Amherst Community Land Trust Inc
- Assets
- $1.2m
- Revenue
- $450.4k
- Investments
- $0.0
- Employees
- 0
- Location
- Amherst, MA
- Founding
- 08/2014
- Data as of
- 12/2022
- EIN
- 47-1337183
Organization Overview
Amherst Community Land Trust Inc is located in Amherst, MA. The organization was established in 2014. 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. Amherst Community Land Trust 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, Amherst Community Land Trust Inc generated $450.4k in total revenue. All expenses for the organization totaled $267.6k during the year ending 12/2022. While expenses have increased by 196.2% per year over the past 4 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
ACQUISITION AND STEWARDSHIP OF LAND FOR THE PURPOSES OF PROVIDING AFFORDABLE HOME OWNERSHIP AND STABILIZING NEIGHBORHOODS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
STEWARDSHIP OF PREVIOUSLY ACQUIRED LAND HELD IN TRUST FOR THE PURPOSE OF PROVIDING OPPORTUNITIES FOR AFFORDABLE HOME OWNERSHIP. SIX FAMILIES CURRENTLY OWN HOMES ON LAND TRUST LAND. THE LAND TRUST IS ESTABLISHING A MAINTENANCE AND REPAIR FUND THAT WILL BE USED TO ASSIST RESIDENT HOMEOWNERS IN THE UPKEEP OF THEIR PROPERTY.
ACQUISITION OF LAND TO BE HELD IN TRUST FOR THE PURPOSE OF PROVIDING AFFORDABLE HOME OWNERSHIP. THE LAND TRUST IS USING A (MASSACHUSETTS) COMMUNITY PRESERVATION ACT GRANT TO PARTNER WITH TWO FIRST-TIME HOMEBUYERS TO ADD TWO HOMES TO THE LAND TRUST PORTFOLIO. THE LAND TRUST WILL SUBSIDIZE THE HOMEBUYERS' PURCHASE OF THEIR HOMES IN EXCHANGE FOR TITLE TO THE LAND ITSELF, WHILE THE HOMEBUYERS WILL OWN THE HOUSE AND OTHER IMPROVEMENTS ON THE LAND. THE HOMES WILL BE PERPETUALLY AFFORDABLE FOR LOW INCOME PEOPLE THROUGH A 99-YEAR GROUND LEASE WITH RESALE RESTRICTIONS.
ACQUISITION OF DONATED PROPERTY TO BE HELD IN TRUST FOR THE PURPOSE OF PROVIDING AFFORDABLE HOME OWNERSHIP. THE COMMUNITY LAND TRUST PROVIDES PROPERTY OWNERS AN OPPORTUNITY TO PERMANENTLY PRESERVE THE AFFORDABILITY OF THEIR HOMES BY RECEIVING SOME OR ALL OF THE VALUE OF THE PROPERTY AS A DONATION TO THE ORGANIZATION AT THE TIME OF TRANSFER OF THE PROPERTY FROM ONE HOMEOWNER TO THE NEXT. THE HOMES WILL BE KEPT AFFORDABLE FOR LOW-INCOME PEOPLE THROUGH A 99-YEAR GROUND LEASE WITH RESALE RESTRICTIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Linda Slakey President | OfficerTrustee | 5 | $0 |
James Oldham Vice President | OfficerTrustee | 5 | $0 |
Maura Keene Clerk | OfficerTrustee | 2 | $0 |
Robert Crowner Treasurer | OfficerTrustee | 2 | $0 |
Jian Chang Director | Trustee | 2 | $0 |
Javid Mussawy Director | Trustee | 2 | $0 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $350 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $446,969 |
| Noncash contributions included in lines 1a–1f | $409,670 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $447,319 |
| Total Program Service Revenue | $2,100 |
| Investment income | $400 |
| 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 | $450,365 |
| 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 | $5,813 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $958 |
| Advertising and promotion | $0 |
| Office expenses | $1,077 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $150 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $2,250 |
| All other expenses | $0 |
| Total functional expenses | $267,582 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $667 |
| Savings and temporary cash investments | $312,486 |
| Pledges and grants receivable | $130,400 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $11,000 |
| 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 | $664,600 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $32,680 |
| Total assets | $1,151,833 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $130,400 |
| 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 | $0 |
| Total liabilities | $130,400 |
| Net assets without donor restrictions | $214,954 |
| Net assets with donor restrictions | $806,479 |
| 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 | $1,151,833 |