Bridgeport Neighborhood Trust Inc
- Assets
- $32.6m
- Revenue
- $6.0m
- Investments
- $100.0
- Employees
- 47
- Location
- Bridgeport, CT
- Founding
- 06/1987
- Data as of
- 12/2021
- EIN
- 22-2809353
Organization Overview
Bridgeport Neighborhood Trust Inc is located in Bridgeport, CT. The organization was established in 1987. According to its NTEE Classification (L12) the organization is classified as: Fund Raising & Fund Distribution, under the broad grouping of Housing & Shelter and related organizations. As of 12/2021, Bridgeport Neighborhood Trust Inc employed 47 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Bridgeport Neighborhood Trust 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, Bridgeport Neighborhood Trust Inc generated $6.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (7.7%) each year. All expenses for the organization totaled $5.2m 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
BRIDGEPORT NEIGHBORHOOD TRUST WORKS TO END HOUSING INSECURITY, INCOME INEQUALITY AND HOMELESSNESS BY CREATING SAFE, AFFORDABLE HOUSING AND PROVIDING COMPREHENSIVE FINANCIAL AND HOUSING COUNSELING SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROPERTY MANAGEMENT - REPRESENTS ALL MANAGEMENT ACTIVITIES FOR OPERATING PROPERTIES. BNT IS THE SINGLE MEMBER OF 29 LIMITED LIABILITY COMPANIES ORGANIZED TO ACQUIRE, DEVELOP AND OPERATE AFFORDABLE HOUSING IN BRIDGEPORT, CONNECTICUT. AS OF DECEMBER 31, 2021, 238 APARTMENTS AND 20,000 SQUARE FEET OF COMMERCIAL SPACE ARE IN SERVICE.
HOUSING DEVELOPMENT - FOCUSES ON THE BUILDING AND RENOVATION OF QUALITY AFFORDABLE HOMES AND APARTMENTS THAT PROVIDE NEW HOUSING OPPORTUNITIES FOR FAMILIES WITH LOW AND MODERATE INCOME LEVELS. DURING 2021, BNT COMPLETED TWO PROJECTS, 273 WEST AVE (WEST LIBERTY COMMONS) AND 94 PARK TERRACE, 102 PARK TERRACE (PARK TERRACE HOMES) AND CONTINUED TWO WORK ON TWO MORE PROJECTS (SOUTH END COMMONS AND EAST MAIN STREET REDEVELOPMENT).
EMPOWERMENT RESOURCE ACADEMY ("ERA") - PROVIDES EDUCATION TO FAMILIES TO ACHIEVE SELF-SUFFICIENCY, BUILD WEALTH AND MAINTAIN FINANCIAL STABILITY. ERA PROVIDES PRE-PURCHASE COUNSELING AND EDUCATION, AND FORECLOSURE PREVENTION SERVICES. SERVICES INCLUDE RENTAL COUNSELING AND EVICTION PREVENTION, MOBILITY COUNSELING AND RESIDENT ENGAGEMENT AND EMPOWERMENT SERVICES. DURING 2021, ERA ALSO BEGAN ASSISTING THE STATE WITH SOLICITATION, APPLICATION, PROCESSING, AND COUNSELING RELATED TO RESIDENT RENT RELIEF PROGRAMS RELATED TO COVID19.
SOCIAL ENTERPRISE GROUP - PROVIDED GOODS AND SERVICES CURRENTLY NOT BEING OFFERED IN THE COMMUNITY AND JOBS WITH OWNERSHIP POTENTIAL THAT WILL PROVIDE ECONOMIC STABILITY.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Noah E Gotbaum CEO (thru Nov. 2021) | Officer | 40 | $190,806 |
Doris Latorre CEO (beg. Nov. 2021) | Officer | 40 | $108,410 |
Doran Wright Trustee/vice President | OfficerTrustee | 2 | $0 |
Steve Grathwohl President (as Of 1/21) | OfficerTrustee | 2 | $0 |
Carol J Heller Trustee/secretary | OfficerTrustee | 2 | $0 |
Deborah Clancy Treasurer | OfficerTrustee | 2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Core Construction Construction | 12/30/21 | $809,537 |
Construction Management Systems Of Ameri Construction | 12/30/21 | $249,067 |
G&s Restoration Construction | 12/30/21 | $214,050 |
Tlc Services Construction | 12/30/21 | $170,176 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $151,704 |
| Related organizations | $0 |
| Government grants | $521,175 |
| All other contributions, gifts, grants, and similar amounts not included above | $2,449,615 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $3,122,494 |
| Total Program Service Revenue | $2,408,303 |
| Investment income | $317 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $226,086 |
| Net Income from Fundraising Events | -$17,995 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,985,060 |
| 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. | $344,096 |
| Compensation of current officers, directors, key employees. | $172,048 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $870,369 |
| Pension plan accruals and contributions | $17,853 |
| Other employee benefits | $97,537 |
| Payroll taxes | $71,317 |
| Fees for services: Management | $108,356 |
| Fees for services: Legal | $123,341 |
| Fees for services: Accounting | $224,522 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $138,223 |
| Advertising and promotion | $36,416 |
| Office expenses | $101,870 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $1,395,476 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $26,944 |
| Interest | $205,333 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $763,859 |
| Insurance | $348,378 |
| All other expenses | $0 |
| Total functional expenses | $5,198,040 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $734,347 |
| Pledges and grants receivable | $514,058 |
| Accounts receivable, net | $444,869 |
| 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 | $35,015 |
| Net Land, buildings, and equipment | $28,891,722 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $100 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,955,711 |
| Total assets | $32,575,822 |
| Accounts payable and accrued expenses | $756,187 |
| 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 | $10,706,324 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $649,984 |
| Total liabilities | $12,112,495 |
| Net assets without donor restrictions | $2,332,204 |
| Net assets with donor restrictions | $18,131,123 |
| 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 | $32,575,822 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Bridgeport Neighborhood Trust Inc has recieved totaling $5,000.
| Awarding Organization | Amount |
|---|---|
Elizabeth And Joseph Massoud Family Foundation Wilmington, DE PURPOSE: CHARITABLE EVENT | $5,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Massachusetts Housing Investment Corp Boston, MA | $51,753,115 | $18,783,706 |
Bluehub Loan Fund Inc Boston, MA | $271,825,520 | $22,754,955 |
Bridgeport Neighborhood Trust Inc Bridgeport, CT | $32,575,822 | $5,985,060 |
The Housing Partnership Fund Inc Boston, MA | $55,046,443 | $7,425,102 |
Housing Development Fund Inc Stamford, CT | $52,033,074 | $5,301,670 |
Charles T Sitrin Network Of Homes & Services Inc New Hartford, NY | $5,734,568 | $2,565,351 |
St Andrews Housing Dev Fund Co Bronx, NY | $6,076,696 | $1,599,941 |
Concorse Gardens Housing Development Fund Company Inc New York, NY | $6,125,545 | $1,915,994 |
Our Lady Of Fatima Apartments Housing Dev Fund Company Inc Brooklyn, NY | $6,530,778 | $972,901 |
American Friends Of Belz Inc Brooklyn, NY | $1,617,806 | $1,168,906 |
S H Housing Development Fund Corp New York, NY | $3,549,105 | $166,911 |
384 Grand Street Housing Development Fund Company Inc New York, NY | $6,755,977 | $3,220,703 |