Bangor Housing Development Corporation
- Assets
- $11.3m
- Revenue
- $2.6m
- Investments
- $0.0
- Employees
- 0
- Location
- Bangor, ME
- Founding
- 03/1990
- Data as of
- 06/2021
- EIN
- 22-2970652
Organization Overview
Bangor Housing Development Corporation is located in Bangor, ME. The organization was established in 1990. According to its NTEE Classification (L22) the organization is classified as: Senior Citizens Housing & Retirement Communities, 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. Bangor 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 06/2021, Bangor Housing Development Corporation generated $2.6m in total revenue. This represents relatively stable growth, over the past 6 years the organization has increased revenue by an average of 3.4% each year. All expenses for the organization totaled $2.7m during the year ending 06/2021. While expenses have increased by 3.5% 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
BANGOR HOUSING DEVELOPMENT WAS FORMED TO ADVOCATE FOR LOWER INCOME INDIVIDUALS AND FAMILIES
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE ORGANIZATION OWNS FOUR LOW-INCOME HOUSING PROJECTS AND TWO AFFORDABLE MARKET RATE PROJECTS LOCATED IN THE STATE OF MAINE. THESE INCLUDE AUTUMN PARK WEST, CRESTWOOD PLACE, GREENFIELD APARTMENTS, GRIFFIN SQUARE, THE LOFTS AT FREESE AND DAVIS ROAD SENIOR HOUSING.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Myatt Secretary | OfficerTrustee | 5 | $39,000 |
Elizabeth Hayward President | OfficerTrustee | 5 | $0 |
Rodney Mckay Vice President | OfficerTrustee | 5 | $0 |
Jane Johnson Director | Trustee | 5 | $0 |
Roberta Downey Director | Trustee | 5 | $0 |
Richard Lafertie Director | Trustee | 5 | $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 | $2,563,610 |
| Investment income | $3,679 |
| 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 | $2,567,289 |
| 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 | $142,787 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $34,486 |
| Payroll taxes | $0 |
| Fees for services: Management | $196,010 |
| Fees for services: Legal | $8,085 |
| Fees for services: Accounting | $46,942 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $39,000 |
| 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 | $321,743 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $511,963 |
| Insurance | $77,893 |
| All other expenses | $86,704 |
| Total functional expenses | $2,679,510 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $173,069 |
| Savings and temporary cash investments | $1,105,756 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $29,103 |
| 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 | $69,803 |
| Net Land, buildings, and equipment | $8,837,188 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,135,008 |
| Total assets | $11,349,927 |
| Accounts payable and accrued expenses | $517,442 |
| 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 | $6,870,911 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $611,125 |
| Total liabilities | $7,999,478 |
| Net assets without donor restrictions | $3,350,449 |
| 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 | $11,349,927 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Bangor Housing Development Corporation has recieved totaling $272,250.
| Awarding Organization | Amount |
|---|---|
John T Gorman Foundation Portland, ME PURPOSE: $20,000 BREWER COMMUNITY CTR; $158,000 FAMILIES FORWARD; $45,000 FAMILY INSTITUTE | $223,000 |
Peter Alfond Foundation Bethesda, MD PURPOSE: FAMILIES FORWARD | $49,250 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Metro Health Foundation Of New Hampshire Inc Meredith, NH | $23,007,411 | $13,396,555 |
Huntington At Nashua Nashua, NH | $69,976,352 | $16,206,015 |
Seventy-Five State Street Portland, ME | $13,728,048 | $7,315,171 |
Jha Assisted Living Inc Portland, ME | $14,866,848 | $7,038,080 |
Baldwin Senoir Living Londonderry, NH | $22,001,012 | $0 |
Franklin Home For The Aged Association Franklin, NH | $22,009,472 | $3,298,443 |
Bangor Housing Development Corporation Bangor, ME | $11,349,927 | $2,567,289 |
Phillips-Strickland House Corporation Bangor, ME | $8,449,494 | $2,117,015 |
Maple Grove Elderly Housing Corporation Portland, ME | $8,726,293 | $2,128,968 |
Sarah Frye Home Auburn, ME | $1,615,102 | $1,421,566 |
Visions For Creative Housing Solutions Enfield, NH | $5,549,521 | $2,860,844 |
Hill Street Terrace Housing Corp Portland, ME | $5,424,435 | $1,256,101 |