Islesboro Affordable Property
- Assets
- $1.7m
- Revenue
- $382.6k
- Investments
- $0.0
- Employees
- 1
- Location
- Islesboro, ME
- Founding
- 09/1989
- Data as of
- 06/2023
- EIN
- 22-2996309
Organization Overview
Islesboro Affordable Property is located in Islesboro, ME. The organization was established in 1989. 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. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Islesboro Affordable Property 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 06/2023, Islesboro Affordable Property generated $382.6k in total revenue. This organization has experienced exceptional growth, as over the past 8 years, it has increased revenue by an average of 13.2% each year . All expenses for the organization totaled $141.7k during the year ending 06/2023. 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
THE MISSION OF ISLESBORO AFFORDABLE PROPERTY (IAP) IS TO HELP IN THE MAINTENANCE AND GROWTH OF ISLESBORO AS A VITAL AND SUCCESSFUL YEAR-ROUND COMMUNITY. OUR PROGRAM, TO CARRY OUT THAT MISSION, IS TO DO ALL WE CAN TO INSURE THAT GOOD HOUSING IS AVAILABLE FOR FAMILIES AND INDIVIDUALS WHO ARE MAKING ISLESBORO THEIR PERMANENT HOME, WHO PARTICIPATE OR WILL PARTICIPATE IN COMMUNITY ACTIVITIES AND IN PARTICULAR, FOR FAMILIES AND INDIVIDUALS WHOSE WORK IS AN ESSENTIAL PART OF THE DAY-TO-DAY LIFE ON ISLESBORO. IAP BUILDS HOUSES FOR SALE OR RENT. WE MONITOR THE PRIVATE REAL ESTATE MARKET. WE RAISE FUNDS FROM PRIVATE AND PUBLIC SOURCES TO UNDERWRITE OUR PROGRAM.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDED THE ISLESBORO COMMUNITY WITH AFFORDABLE HOUSING OPTIONS SUITABLE FOR LOW AND MODERATE INCOME LEVEL RESIDENTS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rick Rogers Executive Direc | OfficerTrustee | 40 | $52,000 |
Susan Crater President | OfficerTrustee | 3.5 | $0 |
Mark Umbach Treasurer | OfficerTrustee | 3.5 | $0 |
Barbara Talamo Director/chair | OfficerTrustee | 3.5 | $0 |
Todd Conklin Director | Trustee | 3.5 | $0 |
Matt Sharp Director | Trustee | 3.5 | $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 | $331,873 |
| Noncash contributions included in lines 1a–1f | $103,486 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $331,873 |
| Total Program Service Revenue | $49,435 |
| Investment income | $38 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $1,253 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $382,599 |
| 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. | $52,000 |
| Compensation of current officers, directors, key employees. | $33,800 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $3,979 |
| Fees for services: Management | $1,228 |
| Fees for services: Legal | $2,409 |
| Fees for services: Accounting | $4,858 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $40 |
| Advertising and promotion | $0 |
| Office expenses | $978 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $33,458 |
| Travel | $582 |
| 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 | $36,406 |
| Insurance | $2,674 |
| All other expenses | $201 |
| Total functional expenses | $141,697 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $423,996 |
| Savings and temporary cash investments | $127,677 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $4,381 |
| 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 | $0 |
| Net Land, buildings, and equipment | $1,186,131 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $4,795 |
| Other assets | $0 |
| Total assets | $1,746,980 |
| Accounts payable and accrued expenses | $5,243 |
| 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 | $493,687 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $498,930 |
| Net assets without donor restrictions | $1,156,459 |
| Net assets with donor restrictions | $91,591 |
| 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 | $1,746,980 |