1060 Belmont Inc
- Assets
- $3.8m
- Revenue
- $459.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Newton, MA
- Founding
- 09/2010
- Data as of
- 12/2022
- EIN
- 27-1619580
Organization Overview
1060 Belmont Inc is located in Newton, MA. The organization was established in 2010. 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. 1060 Belmont 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 12/2022, 1060 Belmont Inc generated $459.4k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.1% each year. All expenses for the organization totaled $417.5k during the year ending 12/2022. While expenses have increased by 1.1% 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
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO PROVIDE FAMILIES AND PERSONS OF LOW-INCOME WITH HOUSING FACILITIES AND SERVICES SPECIALLY DESIGNED TO PROMOTE THEIR HEALTH, PHYSICAL AND SOCIAL WELL BEING.
Describe the Organization's Program Activity:
Part 3 - Line 4a
1060 BELMONT, INC. OWNS 18 RENTAL UNITS, WHICH ARE LEASED TO 18 LOW-INCOME FAMILIES. IT IS THE ONLY ACTIVITY OF THE CORPORATION.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Suneeth John President | OfficerTrustee | 0.3 | $0 |
Mike Sherman Treasurer | OfficerTrustee | 0.3 | $0 |
Bob Flack Clerk | OfficerTrustee | 0.3 | $0 |
Dorena Wong-Deleon Director | Trustee | 0.3 | $0 |
Cristina Ayala Director | Trustee | 0.3 | $0 |
Eugenia Chaparro Director | Trustee | 0.3 | $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 | $271,963 |
| Investment income | $193 |
| 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 | $459,413 |
| 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 | $19,388 |
| Fees for services: Legal | $935 |
| Fees for services: Accounting | $8,902 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $46,617 |
| Advertising and promotion | $0 |
| Office expenses | $4,296 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $194,444 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,585 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $123,588 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $417,471 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,422 |
| Savings and temporary cash investments | $12,389 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $15,236 |
| 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 | $3,776 |
| Net Land, buildings, and equipment | $3,631,617 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $9,447 |
| Other assets | $166,979 |
| Total assets | $3,849,866 |
| Accounts payable and accrued expenses | $69,586 |
| 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 | $2,752,087 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $71,633 |
| Total liabilities | $2,893,306 |
| Net assets without donor restrictions | $956,560 |
| 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 | $3,849,866 |