Island Housing Trust
- Assets
- $5.3m
- Revenue
- $1.0m
- Investments
- $0.0
- Employees
- 4
- Location
- Mount Desert, ME
- Founding
- 09/1994
- Data as of
- 12/2023
- EIN
- 22-2993615
Organization Overview
Island Housing Trust is located in Mount Desert, 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. As of 12/2023, Island Housing Trust employed 4 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Island Housing Trust 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, Island Housing Trust generated $1.0m in total revenue. This organization has experienced exceptional growth, as over the past 9 years, it has increased revenue by an average of 16.4% each year . All expenses for the organization totaled $511.8k during the year ending 12/2023. While expenses have increased by 7.7% 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
ISLAND HOUSING TRUST PROMOTES VIABLE, YEAR-ROUND ISLAND COMMUNITIES BY ADVANCING PERMANENT WORKFORCE HOUSING ON MOUNT DESERT ISLAND, MAINE.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ISLAND HOUSING TRUST (IHT) COMPLETED CONSTRUCTION OF FOUR NEW HOMES IN A NEW YEAR-ROUND NEIGHBORHOOD; INFRASTRUCTURE DETAILS WILL BE COMPLETED IN 2024. MAINE COAST HERITAGE TRUST DONATED 2.7 ACRES OF UNDEVELOPED LAND TO IHT, WHICH IS BEING BANKED FOR FUTURE WORKFORCE HOUSING. IHT BOUGHT A HOUSE IN MOUNT DESERT FROM A HOMEOWNER WHO WANTED TO ENSURE THAT THE HOUSE WILL REMAIN AFFORDABLE TO PEOPLE EARNING A MEDIAN INCOME ON MOUNT DESERT ISLAND. AS OF DECEMBER 31, 2023 IHT OWNS TWO PARCELS OF LAND FOR FUTURE WORKFORCE HOUSING AND HOLDS COVENANTS ON 48 HOUSES IN ALL 4 MDI TOWNS THAT PROVIDE HOMES FOR 127 INDIVIDUALS LIVING YEAR-ROUND ON MDI.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Marla O'byrne Executive Di | Officer | 40 | $85,305 |
Edith Deedie Bouscaren President | OfficerTrustee | 10 | $0 |
Jason Briggs Director | Trustee | 2 | $0 |
Erica Brooks Director | Trustee | 2 | $0 |
Greg Dalton Secretary | OfficerTrustee | 2 | $0 |
Lydia Goetze 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 | $1,096,247 |
| Noncash contributions included in lines 1a–1f | $166,450 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,096,247 |
| Total Program Service Revenue | $1,780 |
| Investment income | $30,359 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$87,727 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $1,040,659 |
| 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. | $101,625 |
| Compensation of current officers, directors, key employees. | $63,516 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $140,502 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $19,281 |
| Payroll taxes | $16,779 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $5,378 |
| Fees for services: Accounting | $13,436 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $23,805 |
| Advertising and promotion | $11,050 |
| Office expenses | $33,228 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $14,106 |
| 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 | $8,319 |
| All other expenses | $10,789 |
| Total functional expenses | $511,794 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $2,410,491 |
| Pledges and grants receivable | $868,675 |
| Accounts receivable, net | $240 |
| 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 | $3,882 |
| Net Land, buildings, and equipment | $1,539,043 |
| Investments—publicly traded securities | $80,928 |
| Investments—other securities | $0 |
| Investments—program-related | $427,481 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $5,330,740 |
| Accounts payable and accrued expenses | $15,540 |
| 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 | $15,540 |
| Net assets without donor restrictions | $3,739,806 |
| Net assets with donor restrictions | $1,575,394 |
| 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 | $5,330,740 |