Housing Solutions For Southeastern Massachusetts Inc
- Assets
- $7.5m
- Revenue
- $251.9k
- Investments
- $3.2m
- Employees
- 0
- Location
- Kingston, MA
- Founding
- 01/1972
- Data as of
- 06/2022
- EIN
- 23-7131446
Organization Overview
Housing Solutions For Southeastern Massachusetts Inc is located in Kingston, MA. The organization was established in 1972. According to its NTEE Classification (L21) the organization is classified as: Low-Income & Subsidized Rental Housing, 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. Housing Solutions For Southeastern Massachusetts Inc 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, Housing Solutions For Southeastern Massachusetts Inc generated $251.9k 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 (56.8%) each year. All expenses for the organization totaled $277.0k during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (56.2%) per year over the past 6 years. 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
TO ENHANCE THE QUALITY OF LIFE FOR LOW AND MODERATE INCOME PEOPLE BY PROVIDING DECENT, SAFE AND AFFORDABLE HOUSING. HOUSING SOLUTIONS FOR SOUTHEASTERN MASSACHUSETTS REALIZES ITS MISSION BY: ASSISTING FAMILIES IN FINDING APARTMENTS THEY CAN AFFORD; SUPPORTING FAMILIES AS THEY MOVE FORWARD TOWARD ECONOMIC AND SOCIAL INDEPENDENCE; AIDING INDIVIDUALS IN RECONNECTING WITH THEIR COMMUNITIES; OFFERING RELATED HOUSING AND HOMEOWNERSHIP EDUCATIONAL PROGRAMS; HELPING CITIES AND TOWNS BUILD OR REHABILITATE HOUSING FOR THE ELDERLY; ACTING AS A CONSULTANT OR PARTNER WITH DEVELOPERS TO FACILITATE BUILDING AFFORDABLE FAMILY HOUSING; AND PROVIDING EXPERTISE TO CITIES AND TOWNS IN RENOVATING ROADS AND STREETS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ASSET MANAGEMENT IS THE MANAGEMENT OF PROPERTIES HSSM HAS DEVELOPED IN THE PAST. THESE EFFORTS ARE AIMED AT ENSURING THAT THE PROPERTIES MEET THE NEEDS OF THEIR LOW TO MODERATE INCOME RESIDENTS AS WELL AS MAINTAINING THE FINANCIAL VIABILITY OF THESE PROPERTIES IN THE FUTURE.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Mcgowan President/chair | OfficerTrustee | 5 | $0 |
Beverly Somerville Vice Chair | OfficerTrustee | 5 | $0 |
David Kilnapp Treasurer | OfficerTrustee | 5 | $0 |
Patrick Neenan Vice Treasuer | OfficerTrustee | 5 | $0 |
Jeff Graeber Clerk | OfficerTrustee | 5 | $0 |
Darryl Mayers Assistant Clerk | OfficerTrustee | 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 | $223,991 |
| Investment income | $0 |
| 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 | $251,887 |
| 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 | $3,777 |
| Fees for services: Accounting | $5,000 |
| 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 | $4,199 |
| Royalties | $0 |
| Occupancy | $69,813 |
| Travel | $66 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $28,486 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $107,774 |
| Insurance | $8,953 |
| All other expenses | $48,927 |
| Total functional expenses | $276,995 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $58,838 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $178,237 |
| 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 | $6,462 |
| Net Land, buildings, and equipment | $518,840 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $3,167,192 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,529,159 |
| Total assets | $7,458,728 |
| Accounts payable and accrued expenses | $18,341 |
| 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 | $578,458 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $596,799 |
| Net assets without donor restrictions | $6,861,929 |
| 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 | $7,458,728 |