Homeownership Affordability Trust Fund
- Assets
- $111.2m
- Revenue
- $2.0m
- Investments
- $11.1k
- Employees
- 0
- Location
- Providence, RI
- Founding
- 10/1993
- Data as of
- 06/2022
- EIN
- 22-2963595
Organization Overview
Homeownership Affordability Trust Fund is located in Providence, RI. The organization was established in 1993. According to its NTEE Classification (L50) the organization is classified as: Homeowners & Tenants Associations, 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. Homeownership Affordability Trust Fund 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 06/2022, Homeownership Affordability Trust Fund generated $2.0m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (5.5%) each year. All expenses for the organization totaled $2.9m during the year ending 06/2022. 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
PRESERVATION OF AFFORDABLE HOUSING IN THE STATE OF RHODE ISLAND
Describe the Organization's Program Activity:
Part 3 - Line 4a
TRUST RECEIPTS AND INTEREST ON LOANS AND PROGRAM INVESTMENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kara Lachapelle CFO | OfficerTrustee | 0.25 | $0 |
James Thorsen Chairman | OfficerTrustee | 0.25 | $0 |
Carol Ventura Executive Director | OfficerTrustee | 0.25 | $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 | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $910,830 |
| Investment income | $1,067,887 |
| 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 | $1,978,717 |
| 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 | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $2,882,370 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $58,039,456 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $43,716 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $40,195,826 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $403,137 |
| Investments—publicly traded securities | $12,478,483 |
| Investments—other securities | $11,145 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $66,933 |
| Total assets | $111,238,696 |
| Accounts payable and accrued expenses | $45,955 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $45,955 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $111,192,741 |
| 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 | $111,238,696 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Initiative For A Competitive Inner City Inc Roxbury, MA | $11,137,097 | $6,700,624 |
Spring Meadows Association Of Responsible Tenants Inc Springfield, MA | $14,323,481 | $4,117,328 |
St Vincents Development Inc Trumbull, CT | $27,854,287 | $3,404,975 |
Mutual Housing Association Of Greater Hartford Inc Hartford, CT | $35,173,874 | $3,634,828 |
Homeownership Affordability Trust Fund Providence, RI | $111,238,696 | $1,978,717 |
Newvue Affordable Housing Corporation Fitchburg, MA | $9,905,411 | $1,607,987 |
Woodridge Lake Property Owners Assoc Inc Goshen, CT | $4,741,298 | $1,466,454 |
St Pauls Housing Corporation Southington, CT | $2,208,022 | $1,135,813 |
Independence Forge Association Inc Mansfield, MA | $755,942 | $734,904 |
Home Builders & Remodelers Association Of Central Connecticut Rocky Hill, CT | $654,579 | $501,860 |
Bennett Housing Corporation Weatogue, CT | $1,373,173 | $469,823 |
Barrett Housing Corporation Pittsfield, MA | $2,016,965 | $653,586 |