Glastonbury Assisted Housing Non-Profit Inc
- Assets
- $3.1m
- Revenue
- $607.3k
- Investments
- $0.0
- Employees
- 0
- Location
- Glastonbury, CT
- Founding
- 09/2000
- Data as of
- 12/2021
- EIN
- 06-1587482
Organization Overview
Glastonbury Assisted Housing Non-Profit Inc is located in Glastonbury, CT. The organization was established in 2000. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, 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. Glastonbury Assisted Housing Non-Profit 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 12/2021, Glastonbury Assisted Housing Non-Profit Inc generated $607.3k in total revenue. This represents relatively stable growth, over the past 7 years the organization has increased revenue by an average of 2.6% each year. All expenses for the organization totaled $726.7k during the year ending 12/2021. 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 CONSTRUCT, REHABILITATE, OWN, MANAGE OR OTHERWISE OPERATE HOUSING. TO DEVELOP NON-INSTITUTIONAL, LIVING OPPORTUNITIES FOR LOW AND MODERATE INCOME PERSONS, OR ANY OTHER LAWFUL PURPOSES AS DEFINED BY CHAPTER 602 OF THE CONNECTICUT GENERAL STAUTES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
GLASTONBURY ASSISTED HOUSING, NON-PROFIT, INC. (GAHNP) HAS SUBMITTED GRANT APPLICATIONS AND SUBSEQUENTLY BEEN AWARDED FUNDING TO ASSIST IN THE FINANCING OF THE CONSTRUCTION AND OR PRESERVATION OF AFFORDABLE HOUSING AS FOLLOWS: IN 2004 GAHNP WAS AWARDED $375,062 OF HOUSING TAX CREDIT CONTRIBUTIONS (HTCC) FUNDS TO HELP FINANCE THE CONSTRUCTION OF THE HERBERT T CLARK ASSISTED LIVING LIMITED PARTNERSHIP, AN AFFORDABLE ASSISTED LIVING FACILITY THAT GAHNP IS THE GENERAL PARTNER IN. IN 2012 GAHNP WAS AWARDED $500,000 OF HTCC FUNDS TO ASSIST IN FINANCING THE REHABILITATION OF VILLAGE GREEN, AN AFFORDABLE SENIOR PROPERTY OWNED AND OPERATED BY THE GLASTONBURY HOUSING AUTHORITY. IN 2015 GAHNP WAS AWARDED $500,000 OF HTCC FUNDS TO ASSIST IN FUNDING THE REHABILITATION AND EXPANSION OF CENTER VILLAGE, AN AFFORDABLE SENIOR RENTAL PROPERTY. IN 2017, GAHNP WAS AWARDED A SECOND $500,000 OF HTCC FUNDS FOR THE REHABILITATION OF CENTER VILLAGE. THE TOTAL OF $1,000,000 WAS LOANED TO CENTER VILLAGE LIMITED PARTNERSHIP TO FINANCE A PORTION OF THE CONSTRUCTION AND REHABILITATION OF CENTER VILLAGE APARTMENTS. CONSTRUCTION BEGAN IN 2017 AND WAS COMPLETED IN 2018.AS OF 12/31/19, HERBERT T CLARK ASSISTED LIVING LIMITED PARTNERSHIP REACHED THE END OF THE 15 YEAR COMPLIANCE PERIOD FOR LOW-INCOME HOUSING TAX CREDITS IN ACCORDANCE WITH SECTION 42 OF THE INTERNAL REVENUE CODE. THE ORIGINAL LIMITED PARTNER SOLD THEIR INTEREST IN THE PARTNERSHIP FOR $225,000 TO HERBERT T CLARK HOUSE LLC. THE SOLE MEMBER OF HERBERT T CLARK HOUSE LLC IS GLASTONBURY ASSISTED HOUSING NON-PROFIT INC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cathy Vacchelli Vice President And Directo | OfficerTrustee | 0.3 | $0 |
Carl Stenman President And Director | OfficerTrustee | 1 | $0 |
Neil Griffin Jr Secretary | Officer | 1 | $0 |
Judith Jaskulski Director | Trustee | 0.3 | $0 |
James Noonan Director | 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 | $150 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $150 |
| Total Program Service Revenue | $580,887 |
| Investment income | $26,318 |
| 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 | $607,297 |
| 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 | $66,198 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $11,221 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $1,873 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $44,969 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $152,359 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $161,542 |
| Insurance | $41,847 |
| All other expenses | $0 |
| Total functional expenses | $726,706 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,236 |
| Savings and temporary cash investments | $307,394 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $26,613 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,079,489 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $11,682 |
| Net Land, buildings, and equipment | $1,635,105 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | -$75 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $3,076,444 |
| Accounts payable and accrued expenses | $600,766 |
| 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 | $2,812,421 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $12,165 |
| Total liabilities | $3,425,352 |
| Net assets without donor restrictions | -$348,908 |
| 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 | $0 |
| Total liabilities and net assets/fund balances | $3,076,444 |
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