Downstreet Housing & Community Development Inc
- Assets
- $14.9m
- Revenue
- $5.2m
- Investments
- $0.0
- Employees
- 43
- Location
- Barre, VT
- Founding
- 09/1988
- Data as of
- 12/2021
- EIN
- 22-2843473
Organization Overview
Downstreet Housing & Community Development Inc is located in Barre, VT. The organization was established in 1988. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, under the broad grouping of Housing & Shelter and related organizations. As of 12/2023, Downstreet Housing & Community Development Inc employed 43 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Downstreet Housing & Community Development 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, Downstreet Housing & Community Development Inc generated $5.2m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 7.4% each year. All expenses for the organization totaled $4.7m during the year ending 12/2021. While expenses have increased by 4.5% per year over the past 6 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
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
DOWNSTREET STRENGTHENS THE COMMUNITIES OF CENTRAL VERMONT BY ENGAGING WITH PEOPLE, PROVIDING AFFORDABLE HOMES, AND CONNECTING PEOPLE TO THE RESOURCES AND SERVICES THEY NEED TO THRIVE.
Describe the Organization's Program Activity:
PROPERTY MANAGEMENT - ACCOUNTS FOR THE SERVICES PROVIDED TO OTHER PROPERTIES IN WHICH DOWNSTREET IS AN INVESTOR.
PROJECT DEVELOPMENT - ACCOUNTS FOR ALL OPERATIONS OF DOWNSTREET FOR REHABILITATION AND DEVELOPMENT OF AFFORDABLE HOUSING.
PROPERTY OPERATIONS - ACCOUNTS FOR THE RENTAL ACTIVITY AND OPERATIONS OF THE FOLLOWING PROJECTS: BROMUR, VERDMONT, LIMEHURST MOBILE HOME PARK, HILLSIDE, BRIDGE STREET, GUIDICI, LAUREL STREET, GOOD NEIGHBORS, PHOENIX HOUSE, AND WHISTLESTOP MOBILE HOME PARK.
HOMEOWNERSHIP - ACCOUNTS FOR THE ACTIVITIES OF DOWNSTREET'S HOMEOWNERSHIP CENTER.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Angie Harbin Started In 2022 Executive Di | Officer | 40 | $75,487 |
Connie Snow Left In 2022 Executive Di | Officer | 40 | $46,073 |
Kevin Ellis Chair | OfficerTrustee | 2 | $0 |
Lori Belding Vice Chair | OfficerTrustee | 2 | $0 |
Daphne Makinson Treasurer | OfficerTrustee | 2 | $0 |
Pegeen Mulhern Secretary | OfficerTrustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $2,772,148 |
| Investment income | $11,687 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | -$3,841 |
| 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 | $5,193,607 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic individuals. | $462,479 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $158,637 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,440,899 |
| Pension plan accruals and contributions | $36,738 |
| Other employee benefits | $258,479 |
| Payroll taxes | $134,954 |
| Fees for services: Management | $79,388 |
| Fees for services: Legal | $16,183 |
| Fees for services: Accounting | $21,615 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $114,201 |
| Advertising and promotion | $25,331 |
| Office expenses | $96,594 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $248,812 |
| Travel | $21,405 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,446 |
| Interest | $42,831 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $340,499 |
| Insurance | $59,108 |
| All other expenses | $0 |
| Total functional expenses | $4,659,127 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,160,782 |
| Savings and temporary cash investments | $1,337,613 |
| Pledges and grants receivable | $133,415 |
| Accounts receivable, net | $188,567 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $4,269,007 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $44,000 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $60,035 |
| Intangible assets | $0 |
| Other assets | $339,112 |
| Total assets | $14,878,701 |
| Accounts payable and accrued expenses | $280,474 |
| Grants payable | $0 |
| Deferred revenue | $56,350 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $41,846 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $2,248,590 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $93,398 |
| Total liabilities | $2,720,658 |
| Net assets without donor restrictions | $5,846,297 |
| Net assets with donor restrictions | $6,311,746 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total liabilities and net assets/fund balances | $12,158,043 |
Grants Awarded
Over the last fiscal year, Downstreet Housing & Community Development Inc has awarded $238,500 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
CHASE BLOCK PURPOSE: PROJECT DEVELOPMENT | $125,000 |
COLONIAL VILLAGE PURPOSE: PROPERTY MANAGEMENT | $113,500 |