---|---|---|
Tracy Johnson Executive Di | Officer | 24 | $0 |
Donald Annicelli Director | Trustee | 0.25 | $0 |
Cynthia White Overton Director | Trustee | 0.5 | $0 |
Edward Veazey Vice Preside | Trustee | 0.5 | $0 |
Ruth Feder President | Trustee | 1 | $0 |
Claire Martins Director | Trustee | 0.25 | $0 |
Statement of Revenue | |
---|---|
Federated campaigns | $0 |
Membership dues | $0 |
Fundraising events | $0 |
Related organizations | $0 |
Government grants | $1,504,664 |
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 | $1,504,664 |
Total Program Service Revenue | $563,430 |
Investment income | $0 |
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 | $2,128,011 |
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 | $0 |
Other salaries and wages | $0 |
Pension plan accruals and contributions | $0 |
Other employee benefits | $0 |
Payroll taxes | $0 |
Fees for services: Management | $785,706 |
Fees for services: Legal | $6,921 |
Fees for services: Accounting | $11,500 |
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 | $17,765 |
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 | $1,225 |
Interest | $36,413 |
Payments to affiliates | $0 |
Depreciation, depletion, and amortization | $109,984 |
Insurance | $108,063 |
All other expenses | $5,674 |
Total functional expenses | $1,999,682 |
Balance Sheet | |
---|---|
Cash—non-interest-bearing | $234,644 |
Savings and temporary cash investments | $957,121 |
Pledges and grants receivable | $0 |
Accounts receivable, net | $29,248 |
Loans from Officers, Directors, or Controlling Persons | $0 |
Loans from Disqualified Persons | $0 |
Notes and loans receivable | $0 |
Inventories for sale or use | $5,200 |
Prepaid expenses and deferred charges | $7,352 |
Net Land, buildings, and equipment | $1,389,765 |
Investments—publicly traded securities | $0 |
Investments—other securities | $0 |
Investments—program-related | $0 |
Intangible assets | $0 |
Other assets | $349 |
Total assets | $2,623,679 |
Accounts payable and accrued expenses | $197,382 |
Grants payable | $0 |
Deferred revenue | $0 |
Tax-exempt bond liabilities | $0 |
Escrow or custodial account liability | $91,031 |
Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
Secured mortgages and notes payable | $691,018 |
Unsecured mortgages and notes payable | $0 |
Other liabilities | $0 |
Total liabilities | $979,431 |
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 |
Retained earnings, endowment, accumulated income, or other funds | $1,644,248 |
Total liabilities and net assets/fund balances | $2,623,679 |
Organization Name | Assets | Revenue |
---|---|---|
Neville Communities Home Inc Cambridge, MA | $11,055,368 | $17,412,264 |
Affordable Housing And Services Collaborative Inc Braintree, MA | $170,389,416 | $17,704,653 |
Fairhaven Healthcare Center Inc Lowell, MA | $23,711,383 | $11,897,110 |
National Affordable Housing Foundation Schenectady Inc Waltham, MA | $11,290,760 | $3,782,521 |
Neighborhood Of Affordable Housing Inc East Boston, MA | $27,971,204 | $13,300,567 |
Inquilinos Boricuas En Accion Inc Boston, MA | $173,108,948 | $16,934,744 |
Milton-Fuller Housing Corporation Milton, MA | $76,615,525 | $9,254,138 |
Owl Tallahassee Housing Inc Boston, MA | $28,680,052 | $6,023,225 |
Hearth Inc Boston, MA | $12,790,165 | $7,949,326 |
Springhouse Inc Boston, MA | $37,736,932 | $9,492,146 |
The Neighborhood Developers Inc Chelsea, MA | $68,146,151 | $7,961,454 |
Caritas Communities Inc Braintree, MA | $16,422,870 | $5,716,151 |