Raise-Op Housing Cooperative
- Assets
- $2.1m
- Revenue
- $963.9k
- Investments
- $0.0
- Employees
- 2
- Location
- Lewiston, ME
- Founding
- 12/2019
- Data as of
- 12/2022
- EIN
- 47-1739509
Organization Overview
Raise-Op Housing Cooperative is located in Lewiston, ME. The organization was established in 2019. 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. As of 12/2022, Raise-Op Housing Cooperative employed 2 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Raise-Op Housing Cooperative 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, Raise-Op Housing Cooperative generated $963.9k in total revenue. This organization has experienced exceptional growth, as over the past 4 years, it has increased revenue by an average of 47.2% each year . All expenses for the organization totaled $291.9k during the year ending 12/2022. While expenses have increased by 8.6% 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
THE MISSION OF THE RAISE-OP IS TO OPERATE SAFE AND AFFORDABLE HOUSING THAT IS DEMOCRATICALLY CONTROLLED BY ITS MEMBERS ON A NON-PROFIT BASIS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
RAISE-OP PROVIDED SAFE, QUALITY, AFFORDABLE, ENERGY-EFFICIENT HOUSING; MAINTAINED CLEAN BUILDINGS AND COMMON SPACES; PROVIDED A VARIETY OF HOUSING OPTIONS; AND FOSTERED STEWARDSHIP OF THE LAND, BUILDINGS, AND THE COOPERATIVE'S ASSETS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Shaad Masood President | OfficerTrustee | 6 | $0 |
Brendan Akers Director | Trustee | 3 | $0 |
Julia Harper Secretary (through June) | OfficerTrustee | 6 | $0 |
Lynnea Hawkins Vice President | OfficerTrustee | 6 | $0 |
Ronald Flannery Treasurer | OfficerTrustee | 6 | $0 |
Stuart Brown Director | Trustee | 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 | $715,581 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $715,581 |
| Total Program Service Revenue | $248,239 |
| Investment income | $43 |
| 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 | $963,863 |
| 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 | $90,738 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $4,120 |
| Payroll taxes | $7,676 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,432 |
| Fees for services: Accounting | $4,606 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $2,296 |
| Advertising and promotion | $0 |
| Office expenses | $4,868 |
| Information technology | $702 |
| Royalties | $0 |
| Occupancy | $94,372 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $38,338 |
| Insurance | $38,557 |
| All other expenses | $806 |
| Total functional expenses | $291,906 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $74,107 |
| Savings and temporary cash investments | $110,809 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $568 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $687,285 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $10,522 |
| Net Land, buildings, and equipment | $790,902 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $401,636 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $2,075,829 |
| Accounts payable and accrued expenses | $4,598 |
| 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 | $258,718 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $28,973 |
| Total liabilities | $292,289 |
| Net assets without donor restrictions | $1,783,540 |
| 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 | $2,075,829 |