Bath Housing Development Corporation
- Assets
- $13.1m
- Revenue
- $3.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Bath, ME
- Founding
- 04/1994
- Data as of
- 12/2023
- EIN
- 22-2618694
Organization Overview
Bath Housing Development Corporation is located in Bath, ME. The organization was established in 1994. 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. Bath Housing Development Corporation 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 12/2023, Bath Housing Development Corporation generated $3.2m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 13.2% each year . All expenses for the organization totaled $2.9m during the year ending 12/2023. While expenses have increased by 13.2% per year over the past 9 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
TO FOSTER, ENCOURAGE, PARTICIPATE IN, FINANCE, OWN, OPERATE, PROMOTE AND ADVANCE THE DEVELOPMENT OF HOUSING PROJECTS AND RELATED FACILITIES AFFORDABLE BY PRIMARILY LOW INCOME PERSONS AND FAMILIES; TO PROVIDE AFFORDABLE FINANCIAL AND TECHNICAL ASSISTANCE AND SERVICES TO LOW INCOME HOMEOWNERS; TO IMPLEMENT PROGRAMS INTENDED TO ENHANCE THE GROWTH OF SOCIAL AND ECONOMIC STABILITY FOR LOW INCOME FAMILIES; AND TO PROMOTE THE COMMON GOOD AND GENERAL WELFARE OF THE INHABITANTS IN THE BATH, MAINE REGION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
DEVELOPMENT, IMPROVEMENT AND MANAGEMENT OF HOUSING FOR LOW INCOME PERSONS. BHDC OWNS 175 MULTI-FAMILY APARTMENTS WHICH IT RUNS IN ACCORDANCE WITH ITS CHARITABLE MISSION.
BHDC LEASES A COMMERCIAL OFFICE BUILDING TO BATH HOUSING AUTHORITY.
BHDC OPERATES COMFORTABLY HOME SERVING LOW-INCOME, OLDER ADULTS AND PEOPLE WITH DISABILITIES. THE PROGRAM CONDUCTS HOME MODIFICATIONS TO ALLOW PEOPLE TO THRIVE IN THEIR OWN HOMES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Barbara Gaul Chair | OfficerTrustee | 2 | $0 |
Nancy Jennings Vice Chair | OfficerTrustee | 2 | $0 |
Nancy Carleton Treasurer | OfficerTrustee | 2 | $0 |
Debora Keller Secretary/executive Direct | OfficerTrustee | 20 | $0 |
CR Davis Director | Trustee | 2 | $0 |
Michelle Rines Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $608,156 |
| All other contributions, gifts, grants, and similar amounts not included above | $476,698 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,084,854 |
| Total Program Service Revenue | $2,110,382 |
| Investment income | $28,693 |
| 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 | $3,223,929 |
| 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 | $362,162 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $95,516 |
| Payroll taxes | $0 |
| Fees for services: Management | $318,151 |
| Fees for services: Legal | $16,408 |
| Fees for services: Accounting | $50,144 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $1,745 |
| Fees for services: Other | $0 |
| Advertising and promotion | $3,876 |
| Office expenses | $2,546 |
| Information technology | $595 |
| Royalties | $0 |
| Occupancy | $1,409,963 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $161,442 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $292,030 |
| Insurance | $111,137 |
| All other expenses | $0 |
| Total functional expenses | $2,898,288 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $219,002 |
| Savings and temporary cash investments | $9,854 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $286,499 |
| 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 | $33,979 |
| Net Land, buildings, and equipment | $10,375,826 |
| Investments—publicly traded securities | $366,252 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $29,624 |
| Other assets | $1,817,868 |
| Total assets | $13,138,904 |
| Accounts payable and accrued expenses | $77,958 |
| Grants payable | $0 |
| Deferred revenue | $12,771 |
| 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 | $4,132,180 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $203,445 |
| Total liabilities | $4,426,354 |
| Net assets without donor restrictions | $4,812,955 |
| Net assets with donor restrictions | $3,899,595 |
| 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 | $13,138,904 |