Pinegrove Development Corporation
- Assets
- $2.3m
- Revenue
- $300.2k
- Investments
- $0.0
- Employees
- 0
- Location
- York, ME
- Founding
- 04/2003
- Data as of
- 03/2023
- EIN
- 35-2190965
Organization Overview
Pinegrove Development Corporation is located in York, ME. The organization was established in 2003. 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. Pinegrove Development 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 03/2023, Pinegrove Development Corporation generated $300.2k in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 1.7% each year. All expenses for the organization totaled $383.5k during the year ending 03/2023. While expenses have increased by 2.6% 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
PROVIDE AFFORDABLE HOUSING TO LOW-INCOME AND DISABLED ELDERLY INDIVIDUALS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
OPERATE A 40-UNIT RENTAL HOUSING COMPLEX LOCATED IN YORK, MAINE. TENANTS ARE VERY LOW INCOME ELDERLY AND VERY LOW INCOME ELDERLY WITH DISABILITIES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Patricia Martine Executive Director/ Secretary | OfficerTrustee | 7.2 | $0 |
Jud Knox Chairman | OfficerTrustee | 1 | $0 |
James Gambrill Vice Chairman | OfficerTrustee | 1 | $0 |
Ellen Baldwin Director | Trustee | 1 | $0 |
Robin Cogger Director | Trustee | 1 | $0 |
Patrcia Doucette Director | Trustee | 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 | $300,119 |
| Investment income | $107 |
| 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 | $300,226 |
| 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 | $72,928 |
| Fees for services: Legal | $117 |
| Fees for services: Accounting | $23,627 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $61,596 |
| Advertising and promotion | $714 |
| Office expenses | $12,090 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $88,215 |
| Travel | $1,668 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $2,281 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $81,849 |
| Insurance | $11,491 |
| All other expenses | $0 |
| Total functional expenses | $383,532 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $8,597 |
| Savings and temporary cash investments | $212,682 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $279 |
| 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 | $1,992 |
| Net Land, buildings, and equipment | $2,082,856 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $17,024 |
| Total assets | $2,323,430 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $2,820 |
| 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 | $23,343 |
| Total liabilities | $26,163 |
| Net assets without donor restrictions | -$1,061,633 |
| Net assets with donor restrictions | $3,358,900 |
| 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 | $2,323,430 |