State Street Housing Preservation Corporation
- Assets
- $22.1m
- Revenue
- $3.5m
- Investments
- $0.0
- Employees
- 0
- Location
- Portland, ME
- Founding
- 12/1991
- Data as of
- 06/2023
- EIN
- 22-3129401
Organization Overview
State Street Housing Preservation Corporation is located in Portland, ME. The organization was established in 1991. 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. State Street Housing Preservation 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 06/2023, State Street Housing Preservation Corporation generated $3.5m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.3% each year. All expenses for the organization totaled $7.4m during the year ending 06/2023. While expenses have increased by 14.4% per year over the past 8 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
TO DEVELOP, OWN AND MANAGE SUBSIDIZED RESIDENTIAL HOUSING UNITS AND RELATED FACILITIES FOR THE ELDERLY.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE SUBSIDIZED HOUSING FOR THE ELDERLY.
N/A
N/A
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Cheryl Sessions President (thru 12/22) | Officer | 0.1 | $0 |
Brian Frost President | Officer | 0.1 | $0 |
Kristin Blum Director | Trustee | 0.1 | $0 |
Bob Dunfey Vice-Chair | Trustee | 0.1 | $0 |
Christian Milneal Director | Trustee | 0.1 | $0 |
Monique Mutumwinka Chair | Trustee | 0.1 | $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 | $3,270,489 |
| Investment income | $221,699 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $300 |
| Net Gain/Loss on Asset Sales | $35,549 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $3,547,494 |
| 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 | $176,313 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $104,493 |
| Payroll taxes | $14,252 |
| Fees for services: Management | $161,624 |
| Fees for services: Legal | $6,208 |
| Fees for services: Accounting | $10,927 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $9,654 |
| Advertising and promotion | $852 |
| Office expenses | $62,721 |
| Information technology | $12,724 |
| Royalties | $0 |
| Occupancy | $258,761 |
| Travel | $563 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $648,867 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $434,072 |
| Insurance | $62,950 |
| All other expenses | $0 |
| Total functional expenses | $7,380,380 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,724,699 |
| Savings and temporary cash investments | $13,068,884 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,238 |
| 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 | $54,136 |
| Net Land, buildings, and equipment | $3,740,188 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,468,320 |
| Total assets | $22,058,465 |
| Accounts payable and accrued expenses | $67,300 |
| 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 | $19,873,397 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $71,180 |
| Total liabilities | $20,011,877 |
| Net assets without donor restrictions | $2,046,588 |
| 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 | $22,058,465 |