Portland Housing Development Corporation
- Assets
- $19.8m
- Revenue
- $7.4m
- Investments
- $0.0
- Employees
- 0
- Location
- Portland, ME
- Founding
- 09/1984
- Data as of
- 06/2023
- EIN
- 22-2527595
Organization Overview
Portland Housing Development Corporation is located in Portland, ME. The organization was established in 1984. According to its NTEE Classification (S20) the organization is classified as: Community & Neighborhood Development, under the broad grouping of Community Improvement & Capacity Building and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Portland Housing Development Corporation is a 501(c)(4) and as such, is described as a "Civic League, Social Welfare Organization, and Local Association of Employees" by the IRS.
For the year ending 06/2023, Portland Housing Development Corporation generated $7.4m in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 29.4% each year . All expenses for the organization totaled $1.1m during the year ending 06/2023. While expenses have increased by 8.5% per year over the past 8 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
2023
Describe the Organization's Mission:
Part 3 - Line 1
CONSTRUCTION OF LOW INCOME HOUSING, RENT SUPPLEMANTS AND SUPPORT SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE HOUSING FOR LOWER-INCOME RESIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cheryl Sessions President (thru 12/22) | Officer | 0.1 | $0 |
Brian Frost President | Officer | 0.1 | $0 |
Kristin Blum Director | Trustee | 0.1 | $0 |
Bob Dunfey Vice Chair | Trustee | 0.1 | $0 |
Christian Milneal Director | Trustee | 0.1 | $0 |
Monique Mutumwinka Chair | Trustee | 0.1 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $432,603 |
| 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 | $432,603 |
| Total Program Service Revenue | $1,696,890 |
| Investment income | $122,763 |
| 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 | $7,402,789 |
| 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 | $477,228 |
| Pension plan accruals and contributions | $186,195 |
| Other employee benefits | $3,966 |
| Payroll taxes | $2,595 |
| Fees for services: Management | $54,969 |
| Fees for services: Legal | $3,887 |
| Fees for services: Accounting | $1,382 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $599 |
| Office expenses | $14,501 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $136,554 |
| Travel | $1,414 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $30,279 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $96,347 |
| Insurance | $18,759 |
| All other expenses | $0 |
| Total functional expenses | $1,103,868 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,090,832 |
| Savings and temporary cash investments | $1,157,233 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,162,631 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $1,838,071 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $9,771,023 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,783,271 |
| Total assets | $19,803,061 |
| Accounts payable and accrued expenses | $102,146 |
| 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 | $4,056,317 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $768,389 |
| Total liabilities | $4,926,852 |
| Net assets without donor restrictions | $14,876,209 |
| 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 | $19,803,061 |